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Do you have extra or unwanted tickets? Perhaps, you have tickets to an event you later found out you can't attend. Letting that ticket sit in your bag, at least without cashing it out would be a waste. Most events don't offer refunds! What do you do now?
Reselling tickets is the route most experts would suggest. Money back is the prime motivator, but event organizers wouldn't tell you they also benefit from ticket resale through high attendee turnout. With events, more is always merrier.
In this blog, we'll let you know the secret and best practices in ensuring a safe and successful ticket resale. From understanding what ticket resale is to avoiding scams and maximizing profits, we'll cover everything you need to know. So, let's dive in!
Ticket resale is when you sell event tickets to others, typically at a price higher or lower than face value. It allows individuals to buy or sell tickets after the primary sale has ended, giving eager fans a second chance at securing entry to their favorite acts and shows. Resale of tickets is either done in person between friends and family or through ticket reselling platforms that connect ticket sellers with potential buyers. The latter is quicker and more convenient–your best bet if you're desperate to get your money back.
In the last two decades, ticket reselling has transformed from corner street scalpers to sophisticated online platforms. Whether you're looking to offload tickets for a sold-out concert or a local community event, choosing the right platform is crucial for a smooth and profitable transaction.
Let’s take a look at the best platforms for reselling tickets.
With its official "Verified Resale Ticket" feature, Ticketmaster ensures that the tickets sold are legitimate, giving sellers and buyers peace of mind.
StubHub, one of the world's largest ticket marketplaces, offers vast exposure, ensuring your tickets have a higher chance of being seen and purchased.
With its Deal Score system, SeatGeek provides a clear visual cue of ticket value, helping sellers price competitively and buyers find the best deals.
Although lesser-known than giants like StubHub, TicketNetwork provides a dedicated platform for those wanting to resell tickets to niche events or less mainstream performances, making it easier to find the right audience.
Vivid Seats stands out with its customer service and guarantee, ensuring that even for smaller events, both buyers and sellers have a safe and reliable experience.
Ticket scalpers and brokers operate at a high level. But what about those who innocently want to sell tickets because they can't attend their event? Whether it was health concerns, scheduling conflicts, or emergencies in the way of a good time, small-scale resellers want their money back.
DIY ticket reselling methods are the go-to for regular folk. These include tapping into your friend and family network and leveraging social media channels like Facebook and Twitter to find the ideal buyer. The process is simple. Interested customers leave a comment or send a direct message, and payments are settled via direct bank transfer. Niche Facebook groups of fanbases, events, and vast online communities like Reddit are also gold mines for hot leads eager to buy from fellow members.
The beauty of DIY is that it often feels more personalized and direct. But remember, while this method might provide flexibility in pricing, it also comes with risks. Without the safeguards of an official platform, you'll have to be vigilant against potential scams. Always prioritize safety and authenticity in your transactions.
Reselling tickets comes in many names. Authorized transactions that follow the conventions of fair trade are referred to as ticket brokering. Meanwhile, underhanded methods of hoarding and reselling tickets at steep prices are commonly known as ticket scalping.
While scalping is to brokering with its bulk ticket purchases, the resemblance stops there. Scalpers use automated bots, to snatch tickets at a speed that regular buyers can't match. These tickets are then resold at a high markup, leaving many enthusiastic fans ticketless. Such practice tarnishes an event's reputation and results in low attendance– a scenario no event organizer desires.
Ticket scalping isn't illegal in the UK, but the government plans to change this. In the United States, it's prohibited in 15 states, meaning the trade is prevalent enough to attract scams and demand government sanctions. Ticket resale is prone to fraud, counterfeiting, and identity theft. Getting caught scalping will land you a hefty fine or even jail time for up to a year.
Clearly, secure ticket resale isn't something to take lightly. If you do not have the capital to be a licensed ticket broker and resell tickets within controlled price ranges, then ticket reselling platforms and small-time resale methods are your best bets.
Now, let's explore the steps you can take to resell tickets safely and successfully. By following these guidelines, you can minimize risks and maximize your chances of a smooth resale transaction.
To begin, identify resale opportunities by assessing your ticket inventory. Determine if you have extra tickets, unwanted tickets, or tickets for events you are unable to attend. These tickets can serve as potential resale assets.
Next, consider the factors that contribute to resale demand
When reselling tickets, these best practices can help ensure a smooth and secure transaction:
For users of ticket resale sites
For resellers selling tickets independently
Ticket resale sites have revolutionized how tickets are bought and sold in the secondary market. These online platforms provide a convenient marketplace for ticket sellers and buyers, making reselling tickets more accessible.
It's essential to select a platform that aligns with your needs. Buyers have gotten smarter with time. They scour multiple sites in search of the best deal. Some aggregators even search multiple resale sites simultaneously. While this means your tickets will likely gain visibility, you also have fierce competition.
Prices on resale platforms can fluctuate, too. Sometimes, they exceed the ticket's face value, but other times they could be a steal. It all hinges on the specific event and market dynamics.
So, how do you succeed in this big bad resale world?
Looking to recoup your investment or even make a tidy profit from ticket resale? Be sure to scrutinize your chosen platform's service fee structures, features, and payment methods.
While ticket resale offers great opportunities, being cautious of scams is essential. With card payments being the norm in online purchases, protecting yourself and your buyers from fraudulent activities should be a priority as a ticket reseller.
To protect yourself from ticket fraud or scams, keep the following tips in mind:
To further protect yourself from fraud, consider implementing the following measures:
When reselling, it's natural to want to maximize your profit potential. You can employ various strategies to increase the resale value of your tickets.
To increase the resale value of your tickets, consider the following strategies:
In ticket resale, some tickets inevitably remain unsold. However, there are several approaches you can take to address this situation and maximize your chances of selling those tickets.
Remember that reselling tickets can be unpredictable, and there may be instances where tickets do not sell. Stay proactive, adaptable, and creative to increase the likelihood of successful ticket resale.
Frequently Asked Questions
Conclusion
In conclusion, understanding the nuances of ticket resale is essential for a successful and secure transaction. You can maximize profits by identifying legitimate resale opportunities, following best practices, and evaluating reputable ticket resale sites while avoiding scams. Strategies to increase resale value and deal with unsold tickets are also crucial. Remember to prioritize safety, legality, and buyer demand when engaging in ticket resale to ensure a smooth and profitable experience. For more insights on navigating the ticket resale landscape, redirect to our detailed guide on ticket reselling best practices.
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