We receive a lot of questions about event ticketing — how to resell tickets for maximum value, hidden fees, the difference between primary and secondary ticketing sites, etc. So, to answer your event ticketing FAQs, we’re launching a new LinkedIn series called “Ticket Minute!”
Let’s start with one of the most frequent questions we receive:
How can I resell my event tickets for the MAXIMUM value?
Whether you’re an individual or you manage your organization’s corporate event ticketing program, you often end up with extra tickets. If the tickets go unused, you’ve just lost money (or the opportunity to reward a loyal friend, client or employee).
Follow these five tips for reselling your event tickets for the maximum value:
1) Determine the tickets’ value by checking the pricing on various reseller ticketing sites such as StubHub, Ticketmaster, SeatGeek, Vivid Seats, RazorGator, ticketIQ and even eBay. Be sure you’re comparing “apples to apples,” — meaning pay attention to your tickets’ proximity to the stage and if they include free parking, hospitality suite access or other VIP perks. Prices will vary widely, so determine the average asking price for similar tickets.
2) Avoid pricing too high just because you see your event’s tickets listed at astronomical prices. You’ll likely have to continually lower the price or risk not selling them. Choose a price on the higher end of the average and price your seats ending in a nine instead of a zero ($149 instead of $150, $99 instead of $100, etc. — research indicates prices ending in nines attract more buyers). Keep in mind that if the cheapest listings aren’t selling for comparable seats, the sellers likely priced them too high. On the other hand, if your seats are high value, a site with a low number of similarly valued seats may not reflect the optimum market price.
3) Understand that reseller sites such as StubHub, Ticketmaster, Vivid Seats and SeatGeek will take a percentage when you resell your tickets. Most reseller sites charge you 10% of the ticket’s final price, and some charge more. You may not receive the maximum price because of competition and the reseller’s cut. And if your tickets don’t sell, you’re stuck with unused tickets.
4) Consider the timing — tickets tend to sell best within 30 days of the original on-sale date or 60 days before the event. Pay attention to price fluctuations too — if a sports team suddenly has a playoff shot, your tickets may suddenly increase in value. Ditto for situations that may cause price drops, such as too many tickets in the reseller marketplace, the event date is near, inclement weather is predicted, or a sports team isn’t performing well.
5) Partner with an expert, especially if you manage your organization’s corporate event ticketing program. Professional ticket management companies have experienced staff, tools and resources that enable them to monitor market trends and price tickets daily. They are often well worth the investment because they are highly successful at reselling your tickets for the maximum price — and you avoid eating the cost of unused tickets.
Event ticket management firms also save you considerable time and hassles associated with reselling event tickets. Look for ones with an “ecosystem” where they can buy and sell tickets within their network instead of constantly competing on the open market.
In addition, the best professional event ticketing management companies provide online apps that streamline ticket management, enabling you to see the number of tickets you have for various events, utilization rates, tax and budgeting compliance, event planning assistance and more. Event Finders offers all the services and more, and we’re happy to chat with you about resolving your event ticket challenges.