Minimum Asking Price or BIN price - Which is best?

[canswift]

I have my domains parked at Voodoo, and am checking out editing their Sales inquiry pages (which are accessed by clicking on the For Sale banner on a domain page). I'm trying to set some prices so I don't have to contend anymore with the "how much is it?" emails or $50 offers.

The options are to set a Minimum Asking price as well as a Buy It Now (BIN) price, or just a BIN price. Do any of you set both an Asking and a BIN price, or just a BIN? If I set an Asking price of $750 then would the BIN be $750 as well? Seems a bit redundant to set both at the same, but I'm not sure what the best spread would be.

Any experience with the most effective way to do this would be appreciated! Thanks.

 

[accelerator]

It's a shame you can't just set a min asking price, as that's all you want. As it is, I would set both, as you need the min asking price to block the low ballers, which is what you want.

 

[Willox Perez]

I love Voodoo! The only thing I actually had great experience just putting the make offer option and this way I get a lot more interested people that I can talk to and negotiate with. For example I received an offer for $100 for a name and we went back and forth and I countered with $950 and then we finally met at $750.

The lesson here is that $100 offer was valuable because I was able to work him up to a price I was willing to take. Of course I don;t want to convince you to change your approach as the BIN can definitely work as well so go with what you want.

The answer to your question though if you want people to simply see ok the domain is at $750 and that is the only price then set both the asking price and the BIN price at $750. This should be fine.

- Will

 

[garptrader]

If you set a $100 minimum bid, you will get a lot of $100 offers and when you counter most will cancel or disappear. I got tired of wasting my time and started using fixed prices for most of my domains. However, for your best domains (5-20% of your portfolio), I would advise setting a healthy minimum offer and allow the potential for significant upside if the right buyer comes along. Some pros set minimum offer of $5k or more on everything but their portfolios are quite different than those who have less experience in the industry.