domains Doron Vermaat is a stand up guy – BrandBucket Name Sells while in Auction at Namepros

[equity78]

Doron Vermaat is a stand up guy – BrandBucket Name Sells while in Auction at Namepros
A hypothetical scenario that I wrote about last week on Namepros has become a real scenario for one high profile domainer. Namepros has become the wholesale platform for BrandBucket published and approved names. The one caveat, the name is live on BrandBucket. The worst scenario you want to have happen is for your auction to be at $31 and 80 hours left to go, and you get an email congratulations … [Read more...]

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Update:

• Here's how it works on NamePros

 

[SirDrago]

His professionalism will be rewarded 10 fold. As this will show how to build a professional client list and return customers. Bravo to @Doron Vermaat!

 

[Doron Vermaat]

Thanks for the kind words Ray - rules are rules and in the end it's all a learning experience. Someone just wrote me "I think that sale from your portfolio is going to be a great thing for your auction. It probably felt like a kick in the balls at first, but I think the auction will go up into $4-5,000 range quite quickly now." so it might be a blessing in disguise after all

 

[SirDrago]

Thanks for the kind words Ray - rules are rules and in the end it's all a learning experience. Someone just wrote me "I think that sale from your portfolio is going to be a great thing for your auction. It probably felt like a kick in the balls at first, but I think the auction will go up into $4-5,000 range quite quickly now." so it might be a blessing in disguise after all

It's a win win scenario for you, either way you get paid and the gravy is that you get your name advertised as a stand up honest business man.
Congrats!

 

[VaibhavA]

Well done Doron. You gesture says it all.

Congratulations for the sale and thanks for sharing this scenario.

 

[baseballworld]

Way to go. Business and respect combined.

 

[fitkhan]

Thanks for the kind words Ray - rules are rules and in the end it's all a learning experience. Someone just wrote me "I think that sale from your portfolio is going to be a great thing for your auction. It probably felt like a kick in the balls at first, but I think the auction will go up into $4-5,000 range quite quickly now." so it might be a blessing in disguise after all

Its already on $3350 at the moment and you are right that it will go up 4000 5000 range quickly.

 

[campout]

I wanted to weigh in on a comment Raymond made on the blog post:

Namepros will have a new rule about what I brought up. The rules would have been that the sale could not be mentioned and you can’t edit the post to say that it sold and you are getting money. So only after the auction would the winner know there was a secret prize.

I don't think this is workable. There will be few, if any, people who will be willing to hand over $1,000+ for $20 or $50 or whatever.

I think that what Doron did is the best, if not ideal, solution when this really rare situation crops up.

 

[campout]

And so the rules will end up basically "shitting" on those few if any people who actually follow them, while everyone else will just keep their $1,000+ and take a negative review.

 

[deez007]

Well played Doron, much respect mate!

Kudos for having morals and principles to do the right thing.

 

[Doron Vermaat]

I wanted to weigh in on a comment Raymond made on the blog post:


I don't think this is workable. There will be few, if any, people who will be willing to hand over $1,000+ for $20 or $50 or whatever.

I think that what Doron did is the best, if not ideal, solution when this really rare situation crops up.

I agree with Nat. I can't see a rule like that work.

 

[Abdullah Abdullah]

Thanks for the kind words Ray - rules are rules and in the end it's all a learning experience. Someone just wrote me "I think that sale from your portfolio is going to be a great thing for your auction. It probably felt like a kick in the balls at first, but I think the auction will go up into $4-5,000 range quite quickly now." so it might be a blessing in disguise after all

Highly professional Doron. Money comes and goes. When I posted that rule reminder in your auction, I expected somethung like this might actually happen cause of the almost 70 names on auction. The more people respect rules the more they are respecr and I salute you for respecting the rules

Good luck with the auction l. It will get more interesting now.

 

[Eric Lyon]

Clarification: There will not be any rule updates/changes. Raymond was kind enough to update the blog post once I explained that the rules aren't changing. I'm going to explain all of the different scenarios, as well as what is and what isn't allowed, later today.

Please keep in mind that auctions are binding agreements, and if a seller fails to uphold their end of the auction, then their account will receive a bad business infraction that may remove their ability to use the marketplace or close their account entirely. Additionally, it will reflect negatively on their character and reputation, because the incident will be publicly and permanently on their record.

Fortunately, Doron is an honest business person and he is doing everything that he can to make sure everyone is treated fairly in this rare situation.

 

[equity78]

The other thing that is open for debate is will Namepros increase the penalty for backing out of a deal. I agree with Nat Hunt that some will take a negative review for $1,000, will they take a lifetime ban ?

 

[equity78]

Clarification: There will not be any rule updates/changes. Raymond was kind enough to update the blog post once I explained that the rules aren't changing. I'm going to explain all of the different scenarios, as well as what is and what isn't allowed, later today.

Please keep in mind that auctions are binding agreements, and if a seller fails to uphold their end of the auction, then their account will receive a bad business infraction that may remove their ability to use the marketplace or close their account entirely. Additionally, it will reflect negatively on their character and reputation, because the incident will be publicly and permanently on their record.

Fortunately, Doron is an honest business person and he is doing everything that he can to make sure everyone is treated fairly in this rare situation.

Right there was a misread on my part in private that cash could always be considered but it has to be posted upfront.

There never has been a listing in the history of the site that mentioned a cash component, with these BB auctions it needs to be mentioned and have a proper system for handling transactions when a sale takes place on BrandBucket with an auction running on Namepros.

 

[DU]

I don't understand this at all - I'm supposed to commend someone who lists names for sale that have a BIN somewhere else? That's a dual listing and it's a problem and has been a problem and has been raised multiple times as a problem.

It has been mentioned to BrandBucket that this is an issue of dual listing but they don't give a crap either and allow people to sell portfolios. Unless that's done as a BIN and same-day completion there is always scope for a cock-up.

At the end of this the bidding will "include" the cash component so Doron isn't losing anything but the auction is now 67 names and cash. It's clear the bidding will include the cash component so he's really getting extra bonus advertising.

Rule 6.2.3. An auction cannot be modified once a bid is placed with the exceptions of its Buy-It-Now ("BIN") price, bid increments, adding payment methods, and/or adding additional domains at no extra cost.

The terms of the auction have changed - a name that was listed is no longer available.

@Eric Lyon said:
"He must sell all 68 names in keeping up with the TOS."

Well, how's he going to do that, then? He'll have to buy the name back from the buyer at a premium or there's an off-the-forum post-auction "agreement". Either way, "rules are rules", right? So I presume the auction is void and Doron will be given the requisite bad trader rating and we can pretend like nothing happened. If I understand BB the listed names would need to be held at BB - and even that's not stated in the auction listing - just that the names would be pushed or auth provided. There's no signing of the T&C of BB by a buyer.

All he's doing is coming as close as he can to the original auction (which he agreed to by placing it). Anything else would he would have been slated. In other news, I don't think a Namepros member murdered anyone tonight so good job being great citizens of the world!

I do appreciate that Doron is doing as much as he can but as I've stated before very explicitly to the moderators of this forum:

You cannot allow the selling of portfolios held at BrandBucket.

and the answer:

We aren't responsible for other venues terms and conditions - isn't good enough, imho, unless in situations like this the seller - who can no longer meet the Terms of Sale gets handed the appropriate warnings etc. This may be harsh but rules are either rules or their just guidelines.

 

[campout]

What about a disclaimer like "In the rare event that this name sells at BB before the transaction is completed, this auction is null and void." Might work as a solution to a single name auction but still wouldn't work for a lot auction.

But the solution may lie as I think you are saying Raymond to allow a seller to set out conditions accounting for this possibility.

 

[equity78]

@DU

Look the rules are he has to deliver 68 names, a name sold, so he is not able to do that, he is giving the proceeds to the winner, of course by telling people that the bids would increase, I mean he could have made an excuse or even lied and said oh I thought it was 68 I meant 67 schoolpanda.com was not meant to be included. I just had another brandable investor do that to me and I caught him in the lie.

I agree this does not make Doron the greatest person in the world but there are plenty of people who I have seen tarnish their rep for $100.

I go back to 2009, I tell a guy he has to honor a sale, that he got an offer on Sedo. He told me all I care about is money, close my account, I don't care.

You make a good point about BrandBucket and maybe the deal becomes only auction approved names, or the best kind of auction, start the 30 day timer on Published names, once the 30 days up, auction. The published names can go back with no $10 needed.

 

[Dnbolt]

What will be the scenario if one of the names listed for sale on the auction sold just moments after the auctions finally closed?

 

[equity78]

What will be the scenario if one of the names listed for sale on the auction sold just moments after the auctions finally closed?

Doron would lose out auction is closed and he needs to push every name to the winner's BrandBucket account.

 

[Dnbolt]

Doron would lose out auction is closed and he needs to push every name to the winner's BrandBucket account.

I mean like if e.g 68 names was listed on auction and then the auction closed at lets say low $x,xxx. And then just before transferring the domain over to the winning bidder one domain sold. What should be the outcome?

 

[equity78]

The other thing of note would be, I am sure Doron was looking for a price for 68 names without including a sales price. 68 names for $3,400 is just $50 per published domain. There is $680 of intrinsic value there.

 

[equity78]

I mean like if e.g 68 names was listed on auction and then the auction closed at lets say low $x,xxx. And then just before transferring the domain over to the winning bidder one domain sold. What should be the outcome?

The winner gets every name, Doron would have to transfer them, in that case it would be bad timing for him and great luck for the winner.

 

[Eric Lyon]

@DU is correct that the auction cannot be changed after it receives a bid. However, as long as it is specified upfront exactly what the bidders will receive if a domain sells elsewhere, and therefore those bidders are agreeing to that before bidding, then everything is within the rules and fair.

Example Auction (allowed): a.com and b.com will sell to the high bidder after 72 hours. If a.com is sold elsewhere during this auction, the winning bidder will receive $500 instead. If b.com is sold elsewhere during this auction, the winning bidder will receive $300 instead.

In this example, everyone is on the same page and knows exactly what they're getting into before they participate in the auction. It may result in less bidders who only want the domains and not the cash, and it may even result in some people going to BrandBucket to buy a domain for the full price (if that's what they're really after), but it keeps everything fair and predictable by all parties.​

Unfortunately, in this situation, our moderators weren't entirely clear on how this situation should be handled at the beginning of the auction when Doron tried to add a similar disclaimer, and NamePros is taking responsibility for that mistake. As such, we're working with everyone involved to ensure this auction is handled as fairly as possible given the circumstances.

In the future, this will not be an issue because we will have clearly outlined what is and isn't allowed, and everyone (sellers, bidders, and moderators) will be on the same page.

I'll be providing more details later today. It's after 4 am here. I just woke up for a drink of water and checked in.

 

[Doron Vermaat]

For what it's worth, i'll be adding an additional name to the auction so the winner will end up with 68 published plus the proceeds of 1 sold name.