question Domain brokerage setup

[BoundlessNames]

If you were to start up a new domain brokerage, what are some things you'd need to do to get to $500k in sales in a year? What would your planning look like?

 

[hawkeye]

First and probably foremost, you should have good sales experience and strong negotiation skills. Because without either, no matter what you plan, you'll get burnt out pretty quick. jmo.

 

[BoundlessNames]

First and probably foremost, you should have good sales experience and strong negotiation skills. Because without either, no matter what you plan, you'll get burnt out pretty quick. jmo.

Yes, absolutely. There are a lot of sub skills that fall under each if those as well. Without the proper skills, it will be difficult to be a successful broker.

 

[Kyle Tully]

Find someone with a portfolio of names and sell them on letting you rep them.

 

[draco]

Experience and contacts. If someone has really good names, why should they let you rep them, as opposed to more experienced and established brokers?

 

[algofox]

Kindly drop me a DM, Thanks.

 

[BoundlessNames]

Experience and contacts. If someone has really good names, why should they let you rep them, as opposed to more experienced and established brokers?

More experienced brokers could have more stringent qualifications for the types of names they'll rep. They also may have higher commission rates.

Someone newer to the business may have contacts they've already established a relationship with, so those sellers are willing to work with them. There’s already a comfort level established.

 

[BoundlessNames]

Kindly drop me a DM, Thanks.

What would it be regarding?

 

[BoundlessNames]

On the sell side when marketing a domain for a client:

If using any sort of paid media (display, ppc, etc) do brokers bills that cost back to the client, or is that typically absorbed and made up from the commission when the domain sells?

If included in the commission, that would be a risk of the part of the broker in the event the domain doesn't sell or at a price that works for all involved (buyer, seller, broker).

So how are expenses like paid media handled?

 

[eyedomainous]

The usual common sense stuff:

Identify the target markets, companies and decision makers.
Develop multiple use case pitches for each asset.
Condense the main talking points into media 'elevator pitches'.
-- broker eats the cost and incentivizes including the creative in a deal.

Begin the hunt.
Personally, I don't set a fixed monetary goal or deadline.

 

[BoundlessNames]

The usual common sense stuff:

Identify the target markets, companies and decision makers.
Develop multiple use case pitches for each asset.
Condense the main talking points into media 'elevator pitches'.
-- broker eats the cost and incentivizes including the creative in a deal.

Begin the hunt.
Personally, I don't set a fixed monetary goal or deadline.

For the elevator pitches, do you use those in press releases? What kind of media to you use them in?

So you eat the cost for any expenses, but then recoup on your commission on the sale? What happens in the event a domain doesn't sell and the seller walks away?

 

[eyedomainous]

Feels like an AI engagement agent 'convo'. Moving on.

 

[BoundlessNames]

No AI here. I'm a real person . Sorry if too many questions. Just genuinely interested in the topic.

 

[biggie]

genuinely interested in the topic

Hi

if so,
you should know/learn how to buy the right domains and how to value them
be skilled in the fundamentals of being a domainer.

you need a track record of sales and have a positive reputation among your peers.
establishing a "name" for yourself in the game, is key to gaining trust and confidence.

there are plenty of wanna bee borkers who lurk around, trying to make a few $ off your names, but they don't have contacts and most likely, can't read, write or interpret contracts.

just saying....


imo....

 

[BoundlessNames]

Hi

if so,
you should know/learn how to buy the right domains and how to value them
be skilled in the fundamentals of being a domainer.

you need a track record of sales and have a positive reputation among your peers.
establishing a "name" for yourself in the game, is key to gaining trust and confidence.

there are plenty of wanna bee borkers who lurk around, trying to make a few $ off your names, but they don't have contacts and most likely, can't read, write or interpret contracts.

just saying....


imo....

I agree with your points here. Being and investor doesn't qualify someone to be a broker. And there are many investors who don't have a desire to become a broker. There are other skills needed to become a good broker. I'm sure there are investors who would like to take the plunge, but want to do it right, so they aren't just another "borker" offering limited value.

 

[biggie]

I agree with your points here. Being and investor doesn't qualify someone to be a broker. And there are many investors who don't have a desire to become a broker. There are other skills needed to become a good broker. I'm sure there are investors who would like to take the plunge, but want to do it right, so they aren't just another "borker" offering limited value.

Hi

an investor really doesn't want to broker domains, unless it's by circumstance, coincidence or thru an in-common contact.
a domainer might say they have a client, just to make you start assuming.

imo...