Can high BIN scare buyers away？

ilucky21c · Oct 18, 2017

Hi,

Just want to ask, if I set high BINs, like 50000$ for each of my domains on sedo, afternic, uniregistry and many other platforms, will this scare the buyers away? The real reason why I am doing this is to lead the buyers to bid a price, and we negotiate, because sedo says that BIN setting just enhances the chance of sales for 3 times. Will BIN add exposure of domains? I set BINs for all of them, and set all the domains 50000$ or higher on other platforms, in case one of them is worth that much. I have to say, when it comes to put a price tag on my domains, I become a little "shamefully" greedy. Can't resist it~

Can experienced domainers express your opinions? Thanks for your help!

DASHCAMCLIPS · Oct 18, 2017

A high BIN on a proper name makes most people leave, but makes the more serious buyer think. If on a high BIN a counter-offer comes in from a serious buyer it mostly is a good start of negotiations. Please note that a high BIN is a reasonable but high BIN. Greed is never a goodmotivation to set a BIN.

ilucky21c · Oct 18, 2017

Yes, I think I have to evaluate each one and put different tags on. Waited for 2 months, not even a query....

ilucky21c · Oct 18, 2017

I will post my first sale here when it takes place!

Kate · Oct 18, 2017

ilucky21c said:
Just want to ask, if I set high BINs, like 50000$ for each of my domains on sedo, afternic, uniregistry and many other platforms, will this scare the buyers away?

Probably, yes. The potential buyer will not even bother to make an offer since it is already obvious that the domain holder is delusional. At least that's what I think.
Yes, a BIN can speed up a sale as long as it reasonable. Maybe you could set a BIN on some domains, like those that are worth < $1000, and leave the rest to 'make offer' so you keep room for negotiation.

IMO you shouldn't price a domain at 50K unless the domain is truly worth $50K. If it is a LLL.com it might be worth 50K to the right buyer, if you are prepared to wait for 10 years or more.
If it is a semi-decent .com the sweet spot will usually be up to mid-$$$$. Few names are selling for 50K or more.
It's true that if you don't ask you don't receive. You might make a big sale once, but the odds of winning the lottery are higher.
Too many domainers make fewer sales that they should (or not sales at all), because they do not have realistic price expectations at all, and they eventually lose money. It's up to you.

DOMAIN ILLUMINATI · Oct 18, 2017

Definitely yes.
But it works as a "filter" to "sort out" (I would say min. 50 %) "lowball dealers".

I even own a (the) domain which has the highest domain price of all time - normally I state the price (most of case negotiable) at my domains. But in this case I wrote "higher than any other domain price, negotiable, USD" (logically plus the option to make a bid) - although I know that it scares people away.
But at the end it helps everyone.

ilucky21c · Oct 18, 2017

Yes, delusional, that's the word when I set prices! I will change, maybe to Make offer.

ilucky21c · Oct 18, 2017

KINGOF.TOP said:
Definitely yes.
But it works as a "filter" to "sort out" (I would say min. 50 %) "lowball dealers".

Yes. I will try both BIN and Make Offer. Thank you!

DOMAIN ILLUMINATI · Oct 18, 2017

ilucky21c said:
Yes. I will try both BIN and Make Offer. Thank you!

Naturally, the other side of a high BIN price is that it will decrease the chances to sell it.
So your preferred price setting simply depends on "how much time you have" (how strong you need money).
But the combination of a high BIN price + the possibillity to "make offer" is the optimal setting in my (and of course others) viewww

Brandworthy · Oct 18, 2017

Personally I think the biggest mistake in domaining is setting a BIN and then allowing buyers to make an offer.

Imagine if this was real estate, and you set the price of your house at $500,000 with some sort of mechanism to checkout. Right next to that you put a form allowing buyers to make an offer, usually with a minimum value which is a fraction of the BIN. What would you think as a buyer? Would you think that the BIN is a real price? Immediately you think you must haggle, and that you're being conned just like tourists are when buying trinkets whilst on holiday.

I honestly don't understand why domainers, domain marketplaces and various sales platforms use this technique so much. Try setting a real BIN and not taking offers. If the price reflects the intrinsic value of the name then maybe you will sell without any negotiation. Set BIN or ask for offer, but not both IMO.

DOMAIN ILLUMINATI · Oct 18, 2017

Brandworthy said:
Personally I think the biggest mistake in domaining is setting a BIN and then allowing buyers to make an offer.

Imagine if this was real estate, and you set the price of your house at $500,000 with some sort of mechanism to checkout. Right next to that you put a form allowing buyers to make an offer, usually with a minimum value which is a fraction of the BIN. What would you think as a buyer? Would you think that the BIN is a real price? Immediately you think you must haggle, and that you're being conned just like tourists are when buying trinkets whilst on holiday.

I honestly don't understand why domainers, domain marketplaces and various sales platforms use this technique so much. Try setting a real BIN and not taking offers. If the price reflects the intrinsic value of the name then maybe you will sell without any negotiation. Set BIN or ask for offer, but not both IMO.

Interesting view, I can understand your point - but it's human that people want to negotiate - that's why I believe it's better to let this opportunity open.
Someone who knows what he wants will know its value and will therefore of course also know, that the possibility to make an offer is at the end just there for nothing else than to get a counter offer.
The beginning of a negotiation is better to sell it probably never.

Also, a BIN price alone on the offerpage (no matter if it's private or a sales platform) without the possibility to make an offer, will not stop me to start the negotiations, I simply would contact the owner via email / phone to make an offer if I want the domain becasue I am sure he will replyyy

Satyajit Adhikary · Oct 18, 2017

Let the renewals come, your extra zeroes would disappear from your BIN.

hookbox · Oct 18, 2017

If you set the bin at $50,000 on a $500 domain you will never ever get any offers no matter how long you sit and wait.

WatchDogue · Oct 18, 2017

For many years I had and retained very high BN prices on a number of my domains.

Many many potential buyers came, saw the prices and left the names in my portfolio.

When I " re-priced " a number of BN domains a couple years ago from " very high " to " reasonably
BN priced " several sales ensued ( xxxx range).

Almost all of the domains that I would currently sell are Buy Now listed with current prices rooted in reality.

infosec3 · Oct 18, 2017

The answer is yes, especially if the quality of the name does not completely match the price. I have reported here at some point a little story that illustrates this issue.

I had contacted an end-user for a CityBikeRentals.com domain, for which I was asking $750. He responded stating he was interested, but that he preferred the singular version, CityBikeRental.com and asked me if I owned it. I stated I did not own the name and he said he was going to get back to me.

I immediately visited the CityBikeRental.com name and noticed it was listed on SEDO or Afternic (don't completely remember) for more than 50K. When the end-user found out that the price for the singular version was so high, he called me a few hours later to finalize the domain transaction with me.

The point is that although his first choice was the singular version, he didn't even bother to contact the owner to make him an offer. I guess he saw it as an impossibility. I mean, who in his right mind would come down from 50K to $750?

imc · Oct 18, 2017

Most buyers are lowballers. Nothing scares them.

domeen · Oct 18, 2017

I get offers on domains that I have set BIN $28888, usually its the minium I would allow $1k.
The other day BIN at $8888, offer $4k sold.
Domain I have BIN $48888, the other day offer $1000.

I usually deduct $1k from BIN and set new BIN 1k lower to let them know I can see them, but I am not interested.

So I would not be so pessimistic. I have BIN set (BUY NOW) so MLS would work, but I also take offers starting $1000.

Pierre Barnard · Oct 18, 2017

This gives me hope...if I may ask where do you guys get the offers from? (via which marketplace)?

and is it .com domains only?

@domeen @WatchDogue

WatchDogue · Oct 18, 2017

Pierre Barnard said:
This gives me hope...if I may ask where do you guys get the offers from? (via which marketplace)?

and is it .com domains only?

@domeen @WatchDogue

Sure, I had most of my " marketplace overpriced " BN names at Sedo and all in .com relative to this discussion.

I finally decided to " re-price " from stratosphere pricing to down-to-earth-pricing.

Please note that my names are niche specific, that is, for hobbyists, special topic occupations, sole proprietors, small businesses and the like and not for the most part mega corporations with big budgets.

My current prices reflect reasonable " name expense" values for their respective marketplace end-users.

ResoluteDomains · Oct 18, 2017

WatchDogue said:
Sure, I had most of my " marketplace overpriced " BN names at Sedo and all in .com relative to this discussion.

I finally decided to " re-price " from stratosphere pricing to down-to-earth-pricing.

Please note that my names are niche specific, that is, for hobbyists, special topic occupations, sole proprietors, small businesses and the like and not for the most part mega corporations with big budgets.

My current prices reflect reasonable " name expense" values for their respective marketplace end-users.

Has that translated into more offers and sales?

WatchDogue · Oct 18, 2017

AGAME said:
Has that translated into more offers and sales?

Yes.

Including more " visitors/views " for several names.

Speculatively, perhaps from potential purchasers now considering the purchase of the names due to revised, sensible pricing.

A few more offers have been received including one just received this week and, a few sales.

ResoluteDomains · Oct 18, 2017

WatchDogue said:
Yes.

Including more " visitors/views " for several names.

Speculatively, perhaps from potential purchasers now considering the purchase of the names due to revised, sensible pricing.

A few more offers have been received including one just received this week and, a few sales.

Thats great! I should give that a try - I think some of my BIN are too lofty / unrealistic.

Bob Hawkes · Oct 18, 2017

Thanks to everyone who has provided valuable insights and experience, and for the original question @ilucky21c . I am newish but I will offer my 2 cents worth (ok we no longer have the penny in Canada, so I guess that is rounded to 0!

)....

In general, I think that inflated BIN have few positive benefits, and a big negative of chasing many away from even making a contact. I think the approach used in real estate or used car sales make sense for domains. Set a BIN price that is reasonable for the product/market, probably near the high end of the comparable domain names. Expect that in most cases you will get a bit less than BIN through offers.

The exception might be if you have a truly unique name without comparable domain names for sale or potentially for sale. Then I might make the BIN rather higher than you reasonably hope, just in case someone will bite.

I like that Efty have both a BIN price and also a minimum offer price, so I can use the latter to provide some guidance to potential purchasers. I see no sense in having these two ridiculously different, however.

If you have a domain name that is popular now but that will soon drop (i.e. fad related) it is especially important to set reasonable BIN. Also, if the renew cost is substantial and you are not sure if you will renew.

On the other hand, if you have one already registered for a long period in future and it is say a tech trend that is just developing, you might stick with a higher BIN for awhile just in case you will win the lottery. For example I have done that with my CRISPR.science that I feel is pretty unique in a biotech area just developing and I set a mid $$$ BIN even though not many .science have gone for that.

I find BIN hard for the new gTLDs, since there is in most cases so little comparable sales data available. Too low a BIN is saying the domain name is garbage (which I know many on here would say is true for almost all n gTLDs, but hopefully I won't reopen that debate

).

Have a nice day everyone,

Bob

biggie · Oct 18, 2017

Can high BIN scare buyers away？

the high bin you set today.......
could be the "too low bin",

if you forget to change it next year,.when the keyword gets hot.

imo....

creataweb · Oct 18, 2017

Yeah just take a look here: https://www.namepros.com/threads/buy-spyrobots-com-super-premium-domain-name.1045974/

Only $1.5 million

Can high BIN scare buyers away？

Established Member

Established Member

Established Member

Established Member

Domainosaurus RexTop Member

THTMVATMEDNOATTop Member

Established Member

Established Member

THTMVATMEDNOATTop Member

Established Member

THTMVATMEDNOATTop Member

Top Member

Top Member

Top Member

Top Member

Established Member

Top Member

Top Member

Top Member

Top Member

Top Member

Top Member

Top Member

GreenFriendly.comTop Member

Some Guy with Awesome Senior High School PhotoTop Member

Similar threads

We're social

Pinned

Appreciation

Agreement