How to get a seller to close an auction early?
  • Hi Chris & David,
    If I remember correctly from a couple of the videos, you mentioned that sometimes you'll ask a seller to close an auction early by making a reasonable offer. How do you do that without breaking Flippa's TOS? What is the correct etiquette? When is it advisable to do so?

    Thank you

    Robert
  • You don't need to worry about negotiating via private message. In my experience, as long as you aren't taking the conversation offline and trying to take flippa out of the picture, they don't mind. Once you agree on a price, you put your bid in and ask the seller to end the auction with you as the winning bidder. Don't have the seller enable BIN or anything like that.

    I'd say proper etiquette is to approach the subject only after you've established rapport with the seller and completed your due diligence so they know things will happen quickly if they move forward.
  • Thank you Chris.
    Now, what is the best timing for this?

    Very early in the listing, with many days to go? Or when a listing doesn't have many bids, thus not a lot of interest?

    Right now I'm monitoring a site with 9 days to go and 43 bids (it started at $1). As a newbie, I'm guessing the seller wouldn't want to close early since he's having lots of activity, unless the offer is attractive enough for him, right?

    Thanks again.

    Robert
  • Most bids come in early (assuming there is a low starting bid price) and late (right at the end). The best time is after the initial bids die off and the "lull" in bidding starts. This is usually a few days after the site goes live, however, if you're very aggressive with your offers, earlier is better.

    Regarding the auction, I'd say to get on a voice skype call with the seller and talk to him. I couldn't tell you if he'd be interested, but talking to him and building rapport, asking questions like "what do you think the site will go for", etc. is the best way to judge.
  • You make a lot of sense. The "lull" is when the seller usually panics a bit :-)
    BTW the auction I was watching was at the $8,000 mark when I tried to negotiate an early close for up to 12,000. 
    The seller did not accept, thinking that he would end up closing at over 20k. 
    He ended up selling it at around $14. So, in all it was a good decision of him not to take my offer but, had I approached him when the price was in the $5k area, I would have done much better.