BIN or Make Offer - Changes in Strategy for 2018

[Rothex]

Hey Everyone,

I know this question has been asked a lot in the past here on NP, "should I market my domains with a BIN or make offer?". After reading through a few threads I see a lot of respectable opinions out there, but was curious if any one has hard stats from their portfolio that favor a BIN or make offer approach. Below are some of the marketing strategies I've discovered in my research.

Option 1: Make Offer (only)
No one wants to leave money on the table from a sale, but at the same time a buyer doesn't want to waste their time making an offer on a domain that will never get responded to, or may be far outside of their budget. This option can be used to gauge the liquidity of a domain and give the seller an idea on it's value. At the same time it may take longer to sell.

Option 2: BIN (only)
Sedo claims that domains set with a BIN sell three times faster. The key is setting a "realistic" BIN that attracts buyers while not underselling your domain. A tough strategy for new domainers who may not have the experience yet to accurately price their domains. Probably not a bad option though on low value names though.

Option 3: BIN with Make Offer
The best of both worlds right? Some marketplaces like Afternic allow the buyer to set a BIN and a make offer option. If I'm selling an old bed on Craigslist my listing price is above what I'll actually take knowing someone is going to talk me down. Some people like the negotiation part of a deal, but as many new car lots these days are showing some people just want to come in, pay the sticker price, and avoid the stress of negotiating. Is that true for end users shopping for domains as well?

In my own limited experience this year I've focused on setting a BIN price for all my domains. Currently I market my domains on Afternic (BIN with make offer), Sedo (BIN), and my Efty portfolio as BIN with make offer. Outside of some auction sales here on NP I've sold two domains (one through Afternic and another through Sedo) the last quarter of this year at the BIN price. I'm thinking of setting everything to make offer for a few months and see what happens. Again, does anyone have stats that support one strategy or another.

Thanks,

 

[DanBingham]

No stats as such, but I had an increase in sales last year when I changed the majority of my names on Afternic to BIN only. I have exactly the same names listed on Sedo inviting offers - no success there. Afternic is my preference due to their premium network promotion so reaches a larger audience.

It's best if you select only one platform where you list names at BIN, as you wouldn't want to find yourself in a situation where the name sells to 2 different buyers - you might think thats rare but it does happen!

 

[Amzymayor]

I was using make offer for the whole of 2017 with only one offer received that resulted into no sale. But now, I've changed all my name to BIN with with an option to make offer.

I think, like I read here last year, that the best approach is to set BIN on the names you don't plan to renew and to leave your gems on make offer

 

[Nikhil Jain]

best approach is to set BIN on the names you don't plan to renew and to leave your gems on make offer

Exactly my thought.

 

[Rothex]

From the comments here there so far it sounds like domains with a BIN sell better.

No stats as such, but I had an increase in sales last year when I changed the majority of my names on Afternic to BIN only. I have exactly the same names listed on Sedo inviting offers - no success there. Afternic is my preference due to their premium network promotion so reaches a larger audience.

It's best if you select only one platform where you list names at BIN, as you wouldn't want to find yourself in a situation where the name sells to 2 different buyers - you might think thats rare but it does happen!

When you say you set all your names on Afternic to "BIN only" did you basically set the BIN, floor, reserve, and make offer price the same across the board? Not sure how else you can accomplish this on Afternic.

Good point on choosing only one marketplace to set BIN prices and use the others as make offer. As my portfolio grows the risk of selling a domain at the same time on two different marketplaces does as well.

I was using make offer for the whole of 2017 with only one offer received that resulted into no sale. But now, I've changed all my name to BIN with with an option to make offer.

I think, like I read here last year, that the best approach is to set BIN on the names you don't plan to renew and to leave your gems on make offer

Rethinking my approach for 2018 after reading this. Was going to set everything to make offer, but it would seem the consensus so far is to set a BIN on either the names you don't plan on renewing or those of a lower value as they'll likely sell faster and your high value names at make offer. Thanks @Nikhil Jain for weighing in as well.

Follow up question for everyone, does it make sense to use the BIN/make offer approach for the "gems" or high value names in your portfolio? I'm always worried that my BIN is too high and therefore it would deter any offers. Or would you say a straight make offer is better?

 

[DanBingham]

When you say you set all your names on Afternic to "BIN only" did you basically set the BIN, floor, reserve, and make offer price the same across the board? Not sure how else you can accomplish this on afternic

BIN with minimum offer. Set the BIN price @ $500, minimum offer amount @ $400 leaving small room for negociation. The majority of the sales I have had have been BIN.