domains Michael Santiago shares the story of ChatGPT.com from Handreg to $85K sale

[equity78]

I wrote a couple weeks ago about Newswire.com. Michael Santiago (@OnlineBusiness.com) shared the story of how the company moved from i-newswire.com to newswire.com and things took off from there. Michael is out with a new story on how he hand registered ChatGPT.com. He shares the negotiations with the GoDaddy broker who approached him with an initial […]
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[Sutruk]

Nice amount for an 8 days domain flip. The guy clearly was on alert and had the vision to register it when it was available.

 

[ARCCLOUD]

Literally the definition of Reg first ask questions later. Good for him!

 

[Future Sensors]

Seems like the phrase "offers for domains are extremely rare" is part of the training for GoDaddy brokers.

@bmugford described a similar case where a GoDaddy broker said something similar.

https://twitter.com/x/status/1776281691331379415

 

[Sutruk]

Seems like the phrase "offers for domains are extremely rare" is part of the training for GoDaddy brokers.

@bmugford described a similar case where a GoDaddy broker said something similar.

https://twitter.com/x/status/1776281691331379415

Maybe it was the same broker?

Anyway, like @bmugford said, I also don't like the approach of the broker. But clearly their job is to get the broker fees stay running. Like many brokers on other industries, they work on number of sales and they don't care if they sell it cheap. In fact, they know the more cheap they sell, the faster will be the wheel running.

Edit: But clearly the ChatGPT seller didn't fall for the broker speech and stick to his initial price. Well done!
And as he says, who could knew at that moment the future value of ChatGPT?

 

[equity78]

Maybe it was the same broker?

Anyway, like @bmugford said, I also don't like the approach of the broker. But clearly their job is to get the broker fees stay running. Like many brokers on other industries, they work on number of sales and they don't care if they sell it cheap. In fact, they know the more cheap they sell, the faster will be the wheel running.

Edit: But clearly the ChatGPT seller didn't fall for the broker speech and stick to his initial price. Well done!
And as he says, who could knew at that moment the future value of ChatGPT?

I think it's boiler plate I don't think it's just one broker.

 

[Kyle Tully]

I think it's boiler plate I don't think it's just one broker.

Yup they're all just following scripts.

Soon it'll all be AI broker bots we're talking to.

 

[J.D.]

Soon it'll all be AI broker bots we're talking to.

A.i bot brokers will flood the market sooner than many think.
I was extremely skeptical of ai potential.

But after running 100s of name through the Meta a.i. bot, I'm surprised by its precision, valuation range, reasoning and speed.

A.i. is going to have an impact for sure.

 

[MKA]

I'm not sure why people are so worried about bots brokering domains.

The buy- and sell price will still be determined by the buyer and seller, both of who are people.

 

[Kyle Tully]

I'm not sure why people are so worried about bots brokering domains.

The buy- and sell price will still be determined by the buyer and seller, both of who are people.

I’m not worried. It’ll be my bot dealing with their bot.

 

[algofox]

The only worry is who are we even talking to? AI, or a real person?

 

[MKA]

I’m not worried. It’ll be my bot dealing with their bot.

Brokers aren't really negotiating though, are they? They're just initiating contact and try to close the deal.

 

[Kyle Tully]

Brokers aren't really negotiating though, are they? They're just initiating contact and try to close the deal.

The good ones definitely negotiate.

But at its core it’s a very ai replaceable job.

 

[MKA]

The good ones definitely negotiate.

But at its core it’s a very ai replaceable job.

GoDaddy's brokers make a 20% commission of the sales price. So if you're hiring them and say "I'd be willing to buy it for $100,000, but please negotiate the price down if possible," they're going to have you buy it for $100,000 to maximize the commission the sale.

 

[Kyle Tully]

GoDaddy's brokers make a 20% commission of the sales price. So if you're hiring them and say "I'd be willing to buy it for $100,000, but please negotiate the price down if possible," they're going to have you buy it for $100,000 to maximize the commission the sale.

You’re assuming the seller isn’t asking for $200,000.

 

[MKA]

You’re assuming the seller isn’t asking for $200,000.

Of course. But you're missing the point. The seller could be asking for $10,000 and your broker would still prefer you to pay $100,000 because he's making 10 times the commission that way.

Bot or person, I wouldn't let anyone negotiate for me. Especially if there's no incentive for the negotiator to negotiate down the price.

If I'm the buyer I'll put down the initial offer on the table, and increase it as I see fit. I'll certainly not stand by and watch someone else being generous with my money. That's stupid.

 

[Kyle Tully]

Of course. But you're missing the point. The seller could be asking for $10,000 and your broker would still prefer you to pay $100,000 because he's making 10 times the commission that way.

Bot or person, I wouldn't let anyone negotiate for me. Especially if there's no incentive for the negotiator to negotiate down the price.

I’ve not encountered many buyer brokers who act like this. They’re usually negotiating for their clients interest.

They often come in with low ball offers and that “domain offers don’t come around very often you should take this” type of script for this reason.

Are Godaddy brokers incentivised on commission ? I didn’t think they were and haven’t met many that acted like they were.

 

[MKA]

I’ve not encountered many buyer brokers who act like this. They’re usually negotiating for their clients interest.

For brokers in general? Obviously it depends on how the commission are handled. If they make more money off a cheap sale then they'd obviously negotiate down the price. I figure freelancers probably have some strategy outlined for that.

Are Godaddy brokers incentivised on commission ? I didn’t think they were and haven’t met many that acted like they were.

Why wouldn't they be? The reverse would be to incentive loss, either for themselves or for the company they work for (which obviously is tracked).

 

[yb1313]

A very nice sale, Mr Santiago's alert (and a bit lucky) decision to handreg this domain really paid off...
Ironically, when I asked chatGPT how much their domain chatgpt .com was bought for, it provided a wrong answer of $10 million, clearly referring to the sale of ai .com (which was reportedly sold for that amount), which is the organization that owns chatGPT of course. Then they realized they made a mistake, lol. Well if robots have and can admit imperfections, so should humans!