1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Auction site: High ticket offers ($1,000,000-$50,000,000)

Discussion in 'Making Money' started by norway000x, Jan 14, 2009.

  1. norway000x

    norway000x Junior Member

    Joined:
    Feb 5, 2008
    Messages:
    199
    Likes Received:
    204
    Occupation:
    Sales as an Client Manager
    Location:
    Norway
    Hi,

    I need some advice.

    Scenario: Auction site selling high ticket offers to the highest bidder.
    Price pr product: $1,000,000 - $50,000,000
    Product types: Any, as long as the price is high! E.g luxury homes and luxury buildings world wide :D

    Money transfere:
    Can paypal be used to transfere these amounts of money or are there other and better solutions that could be integrated to an auction site?

    Auction site script:
    What kind of Auction site script should be used?
    I've seen several on this forum. Some better than others...

    Any thoughts?

    Some may think this is a stupid idea but I'm really looking into this so any answers and tips on how this should be done and what I need to think of is much a appreciated :)

    Thanks.
     
  2. toonarme

    toonarme Junior Member

    Joined:
    Jul 14, 2008
    Messages:
    102
    Likes Received:
    26
    Location:
    On t'border of Lancashire and Yarksher.
    There is no way on God's green Earth that you're gonna get people to pay that amount through PayPal. If I was buying something for that amount I'd have to get legal people involved and bank transfers and I'd be having surveys and all kinds of checks made on the item. PayPal is a definite non-starter. They couldn't organise a piss-up in a brewery..

    Escrow is probably the best way where a company or bank holds the payment until everything is clear and they get the green light. But be very careful, because there are some very dodgy bastards about who will claim to be escrow comanies and then fuck off with your cash.

    *cough*nigeria*cough*
     
  3. norway000x

    norway000x Junior Member

    Joined:
    Feb 5, 2008
    Messages:
    199
    Likes Received:
    204
    Occupation:
    Sales as an Client Manager
    Location:
    Norway
    Ok, Escrow it is!
    What about auction site scripts? Which should I use?
     
  4. enrikole

    enrikole BANNED BANNED Premium Member

    Joined:
    Nov 14, 2008
    Messages:
    650
    Likes Received:
    1,460
    not to put you off but, what sort of people would do something like that??
     
  5. eaglefest

    eaglefest Newbie

    Joined:
    Jan 29, 2008
    Messages:
    34
    Likes Received:
    45
    Just google for the High End auction scripts and you'll find a decent one.

    Its a good bizz model, however as stated by some members, tell us who will visit your auctionsite and start selling his " top notch " product for such high tickets and risking some dudes from Nigeria ( with all due respect and no offence to all members from Nigeria ) bidding on it ??

    Good luck with you bizz anyways
     
  6. eaglefest

    eaglefest Newbie

    Joined:
    Jan 29, 2008
    Messages:
    34
    Likes Received:
    45
    sorry double post, mods please delete this one :)
     
    Last edited: Jan 15, 2009
  7. berrycorp

    berrycorp Guest



    u are talking bout selling stuff that costs so much online??? are u seriously ok??

    when u buying stuff like this u go to proper brokers that know the industry inside out... n u have to consult with your lawyer etc etc... THIS IS NOT A $10 Ebook!! n paypal... are u seriously ok?
     
  8. r00t

    r00t Regular Member

    Joined:
    Dec 27, 2008
    Messages:
    310
    Likes Received:
    889
    Location:
    Mighty Europe
    As some members have said, people are not willing to spend $1kk online on something like that. I mean, on anything, really.

    They would have to go through brokers, market specialists, and so on.
     
  9. minute80

    minute80 Regular Member

    Joined:
    Dec 3, 2008
    Messages:
    310
    Likes Received:
    81
    There is no way you will succeed in doing that in a way you think it could be done (Internet+pp). And if you really want to know how to do it, you should investigate a bank service called letter of credit. In any case that amounts of money travel through different channels than those represented here.
     
  10. dhamma_man

    dhamma_man Junior Member

    Joined:
    Feb 9, 2008
    Messages:
    128
    Likes Received:
    613
    Occupation:
    Retired
    Location:
    Northern California
    norway000x-

    I figure you've got to have some idea how to crack the high end market, or you wouldn't have posted. For that, I give you five stars!

    Best bet, depending on your experience level, would be to work on getting a joint venture going. You would have to have some original coding/ programming done, both for the auction aspect and also for the site itself. You would also need someone skilled in the financial aspect, in particular cross border/ international transactions. (Just some random thoughts.)

    I think if you have a way of getting the info in front of your target audience, and looking totally legit and legal, you might have something.

    (I was talking to someone who dealt in high-end condo sales in South America a couple of years ago, and he was pulling $20-30,000 a sale, and was making easily 30 sales a month. He never did tell my what his system was for finding prospects, though!)

    I'd say ignore the nay-sayers and go for it, but do so watching your back! Good Luck!!

    Cheers! :)
     
  11. BabyBoy06

    BabyBoy06 BANNED BANNED

    Joined:
    Feb 15, 2008
    Messages:
    167
    Likes Received:
    30
    For something like this, a HIGH SECURITY custom auction script would be suffice. I would say try PHP Pro Bid but IDK.

    In terms of payment, escrow is the way to go.
     
  12. bizcredit

    bizcredit Power Member

    Joined:
    Apr 1, 2008
    Messages:
    678
    Likes Received:
    253
    Occupation:
    blackhat
    Location:
    usa
    Home Page:
    Donald Trump on the phone: Hey I'm buying your casino in Atlantic city, I'm still waiting for your assistant to send the paypal address for payment!

    Yeah right man dont use Paypal for $1 million + items, wire transfers would be recommended, even verifying that they can make a 10% deposit if they win would be a good idea.
     
  13. indexyoursite

    indexyoursite Jr. VIP Jr. VIP Premium Member

    Joined:
    Nov 19, 2008
    Messages:
    262
    Likes Received:
    219
    Occupation:
    Day Job: Latin Lover
    Location:
    I´ll check my GPS & tell you
    You could list the items, but if somebody show interest to buy them, you'll see a Ferrari Testarrosa parking at your door, and some fancy lawyer knocking at your door, and you'll be ...... God.
    lol
     
  14. dlinewd

    dlinewd Newbie

    Joined:
    Oct 5, 2008
    Messages:
    11
    Likes Received:
    3
    As far as a good script try php probid. I know a couple of people who use the script. They have a active forum for support and many mods for the script.
     
  15. come2go

    come2go Newbie

    Joined:
    Jan 12, 2009
    Messages:
    29
    Likes Received:
    8
    why dont you just list it on ebay and send 1000's of people to your auction??
     
  16. xermax

    xermax Newbie

    Joined:
    Dec 12, 2008
    Messages:
    1
    Likes Received:
    0
    Perhaps the money is not to be made in the continued running of the site. But rather in the initial 'buzz' - think "Crash on Wall Street; but not on Cyber Street" or something. Put ads up etc etc - find some way to monetise a temporary site with a potentially high traffic spike.

    Even put fake listings up and say you will launch - but don't. - Although I am not suggesting you start taking peoples money here and then dont give them anything!

    Or, you could run it as you said. But I would agree with others and suggest that at that level of item valuations you could run into all sorts of problems.

    Just my $ 0.2
     
  17. forgot

    forgot Jr. VIP Jr. VIP Premium Member

    Joined:
    May 3, 2008
    Messages:
    936
    Likes Received:
    706
    Location:
    BlackhatWorld
    So, you are basically trying to open an auction site.

    Will you list your products or allow the people to list their products to sell?

    First of all, I personally think, that selling something for $1000k will be quite difficult...

    From where will you get the traffic?....

    Paypal? Stay away from them!!

    Escrow? Yes, it may be a choice.

    More? Bank transfer, I guess :D

    Auction script? Just go to some warez site and search auction and u will find many scripts...I think, if u really want to start a site selling $1000k products, then purchase a license of the script and get a theme coded for it...

    Best of luck...If you need any help, u can PM me.
     
  18. Black_Hat_freak

    Black_Hat_freak Jr. VIP Jr. VIP Premium Member

    Joined:
    Dec 17, 2007
    Messages:
    181
    Likes Received:
    60
    If I was the buyer of such a house I would personally visit the house and buy it with an agreement.
     
  19. RAYRAY7

    RAYRAY7 Regular Member

    Joined:
    Nov 17, 2007
    Messages:
    305
    Likes Received:
    196
    com' on people those kinds of transactions happen everyday. Remember we have auction houses and people bid online and pay with credit cards. It is all based on your setup. High end auction requires proper setup and normal credit cards will do. Trust me, people that don't qualify will not find you. It is always good to think big. Forget paypal but look for processing company that handles high end. Another wonderful business opportunity is a better system to replace paypal.
     
  20. jrslyrics

    jrslyrics Newbie

    Joined:
    Dec 25, 2008
    Messages:
    40
    Likes Received:
    15
    Here's what you should do if your serious about doing this. The key is not to have the user pay for the item online. No one will ever send that kind of money thru paypal, it's simply to damn expensive to use paypal for such a large transaction. What you do is collect the deposit that binds them to the transaction. Also, I would have a policy that guarantees you a final bid fee, should the transaction actually close. That fee cold be 1% and you'd have the potential to make some nice cash. If your going to want to do this, dont use a commonly available script. Get a site done. Just my 0.02