NameSilo

How often do brokers lie?

Labeled as question in Domain Buying and Selling Discussion, started by ultradog, Apr 18, 2021

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  1. ultradog

    ultradog Established Member

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    Is it common for brokers to lie about whether they're asking you to sell to a client or themselves? A recent sale of ours completed, started with an inquiry from a broker — saying he had a client with an offer. (He continued to maintain that the offers were from his client.) We countered. Negotiation continued until we had a number.

    Then, when the escrow transaction was set up, it turned out not to be a brokered transaction. So I thought the client’s name would come up when it was time to transfer. But no, the broker’s name appeared.

    He then transferred it (resold it) to a large company, in whose hands it is now.
     
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  2. Super-Annuation

    Super-Annuation Restricted (Market)

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    Do Realtors lie?
     
  3. ultradog

    ultradog Established Member

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    I don’t think the two roles compare that closely. Domaining is a much smaller world, and we are repeat sellers and repeat buyers, therefore a broker’s reputation matters in a different way.
     
  4. Super-Annuation

    Super-Annuation Restricted (Market)

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    Fair, but I they're very similar with the same incentives and conflicting remuneration.
     
  5. Start

    Start Established Member

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    What kind of broker was it? Just an indvidual brokering on their own, or someone who works for a large domain company?

    In the case of brokers who work for large companies, the way the sale may happen is that the end user pays the broker company (plus the brokering fees), and then the broker company uses those funds to pay the escrow company.

    That can help avoid the risk that during the escrow process, the owner finds out who the end user is, and then backs on on the sale because the owner decides that because the end user is such a huge company, the owner wants more money.

    I think at escrow.com, you do find out who the end user is during the sale process, even before the payment is sent. So I could see even individual brokers wanting to avoid that issue too.

    But yeah, when dealing with an individual broker (who also has their own portfolio of domains), I would wonder if they're simply trying to flip it for more themselves.

    So I would say that individual brokers should have their buyers pay the escrow company directly.
     
    Last edited: Apr 18, 2021
  6. poweredbyme

    poweredbyme Top Contributor VIP

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    After a sale the last thing I want to know is the name of the actual buyer. I only need to know how much I will receive for my domain name. Because I know that for various reasons it's not possible to know the actual buyer and that info has no use for me. If a broker reads this, hey you are free to tell me all kinds of lies about yourself and your client as long as you are serious in buying my domain :)
     
  7. Samer

    Samer Top Contributor VIP

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    Lol. Brokers.

    Good luck.
     
    Last edited: Apr 19, 2021
  8. jim h

    jim h Top Contributor VIP Gold Account

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    A. aways
    B. sometimes
    C. seldom
    D. never
    E. what's a lie?
     
    Last edited: Apr 19, 2021

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