Millions of tickets are bought and sold through online ticket marketplaces every day. It can seem impossible to compete in such a competitive industry, but I can assure you that there are ways to not only avoid underselling, but actually profiting from NBA ticket sales.
The most common mistake that sports ticket brokers make is pricing above the competition. This creates a problem because once it gets closer to game day, everyone else’s prices will significantly drop and you will be stuck either having to dramatically undersell or take a complete loss and be left with unsold tickets. People lose a lot of money making these silly mistakes that are so easily avoidable with just a little bit of research.
Know your competition
When trying to sell your tickets, you are not only competing with other ticket brokers, but also the box office. Unless you know for a fact that a game is sold out, people will always have the option to buy their tickets the day of a game at face value. This will require some research. Find out how much fans can get their tickets for from the direct source and adjust your prices accordingly.
Know your product
Not all NBA games have the same ticket price value. For example, the average ticket price for the 1-18 Philadelphia 76ers is $62, while the average price for the 20-0 reigning champion Golden State Warriors is $245. When big name players are traded, this also affects ticket prices for a team. A perfect example of that is LeBron James going back to Cleveland. In 2013 the Cavaliers sold tickets for an average of $76 after drafting #1 pick Kyrie Irving from Duke. In 2014, those prices slowly increased to $86 and after LeBron James and Kevin Love joined the team. In 2015 those prices shot up to an average of $230 per ticket after LeBron took his team to the Finals.
Know your customer
People usually don’t buy basketball tickets months in advance like they would for a concert or a Broadway show. This means that you need to be more aware of price fluctuations based on supply and demand. Season ticket holders will either post all of their tickets for the season for sale at once and just leave them there, or they will post them periodically as each game gets closer. Realize that if a game is two months away and you only see 700 tickets available, this does not mean that you can make your prices higher because more people will be selling as the date comes closer and more options will become available.
What do I do now?
Every investment is a gamble, but this can be a very rewarding one. Follow my blog and stay updated with news and tips on how to price your tickets to sell for the most profit.