discuss Multiple interested buyers, what to do?

[Haris]

Hi guys,

What do you do when you've multiple buyers interested in your domain name?

Some suggest that we should let them know that there are other interested buyers and the max offer is $xxxx which will make them increase their offer. But I don't think it's that simple, I think that buyers won't trust our word and will think that we're lying because we want to make more money, and I don't know how we can make them trust our word.

The other step we can take is that we can start an auction at GD/Flippa etc and invite all the potential buyers there but we'll have to pay commission (12% - 20%) so that is not a good alternative.

What do the Pros recommend?

Thanks.

P.S: do let me know if there are cheaper alternatives than 12% (Flippa Escrow).

 

[DNWon]

Hi Haris, you can accept, reject or counteroffer any offers you receive until you are satisfied with an offer you'd like to accept. Playing one buyer off the other is risky in that you may lose both buyers. It can be done by skillful negotiators, but rarely does it work out in a bidding war driving the price considerably higher so why risk it. Or as you stated, you can push it to an auction and invite all interested parties.

 

[toughdomains]

I would do both...send them your counters and if no one replies in some time post it at auction and send them the link.

 

[hookbox]

I would first find out why there are multiple people interested in the same domain. Do some research before you give out a price.

 

[toughdomains]

I would first find out why there are multiple people interested in the same domain. Do some research before you give out a price.

valid point there were a few time a few of our domains got "all of sudden" interest some bitcoin names and others with high alexa rank that had dropped. (love dropped names) Neither resulted in a sale but yes you should have all the info first. Run the domain through a tool that can show you the traffic and referrals and see what the trend is and where the traffic (geo location ) is coming from.

 

[Haris]

I would first find out why there are multiple people interested in the same domain. Do some research before you give out a price.

There are multiple interested buyers because I researched potential buyers for my domain and emailed them

 

[hookbox]

There are multiple interested buyers because I researched potential buyers for my domain and emailed them

Got it. I thought they both randomly contacted you. I wouldn't do an auction since most buyers won't take the time or don't know how to deal with the auction process. You may end up losing both buyers if you do this.

 

[Asfas1000]

Consider an eBay auction, I've done that in the past.
Most people are familiar with eBay and trust them.

 

[Haris]

Got it. I thought they both randomly contacted you. I wouldn't do an auction since most buyers won't take the time or don't know how to deal with the auction process. You may end up losing both buyers if you do this.

What would you do then? Let them know that the other interested buyer has made a higher offer again and again?

 

[Haris]

Consider an eBay auction, I've done that in the past.
Most people are familiar with eBay and trust them.

How much commission do they take? Is it safe? As the sale price will be in USD $xxxxx and AFAIK, buyers at eBay use PayPal.

 

[Aspiring Billionaire]

There are multiple interested buyers because I researched potential buyers for my domain and emailed them

I've never had a situation where I had more than one interested party at the exact same time (as a result of an outbound campaign). I usually have a preset buy-now link on a landing page, so whomever clicks first gets the deal. Mine is generally a "first-come-first-served" approach. So basically, I have no hands-on experience with this.

In your case though (just as a thought) an idea would be to do a "reverse" auction (this has a name but I can't recall, something "Germany" comes to mind). Anyhow, this is basically how it works:

1. Setup a "high" buy-now escrow/paypal link.
2. Email all parties and explain that the price is set, but will decrease every 24/48 hours.
3. Make mention of the fact that there are several potential buyers.
4. Update (lower) the purchase price accordingly.
5. The first buyer to click and complete purchase will secure the name.

You may get less than what you would have in a conventional auction, but it may still end-up being more than your original pricing .

 

[Haris]

I've never had a situation where I had more than one interested party at the exact same time (as a result of an outbound campaign). I usually have a preset buy-now link on a landing page, so whomever clicks first gets the deal. Mine is generally a "first-come-first-served" approach. So basically, I have no hands-on experience with this.

In your case though (just as a thought) an idea would be to do a "reverse" auction (this has a name but I can't recall, something "Germany" comes to mind). Anyhow, this is basically how it works:

1. Setup a "high" buy-now escrow/paypal link.
2. Email all parties and explain that the price is set, but will decrease every 24/48 hours.
3. Make mention of the fact that there are several potential buyers.
4. Update (lower) the purchase price accordingly.
5. The first buyer to click and complete purchase will secure the name.

You may get less than what you would have in a conventional auction, but it may still end-up being more than your original pricing .

That's a creative idea, I can do that easily through the Bodis landing page I use.

Thanks for this man, I will still look for more tips by the pros who would have been in a situation like that.

Note: This might get messed up if multiple buyers start an escrow transaction at the same time.

 

[hookbox]

I would try to get them both to make an offer first. If one starts off at $100 and the other one starts off at $1,000 then that will at least help you know where to focus your energy.

 

[Asfas1000]

How much commission do they take? Is it safe? As the sale price will be in USD $xxxxx and AFAIK, buyers at eBay use PayPal.

5 figures through outbound ? You have some pleasant worries there mate !

Well for this price range I would certainly want to use an Escrow service. Regarding the auction / not auction dilemma, I would try to guess if the extra competition will add more than 15% (or whatever the marketplace's commission rate is) to the final price.

 

[Haris]

5 figures through outbound ? You have some pleasant worries there mate !

Well for this price range I would certainly want to use an Escrow service. Regarding the auction / not auction dilemma, I would try to guess if the extra competition will add more than 15% (or whatever the marketplace's commission rate is) to the final price.

Soon I'll buy names that'll sell for 6 figures, through outbound

 

[korganian]

If you do a rapid transfer to alpnames, you can run an auction and only pay a 1% commission on the sale. No listing fee either. They will not let people bid until they place a deposit equal to 10% of their bid. If the winner does not pay, you split the 10% deposit with alpnames.

 

[Haris]

If you do a rapid transfer to alpnames, you can run an auction and only pay a 1% commission on the sale. No listing fee either. They will not let people bid until they place a deposit equal to 10% of their bid. If the winner does not pay, you split the 10% deposit with alpnames.

Didn't knew AlpNames had auctions. Will check it out, thanks!

 

[Grego85]

decide on a price that you think is fair for you and a prospective buyer and stick to it. Multiple prospects means an improved chance at getting your target price. Playing games isn't the best approach in my opinion, the domain is worth what it is worth.

congrats on having a coveted domain.

 

[JoeE]

Isn't this the kind of problem we all wish for daily? Congratulations.
I think there is no harm to inform your interested buyers about the other interested party/s. They don't have to believe you if they don't want to, but since you seem to have a solid name and both contacted you after you reached out to them, they have no reason to doubt you knowing that they themselves are there because of the outbound campaign. Play them against each other but be courteous and business-like in your dealings. Wishing you high numbers and low stress! Keep us updated.

 

[hugegrowth]

I wouldn't do an auction, just field the offers and keep in contact via email.

Some people aren't familiar with the auction process, or may miss the auction window, so keep control of the domain and handle the discussions yourself.