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Buyers Tip
When buying a website, don't get emotionally attached to the sale.
Always look at a sale objectively and ask yourself "Where is the revenue coming from?" and "If it is so great, why is he/she selling?"
Sellers Tip
When selling a website, build up a relationship with your buyers.
Always talk via PM's. It builds up the number of interactions you have with your buyer which, research has shown, improves trust.
It also leaves the buyers to imagine what stage you are up to in negotiations with other buyers!
The reason for selling
As a buyer, the reason the seller is selling is a revealing clue. It's something that can make you wary, or it's something that can make you act quickly.
More importantly, you have to look at the reason the site is being sold in context of the greater picture. For example, if the site is "fully automated", it doesn't make sense that the owner is selling because he "doesn't have time anymore".
Here are a list of common reasons for selling, and how they affect you as a buyer.
"Don't have enough time anymore"
Always ask the seller how much time the site takes to maintain. Ask for a breakdown of tasks that are required for the daily maintenance of the site. It could mean that the seller is bored of the site and is focusing on other, more successful projects.
Of course it's also quite legitimate for life circumstances to change that no longer allows time to manage a website.
"I'm a builder, not a manager"
You will see this when a site has experienced a lot of growth in a short period of time. I personally am wary when I see this because it indicates to me that something is wrong with the website - probably that the previous owner is a shoddy builder!
It doesn't make sense to sell something that is making good money... unless it is requiring a lot of maintenance.
Test all software that the website uses, check for broken functionality or links. Ask in detail about the maintenance that is required for the site.
"Need the capital for other projects/need the money for personal reasons"
People will sometimes be looking to sell quickly with a low price. In this situation you definitely have cause to be slightly wary.
Would you sell a site for 3x the monthly revenue because you need the money? Hell no! I'd wait 3 months!
By the same token, a serious and honest seller will expect a realistic price for their site.
Consistency
Every website has a story. A telling part of the story of a website is what the owner wants (or doesn't want) to do with it.
No matter what the story is, make sure it is consistent and that it makes sense!
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