poll Better Success with BIN or "Make Offer"? $10 award for best feedback.

[Federer]

Have you had more success slapping BIN prices on your domains, or do you generate a better ROI overall by leaving "make offer"?

We have heard many times Sedo & Afternic listing the various benefits of BIN-priced names in the sweet-spot ($1K-$5K range). In practice, do you find you do better with fixed prices or "make offer"?

$10 PayPal payment will go to the most complete answer based on past experiences over time.

 

[maxtra]

Thanks to everyone who shared their input, a lot of value here

As for me, I agree with @Adam27's approach.

I think having a Make Offer lander allows a chance for the buyer to negotiate the price and a chance at a large sale, and BIN prices on the marketplaces takes advantage of impulse purchases, hassle/negotiation free, and the additional exposure.

 

[Silentptnr]

Most people are conditioned to see price tags, meaning BIN prices.

The interesting thing is, it seems like buyers get shy with Make Offer, but with BIN prices, buyers try to make offers to get a better price than the BIN.

Overall, BIN works the best when the pricing is smart.

Second is auction style. After the first bid or two, some buyers bid just because others are.

Last, in my opinion, is Make Offer. I get the most low-ball offers where much more often than not, the buyer doesn't come up.

That's my experience. I don't reinvent the wheel. Most things that are for sale, have a clear price. To most people, make offer means there will be negotiation. Something most people have an aversion to.

 

[creataweb]

Right now I'm experimenting with a full combo option.

I am doing BINs with my full price; connected to that is a MAKE OFFER option in case they want to make an offer (and within that is a minimum offer that they must exceed for me to see it); there is an option to CONTACT me as well in case they want to discuss something outside of the BIN / OFFER; lastly there is a payment plan varying from 12 to 60 months for the full asking price.

I will report back how this goes in the near future.

 

[Galaxy Traveller]

Pros of BIN
1. End users buy it instantly without second thought and confidently.
2. Sometimes end user buy it and later they change their mind, but they already brought it.
3. Many end users are not comfortable to engage in a negotiation.
4. Many end users think they will buy it in future if buy it now is not available, buy it now prevent this.
5. Save time for busy buyer.

Cons of BIN
1. It is very difficult to set perfect BIN price even for experience domainers.
2. Sometimes end users are ready to pay many fold more but using buy it now they get it cheap.
3. Buy it now sometimes discourage buyers because they feel it over price and move away, specially when seller is ready to accept half price of it.

Pros of Make Offer
1. Negotiation can sometimes make both party happy and a successful sale.
2. Sometimes buyer make high offer, e.g. when you ready to accept xxx figure and buyer offer you xxxx price.
3. Some buyer start with low offer and later go for much higher.

Cons of Make Offer
1. Negotiation is also very difficult for buyer and seller it can go wrong easily.
2. It sometimes scare away buyer if buyer not ready to counter with lower offer
(e.g. if buyer offered xxx I countered with xxxxx then buyer will not feel comfortable to counter it with lower price)
3. Sometimes buyer changer his/her mind during negotiation.

Collusion: If BIN price is almost perfect it will increase sale. Needless to say few super premium domains are not suitable for BIN price. Hence I use both. If buyer feels price is high, he/she can make offer, and thus it increase sale probability.

 

[DanBingham]

I use both methods on all of my landers as it gives potential buyers the choice. BIN can also be a great price indicator to start negociations.

 

[golan]

1/2 on Sedo - BIN another 1/2 on Afternic - Make Offer
After 2 weeks - rotation

And what is your experience, which works better for you so far?

 

[d-e-x]

And what is your experience, which works better for you so far?

Sedo - Make Offer
Afternic - BIN

That is my experience

 

[DNWon]

I really think it comes down to how good of a negotiator you are and how diligent you are in maintaining contact. If you are a poor or weak negotiator or don't like to negotiate I think you will have much more success selling domains with a Buy It Now price. Or if your communication techniques are weak, say you don't check emails often or return emails quickly, you should also go with BIN's. If you are a good to great negotiator and a prompt and effective communicator, you will probably do better with "Make Offers" as you will most likely get more inquiries, that you can then negotiate into a sale.

 

[Michael Ehrhardt]

@ Uniregistry Market you can setup BIN and make offer ️

So why not use both all in one

www.Jackyo.com ( sample )

 

[kam]

Have you had more success slapping BIN prices on your domains, or do you generate a better ROI overall by leaving "make offer"?

We have heard many times Sedo & Afternic listing the various benefits of BIN-priced names in the sweet-spot ($1K-$5K range). In practice, do you find you do better with fixed prices or "make offer"?

$10 PayPal payment will go to the most complete answer based on past experiences over time.

The most efficient way to selling your domains is to upload your whole portfolio to all domain marketplaces and listed them as make offer, then set a BIN-price on the platform that your domain parked with.

Keep that in minds you shouldn't set BIN price on the same domain over 2 different platforms at the same time.

 

[AbdulBasit.com]

Keep that in minds you shouldn't set BIN price on the same domain over 2 different platforms at the same time.

Can you explain the reason behind this of not setting BIN price for same domain over 2 different platforms at same time?

 

[creataweb]

Can you explain the reason behind this of not setting BIN price for same domain over 2 different platforms at same time?

Probably because if it sells at both you may be banned from 1 for not being able to honor the sale.

 

[kam]

Can you explain the reason behind this of not setting BIN price for same domain over 2 different platforms at same time?

When you set a BIN price for a domain. You are legally binding to sell it when the buyer purchase it. In the worst case scenario, two different buyers can purchase the same domain on the same day via different platforms.

 

[AbdulBasit.com]

When you set a BIN price for a domain. You are legally binding to sell it when the buyer purchase it.

Thanks. Got your point. However, I think it's highly unlikely to happen. The best thing one can follow is to remove the name immediately from the other marketplace from where it's not sold. Buyer is not crazy to buy from both places and unlikely for someone else to buy in the same timings.

 

[Galaxy Traveller]

Thanks. Got your point. However, I think it's highly unlikely to happen. The best thing one can follow is to remove the name immediately from the other marketplace from where it's not sold. Buyer is not crazy to buy from both places and unlikely for someone else to buy in the same timings.

Got your point but accident happens, specially if BIN is within xxx.

 

[kam]

Thanks. Got your point. However, I think it's highly unlikely to happen. The best thing one can follow is to remove the name immediately from the other marketplace from where it's not sold. Buyer is not crazy to buy from both places and unlikely for someone else to buy in the same timings.

Another reason is domain value will change from time to time. It's really painful to keep updating the price on every platforms if you had a huge domain portfolio.

 

[ivey]

Bin.

Would you want to go on Amazon or Macy's and spend 3 weeks negotiating a price for a T-shirt you want?
Negotiations are necessary sometimes, but pricing your domains at or a little below the current market value is ideal. Businessmen and women are busy people man... and they would love to just see a reasonable price and buy straightway...

You also avoid losing sales, because some buyers buy in a moment where they have a strong urge and that feeling could go the next day or week. So if they can buy right away or within a few days then that benefits you.

Maybe a few premium domains that you don't have a pinpoint price on.. you can leave for offers.. as you have more flexibility and power. Maybe you can catch a whale..

 

[imadoer]

In the marketplace i use bin.

On landers i use make offer

 

[JudgeMind]

My highest sales to date have been via make offer. For first half of 2017 I priced all of my domains with buy it now prices. This resulted in 29 sales in $999-$3000 range. My best domains we’re priced in mid $xx,xxx range.

Half way through 2017 I switched my model to make offer and started using edgy snd undeveloped. I closed another 32 sales but prices weren’t consistent they ranged from $299 - $65,000..

I should note that two of my high priced buy it no domains were listed as buy it now for over two years without any sales.. after switching about 400 domains (I had listed at bin >$10,000) to make offer, I sold two in six months.

 

[domains21]

I should note that two of my high priced buy it no domains were listed as buy it now for over two years without any sales.. after switching about 400 domains (I had listed at bin >$10,000) to make offer, I sold two in six months.

Out of interest, how did the final price through Make Offer compare to what you were asking for at Buy It Now ?

 

[Brands.International]

Follow this:

A) if you have CRAP portfolio, then set VERY LOW BINs for each domain names. MAKE OFFER will not do.

B) if you have GREAT portfolio:

B1 - for quick sale, set low BINs
B2 - for slower sale, but higher profit, set higher BINs
B3 - for slow sale, but highest possible profit set domains to MAKE OFFER.

For B3 - if you do not want to deal and/or be frustrated by low ball offers, set MINIMUM OFFER to USD 1000 - that will do in most cases.

 

[AbdulBasit.com]

Another reason is domain value will change from time to time. It's really painful to keep updating the price on every platforms if you had a huge domain portfolio.

Right. But this has nothing to do with what originally I asked question for... IMO.

 

[Jurgen Wolf]

Would you want to go on Amazon or Macy's and spend 3 weeks negotiating a price for a T-shirt you want?

???
I usually spend on negotiations from ~30 min. and up to few hours... and maximum 48h - if buyer is a turtle.
During business days.

 

[golan]

set a BIN-price on the platform that your domain parked with

And what's the logic behind this? Like, one who typed-in your domain will get BIN? And ones who found your domain via lists or search or whatever at different platforms, will get "make offer"? And what are benefits of such division? Thanks

 

[kam]

And what's the logic behind this? Like, one who typed-in your domain will get BIN? And ones who found your domain via lists or search or whatever at different platforms, will get "make offer"? And what are benefits of such division? Thanks

Let's say your domain listed on 6 different platforms, it's now parked at sedo but the buyer found your domain at Godaddy [Afternic listing].

When the buyer willing to purchase your domain, they'll visit your domain as well because they want to know whether the domain is established and in used. In this case, the buyer will get the BIN price no matter on which platform they found your domain. When the buyer is well-informed about the pricing, they will just move on if it's out of their budget and they're unlikely make a low-ball offer on your domain.