A bit confused on BIN, Make Offer opions

[ohyeahdomainer]

As a new domainer, I am still trying to get my head aroung the right setup for Buy it now (BIN) and Make offer.
Right now I have my domain listed on Sedo, Dan and Afternic.
After reading a bit on Namepros, I understood that BIN should only be activated on one of them at a time for each domain.
So example.com would be BIN on Dan Make offer on Sedo and Make Offer on Afternic. Am I correct?
The second question I have is around the minimum offer. Should it be the same as my BIN price if I don't want to sell at a lower price?
Thanks

 

[VadimK]

After reading a bit on Namepros, I understood that BIN should only be activated on one of them at a time for each domain.
So example.com would be BIN on Dan Make offer on Sedo and Make Offer on Afternic. Am I correct?

The reason behind the idea of putting only one BIN is to avoid the situation when the domain name can be bought simultaneously at two different platforms. Chances for this increase if the quality of the name is outstanding, niche is popular and price is relatively low. If you don't have lots of names when it's getting hard to control them (or I assume they are not of the highest quality, since you are newbie), you may put Bins on all platforms, just monitor it every day for any sales or requests.

The second question I have is around the minimum offer. Should it be the same as my BIN price if I don't want to sell at a lower price?

Correct. However, keep in mind that it's useful to set a minimum offer to track the popularity of your name. You can always refuse a minimal offer, but setting it lower will allow you to see if there are people that are interested in this name, just at the lower price. Sometimes our price expectations and reality offers don't quite match, especially if you are just starting.
But this moment is totally up to you, especially if your BIN is already low enough and set to a minimum (then it simply doesn't make sense to place a minimal offer - not to waste time).
Good Luck!

 

[ohyeahdomainer]

The reason behind the idea of putting only one BIN is to avoid the situation when the domain name can be bought simultaneously at two different platforms. Chances for this increase if the quality of the name is outstanding, niche is popular and price is relatively low. If you don't have lots of names when it's getting hard to control them (or I assume they are not of the highest quality, since you are newbie), you may put Bins on all platforms, just monitor it every day for any sales or requests.


Correct. However, keep in mind that it's useful to set a minimum offer to track the popularity of your name. You can always refuse a minimal offer, but setting it lower will allow you to see if there are people that are interested in this name, just at the lower price. Sometimes our price expectations and reality offers don't quite match, especially if you are just starting.
But this moment is totally up to you, especially if your BIN is already low enough and set to a minimum (then it simply doesn't make sense to place a minimal offer - not to waste time).
Good Luck!

Thanks for taking the time to reply. This is very useful.

 

[HotKey]

The second question I have is around the minimum offer. Should it be the same as my BIN price if I don't want to sell at a lower price?
Thanks

Not necessarily. I think it depends on how firm you are at selling at that price. By setting your minimum offer to what you have the BIN set at elsewhere, you miss out on potentially negotiating your way up to what you want. Sometimes people have to be nudged in the right direction. Though if you don't want to deal with counter-offers and the like, then set the offer to what you're happy to sell for even if doesn't match your BIN-in-arms.

This is great:

Sometimes our price expectations and reality offers don't quite match, especially if you are just starting.
But this moment is totally up to you, especially if your BIN is already low enough and set to a minimum (then it simply doesn't make sense to place a minimal offer - not to waste time).
Good Luck!