BuyBack | How To Start Flipping
You Dont Flip?
Rodney Dangerfield performing “The Triple Lindy”
~Some 80’s Movie
If you are fixing phones you already have the perfect skill set for an additional revenue stream.
You need to check pretty much all of the same things when purchasing a device that you do when you finish checking in or repairing a device. You also likely have a marketing system and customer list in place.
You have everything you need!
So what stops you? These are the most common questions/pitfalls we hear.
How to price/offer quotes
How to sell quickly
How to handle bad imei/financed devices
How to market
How to manage leads
Repairing vs Flipping
Running a Repair Store
Repairs require inventory, skill, time, attention to detail and considerable overhead costs. There is generally a fixed labor charge, regardless of the time and effort required. There is going to be an existing company structure to facilitate these repairs.
It is a rewarding profession. Generally speaking, you can expect $50 to $150 profit per repair.
BuyBack/TradeIn
BuyBack also requires time and attention to detail. Outside of marketing costs there really is no additional overhead.
It is also a very uneven market here right now and you will find it incredibly easy to beat what the carrier stores are offering. You can also buy them broken and repair them yourself for a good profit.
You can expect an honest $75 to $200 profit per device flip.
You can inspect 5 to 10 phones in the time it will take you to repair one device.
How to price/offer quotes
The first thing you need to be sure of is what you will be able to sell the device for. This is where your direct buyer comes in. They will provide you with specific grading criteria and associated price quotes. The grading process will not change but the prices will move up and down throughout the week. You should plan to clear inventory every one to two weeks to avoid any market surprises. Prices can go up from time to time but overall the trend is for them to fall. Keep this in mind with your quotes.
After this you will need to inspect the device, check IMEI for carrier and iCloud/FRP status and quote and pay the customer.
IMEI checks can be done for cheap/free via SickW.com or through our direct API integration. If iCloud or FRP lock is in place you will want to make sure the customer is able to remove this, otherwise your price offer should be significantly lower.
Remember, scratches matter and any crack, no matter how small is considered a complete crack.
We offer Automated Price Sheets as well as our full BuyBack.Site Web Suite to make this pricing and last minute math automated.
What do we do with them once we purchase them?
How to sell quickly
The quick easy answer is to sell them to a direct buyer. You can be paid the same day you purchase, assuming your direct buyer is not overwhelmed. You can also keep and flip your unlocked devices in store as carrier IMEI issues are very unlikely when the device is unlocked.
You could also experiment with marketplaces like Swappa.com, Mercari, Facebook Marletplace and more. We do not recommend eBay unless you are well versed in the area, sellers are not very well protected here.
We have a list of vetted and trust-able local and international buyers we will be happy to share.
Book a Demo for a free copy
How to handle bad imei/financed devices
We recommend that you keep the unlocked devices for your store and sell the carrier locked devices, regardless of IMEI status to your direct buyer. This way there is no headache. Your direct buyer can give you more details on their purchasing process. In many cases “carrier locked” is all the clarification you will need to establish your selling price.
If you want to delve into the unlock markets to solve IMEI issues consider using one of our friends here:
How to market
Ads and ROI are the heartbeat of this business. Any marketing outlet that can generate under $3 per lead is a very good aiming point.
Quick Suggestions
Keep the ads fresh, keep the audience large and keep an eye on your frequency rating (per ad). If per ad climbs over 4 you should consider new audiences or material.
We have a few winning ad images saved here that we are happy to share. Please book a demo for details.
For help with ad design, management and increased market presence please also consider our friends at TechSpec
How to manage leads
The human element is key here. A quick phone call or text message to a lead can go a long way. You will want to have your quote ready, be prepared for the common questions that come up during the deal and be sure both parties understand when/where/how to connect.
Collecting phone numbers and emails of your previous clients is also great tool you can use to bring in repeat business. You can create promotions and incentives that can be sent to clients that have sold to you previously.
After every deal be sure to ask them to spread the word, you can make referral promotions for returning client’s friends and family as well. Also, always remember to bring extra business cards.
Coaches / Mentors
We are happy to share what is working for us. Our info and assistance are free. There are also several successful coaches out there who have made a living flipping and teaching others how to grow and succeed in this niche.
If you are looking for additional mentor-ship we recommend working with one of these guys.
