Reselling! (Part 1:Tickets/Limited Time Frame)

Reselling is one of the easiest ways to make some quick cash without a lot of work.  The key is finding an item that you can sell easily to either online or selling to the public (Your College, high school, etc).   The rule of resellers is: Buy LOW, Sell HIGH.  If you look around, you can figure out that a bunch of people are actually really uninformed about prices of different items. And with 30 minutes of research you can be way more informed, know the buying and selling prices and make tons of profit. 

For this blog I'm going to use an example a hypothetical college student with a ticket(s) to a concert or sporting event.  But this is just one of hundreds of ideas you can come up with.

First Step: Find an item that people have, and more importantly, that people want.

•  For this, there are HUNDREDS great ideas, but one in particular is tickets.  Any kind of tickets, but mostly sporting events and concerts.  Don't you think a lot of people would pay quite a bit of money in order to see Drake perform in person? I'm sure they will.  A lot of schools have concerts that sell out quickly but are super low prices for student tickets.  Get there 1 hour before the ticket stand opens and you should be able to get a ticket.  If its a high performing artist and you get a good seat, a $30 ticket can go for $80+.  And if your not in college, check where performances are held in your area and figure out how and where to get them cheap and first.
• Like I said, you can buy it at the ticket stand for usually lower than what it will go for a week before the concert or game, but there is another way to buy them.  Hundreds of students buy these tickets.  So that means there are a lot of people who either figure out they can't go, or just don't want to anymore.  The trick is to find and buy their tickets EARLY.  The prices get higher the closer to the concert you get.  So if you get them the day after they go on sale or close after, you can buy it for face value or even sometimes less with enough convincing, and you can get more tickets this way and either double or triple your profit. People are uninformed about prices normally.  If they waited they could do the same thing you do and make a profit.  But they want everything NOW and just want their money back or even will sometimes take a small loss, this means good news for you. 

Second Step: Wait

• The day after you buy it people aren't going to buy it for $50+ what you got it.  Normally as the date of whatever you bought the ticket for gets closer, the higher the price is.  You choose when you want to sell it. Don't sell it too late, but don't sell it too early.  If it's too early you could be losing out on a lot of cash, and if it's too late, there may be an excess of tickets or everyone who wants one may have already gotten one and you have to sell it for a super discounted price or not at all. 

Third Step: Sell It

• People are generally lazy.  That's a fact.  They will wait until the last second until they realize that they want to go to this concert or event and realize it's too late to buy a ticket from the stand because they are sold out.  So this is where you come in.  Of course they will look online for people selling tickets. So you can advertise.  Post it on Facebook, on your college page, eBay, Amazon, and a forum for people who want tickets to this event.  And since they figure out so late that they just "neeeeedddd" this ticket, they are willing to pay through the roof for it. And you are there to provide it.  And so you figure out a price you would want (look it up online and figure out the average price they are going for at that time, just like I said in my last blog)  Then try to haggle them to a price you would sell it for.  (I will explain how to haggle in a later blog).

The whole deal has to do with supply and demand and economics. When the supply is greater than the demand, the price is driven down. When the demand is greater than the supply, the price is driven up.  The equilibrium price will be when there is an equal amount of demand and supply.  But as the event date gets closer, on average the price normally goes up because more people demand it and are frantically searching for a ticket that someone will sell or doesn't want.

If you follow these steps, its an easy way to make $10-$50 profit per ticket you sell and it depends on how many events you buy tickets too and how demanded they are.  Remember: Don't buy a ticket to an event just to buy it, make sure its something popular people will actually be interested in going to or buying.  And don't buy a ticket when the ticket stand has unlimited amounts of tickets to sell and they will never sell out. Your going to lose money if you do that, not make money.  The key is to buy an easy to sell, popular, LIMITED audience ticket that will have people wanting it still two days before the event.



These are ideas and opinions and I am not using personal stories or reference so I hold no liability to anything in this blog. Also remember I am not responsible for profits/losses that you make, and before you do anything make sure it is legal with your college, school, etc. Scalping tickets is not always legal in college/a town, etc.