At times, even when we are interested in going to an event, we are unable to make it due to unforeseen circumstances.
When situations like this do arise, we are faced with the unfortunate consequence of having tickets to an event we can’t attend.
The general perception with regards to reselling tickets is quite negative, as it is heavily associated with scalpers and other people who buy a large number of tickets and subsequently try to jack up ticket prices before a major event.
However, there are different platforms you can use to get yourself out of a bind and resell tickets.
Using an online ticketing broker like Ticket master can help you sell tickets in a legitimate manner.
The difference between ticket scalping and ticket reselling is that the first happens as a way to exploit buyers, while the second usually occur due to unforeseen circumstances.
Selling tickets with Ticket master is a legitimate means to earn back the money you spent on a ticket (and then some), while also adhering to reselling laws that are in place in the US.
Reselling or selling tickets with Ticket master can be a lucrative venture if done right, and the convenience this platform provides to resellers is undeniable.
The main principle behind reselling tickets is that at times, prominent headliners are extremely averse to empty seats at their event, as it can be demoralizing for the performers.
For this reason, during the initial stages, marketers tend to sell tickets below their face value, and resellers can buy these more affordable tickets in a large quantity, ultimately reselling them at a later date for their face value and pocketing a pretty penny.
People who were, therefore, unable to buy tickets in the beginning for any reason (could be financial, or could be due to a time constraint) would be able to find reasonably priced tickets on Ticket master and would thus be able to attend their favorite event.
Selling tickets with Ticket master:
Ticket flipping may seem like an ill-advised plan, but if done correctly it can garner a good profit for you.
By selling tickets with Ticket master, you are automatically following legal guidelines, and as Ticket master is a regulated platform, users are aware of the legality of the situation, which puts them at ease when they are purchasing any tickets.
#1. What you will need:
While reselling or selling tickets with Ticket master, you surprisingly don’t need a lot of resources.
All you really require is a laptop or computer, an internet connection, excel sheets to keep track of all your tickets, and some business savvy.
It is important to keep a realistic mindset when you go about reselling tickets, as you may not make a profit immediately from your first attempt at reselling.
By creating a detailed record of all your sales and resales, you can start to figure out which events are more profitable per ticket, and also note other factors like the dates and venue of the event so that in the future you favor events that in your experience have given a stable profit.
With experience and patience, you will slowly be able to learn about the events (whether they are concerts or sporting events) that can help you make the most profit.
In order to make the most from selling tickets with Ticket master, you should probably start small, beginning with just one ticket, and once you get a hang of how the platform works you can bump up your efforts to include more tickets.
Ticketmaster also has an iOS and Android app through which you can sell tickets directly from your phone.
Remember, if this venture pans out for you, you could potentially be earning enough to quit your day job, so use that as a motivator to keep working at a slow and steady pace.
#2. Buying tickets for resale:
There are several paths you can take in order to buy tickets in bulk and resell them at a later date.
However, before you buy a ticket for any event, you should ensure that they are available for reselling, otherwise, you will not be using legal means to sell your tickets.
An obvious way for you to buy tickets in bulk can be through your credit card. The issue with using your credit card however, is that events often put an upper limit on how many tickets you can buy using one card.
The simple solution to this quandary is to have multiple credit cards that are linked to different accounts on the site.
However, this method can get out of hand if you’re not careful, so you should proceed with caution and use this method sparingly.
Another way to gain access to tickets that are below face value is by joining fan clubs of different artists.
Before you join any official fan clubs, however, you should check whether ticket reselling is allowed.
Official fan clubs at times release tickets at lower price points and at an earlier stage as compared to the general tickets that are sold at a later date. Tickets sold early to fan clubs are called presale tickets.
This method of buying tickets can be a little tricky to navigate, as not all fan clubs have presale tickets, and at times, they also have monthly fees so that you can retain your membership.
You should carefully weigh the pros and cons of a given fan club before you decide to become a member.
If, for instance, membership costs are present, and presale tickets are not provided then there is no point in becoming a member.
By thoroughly researching the possible fan clubs you can be a part of, you can maximize the profit you make from such channels in a viable manner.
The third and final method of buying tickets for the purpose of reselling is perhaps the riskiest option, as it requires you to buy general admission tickets.
This option is deemed to be risky as there is no guarantee that you’ll be able to buy any tickets at all, and even if you do manage to get your hands on them, you may not be able to get rid of your relatively pricier tickets.
General admission tickets should only be bought as a last resort, and tickets should be bought for events that are known to sell out, like for a sporting event or a BTS concert.
If you do decide to buy general admissions tickets, you should go all in and sync up your alarm with the site selling tickets.
By being early to the selling site, you will be able to purchase a larger amount of tickets.
Further divisions in tickets are shown below, although only a few kinds of tickets will be addressed.
What events should you be buying tickets for?
So far, we’ve discussed at length what you need in order to buy tickets for resale as well as what avenues you can use in order to buy tickets in bulk.
Now its time to look into what kind of events you should actually be buying tickets for.
While buying tickets for resale may seem like a pretty simple concept, you can’t just go around buying tickets for any event and expect to make a profit.
#1. Examine the audience:
The first thing to do before choosing to buy tickets for an event is to look into the audience.
Does the audience have ample disposable income? Will they even be able to afford tickets to the event, especially tickets that are marked up?
You can look into this aspect of the audience by examining the age demographic. Usually, middle-aged people are the ones who have a stable disposable income.
So, what events could possibly interest these people? A classic rock concert, perhaps? Or maybe a comedy show like John Mulaney’s would be more likely to have a more middle-aged audience?
By figuring out what older, wealthier people are a fan of, you can buy tickets for such items and make a pretty penny.
Another way to gain better insight into the audience is by noting if they plan ahead and buy tickets in advance.
You can also check whether your audience has the likelihood of purchasing last-minute tickets?
Generally, sporting events with tournaments usually have last-minute ticket buyers as people are unaware of who will be in the final until the last minute.
So, events like the US Open will have last-minute buyers as final competitors are revealed only after both semifinals have been completed.
Some information about the US Open attendees is shown in the image below.
#2. How popular is the event?
Generally, the popularity of an event is determined by its previous success. Established events like Coachella, for instance, would probably have a lot of demand.
Similarly, if the event in question is a concert, then you would be more likely to resell tickets to an acclaimed and well-liked artist like Ariana Grande, as compared to a local band who just cropped up recently.
Demographics about the type of music consumed by the American public can also help you find which tickets you should resell.
Additionally, by scoping out an event on the basis of its previous success, you will find it easier to resell tickets to an eager audience.
#3. When and where is the event?
Although the popularity of a performer is a major contributor to an event’s success, it can still be overtaken by events that are occurring in a legendary venue (like the Wembley stadium).
On the other hand, smaller venues will sell out more quickly and generally price higher than larger stadiums due to the air of exclusivity they provide.
On another note, a weekend event will have greater foot traffic when compared to events that occur on a weekday.
You can make use of this logic in order to determine which venture will be the most profitable.
#4. How good are the tickets in question?
Are the tickets you are trying to sell just regular seats that people from general admission can buy?
Or are the tickets closer to the stage or VIP?
While these tickets may be significantly more difficult to get a hold of, they are still infinitely more valuable than general admission tickets and can allow you to profit.
This is because event-goers who are interested in gaining special access during events are not particularly sensitive to the price, which means you can make a sizeable amount of profit.
While you can also get cheaper tickets, the resale market may already be crowded with them, and you may have to compete with a lot of people in order to sell your stock.
Generally, it is advisable to pick tickets that are priced in the middle range, as they are easier to obtain than VIP tickets and also pricier than the cheapest tickets.
Selling your tickets with Ticket master:
Ticket master is one of the most popular hubs to buy and sell tickets. Due to its popularity, tickets listed on it tend to be bought fairly easily.
The following is a step by step guide on how to resell tickets using Ticket master:
· Choose the tickets you want to sell. Make sure they are available for reselling.
· Enter the custom price you wish to sell your tickets for.
· Insert your account information and confirm it.
· After reviewing the information, you can list the ticket by clicking on the button marked “List Ticket”
· After completing a few simple steps, you will arrive at the confirmation page, and simultaneously receive a confirmation email.
And there you go! You’re all set to sell tickets!
There are definitely some major risks involved in this business, not to mention the negative impression some people have of ticket resellers.
As mentioned previously, reselling tickets on Ticket master is vastly different from scalping tickets, and in any case, it is not in violation of any laws.
Ticket buyers invest a huge amount of money into tickets, and their actions allow latecomers to buy tickets to their favorite events albeit at a slightly higher rate.
Other than the risk of not selling out your tickets, you are also faced with potential buyer fraud, where claims can range from not receiving tickets to receiving different tickets than advertised.
Reading the fine print of reselling websites like Ticket master can allow you to understand how to deal with tough situations like buyer fraud.
Reselling tickets is another way to start a small business with very little seed money.