advice How I sold a domain at a 300% profit and take it as a failure

drewwash · Apr 26, 2018

Opened my email this afternoon to news that an ACH payment has been made on one of my domains. My initial thought was that it was a scam and I deleted the email.

Scrolling a little further down I see an email from SEDO reporting that sold one of my domains at the Buy Now price.

I was a little excited, but also confused. Only a small handful of our domains have a Buy Now price.

Scrolling down I see the domain OurSong.com.

Sold for $6800
Price paid $1850 in ~ 2012

I understand that some might consider this a victory. It was not. It was a failure.

I would have never accepted an offer for $6800 on OurSong.com.

I value OurSong.com at around $22,000. Estibot appraises it around $74,000.

It turns out that one night, likely after having a couple drinks, I decided to set some Buy Now prices on domains in hopes of liquidating a few of them. A horrible mistake.

While selling domains was a great idea at that point, selling OurSong.com no longer made sense. The needs of our business changed.

After logging into SEDO to provide the Auth Code I promptly took a look at my Buy Now prices and deleted them or increased them.

Ultimately a Buy Now price is set at a point in time. But the need and desire of my business had changed.

Advice check your Buy Now Prices and see if you think it is correct.

korganian · Apr 26, 2018

The same thing has happened to me. I am constantly increasing my BIN prices. One buyer contacted me 2 weeks ago about a domain that I had a $695 BIN at Afternic and Sedo. I realized that I had set way too low a BIN price and increased it to $1,495 immediately. The buyer only offered $700. After 2 weeks, the buyer increased their offered to only $900. By this time I had enough time to really do some research and think about all the possible uses for the domain and realized I should never sell it for under 10K. I have now increased the BIN price to $12,500. The buyer was foolish not to jump on that low $695 BIN price.

alcy · Apr 26, 2018

thats one of problems setting bin prices. you gotta keep track of things. which can be real hard if u have many domains.

despite the several advantages of bin prices too

BaileyUK · Apr 26, 2018

I think we all move bin prices around. last year I lowered a few when I needed some cash and one sold at just under the new bin, the buyer was Apple - yep the big guy. I was aware, but I try not to judge a price by the potential buyer. (I doubt they even noticed a price change)

OurSong is a great name but at much over 10 to 15k who knows how long it would have sat there. I don't ever remember having sellers remorse. You'd be forever stressing yourself out

creataweb · Apr 26, 2018

One of my regular maintenance tasks is to check and re-price my BINs wherever they may be.

1Darko · Apr 26, 2018

Anyway - congrats!

Haykay2005 · Apr 26, 2018

Periodically, I take my time to goggle search each of my names priced at BIN. Lol

SpareDomains · Apr 27, 2018

I like buy it now on stuff I'm looking to move. On the gems I always go make offer as no urgency to sell as those usually receive a more constant flow of natural leads.

Sucks to forget not to update an old price point but wouldn't beat yourself up too much over it as profit always falls in the positive column.

Mistake isn't a mistake if ya learn from it. Ya just paid a little tuition to keep better buy it now record keeping going forward.

EZPZYO · Apr 27, 2018

drewwash said:
It turns out that one night, likely after having a couple drinks, I decided to set some Buy Now prices on domains in hopes of liquidating a few of them. A horrible mistake.

Moral of the story,

DON'T DRINK WHILE DOMAINING

DreamLife · Apr 27, 2018

drewwash said:
Opened my email this afternoon to news that an ACH payment has been made on one of my domains. My initial thought was that it was a scam and I deleted the email.

Scrolling a little further down I see an email from SEDO reporting that sold one of my domains at the Buy Now price.

I was a little excited, but also confused. Only a small handful of our domains have a Buy Now price.

Scrolling down I see the domain OurSong-com.

Sold for $6800

Price paid $1850 in ~ 2012

I understand that some might consider this a victory. It was not. It was a failure.

I would have never accepted an offer for $6800 on OurSong-com.

I value OurSong-com at around $22,000. Estibot appraises it around $74,000.

It turns out that one night, likely after having a couple drinks, I decided to set some Buy Now prices on domains in hopes of liquidating a few of them. A horrible mistake.

While selling domains was a great idea at that point, selling OurSong-com no longer made sense. The needs of our business changed.

After logging into SEDO to provide the Auth Code I promptly took a look at my Buy Now prices and deleted them or increased them.

Ultimately a Buy Now price is set at a point in time. But the need and desire of my business had changed.

Advice check your Buy Now Prices and see if you think it is correct.

First OFF, Let me say, CONGRATS ON THE SALE, it was a really good sale. Song titles are a hard sale.

A NO effort sale, wow, life is good!

You got a decent price for a domain you probably overvalue. You can take the money and put in to a better domains.

Just because the marketplace is good, don't mistake it as a chance to gouge, make decent money, save and invest wisely. If you want someone to just cheer lead you on, I am not that person.

Estibot? Really? NameBio can give you much better idea on pricing.

Godaddy is a much more credible source for a evaluation of domain value. If I have to explain that, anything else I say will never make sense.

Godaddy Values the domain at
OurSong-com

Estimated Value: $4,893

ourtribe-com
Sold for $3,000
ourland-com
Sold for $4,888
ourvoice-com
Sold for $7,599
ourmoments-com
Sold for $4,488
ourspirit-com
Sold for $1,500
ourstuff-com
Sold for $5,200
ourman-com
Sold for $3,288

Grego85 · Apr 27, 2018

the only reason it sold was the buy it now price. I think you did well on it.

IMO, unless a domain has a certain keyword in the middle of a fad or hyped phase, changing bin prices on a whim indicates a lack of understanding of the domains value. Holding out with make an offer and pricing based on who the inquiry is coming from indicates greed and a lack of understanding of the domains value.

Mahouni · Apr 27, 2018

The price is good IMO. Take that money and buy another one that is going to make you that 25,000 USD which would have never happened had you never sold that domain. You never know...

namerav · Apr 27, 2018

Congratulations it's a good sale

IMEZI · Apr 27, 2018

you already learn the lesson... at least you were gentlement enough and still selling it

FolioTeam · Apr 27, 2018

Congrats on the sale. As they say, "A bird in hand is worth two in the bush".

frank-germany · Apr 27, 2018

you done well
music related keywords have a very low CPC

maybe you could have gotten more
but most probably not within a reasonable timeframe
and maybe not that much more

you can spend the money to acquire some good names now

DreamLife · Apr 27, 2018

korganian said:
The same thing has happened to me. I am constantly increasing my BIN prices. One buyer contacted me 2 weeks ago about a domain that I had a $695 BIN at Afternic and Sedo. I realized that I had set way too low a BIN price and increased it to $1,495 immediately. The buyer only offered $700. After 2 weeks, the buyer increased their offered to only $900. By this time I had enough time to really do some research and think about all the possible uses for the domain and realized I should never sell it for under 10K. I have now increased the BIN price to $12,500. The buyer was foolish not to jump on that low $695 BIN price.

What is the GoValue??

https://www.godaddy.com/domain-value-appraisal

and comparable sales it shows?

BrandVenue · Apr 27, 2018

Congrats. $6.8K today is better than $22K probably never.

namerav · Apr 27, 2018

BrandVenue said:
Congrats. $6.8K today is better than $22K probably never.

Good one

tldboss · Apr 27, 2018

Congrats, great sale.

AIS01 · Apr 29, 2018

Congrats..

DomainFQ.com · May 1, 2018

congrats

DreamLife · May 7, 2018

korganian said:
The same thing has happened to me. I am constantly increasing my BIN prices. One buyer contacted me 2 weeks ago about a domain that I had a $695 BIN at Afternic and Sedo. I realized that I had set way too low a BIN price and increased it to $1,495 immediately. The buyer only offered $700. After 2 weeks, the buyer increased their offered to only $900. By this time I had enough time to really do some research and think about all the possible uses for the domain and realized I should never sell it for under 10K. I have now increased the BIN price to $12,500. The buyer was foolish not to jump on that low $695 BIN price.

Any Domain if you analyze it enough could be worth $22k, to the perfect customer MAYBE. Even gwxrse.com could be worth over $10k to someone ...

I got crickets on my request on the GoValue of the domain WHY??

korganian · May 7, 2018

DreamLife said:
Any Domain if you analyze it enough could be worth $22k, to the perfect customer MAYBE. Even gwxrse.com could be worth over $10k to someone ...

I got crickets on my request on the GoValue of the domain WHY??

Just who do you think you are man? What makes you think I have any obligation to respond to such a stupid and arrogant request. GoValue? LOL. I don't price any domains using auto appraisal programs. Those are for people who don't know what they are doing. I have put you on ignore. Go troll someone else.

dragtastic · May 7, 2018

good problem to have. Sadly the only way to avoid this, is to keep track of your BIN prices.

Congrats on the sale

advice How I sold a domain at a 300% profit and take it as a failure

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