NameSilo

Broker that makes more than you thought

Located in General Domain Discussion started by NameLlama, May 1, 2019.

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  1. NameLlama

    NameLlama Established Member

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    Did you hear about that broker that tells you he can try to sell for 20k, then tells you best he can do is close at 15k..., but sells for 20k and keeps 5k for himself secretly?
    Or tells you he closed at 19k but really got 30k or 40k..... in secret....
     
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  2. alcy

    alcy Top Member VIP

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    why don't you name him, so he can start making zero profit.
     
  3. OnlineDomainCom

    OnlineDomainCom Member OnlineDomain.com VIP ★★★★★★★★★★

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  4. Vito

    Vito Domain Names Matter Gold Account VIP Trusted Contest Holder ★★★★★★★★★★

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    ???

    If this is just a made up example to spark debate about any potential broker shenannigans, then please let us know if that is what you are writing here.

    If these are actually scenarios that have happened, please let us know who has allegedly done this along with any facts you have please.

    Please explain further.
     
    Last edited: May 1, 2019
  5. WatchDogue

    WatchDogue Top Member VIP

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    Curiosity got to me and - I do not nor have ever utilized a broker's services:

    Is what you posted -

    A hypothetical example -
    An actual documented situation -
    A likely or suspected scenario.

    Thanks for clarification!
     
  6. offthehandle

    offthehandle . Gold Account VIP

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    Does this surprise you? With all the disclosed partnering, auction bidding scandals, insider pumping, broker scandals, reporting undisclosed 7 figure sales for names then parked, etc. plenty of phony crap. It isn’t just this industry, its a ethical problem possibility everywhere where a third party gets involved with a sale. There are those brokers in all industries who double dip. This is nothing new, seen this for years in other industries. It happens in Real estate also, where kickbacks and side agreements occur behind the scenes. Brokers can be impartial should they choose to be a Seller or Buyers exclusive broker, in writing.

    The way to help prevent this is to have more control, agree to the % commission up front with your broker contract, then once you accept the offer, all agree to send the transaction to an escrow company with all (3) parties names listed and monies to be transparent to who and how much to distribute funds. Seller also should be exclusively loyal to said Broker, and never attempt to circumvent paying the broker and agree not ever to contact buyer should deal fall through in future for x amount of time nor have any direct communication under any circumstances. If the broker refuses this, find another broker.
     
  7. creataweb

    creataweb Some Guy with Awesome Senior High School Photo VIP ★★★★★★★★★★

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    Llama drama?


    Waiting to see if this is real or example :xf.grin:
     
    Last edited: May 1, 2019
  8. alcy

    alcy Top Member VIP

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    he maybe meant like a unireg or afternic broker.
     
  9. offthehandle

    offthehandle . Gold Account VIP

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  10. briguy

    briguy Guru In Remission! VIP ★★★★★★★★★★

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    So how does he/she secretly keep the money..there always a paper trail.
     
  11. johnn

    johnn Top Member VIP ★★★★★★★★★★

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    Stop complaining people.
    As long as you are happy with the price. I don’t see anything wrong with it.
    Last month I asked $2,000 for a name and afternic came back and asked me if I am ok with $4,000. I sold the name for $4k and did not complain.
    Always takes look at everything situation from two angles.
    All I see in many posts here are complaining and whining.

    Brokers need money to feed the family too.
    Be a man.
     
    Last edited: May 1, 2019
  12. Avtar629

    Avtar629 MarketDN.com Gold Account VIP

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    not to mention how this situation is like how the lawyer I hired for my accident case got paid by the insurance company to convince me to take a lower offer and then they got paid on the side. There doesn't have to be a paper trail as they don't need to take from the payment their cut.

    The buyer will pay them plenty.

    Lawyers do this.
     
  13. briguy

    briguy Guru In Remission! VIP ★★★★★★★★★★

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    I am familar with this kind of stuff offline..
    But online there always some type of a "paper trail" (even electronic like IP addresses etc).
     
  14. Avtar629

    Avtar629 MarketDN.com Gold Account VIP

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    well if an arrangement was set up. even via email. where would there be a paper trail if the agreement in essence was.

    "hey so I don't want to pay so much for this domain. They are asking $100,000. convince them realistically it's worth only $10,000. I'll give you $5,000 if you do and they accept."
     
  15. briguy

    briguy Guru In Remission! VIP ★★★★★★★★★★

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    Isn't your example a "intent to fraud"..?

    How does the $5000 get into the others guys hands, most likely not delivered by hand...

    Still believe there is a "paper trail" ..

    Interesting "what if" discussion..
     
  16. Avtar629

    Avtar629 MarketDN.com Gold Account VIP

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    No I know that! lol

    I'm saying if the broker says to the seller. "well your domain technically is worth only $10,000 not $100,000. You should take the $10,000 and run!"

    again the seller would be none the wiser right? all he'll see is the $10,000 payment with nothing deducted.

    Then the buyer paypal's the rest or pays the broker first once the seller agrees to $10,000 in an email. The deal still goes thru Sedo or Escrow.

    nothing suspicious.

    back end broker gets $5,000 via paypal.

    hypothetically prior to the domain being handed over to avoid the buyer stiffing the broker on the $5,000

    again there "is" a paper trail but only if the seller suspects or finds out. but how can he or she find out?
     
  17. JB Lions

    JB Lions Top Member VIP

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    That's not being a man, that's being a chump/pushover.

    In the example used:

    So you get a broker and he tells you he sold at 19k but you find out he sold at 30-40, that's not a way to run a business.
     
  18. Gabriel360

    Gabriel360 Established Member

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    I am sorry but is this not the exact reason a buyer would hire a professional broker?
     
  19. MapleDots

    MapleDots Domain Properties 2010 - 2019 VIP

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    Seriously?

    That's not how you run a business.
    A broker is just like a salesman, he earns a commission and if he does an exemplary job maybe be a bonus.

    Allowing a broker to double dip is just bad business.
     
  20. stub

    stub Top Member PRO VIP ★★★★★★★★★★

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    No proof. But it sounds exactly like Uni.... to me.
     
  21. xynames

    xynames XYNames.com PRO VIP

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    As johnn somewhat pointed out it depends on what arrangement you have with the broker. If you are supposed to give him a percentage, then yes, he should report the gross selling price accurately, but if you just tell him "get me $X" then why should it matter what he sells for as long as you get what you expected.

    In business, never worry about what the Other guy makes.
     
    Last edited: May 2, 2019
  22. Avtar629

    Avtar629 MarketDN.com Gold Account VIP

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    lol back in the day my buddy use to hustle on the streets. he ended up having over 100 guys working for him.

    Today? he's a cop. lol and making "more money"

    my point? a "profession" is just a label. it is not a deciding factor for honesty in a person.
    So because you are a professional broker is it guaranteed you will be honest?

    I'm sorry but these days anything is possible. If today Priests have been caught "pedophiling" who can you trust?

    Sure. I can trust a man. I just can't trust the devil inside him.
     
    Last edited: May 2, 2019
  23. hawkeye

    hawkeye Top Member PRO VIP ★★★★★★★★★★

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    Most likely.
     
  24. frank-germany

    frank-germany F1lter.com xpired domain search engine Gold Account VIP

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    where is the llama?
     
  25. lock

    lock Traffic.tools VIP

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    I don't really have a problem with it as it isn't as if the owner was getting more without them. Is it a problem if you want 20-30k they get 50k and they paid you what you wanted. All depends on the arrangement to begin with. Many get caught out other ways then blame the broker. eg someone says they want to pay 30% saying they want quick sale so 10000 sale becomes 7000 then they pay tax the processing fee and are left with under $5000. They then calculate that it was sold for a different price and call scam alert when it is really math alert.
     

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