Can high BIN scare buyers away？

[ilucky21c]

Hi,

Just want to ask, if I set high BINs, like 50000$ for each of my domains on sedo, afternic, uniregistry and many other platforms, will this scare the buyers away? The real reason why I am doing this is to lead the buyers to bid a price, and we negotiate, because sedo says that BIN setting just enhances the chance of sales for 3 times. Will BIN add exposure of domains? I set BINs for all of them, and set all the domains 50000$ or higher on other platforms, in case one of them is worth that much. I have to say, when it comes to put a price tag on my domains, I become a little "shamefully" greedy. Can't resist it~

Can experienced domainers express your opinions? Thanks for your help!

 

[WatchDogue]

Has that translated into more offers and sales?

Yes.

Including more " visitors/views " for several names.

Speculatively, perhaps from potential purchasers now considering the purchase of the names due to revised, sensible pricing.

A few more offers have been received including one just received this week and, a few sales.

 

[Optimal Names]

Yes.

Including more " visitors/views " for several names.

Speculatively, perhaps from potential purchasers now considering the purchase of the names due to revised, sensible pricing.

A few more offers have been received including one just received this week and, a few sales.

Thats great! I should give that a try - I think some of my BIN are too lofty / unrealistic.

 

[Bob Hawkes]

Thanks to everyone who has provided valuable insights and experience, and for the original question @ilucky21c . I am newish but I will offer my 2 cents worth (ok we no longer have the penny in Canada, so I guess that is rounded to 0! )....

In general, I think that inflated BIN have few positive benefits, and a big negative of chasing many away from even making a contact. I think the approach used in real estate or used car sales make sense for domains. Set a BIN price that is reasonable for the product/market, probably near the high end of the comparable domain names. Expect that in most cases you will get a bit less than BIN through offers.

The exception might be if you have a truly unique name without comparable domain names for sale or potentially for sale. Then I might make the BIN rather higher than you reasonably hope, just in case someone will bite.

I like that Efty have both a BIN price and also a minimum offer price, so I can use the latter to provide some guidance to potential purchasers. I see no sense in having these two ridiculously different, however.

If you have a domain name that is popular now but that will soon drop (i.e. fad related) it is especially important to set reasonable BIN. Also, if the renew cost is substantial and you are not sure if you will renew.

On the other hand, if you have one already registered for a long period in future and it is say a tech trend that is just developing, you might stick with a higher BIN for awhile just in case you will win the lottery. For example I have done that with my CRISPR.science that I feel is pretty unique in a biotech area just developing and I set a mid $$$ BIN even though not many .science have gone for that.

I find BIN hard for the new gTLDs, since there is in most cases so little comparable sales data available. Too low a BIN is saying the domain name is garbage (which I know many on here would say is true for almost all n gTLDs, but hopefully I won't reopen that debate ).

Have a nice day everyone,

Bob

 

[biggie]

Can high BIN scare buyers away？

the high bin you set today.......
could be the "too low bin",

if you forget to change it next year,.when the keyword gets hot.



imo....

 

[creataweb]

Yeah just take a look here: https://www.namepros.com/threads/buy-spyrobots-com-super-premium-domain-name.1045974/

Only $1.5 million

 

[frank-germany]

a high BIN can scare a buyer away no doubt

but it all depends on the name

if the buyer has alternatives he will walk away
if the buyer has no alternatives your BIN may be still to low

 

[ilucky21c]

The answer is yes, especially if the quality of the name does not completely match the price. I have reported here at some point a little story that illustrates this issue.

I had contacted an end-user for a CityBikeRentals.com domain, for which I was asking $750. He responded stating he was interested, but that he preferred the singular version, CityBikeRental.com and asked me if I owned it. I stated I did not own the name and he said he was going to get back to me.

I immediately visited the CityBikeRental.com name and noticed it was listed on SEDO or Afternic (don't completely remember) for more than 50K. When the end-user found out that the price for the singular version was so high, he called me a few hours later to finalize the domain transaction with me.

The point is that although his first choice was the singular version, he didn't even bother to contact the owner to make him an offer. I guess he saw it as an impossibility. I mean, who in his right mind would come down from 50K to $750?

Thank you for sharing. I think that makes sense.

 

[ilucky21c]

Yes. Thank you for you guys. I guess I ha

Yeah just take a look here:

Only $1.5 million

I think he just wants to keep it for a long time.

 

[ilucky21c]

Thank you all for sharing your opinions! I think all make sense to me. I will make specific adjustments to my sales setting of each domain, one by one. I think as a beginner, I do have a lot to learn! Hope my first domain will be purchased by some end user in the very near future and I will come back to share my sales story!

 

[TSB]

Yes, because only end user can go for the high price and its hard to find them.

 

[Isac]

Right bin is key and not high bin

 

[DOMAIN ILLUMINATI]

Right bin is key and not high bin

Naturally, the right BIN price is always (the) right (key), no matter howww highhh

 

[xynames]

The BIN should be set at the domain’s value based on comparables and what you believe it is worth. I have BIN’s set as high as $75,000. If my intended BIN will be higher than that or if I haven’t yet calculated the domain’s value, then the domain is marked only as Make Offer.

Place a BIN at only one other marketplace besides where you have the domain registered to avoid conflicting sales.

It’s absurd to set BIN’s that have no bearing to market value, if that’s what you’re doing.

 

[ilucky21c]

The BIN should be set at the domain’s value based on comparables and what you believe it is worth. I have BIN’s set as high as $75,000. If my intended BIN will be higher than that or if I haven’t yet calculated the domain’s value, then the domain is marked only as Make Offer.

Place a BIN at only one other marketplace besides where you have the domain registered to avoid conflicting sales.

It’s absurd to set BIN’s that have no bearing to market value, if that’s what you’re doing.

Yes. I think I have become more rational now. Price from XX$to xxxxx$ range, rather other all xxxxx$ without analysis and evaluation.

 

[nsquare]

i think deals happen when both buyer and seller are motivated enough. High bin on low value names is going to take away buyer motivation. Many people cant negotiate well, so they wouldnt step forward, unless they reasonable price.

At the same time, setting low bin hits your gains. So use or judgement and need instead of greed.

 

[Rothex]

I would add that you also should be consistent in setting your BIN price for each domain across platforms as well. You never know which marketplace a buyer will navigate to or start with and if they just happen to land on the site you forgot to update your "dilusional" BIN on you could miss an opportunity.

 

[ilucky21c]

I would add that you also should be consistent in setting your BIN price for each domain across platforms as well. You never know which marketplace a buyer will navigate to or start with and if they just happen to land on the site you forgot to update your "dilusional" BIN on you could miss an opportunity.

Yes. I have to say that did take a lot of effort! All changed! I believe the chance of sales is greatly enhanced ！

 

[BionicMan]

Yes - the first thing a person does when they see a high price is react and say "are you kidding me"? Rip off. Then try to seek out and find a cheap, almost identical alternative. Think of when you see an overpriced car on the lot. Or overpriced clothig / jewelry / food in a store. Same mechanics. Price a BIN accordingly so someone can buy it now quickly if it's in great demand from others prying hands. It shouldn't be a reason to jack up prices 10x more than actual worth. An end user will see a high BIN and simply go to godaddy and try to find a comparable name for $11 or even a domain hack if they have to. Only rare cases like an extremely rare domain or something in HUGE demand might let a slightly higher BIN slip by.

 

[domeen]

Yes - the first thing a person does when they see a high price is react and say "are you kidding me"? Rip off. Then try to seek out and find a cheap, almost identical alternative. Think of when you see an overpriced car on the lot. Or overpriced clothig / jewelry / food in a store. Same mechanics. Price a BIN accordingly so someone can buy it now quickly if it's in great demand from others prying hands. It shouldn't be a reason to jack up prices 10x more than actual worth. An end user will see a high BIN and simply go to godaddy and try to find a comparable name for $11 or even a domain hack if they have to. Only rare cases like an extremely rare domain or something in HUGE demand might let a slightly higher BIN slip by.

well the question is, do you want a cheapskate as your domain buyer? I mean if he wants a domain for $10, then there is no difference if the domain is priced $1000 or $10000.
I would shoot for not cheapskate buyers.

 

[BionicMan]

Shoot high but reasonable with offers / counter offers but keep BIN in line imo.