Flipping Easy

My two previous site sales have involved sites that I’ve worked on for a long period of time. One site was 8 months old at the time of sale and the other was nearly three years old. While I think selling older, more established sites will generally be my M.O. , I’d be remiss if I didn’t attempt to capitalize on the shorter term site sales as well.

The stark reality is that most people trying to make money online never actually succeed. There are a whole host of reasons, lack of effort, paralysis by analysis, information overload, etc. but the biggest culprit I’ve seen is lack of action. People won’t actually put the methods and information they’re learning into practice. With that in mind, rather than spending all my time planning, plotting, budgeting, etc, I’m simply going to jump in.

One of the most common questions I’ve run into in this industry is whether or not to set a Buy It Now (BIN) price when selling a site. Rather than answering that question directly, let’s explore the issue a bit and I think you’ll come to the same conclusion I did.

For those of you that don’t know how a BIN price works, it’s basically setting a price at which you’re willing to not only sell the site, but also end the auction immediately and accept no further bids. For example, if I’m selling a site and the starting bid is $200, I might set the BIN price at say $1,000. If a buyer comes in and bid’s the BIN price, the auction ends and I sell the site to that buyer for $1,000.

From a buyer’s perspective, there are only a few reasons one would want to bid the BIN price.

1. You want to get your hands on the site immediately and don’t want to have to wait for the auction to end.
2. You don’t want to deal with all the hassle of bidding and tracking an auction.
3. You are worried that bidding will push the price of the site higher than the BIN price.