I don't do it very often but what happens usually is I'll make a thoughtful post on a blog for example and the webmaster my visit my site and then contact me. We begin talking and then work out some kind of arrangement.
I will say though it does help when your site is already getting good traffic. I am having better luck now that my alexa rank is 22,000. But I used to do this even in the very beginning when my site was new. Networking is everything out here and you just have to find what works best for your situation. I don't really have a list or guidelines that I follow. Sometimes people contact me and sometimes I'll contact them.
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