There are plenty of ways to earn money online. There’s blogging, internet marketing, affiliate marketing, and now there’s website flipping. Website or domain flipping is the buying and selling of websites. When you flip a website, you can do either of these two things: build a website and sell it, or buy a website, improve it and then re-sell it.
There are many sites where you can flip websites. One of the most prominent sites for website flipping is Flippa. This article will focus on outlining the steps on how you can start flipping websites on Flippa to make more money online.
What is Flippa and How Flipping Works
Flippa is a website that serves as a platform for selling and buying websites. It’s a place where website buyers and sellers meet and make deals. It’s like a gallery where the sellers display their websites and its features to potential buyers.
In Flippa, the websites are sold through bidding, wherein an auction takes place to determine which buyer bids the best deal and gets the website. The website products that can be sold and bought on Flippa are the following:
- Established sites – websites that have been doing well online for more than 3 months.
- Startups – starter websites that are less than 3 months old and has not yet generated any traffic or revenue.
- Domains – domain names of established .org, .net or .com websites.
- Apps – online apps for mobile devices.
In flipping websites, there are two ways to go:
1. Build and sell websites
This is the most cost-efficient option. If you have the skill, you can build your own website, develop it, and sell it once it’s well-established. However, if you don’t know anything about building websites, you can hire professional web developers to build websites that you can sell later.
Other than hiring someone to build your website, you also need someone to create the content. The website content includes articles or blog posts, images, videos, and other media. Hiring a team of developer and content creators might cost you some money, but it would still cost less than the second option, which is buying and re-selling websites.
2.Buy, develop or improve, and re-sell websites
This is a more costly option because established websites would cost more than a new one. The advantage of buying an already made website is that you can focus more on developing it for the better so you can sell it for a higher price.
When buying a website that you can re-sell, you need to consider the following:
- What kind of website do you need?
- Do you really need an established website, or would a startup also work?
- What kind of hosting do you prefer?
- How much are you willing to pay?
Tips for Buying Websites that You Can Sell
When buying websites, you can lower the costs by searching for websites that you can buy for less than its true value. The reasons why some owners might undersell their websites include the following:
- They have lost interest in the business.
- They are no longer capable of maintaining and updating the website due to personal reasons.
- They no longer find the website or niche as profitable.
- They are in need of quick money.
These reasons are the symptoms you need to look for in website sellers. Look around your niche and ask sellers questions. With time and effort, you might just land a bargain that you can transform into a fortune.
Sellers who are willing to undersell may seem hard to spot among hundreds of sellers on Flippa, but there’s a way to make the search easier and quicker.
If you don’t have the time and energy to spend on searching, you can use website brokers to help you find the right website. You just give your broker your list of criteria and they’ll do the rest for you. That is, if you don’t mind spending a little extra money for their help.
How to Start Selling Websites on Flippa
Once you have a saleable website ready, you can start selling on Flippa. Here’s what to do:
1. Sign up with Flippa. Go to their sign up page (https://flippa.com/signup) and register using an active email.
2. Provide all the required information on your Profile including a professional profile picture. Buyers are more willing to deal with sellers who verify their identity, so you need to set up your profile like it’s a serious business.
3. After accomplishing your Profile and verifying your identity, you can start listing the websites you want to sell.
4. Add your website description. The description should include the following:
Website features and selling points
What the buyer can get from the website
What will be the role of the seller and buyer after completing the auction process
5. Provide statistical reports. You should include traffic and financial reports on the website’s performance for the last few months. These will include the number of page views, number of unique visits, net profit, and gross revenue. These details are what most buyers would want to know before they decide to buy.
6. Once you’re set with your website’s information, it’s time to set your bidding options. These options are the following:
- Reserve price – the lowest selling price that you can afford to sell it. Reserve price is set for websites that are for sale on public auction.
- Buy It Now (BIN) price – the price you’re willing to sell it without bidding.
7. Submit your listing. Your website is now officially for sale.
When your listing goes live, you just wait for interested buyers to start bidding. The auction will remain open until the reserve price is reached. When the bid closes, you have the option to approve or reject the bids.
Also, aside from the public auction, sometimes buyers may want to make offers privately. This is called a private sale, where the offered prices are kept private between the seller and the private buyer.
After receiving the offers, you have the option to accept or reject. In private sales, you can only approve or accept one offer, which is the winning offer. Once you’ve accepted, you can’t take it back and the sale automatically ends.
Flipping websites isn’t as simple as posting affiliate links on your blog. The process takes a lot of time, energy and patience, but it can bring you huge profits.
The best way to succeed in flipping websites on Flippa is to keep your websites’ quality high.
You don’t necessarily need to hire top-notch developers and content creators, but you need to ensure the buyers that your websites are sustainable and profitable.