- Impact
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Ok, so here it goes: I have been in the Real Estate for some time and started domaining a little less than a year ago. I consider myself to be pretty successful thus far with domains and have made in the xx,xxx neighborhood is selling domains. My basis of this introduction is to let you know that I have had successes in domaining and come from a Real Estate background which I believe is much like domaining. As many have mentioned here on this forum before (I am not the first) there is a growing problem of buyer fallout after a contract price is set. It has happened to me and I am sure it has happened too many here. Since we are all buyers and sellers at one time or another it would suffice to say that a majority of domainers probably due conduct business with ethics and that a small percentage do not which means that let’s say 2 out of 10 deals bust.
So here is a shout out to all the major domain selling platforms. Why not conduct business like we do in Real Estate.
Under a domain it should show something like this:
Current Offer: Yes or No
Current Status: Financing or Pending Closing (meaning monies received)
Previous Offers: Number
Under Contract: Yes or No
Backup Offers: Seller will accept if under financing under Current Status
In this manner we can continue to receive offers and negotiate with prospect buyers while the current buyer is obtaining financing. If a backup offer is received the intial buyer would get the word as well. If financing has not been receive and a backup offer is in had we could escalate the condition to a multiple offer which a broker at the selling company would then handle. There would be a set number of days for the buyer to get monies into escrow at which the seller can cancel the contract and move on to the next buyer. How many times have you had your domain sit off the market waiting for the buyer to escrow and you lose 1.5 months of market time and the buyer walks away? Along with this, I also think that buyers should be registered with cleared funds and automatically put down 20 percent of what ever the offer is in escrow at the selling company not matter how big or small. Thus on a 10K sale price the buyer should have cleared funds to put 2K immediately into escrow upon an agreed contract. Should the buyer default those monies should be split between the company and seller in some fashion for the market time loss to the seller and time to the selling company.
These are just my thoughts that could benefit the industry and domainers. Please add your comments or ideas to this thread so that the major companies can see it, respond and hopefully implement some of these.
Thank you
So here is a shout out to all the major domain selling platforms. Why not conduct business like we do in Real Estate.
Under a domain it should show something like this:
Current Offer: Yes or No
Current Status: Financing or Pending Closing (meaning monies received)
Previous Offers: Number
Under Contract: Yes or No
Backup Offers: Seller will accept if under financing under Current Status
In this manner we can continue to receive offers and negotiate with prospect buyers while the current buyer is obtaining financing. If a backup offer is received the intial buyer would get the word as well. If financing has not been receive and a backup offer is in had we could escalate the condition to a multiple offer which a broker at the selling company would then handle. There would be a set number of days for the buyer to get monies into escrow at which the seller can cancel the contract and move on to the next buyer. How many times have you had your domain sit off the market waiting for the buyer to escrow and you lose 1.5 months of market time and the buyer walks away? Along with this, I also think that buyers should be registered with cleared funds and automatically put down 20 percent of what ever the offer is in escrow at the selling company not matter how big or small. Thus on a 10K sale price the buyer should have cleared funds to put 2K immediately into escrow upon an agreed contract. Should the buyer default those monies should be split between the company and seller in some fashion for the market time loss to the seller and time to the selling company.
These are just my thoughts that could benefit the industry and domainers. Please add your comments or ideas to this thread so that the major companies can see it, respond and hopefully implement some of these.
Thank you
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