Reserve Pricing: Is It A Smart Business Practice?
If you want to make money online by flipping websites
, using a reserve price on your sales listings is a good strategy to begin with. But as an experienced website flipper, you might think that placing a reserve price on your website is a bit ridiculous. But in fact, it is a wise business practice. Why? Take these factors into account.What is the Website Worth?
If you don't know what your website is worth, then a reserve price is a smart choice. In fact, it serves as an insurance policy for you because you're sure you won't be simply giving the site away. And always keep in mind that the value of a website can only go as high as what the buyer is willing to pay for it.
If You Are Anxious...
If you think your website is too valuable to just go for fire sale price, a reserve price may help you get the revenue you feel it's worth. And if you set the reserve price at two grand, and don't sell the website, at least you know you can do a bit more work on it to get what you want. Again, you don't want to sell too low, and by adding some more value, you are sure to get what you are asking for.
Keep it Reasonable
Now that you're somewhat convinced that using a reserve price is the way to go, you must be realistic about it. In fact, buyers have seen more than their fair share of sellers setting too high prices, and that's the reason why they ask what the reserve is. So prior to setting your price, ask yourself this question:
What is the lowest price you can allow?
Once you decide on a price after answering that question, go even lower. That's where a reasonable reserve price will be! If you're selling a website that you're just eager to dispose of, then it might be sensible to not use a reserve in the first place.
Setting a reasonable reserve price is a smart practice in website flipping that will not only benefit your bank account, but it will also build a good business relationship between you and the buyer.
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