Flippa: to BIN or not to BIN?

16 replies
I've just started my first Flippa auction at 1 USD and ive received one bid of 5 USD in the 4 hours that it's been up.

The site makes no money and has little traffic so I'm worried that people won't be able to easily find it as the search filters are all based around revenue and traffic..

My question here really is should I place a BIN on the auction now, or wait, or not at all?

Thanks to all

Link: https://flippa.com/2812311-world-s-1...and-many-blogs

Jake

PS. how much do you think it will go for?
#bin #flippa
  • Profile picture of the author wfhblueprints
    Originally Posted by m30jake View Post

    I've just started my first Flippa auction at 1 USD and ive received one bid of 5 USD in the 4 hours that it's been up.

    The site makes no money and has little traffic so I'm worried that people won't be able to easily find it as the search filters are all based around revenue and traffic..

    My question here really is should I place a BIN on the auction now, or wait, or not at all?

    Thanks to all

    Link: https://flippa.com/2812311-world-s-1...and-many-blogs

    Jake

    PS. how much do you think it will go for?

    Whenever I've sold sites on flippa with little revenue/traffic I've always done the same thing....

    A short auction (3/5 days) $1 no reserve

    It helps to generate bids and results in a flurry of activity.....normally I've ended up with more than the BIN I had in mind.

    In this case I wouldn't set a BIN until more bids have come in and you can set a realistic price....but that would be the way that I would do it.

    Regards

    Chris
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    • Profile picture of the author m30jake
      Thanks for that Chris,

      I've also seen I have 4 watchers- whats the point in that if flippa doesnt work like ebay in the sense you cant bid just before the time is up and win it as they have a 5 hour period. Or does watching it mean they have kind of favourite my auction and will consider it / do research on it / are waiting for others to comment?

      Originally Posted by wfhblueprints View Post

      Whenever I've sold sites on flippa with little revenue/traffic I've always done the same thing....

      A short auction (3/5 days) $1 no reserve

      It helps to generate bids and results in a flurry of activity.....normally I've ended up with more than the BIN I had in mind.

      In this case I wouldn't set a BIN until more bids have come in and you can set a realistic price....but that would be the way that I would do it.

      Regards

      Chris
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      • Profile picture of the author wfhblueprints
        Originally Posted by m30jake View Post

        Thanks for that Chris,

        I've also seen I have 4 watchers- whats the point in that if flippa doesnt work like ebay in the sense you cant bid just before the time is up and win it as they have a 5 hour period. Or does watching it mean they have kind of favourite my auction and will consider it / do research on it / are waiting for others to comment?
        Watchers tend to have some sort of interest in the site they are watching, and as you say it might seem pointless due to the extension of the bidding time after each bid. However I add sites to my watch list to see if the site remains within MY budget and what I am willing to pay for it.....and perhaps that is what you have there.

        In my limited experience (I've sold 4/5 sites on flippa) all the activity for me has been in the last day or so, where all of a sudden bids come in....

        Your best scenario would be if you had 2/3 guys bidding on your site, so they have some sort of bidding war
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        • Profile picture of the author m30jake
          Great advice again =D

          So currently i have 14 days of auction - looking at the auction itself do you reccomend I lower this?

          Originally Posted by wfhblueprints View Post

          Watchers tend to have some sort of interest in the site they are watching, and as you say it might seem pointless due to the extension of the bidding time after each bid. However I add sites to my watch list to see if the site remains within MY budget and what I am willing to pay for it.....and perhaps that is what you have there.

          In my limited experience (I've sold 4/5 sites on flippa) all the activity for me has been in the last day or so, where all of a sudden bids come in....

          Your best scenario would be if you had 2/3 guys bidding on your site, so they have some sort of bidding war
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  • Profile picture of the author sbucciarel
    Banned
    Expect all the real activity to be on the last day. People watch for different reasons. Sometimes I watch just to see what a site brings in. If I watch due to interest, I won't bid until the last day, close to the end and many other bidders with a genuine interest will do the same. Auctions longer than 5 days, unless it's a really high dollar auction, just put people off. They're into instant gratification.

    I doubt I'd put a BIN on it. Think I'd just let the auction run its course and see what happens.
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    • Profile picture of the author Alex Barboza
      Originally Posted by sbucciarel View Post

      Expect all the real activity to be on the last day. People watch for different reasons. Sometimes I watch just to see what a site brings in. If I watch due to interest, I won't bid until the last day, close to the end and many other bidders with a genuine interest will do the same. Auctions longer than 5 days, unless it's a really high dollar auction, just put people off. They're into instant gratification.

      I doubt I'd put a BIN on it. Think I'd just let the auction run its course and see what happens.
      I'll get your word on this. I am about to sell my second site there. Last site sold successfully but now I am going to sell a site with little traffic and revenue.

      Thanks
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  • Profile picture of the author mrozlat
    no bin... drive traffic to your auction
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  • Profile picture of the author michaelplies
    I suggest you BIN really high to give the ppl perspective of getting something of higher value for less. marketing 101 )
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    • Profile picture of the author Jake Moore
      Originally Posted by michaelplies View Post

      I suggest you BIN really high to give the ppl perspective of getting something of higher value for less. marketing 101 )
      That depends on whether you want them to exercise the BIN price or not.

      As far as BIN there are too many variables to set a standard rule.

      1) Are you trying to get as much as possible or trying to turn it quickly?
      2) What is the real value of your site -- most newbies (sorry) are unrealistic about what their site is really worth. To get $1000 for a site that is brand new and has no traffic you are going to have to find the exact right person that needs your domain name. That is hard work and odds are that person is not going to just show up on flippa while your auction is going on.

      Good luck though and keep trying!
      Signature
      Could You Sell $29/Month Unlimited Talk, Text and Data Plans to Your Subscribers?
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      • Profile picture of the author m30jake
        Originally Posted by Jake Moore View Post

        That depends on whether you want them to exercise the BIN price or not.

        As far as BIN there are too many variables to set a standard rule.

        1) Are you trying to get as much as possible or trying to turn it quickly?
        2) What is the real value of your site -- most newbies (sorry) are unrealistic about what their site is really worth. To get $1000 for a site that is brand new and has no traffic you are going to have to find the exact right person that needs your domain name. That is hard work and odds are that person is not going to just show up on flippa while your auction is going on.

        Good luck though and keep trying!
        Hi

        I got offered 800 USD before but the deal didnt go through with a company in the USA. Also someone else in the web business thought that selling this 3 year old social network site (first mood based one in the world) was a bargain, or rather I should be asking for more for it. It has more than 1000 members that can be reemailed for a new launch and has everything in place to function well.
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  • Profile picture of the author m30jake
    Also,

    I dont get how my site is meant to sell for much if people are only going to bid $5 more every time? it'd take 200 bids just to get to 1000 USD.

    Does anyone know the answer to this?
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    • Profile picture of the author wfhblueprints
      Originally Posted by m30jake View Post

      Also,

      I dont get how my site is meant to sell for much if people are only going to bid $5 more every time? it'd take 200 bids just to get to 1000 USD.

      Does anyone know the answer to this?
      Bids can be greater than $5... Someone can come in with a $200 bid just to keepmpplmfrom bidding, hence increasing the price...
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  • Profile picture of the author m30jake
    Also, on average - how many watchers is a listing likely to get?
    Thanks
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