Most honest webmasters who sell ad space understand that the traffic they receive is a large part of their ad value and should have no problems giving you that information.
Some systems such as Alexa also track traffic, but their statistics can be inaccurate due to their limited distribution.. The best way to use such systems is not for traffic estimates but for comparisons between sites. Note that Alexa has a heavy bias toward webmaster resource type sites. Additionally other companies such as Hitwise may provide more accurate traffic statistics.
From the base traffic level there is a bunch more research you can do to determine how much traffic the site may bring:
* Who currently advertises on the site? You may want to ask them about their advertising experience. Some ad networks such as AdBright show past advertisers average cost per click and ad renewal rates.
* How many ads are on the page? Each additional ad will split up some of the traffic.
* Where does your ad sit? Ads that are tucked away in the footer or in common ad space may get less exposure and drive less traffic. Ads near the content may gain additional exposure and drive more traffic.
* What ad formats can be used? Certain ad creatives may provide greater value than other ads.
* What is the ad turnover rate? Advertisers tend to stay with a site that delivers traffic. A high turnover rate may indicate other problems.
* Have advertisers made any suggestions? Ask if any of their past advertisers made any suggestions or stated that they found any particular setup as being especially helpful.
* Is the traffic seasonal? Some sites have large shifts in traffic volume due to seasonal factors.
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