Flippa is one of the most popular platforms for selling websites, domains and smartphone apps. At the time of originally writing this article (28 February 2011), online properties (websites, blogs and domains) worth $1,826,463 ($1.8 million) had been sold in the past seven days. The highest bid on 18 February is $60,000 for a social networking website that was create on 7 February.
A lot of online entrepreneurs make a decent living by selling new and established websites and domains on Flippa. Many of them make money by flipping websites. You can also earn selling or flipping sites and domains on Flippa.
At the time of writing this article, Flippa statistics said 63% of properties listed on the site had been sold. It’s a good success rate, but then there are 37% of unsold listing.
What should you do to sell your website, domain or smartphone app successfully on Flippa? We don’t want you to be one of the 37% who failed to strike a deal for their blogs or sites or domains.
Make sure that you don’t commit the following errors when trying to sell your website, domain or mobile app using Flippa.
1. Make false claims: Flippa has a huge number of active users who are seasoned web entrepreneurs. They invest millions of dollars in online properties. Before striking a deal, they will verify all of your claims – visitors, pageviews, Page Rank, Alexa Rank, links in search engines, date of establishment, etc. A false claim and you lose the trust required to strike a deal.
2. Asking for absurd prices: You can find one-time sellers in the market who come to sell one property and then you won’t find them there. Buyers spend a lot of time on Flippa and they are regulars in the marketplace. Do you think they have been doing so for years without being familiar with the market and the trends? If you don’t know the real worth of your property, look at similar listings that have been sold successfully.
3. Exaggerate prospective earnings: Buyers want to avoid risk. They want to buy sites with proven track record. If you don’t have a decent revenue stream, saying that the website has a “potential to earn $1 million a month” doesn’t make much sense. Let the buyer come to conclusion.
4. High starting bid: Flippa allows you to set an amount for the starting bid. As the auction system ensures that the website/domain gets sold at the best price possible, you should keep the minimum bidding price at a reasonable level. You can see many unsold auction listings with minimum bids in millions of dollars.
5. Using only PayPal for payment: If you are asking for a high price (more than $1,000), you should make sure that you accept the payment via escrow or other safer methods. It instills confidence in the buyer.
Bonus tip: If you want to get good bids, set the auction period for at least 7 days. It will ensure that even those users who check Flippa once a week have the opportunity of placing a bid.