PreSelecting.com - We will no longer charge a commission. Change in business model...

[infosec3]

Note: This change on our business model starts today and does not affect submissions made by any member before the publication of this note. However, it will apply to any submissions receive from now on...

After a few months of promoting domain names for our members and after selling names and charging a commission through PreSelecting.com, we have decided to change our business model to a more sustainable one.

We will no longer charge a commission for the domain names sold through our promotion system.

We will only charge a promotion fee for names that we accept.

You can still submit up to 10 names per month. When any of those names is accepted, you will be sent a $8.99 invoice for the promotion of your domain.


We will look for the best 10 end-users we can find and contact them on your behalf.

After your name is promoted, we will send you a screenshot (see example below) as proof that we contacted 10 end-users.

If any we receive any positive response after the promotion of your domain, we will immediately let you know so you can start the Escrow transaction. In this case, you keep all the money, since we will no longer charge a commission.

Example (Your screenshot will show 10)

 

[infosec3]

Thanks to all those who have become members and submitted names. Many submissions have already been accepted and we will start promotion tomorrow, Monday, June 12, 2016.

Membership is still open, but we may consider closing membership availability in the near future in order to better manage promotion.

Sincerely,
Preselecting Team

 

[Dominic Belley]

Any follow-up after one month?

 

[infosec3]

Any follow-up after one month?

We received a huge number of submissions and accepted some names for promotion. We were able to find buyers for a few members and are currently discussing possible sales with many interested parties. We are encouraging members to report their sales, which some will do soon. Membership and submissions are still open.

Based on the results for the first month, we are confident more sales will take place in July and the months to come. For some other members, we have received interested responses and will do our best to turn those inquiries into sales.

Thanks,
PreSelecting Team

 

[davin riera]

Any follow-up after one month?

I submitted names over a month ago too. I heard nothing either way. Not even that you got my submissions.

 

[infosec3]

Any follow-up after one month?

I submitted names over a month ago too. I heard nothing either way. Not even that you got my submissions.

Make sure you submitted the names correctly. Our system sends a default message as soon as a name is accepted or rejected and we never take more than 7 days to accept or reject a name.

Please send us a PM with your username so we can determine what happend. You can also contact us at [email protected].

Thanks,
PreSelecting Team

 

[davin riera]

Thanks for the quick response dukes18 is my user name. The names werent that hot but I do have some others. I did send a email earlier to info@preselecting. Thanks again for the quick response.

Davin

 

[infosec3]

Hi,

Just sent you a PM indicating the result of our inquiry about your submission. For the benefit of other members, we would like to say the following.

When entering the price of the domain, just enter numbers. Do not enter the $ sign, since it is already there by default.

In addition, you can check the status of your names. After you click Submit, you can go to the bottom of that page and see the list of names you have submitted, with their status, such as Pending, Accepted, Rejected, Sold, etc. Thanks for your membership and submissions and we look forward to promoting your names.

Thanks,
PreSelecting Team

 

[infosec3]

Change in business model. Visit PreSelecting.com for more details...

 

[Sumit Agrawal]

@infosec3 is this change in business model because of not many promoted domains converting into sales? Also, what is the benefit of paying $8.99 to Preselecting for promoting domains to 10 end-users, when a seller can himself generate a list of lot more end-users?

It will be great if you can justify this change in your business model.

 

[infosec3]

@infosec3 is this change in business model because of not many promoted domains converting into sales? Also, what is the benefit of paying $8.99 to Preselecting for promoting domains to 10 end-users, when a seller can himself generate a list of lot more end-users?

It will be great if you can justify this change in your business model.

Hi Sumit,

Thanks for your question and for giving us the opportunity to explain why the change was made.

As soon as we launched the site, we were very enthusiastic about promoting and selling names for our members, which we were doing consistently. However, we immediately faced a few obstacle, which we would like to clarify below.

First, in many cases, what was happening was that when we promoted domains, end-users were either checking Whois or checking other domain marketplaces and sending offers through those venues to the owner of the domain, apparently because they assumed they could get the domain cheaper through the owner.

Second, in our experience, even with our own names, only about two or three out of 10 names promoted sell. Therefore, we were spending a long time promoting names that were not selling and receiving no compensation for the work, which included email and cold calling.

Third, as a third party in the transaction, we had to make sure both parties responded on time and did their part on the transaction. This was a challenge, because in some cases, domain investors were slow to respond to an offer by the end-user and, as a result, some end-users changed their mind. This is due to the fact that, as we have explained before on some posts, most end-users purchase names by impulse and the transaction needs to be completed as soon as possible to close the sale. We even had cases in which we there interested end-users and the domain owners never responded to our communication, leaving the end-user waiting and thinking we could not deliver what we promised and doubting whether this was a legitimate transaction.

Fourth, PreSelecting.com is only part of our business and we were dedicating a lot of resources to it, including emailing, cold calling with two, and sometimes three people focused on this aspect of the business. But the 25% commission was not enough to cover those expenses. With the new model, since we have removed cold calling, we will have only one person doing the outbound and answering calls, but not doing outbound cold calling.

Benefits of the new model to the domain investor

1) Experience: After selling hundreds of GEO and keywords domains, we have a very good idea of who we should contact and how to get the contact information in a timely manner, in addition to the wording we should use when dealing with potential buyers.

2) Easy Contact: We have an online presence (PreSelecting.com and NetworkPackage.com) and when we contact end-users, they can email us or call us, which has happened many times. We can speak with them and clarify any doubt or question they may have.

3) Saving Time: Some domain owners may not have the time to do the end-user research and the time they would spend on it might be worth more than $8.99 to them. So, we save them time, which is money.

4) Non US Residents: Nearly all our sales are in the US, where we are located. As a general rule, people tend to prefer to deal locally and might be afraid to respond to an email received from overseas. So, we remove this possible barrier from domain investors who do not live in the US. This is not to deny that many domain investors make sales from overseas and do outbound successfully, but we remove this possible obstacle.

5) Low Cost: For only $8.99, the domain owner will just have to sit down and let us do the work and this will substantially increase the chance of getting offers for their domain.

6) No Commission: With no commission, domainers will keep 100% of the money they make with their domain.

7) Interested Party Contact Information: When an interested party comes along, we give the domain owner the contact information of the person who showed interest or made the offer, so they can contact the person in the future. So, if the name does not sell now, it might sell later, since you already know who is interested.

These are some of the most important benefits for the domain owners we can see. Again, thanks to you for the inquiry and to all those who have become members and submitted domains.

Sincerely,
PreSelecting Team