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Flippa Auction: I need your advise

by timwal
6 replies
I presently have an auction on Flippa (www.fbfansblog.net) that will end in the next 3hrs. My BIN price is $299 while my minimum bid is $1. Up till now no one has bidded above the $1.

A prospective buyer wants to know my Reserve price. Is it advisable i disclose it?
#advise #auction #flippa
  • Profile picture of the author Carl Fridsjö
    Probably if you don't want to risk it going for 5 bucks or something...
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  • Profile picture of the author TXdragonfly
    Hey there. I sell on Flippa too, and when I get that question, especially if I have no bids, I will disclose that info. They might turn right around and bid that amount.

    Good luck!
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  • Profile picture of the author Amanda Craven
    I've been asked this so many times on Flippa and I have to agree I think it defeats the purpose of having a reserve. There is the whole psychology of an auction to consider and, if no-one is bidding, it might be worth holding your nerve and suggesting they bid what they can afford. This will at least get the bidding going. If it all goes wrong you can always re-list for half price but I would advise tweaking your sales copy before you do so and trying to think of anything else you can do to improve the site/your offer.

    Good luck!
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  • Profile picture of the author pacesetter007
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  • Profile picture of the author pacesetter007
    Originally Posted by timwal View Post

    I presently have an auction on Flippa (www.fbfansblog.net) that will end in the next 3hrs. My BIN price is $299 while my minimum bid is $1. Up till now no one has bidded above the $1.

    A prospective buyer wants to know my Reserve price. Is it advisable i disclose it?
    From my own personal experience on Flippa.com, $1 starting bid great if you are guaranteed of people viewing your listing/auction. For me, setting my reserve to $1 is something I'll never do again. It simply means that you MUST sell the auctioned property if that $1 is the winning bid which has happened to me before, in fact, it was a few weeks ago...the rest is history.

    I will suggest that you raise your starting bid to at least wade off players and time "waster" and to allow real serious people to bid on your auction. This really works for me. I suggest you try it and if your auction doesn't still sell, you've got the option to re-list for half the price.

    As with everything in marketing, test and test and re-test and get the right formula for you. I am not perfect, I am still testing with every auction. In fact, "bolding" and and "coloring" your auction details may be the difference between someone buying at BIN or buying at $1...

    Don't take my words for it.
    Just my 0.0002 cents...

    Tim
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  • Profile picture of the author sbucciarel
    Banned
    I tell them. Separates the serious bidders from the not so serious bidders. If they can't afford it, they know it and move on.
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