5 Errors in Website Flipping

5 Errors in Website Flipping

Error #1: Terrible Records Keeping

 

I, like many, many others, have committed this mistake at one time or another. We all tend to forget that buying and selling ANYTHING, much less websites, is a numbers game, and it’s either you sell or you don’t sell. Potential means absolutely nothing, but PROOF is everything.

 

Nothing ever justifies terrible record keeping.

 

When you get one website sold, it is your responsibility to tell the real story and back your claims up with valid proof. If you can’t, it’s as if a sale never happened at all.

 

You have to present proof that your website is worth being on the auction block. You just cannot post an auction without providing proof of your website’s existence and worth.

 

You see, this is where people start losing. BIG MONEY. They lose an opportunity to a sale because they are either lazy or too inept to keep records that are pertinent to the website they are selling.

 

This goes the same when you buy a website.

 

As a veteran in Flippa, there are several important factors I look for when I buy a website. First, I look for TRAFFIC STATS, at least 6 months worth of good traffic. Now for the site owner, the simplest way to keep records of your traffic is by installing Google Analytics to your site, which should be done as soon as you take ownership of a website or when you build the site. There is simply no excuse for not having this done right at the onset.

 

Then you should also keep records of your income proof. There is a huge number of sellers who cannot substantiate their income claims, and we don’t need another one. Don’t make this mistake, as it may hurt your reputation, and your bottom line.

 

If your website is really making money via AdSense, or raking in product sales, or any affiliate commission, you’d surely be processing those sales via PayPal or any Payment method. This makes it easier for you to access and retrieve your PayPal history, which you can simply take a screen shot of and ready to publish whenever needed.

 

It is very important to remember that being transparent will remove suspicion,especially if you have received a few comments that point out irregularities in your auction.

 

Error #2: Sales Copy Mush

 

Have you read someone else’s sales copy and pointed out how weak it was and how you remained unconvinced even after spending 25 minutes of your glorious life reading it? Do you think the same thing cannot be said of your own sales copy?

 

Our sales ads and copies are our only way to tell THE story. You want to knead the buyer until he is comfortable enough to believe that you are selling the real thing, and YOU are THE real thing.

 

Your sales copy should alleviate the buyer’s fear of being ripped off.

 

Your sales copy should win the buyer’s confidence in you and your product.

 

First, the headline.

 

A lot of people get this actually simple thing all wrong. Others make their headlines too sales-y and too good to be true. Others make them too boring. So how do you get it right?

 

Consider looking at the Just Sold section and check out the headlines that really caught your attention. Take note, don’t copy them. Just emulate the tone and understand the factors that made them attractive to you.

 

Chances are, what attracts you will also be attractive for many other people. Keep in mind that your headline is the very first thing that Flippa buyers see when they notice your post, so win that first impression.

 

Talk about the website’s history, its inception.

 

Did you build it yourself and did you build it from scratch? Was it bought as an already established site? Buyers would want to hear your site’s story and about the things you’ve done to it. This way, they will have an idea how they’d possibly maintain it once they bought it.

 

Discuss every single feature and benefit of your site.

 

Features and benefits and the primary factors in sales, right? First, explain the kind of traffic your website has been getting. Is the traffic organic, or were you paying for it.

 

Many sellers make the mistake of hiding the fact that they are paying for website traffic, forgetting the fact that there’s nothing wrong with that, especially if the website is making more money than the amount spent on traffic. If you can make $5 out of every $1 you spend, wouldn’t you spend your day buying traffic enmasse instead?

 

Explain how the website makes money.

 

Show the site’s money maker to let the potential buyer know how he can go on making money out of your site. Remember when I discussed record keeping? This is when you bring out the guns and show proof about your claims. Make this your new mantra, in fact: PROOF BEATS POTENTIAL.

 

Even if your website makes $50 a month from Google AdSense, as long as there is proof to it, the site you are selling will be more real and authentic than those that claim they are earning $5000/month but
have no proof to back up that claim.

 

Error #3: Undervaluing the Site

 

This is a mistake common to newbies and even those who had several sites sold in Flippa. A majority of flippers think that if they undervalue their site, they can sell it more quickly. What’s worse is that many sellers simply do not know that value of their site, which is why there are countless websites that get undersold.

 

As a Flippa seller and buyer, it is your responsibility to understand how to estimate the value of the website you are buying or selling. The best way to learn the ropes on valuation is by spending more time in Flippa and study the patterns, especially at the Just Sold section.

 

Get a feel on how much people are willing to pay for sites. The more you understand the flow, and why there are sites that sell more than others, the easier will it be for you to convey your site valuation to your potential buyers.

 

Error #4: Improper Auction Management

 

Let’s face it. Some auctions are sizzling hot, they sell in a couple of days, and there are those that just stays on and on in the listings. The ideal site listing is right around 5 to 7 days, but there are those who are very eager to get the site off their plates.

 

You have to consider the online habits of buyers and sellers. Remember that we are all online at different times, not to mention the fact that Flippa users span the globe and are in different time zones. Others go in online for several hours per day, while some are online almost round the clock.

 

What you’d want to do is cast your net wider, so I advise that you include at least a weekend into your listing cycle.

 

Another common mistake that flippers commit is keeping their mouths shut when they should speak up. You should be visible in Flippa and should reply to comments professionally, efficiently and regularly. At the onset of your auction, you can reply once a day, but as it gets hotter, you have to answer those  comments and questions as much as you can and as soon as you can.

 

It is vital that your answers reflect transparency and honesty, so as to win your potential buyer’s confidence. If they ask for information that you don’t have, let the bidder know that you will do your best to get back to them with the answer.

 

The comments section was put there for a reason. This is where all the cards regarding your site are laid down to see if it’s a winner or not. This is also where you will get caught if you misinformed them or if you are trying to cover ugly parts. So be consistent and transparent.

 

One of my top strategies when the auction is about to end is I post a comment alerting last-minute bidders and watchers that the auction is about to end. This is very crucial because this is where money is often laid on the table.

 

Do not be discouraged by that slight dip right in the middle of the auction process. Every auction starts with a ruckus, then there’s that dip. Do not commit the same mistake others did by panicking when you see that dip. This is what the strategic buyers actually look forward to, the dip period when they can lowball offers.

 

Do not panic and drop your fortitude. Do not give in to lowballers. Always remember that there are buyers who just wait at the end of the auction period but are very willing to pay more.

 

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Play on the buyers’ emotions. This is the essence of auctions. Many people don’t like losing, so the auction often becomes a game of chance and everything becomes all about the winning, instead of buying the site.

 

Error # 5: No Customer Care

 

After sales is actually the trickiest part. This is when disputes arise, and is usually a trap where new sellers get stuck and dropped. To avoid headaches and disputes, it is best to be specific in your sales letter regarding what happens after the sale, and always deliver what you promised.

 

For many buyers, this can be their first site so it would be challenging for them to manage the site for the first time, so he may need a lot of assistance. You have to be clear about the kind of assistance you will provide after the sale, so that you won’t find yourself babysitting a new site owner.

 

Contact the buyer as soon as the auction ends and let him know the next steps and set expectations when you move forward. Personally, I don’t transfer anything yet until the funds have been cleared and once I am paid.

 

If you choose to go for this approach, keep in mind that it is important to place this in your sales copy to make sure that the buyers know what to expect. If you have good seller feedback, this will become less of an issue.

 

After getting paid, I make it a point to work quickly and transfer everything to the buyer and complete the process. This is a crucial point, too, because a lot of things may go wrong here, so you should have excellent communication with the buyer and keep him updated about everything.

 

If the buyer is happy with how things worked out with the deal, chances are he will buy from you again. To follow up, ask the buyer if you can add them to your email list and follow up with them regarding future listings. I normally touch base with my buyers every other week, then a few months later on.

 

It is good to ask them how the site is going and if they are ready for a new one. You will be surprised how many buyers become regular repeat customers using this method.

 

Hope you enjoy these tips?

 

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