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Less than a week ago I listed a website for auction on flippa, I also wrote a post to promote the auction. Now the good news is the auction was successful and I sold the site for $300. Now on this article I will describe the small journey to my first website sale, how I sold it and everything that will help new flippers to flip a website.
- 1 How I learned about Website flipping?
- 2 The site you sold, was it meant for flipping purpose?
- 3 It’s Now or Never!
- 4 How Did I Set a Price?
- 5 Does the Website Value and Selling Price are the Same?
- 6 I Paid the listing Fee to Flippa
- 7 I Promoted the Auction
- 8 Before I Thought of Anything Else…
- 9 Some Tips for Flippa Website Sellers
- 10 The discussion continues
How I learned about Website flipping?
I learned about website and domain flipping 1 and a half years ago. I was very excited about flipping domains and established sites. Till then I have bought domains, built sites but it didn’t work back then. As a result I have a small inventory of domains and sites that are left alone in my account.
One year ago one of my blogger friend Mrjavo told me about a site called flippa. Flippa is a marketplace to buy or sell web properties. That time I didn’t had any websites or domains worth selling and I didn’t knew about the whole process.
The site you sold, was it meant for flipping purpose?
The site that I sold, is called a Complete Business opportunity “BuildBrandOnline.com” -I started the site 3 months ago. No this site was not meant for flipping and I wanted to build a business around the website and merge all of my other sites around it. I created a design, logo, build content, proposals, product for this venture and I was about to hit the market with my service… but until…
Both my blog and Business took a flight!
Meaning at one side the readership, engagement, ranks were growing here at BlogKori and on other side I was getting more clients on my web design business.
In short I was very happy with what I already have 🙂
It’s Now or Never!
The site is only 3 months old and no one can expect high returns at such time. The only way to do good was to let it go. I could keep the whole setup and wait a couple of years but who knows? Maybe I would get even busy to run that site. So this was the right time for me to sell the opportunity.
It was 2am (Fri, Oct 8, 2010) in the morning when I had the thought…
I jumped off from my bed and opened my computer and went through Flippa. First I went through the whole thing to get a feeling how the selling is done. Logged in to my account and clicked “Sell A Website”
Here is the pricing details, you have to pay $19 as the listing fee and have to pay 5% success fee.
I set the listing as a “New Website” -because this one is new and I don’t want to fake it by setting it “Established Website” I also didn’t claim any revenue because the site is not making me any money.
On the next page I set a public auction. Each auction can run for upto 30 days, but I set this for only 15 days. The reason was to make it look like an urgent sale. I could even set 7 days, but I’m a newbie here so not taking any risk.
For the details I wrote a detailed description of what this site is about, why I’m selling and how the buyer can obtain the site and other things. As the title, I wrote “Complete Online Business Opportunity For Sale” -see, I’m not referring this as a website, instead I’m saying its a complete opportunity. There are 2 fields that ask for revenue and traffic details. For my baby site, I cleverly put some strong explanation that it’s a new site but it can bring in traffic and money with work.
How Did I Set a Price?
It was a tough one for me and in my position. I mean how do you feel at 2-3am in the morning after working the whole day? I couldn’t think of anything. I set the starting price as $60 -because this was my initial investment while buying the domains for the site. So I put my work into the site aside, I just want my initial investments back!
There was another price that say BIN (Buy It Now) -I mean if a buyer wants to buy the site right away without going through the auction process, how much will be the price?
I though for a while…
Does the Website Value and Selling Price are the Same?
When I first got the domain buildbrandonline.com -2 of my friends praised bout this domain. The domain itself has a high value. One even said the domain has a $1000 value. But when you come to selling a website -you cannot set a price according to the website value or by your emotional attachments. Just think this way, this site haven’t got any revenue and no such traffic milestones -will this sell for $1000 just because some of my friend has praised bout the extreme value of the domain? No it won’t.
If the buyer would buy the domains and pay someone else to build the site, how much would it cost? I thought of $300 and just before I set it, I thought: If someone actually buy this opportunity for $300 will I feel sorry bout the site? No! -so set $300 and lets see what happens!!
I Paid the listing Fee to Flippa
You can pay using credit card or paypal on flippa. Here I used my MasterCard that I got from Payoneer. The listing fee is $19 and I bought an upgrade for $8 that adds a border around my listing. In total I paid $27 to flippa. If the site doesn’t sells, I won’t get the money back. That means $27 will be a total waste.
I Promoted the Auction
I started to promote the site, tweet, facebook it, also posted about it on my blog. One interested buyer showed his interest on the site over at Flippa. He commented and I replied. The promotion here at BlogKori also built some buzz about it. I also got an email from a reader Rafiq for his interest on this website.
I wrote about this auction here
Before I Thought of Anything Else…
I got a BIN bid to the auction. It was the exact $300, and if I “accept” the bid, the auction is complete! It wasn’t 24 hours yet!
I went to chat with a friend who is an experienced buyer at Flippa and discuss the whole thing. He said to me that $300 for a new site that is still not making any money or traffic is good deal. He also asked me if he can help me by putting some fake bids -just to increase the price? I said no thanks to that because I want it to be genuine. If I increase the price after getting a BIN bid, the result could be making the buyer disappointed. On other side, I don’t want to be greedy. If I end up having the site and do nothing with this, it will be a waste.
The next thing I did was to seal the deal.
Some Tips for Flippa Website Sellers
- When selling a web property, give a good reason why you are selling
- For setting a price, be realistic -don’t put a price where buyers will think you are not serious
- Try to fill as much data about the site possible
- More expert tips can be found here
The discussion continues
It was completely a new experience for me and you can see that I have sold the site in 2 days -very good start for beginner like me 🙂 After that I had an interesting chat with my friend Chris and in his words my ideas bring him into a complete new direction.