It's great to have a portfolio of websites that earn a passive income, but did you know that you can also take these websites and advertise them for sale online to achieve lump sum profits? There are many reasons why you may want to get into site flipping, but a couple of good ones are obviously the fact that it frees up cash to re-invest into your online business and another is that it's quick and easy once you know what you are doing, not to mention profitable.
With that in mind here are 5 tips for flipping a website to make money online.
1) Finding Buyers - In order to gain exposure to sell your website, list it in a popular site which encourages bidding for your website in an allotted time period. Once you have more than one interested party, the price can get driven up fast. It can pay to have a buy it now price in place so an eager buyer can bypass all of the bidding and make the purchase at a price that you are happy with. Obviously you are happy because you set the price and the buyer is happy because they decided to use buy it now instead of bidding for your site. Flippa is a well known marketplace for listing your site, but there are others including Ebay.
2) Site Maturity - When I talk about maturity, I am referring to the level of development which you have achieved to date. It's unwise to sell a site prematurely, so you want to build up an earnings track record with the site and have it developed to the point where it's getting consistent traffic and sales or affiliate commissions. A potential buyer is going to look at this history and pay you at least the market rate and possibly a premium if you do a good job with your listing.
3) Advertising Your Site - When you advertise your site, think about what will appeal to a potential buyer. The more information the buyer has at his/her disposal, the more confident they are going to be in bidding for or purchasing your site outright. Don't just talk about the financial and traffic data to date, also point out what the buyer could do with the site to take it to the next level. Make the buyer picture what they are going to do with the site once they have purchased it from you. Make sure you include screenshot proof of any traffic and earnings data you are making claims for in relation to your web property.
4) Answer All Questions - Once you have listed your website for sale, you will find that you are going to get a number of questions about it in pretty short order. At least, most of the time this is the case and I recommend that you answer as many of these questions as honestly and directly as you possibly can. Anyone asking questions is more likely to buy your site or tell somebody else about it because you have added the personal touch and also added another layer of trust and confidence to the potential sale.
5) Protecting Your Sale - For larger sales always use an Escrow service. It's no good selling your site to a buyer and leaving anything to chance, which is why you should use an intermediary party to handle the funds on an escrow basis between the seller and the buyer. Obviously on small site sales less than say, $100 most people can afford to take a calculated risk and handle the transaction through a payment processor such as Paypal. For transactions running into hundreds or thousands of dollars, you simply must opt for Escrow or you could end up repenting at leisure.
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