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James Iles

Expert Exchange: Should You Always Quote a Price?

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By James Iles, Jun 20, 2018
  1. James Iles

    James Iles NamePros Writer PRO Gold Account VIP Trusted Blogger

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    When it comes to selling a domain name, establishing price expectations is an important step. Whether it’s securing an outbound sale or negotiating an inbound inquiry, the price is a vital factor. In this edition of Expert Exchange, we are asking seven top industry brokers about how they handle price requests.

    With our panel’s help, we will decide whether it’s best to quote a price, a price range or whether you should you wait for the other party to make the first offer.

    Do you find it's best to quote a price, range, or nothing at all when a potential buyer first expresses interest? Is the strategy different for inbound vs. outbound interest?


    @Joe Uddeme, Founder of NameExperts LLC


    @Jen Sale, COO of Evergreen.com

    mic.jpg

    George Hong, CEO of @GUTA


    @Giuseppe Graziano, CEO of GGRG


    Kevin Fink (@iHaveThisIdea), COO of Starfire Web Holdings


    @Dave Evanson, Senior Broker at @Sedo


    @Hobi Michalec, Co-founder of Lumis Group


    These responses have been edited for clarity.
     
    The views expressed on this page by users and staff are their own, not those of NamePros.
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  4. James Iles

    About The Author — James Iles

    Writer for NamePros.com. For all inquiries relating to stories and interviews, please email: [email protected]

    This is James Iles's 547th blog post on NamePros. View all blog posts

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  5. Comments (6)

  6. Vinod R

    Vinod R Upgraded Member Gold Account

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    As the majority of the domainers are making sales through Marketplaces likes godaddy, sedo, afternic etc, we do not have the flexibility of not quoting a price, we have to quote a price for the system to work. Most offers start with 100$ and when there is a huge margin between the offer and the price that the seller is quoting most buyers run away without any dialogue.

    If the buyer reaches via email then, we would be able to apply different strategies.
     
  7. DOMAIN ILLUMINATI

    DOMAIN ILLUMINATI Owner of ▲ the most expensive domain of all time. Gold Account

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    Fact is, you will always reach a point where you will have to quote the price (as an offer or a counter offer) if you want to sell your domain...
     
  8. MediaCode

    MediaCode MediaCode.com ICA Member VIP

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    We have found our best sales in dollar terms and in quarterly sales volume by using BIN pricing on landing pages and in marketplaces with no chance of negotiations. It's up to the prospective buyer to take it or leave it at the BIN price. If they take it, it's up to the buyer to go find the funds to procure it for themselves, serving themselves via the BIN button and an escrow service. If they decide not to buy it, we simply practice patience to wait for another buyer to come along and pay the BIN price.

    Every six months we test new pricing (up or down) to give new and old buyers alike the chance to consider/re-consider the new pricing vis-a-vis their perception of the value of the domain name on a take it or leave it basis.

    So far, based on testing, this BIN approach has had the greatest impact on making our entire portfolio profitable on an annual operating basis. This BIN approach has the added value of making the process simpler for buyers given that they generally loathe negotiating with domain name owners. Less grief and friction due to lack of negotiation means more happier buyers, even if they are only begrudgingly happy having paid a premium BIN price.
     
  9. Vinod R

    Vinod R Upgraded Member Gold Account

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    I'm testing the same with BIN pricing.
     
  10. frank-germany

    frank-germany F1lter.com xpired domain search engine Gold Account VIP

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  11. Sissa Quinn

    Sissa Quinn Established Member

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    What I learned is: do your search, have your price in mind, even if not quoted; and be ready to close the deal, always! :D
     
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