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Reading through our blog you may have heard of flipping items on eBay, craigslist, etc… but never tickets.
You might be thinking – are you really about to talk about ticket scalping? Ticket scalping online is basically flipping them, just like any other item that you flip online for a profit.
C’mon, you’ve probably used StubHub before and if you have, you’ve bought a ticket from an online scalper. I honestly thought scalping tickets was illegal. Well apparently, not when it is done online (except for in Michigan and Kentucky).
There is no federal law regarding ticket resale in the United States. More and more states are modifying their local ticket resale laws to fit the ever expanding market of online ticket resale.
If it is legal, I do not discriminate against a side hustle opportunity.
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Reselling tickets online is pretty simple. Here is basically how you can get started reselling tickets right away:
- Visit Ticketmaster.com and buy tickets for an event you think will sell out. Whether a concert, comedian, sports game, it doesn’t matter.
- Upload those mobile tickets to Stubhub.com. Price your tickets more then what you paid for them.
- Once those tickets sell out, people will go to StubHub and find your tickets for a higher price. Once someone buys those tickets, StubHub will send you a payment via PayPal.
It is as simple as that. The benefit of reselling tickets as a side income online is that it’s all online. This means that you don’t have to physically handle any inventory – which means no shipping costs.
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How to Find Sell-Out Events
A question you might have is “Exactly how do I find these sell-out events?” And that is a great question.
There are a lot of things that can make a show sell out. If an artist if gaining a lot of traction but is performing in a smaller venue (under 3000 people capacity) that is one good indicator of a potential sell out.
There are definitely more factors but here is a list of very important things to always consider:
- Day of the week: Is the event is on a weekend night or on a night that people can attend?
- Venue capacity: Is the size of the venue smaller (3000 people or less) or is the demand enough?
- Venue location: Is the venue located in a big metropolitan city where there is enough population?
- Seat location: Is the seat at a price break point where it is cheaper than other seats?
- Time of day: Is the event at night or later in the day when people can attend?
- Event date: Is the event on a special day? Holiday or other circumstances that may influence the demand.
- Artist sell out history: Does this artist sellout a lot of shows often?
- Artist current size: Is this artist exploding or is his overall demand going down? (Check Spotify monthly)
- Age limits on tickets: Are tickets age limited to 18+ or 21+ (very important for resale)?
- How many shows are there: Are there more than one show for this artist, sometimes back to back (reduces demand)?
- Venue general sellout rate: Does this venue generally sellout? Good location and small capacity can cause a place to sell out regardless of how good the performer is.
- Ticket listing: Is this ticket listed on both StubHub and TicketMaster so you can purchase and list for resale right away?
Knowing this, you already have a pretty good idea of how to find events that can be resold for a profit.
If you want to learn more about how you can find profitable tickets to resell, Ticketflipping.com is a great resource to check out. They have a bunch of free training blogs and videos on their Youtube that can help you get started.
They also have members-only sections that are super helpful!
A few of the things we found valuable from there members section were:
- Market predictions: Profitable event recommendations sent 4 times a week.
- Ticket flipping training: In-depth video course and guide on how to get started and scale up.
- Members chat: Group chat with hundreds of other members and professional ticket resellers.
- Data analytics tools: Ticket counter tool that shows you how many tickets are left.
So, let’s get a bit of a deeper understanding of how ticket reselling works.
In a Little More Detail..
There are two main strategies for buying tickets that can be sold for more:
- Buying seats on presale: You can get the best prices. You want to buy tickets that are close to the front but also not super expensive. For example, if the first section of seats are $200 and the second section are $90. You actually may want to buy the second section because you could sell it for a bigger margin or profit per ticket.
- General Admission tickets: General admission tickets are usually bought when they are about to sell out. With the Ticketflipping ticket counter, you can see when there are only 50 tickets left and just buy some right before they sell out. This way you know it will sell out, and since it is General Admission, it doesn’t matter when you buy them.
How much money you can make reselling tickets can vary depending on how many tickets you can afford to buy. So if you buy just 8 tickets at $100 each, and after fees, it costs $1000. You want to sell them all for about 30%-50% more. You can expect to make anywhere from $1300-$1500. This may take about a month or so to sell.
Of course, it may take a longer time if the event is many months away.
Furthermore, you can also make much more money on tickets if for some reason they begin selling for much more. There are times when you can buy tickets for just $30 and end up selling them for around $150. This is a really good flip and those are the kind of flips you want to always be looking for.
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As stated above, there are no federal laws in the U.S. prohibiting ticket resale but their are laws at the state level that you need to be aware of.
Ticket resale laws are different in every state but it is legal to resell in 48 states if you are reselling online. The two states that currently prohibit ticket resale altogether are Michigan and Kentucky. But you also have to note any restrictions that the venue has.
There are some specific laws that state you cannot resell physical tickets within 500 meters of the venue, but this doesn’t apply to us since we are reselling strictly online.
If you have any questions or concerns, look up the specific regulations in your area such as if they require you to become a licensed broker or not. There are some states that have harsher laws than others. Once you get to 20k in resale volume you should think about forming LLC. Also, make sure to pay your taxes on profits taken.
Other Perks of Reselling Tickets:
There are some benefits that come along with reselling tickets, of course making money online from the comfort of your laptop is one of them. There are a few other things that you should keep in mind. Buying and reselling means you can rake up a lot of credit card points or airline miles. For some, this has meant free flights and hotels very frequently. You can also get Citi cards, or other cards that actually you give you back 3% of entertainment (which is huge for ticket resellers).
Other Things to Keep in Mind:
You want to always buy tickets from primary markets, meaning these are coming directly from the venue or the artist. And you want to avoid (mostly) ever buying resale tickets from secondary sites.
Below is a breakdown of primary and secondary marketplaces. Of course, you will be selling on secondary sites most of the time, but some primary websites allow you to resell as well.
Primary or Original ticket sites are:
Secondary or resale sites:
There are also more of both, but these are the main ones you will likely be dealing with.
If you are ready to give ticket reselling a try, visit Ticketflipping.com to sign up for a premium membership and ticket broker training.
They will teach you:
- How to set up your accounts for primary and resale sites
- How to buy profitable tickets
- When and where to buy those tickets
- How to price tickets to sell for the largest gains
- And more
What do you think about ticket flipping? Have you done it before and if not, would you try it? Let us know your thoughts in the comments below!
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