strategy Price Upon Request

[Nikhil Jain]

Hello everyone,

Just came across this excellent tweet by Rick Schwartz regarding the concept of Make an Offer which is quite prevalent in the domain industry.

https://twitter.com/DomainKing/status/1185881107608289280?s=19

Morning Folks!!

"Make an offer" is a loser!!
It's WEAK!!

In #RealEstate they use a much SMARTER option. It does not look like a DISTRESS sale!

I would advise EVERYONE using "Make an offer" to update to:

"PRICE UPON REQUEST"

#Domains #investing #investors #marketing #branding

I have personally never been a fan of "Make an Offer" option, as I am unable to digest this point where I am asking someone outside the domain industry to "Make an offer" on an asset that I own, rather than being able to valuate it myself.

Rick Schwartz has given a superb alternative which is much more logical and looks more professional - "Price Upon Request".

What do y'all think?

Something that @Rob Monster @Reza and a few other leaders can think about to implement the same.

 

[lock]

Success can me measured in a different way If godaddy finds that bin works then it needs to be priced right. If your happy with 1k bin and domain is worth around that but make offer might get you 2 and bump it to 3 if lucky. Yes getting a conversation going would certainly help the trained to close a sale. But the right buyer sales person combo may get a Rick result. Keywords are going to fair better with history if those are on demand then a bin may lower the final price. The highest sales were make offer and counter bins offer domainers a lot more turn over. Rick hasn't thousands of sales just a few handfuls of utter gems.

 

[Silentptnr]

About 30 days ago, I implemented "price upon request" at Afternic. I had most of my names set to BIN.

I have had a noticeable increase in activity. Lot's of price requests...so far zero sales using this method.

I will let it stay for another 30 days, but if actual sales do not increase, I will revert to buy now.

I think people are sort of surprised or even shocked when they request a price and I respond with my price.

At least with BIN, they see my price, and can buy or not. I had relatively consistent sales with bin prices listed.

We'll see.

I already tried Make Offer and it seemed too much for people to do. Make offer was the slowest for me personally.

 

[Shadeems]

It's been 4 days since I switched to PUR on my efty landers. There is 100% increase in enquires.

Thanks @Doron Vermaat for quick action.

 

[lock]

Bins need to be bins as in clearance bins. Make offer has so much strength they have to find out. I need to filter my bins and my serious premiums.

 

[Silentptnr]

I also think that the real estate industry and the auto industry support BIN with Make Offer. Not PUR.

PUR implies that the price can be set based on who the prospective buyer is. In my opinion, it sets a tone of "hide your identity" or the price you get quoted might be higher because of who you are.

BIN implies "one price for all".

Seems each method has positives and negatives. I suppose if the goal is closed sales, that metric should drive the decision on how to list.

If the goal is to generate leads, then PUR might be good if you get the prospects info.

 

[lock]

We need a wheel to spin number for bin or set make offer or poa and get a chimpanzee to spin it. End user price history isn't policed either so we rely on honest reports and tax dodgers.

 

[Silentptnr]

I also think that with PUR, a prospect might think they are the only one that knows the price and therefore there is no urgency to buy.

Whereas with BIN, a prospective buyer feels like everyone is seeing the name and the price, and this creates some level of urgency to pull the trigger.

 

[M M]

Those "Price Requests" are likely not price requests but actual money offers on godaddy.

 

[Pazu]

I was doing all "make offer" on my Efty marketplace (BIN on some brokerage sites). After getting an email from Efty mentioning this topic and saying a PUA theme has added, I switched over and did notice a significant uptick in inquiries and they opted to include an offer anyway. I still plan to add BIN to many domains, but I think this empirical evidence supports Rick Schwartz's theory that PUA is better than just Make Offer (BIN aside).

 

[biggie]

I switched over and did notice a significant uptick in inquiries and they opted to include an offer anyway. I still plan to add BIN to many domains, but I think this empirical evidence supports Rick Schwartz's theory that PUA is better than just Make Offer (BIN aside).

Hi

unless getting more inquiries is the goal,
then I don't see the empirical evidence, of any additional sales.

imo...


-

 

[equity78]

What's funny Sedo takes the opposite approach in their statements,

Domains set with Buy Now prices might sell up to 3x faster than domains set as "Make Offer."

https://sedo-us1.custhelp.com/app/answers/detail/a_id/704/~/how-can-i-sell-my-domains-faster?

 

[equity78]

I don't like buy it now with the make an offer option, because there is no upside imo only downside.

If I have a buy it now of $2,488 and I also allow for offers, those offers are only going to be lower no one offering above the buy it now. (Obviously). So now I am engaged in conversation, back and forth, If I know I want $2,488 then all their talk is not changing my opinion.

Now I love Epik's landers I was on them the day they came about and were not even getting discussed yet. But one thing I don't like but you can edit, is what I have on YogaCa.com

Contact Domain Owner
For more information about this domain

Contact Owner More Details

I just did not edit it like I did with Jozie.com.

I have a buy it now, I don't want to be contacted, the only email I want to see from Epik is congratulations YogaCa.com sold. I don't want I will offer you $100, or I was thinking about opening a studio how about $300.

I just want the buy it now paid, don't like the price, that's cool, I have no problem with that, but I don't want to discuss anything except Congratulations YogaCa.com sold. Again I am not recommending this for anyone else it's just personal preference, I want no discussion.


I think the whole thing that really makes these conversations difficult is so many people are operating in different worlds.

Rick wants one way because he is one place, it's just like how Rick has talked before about ignoring offers to make them come back more anxious, etc...

Most people don't own names like that, then some people don't even have good names and are trying to apply sales principles that apply to half of 1 percent of all registered domains.

You know what's going to sell your names the best, Own very good domain names and have an understanding of the overall industry they represent. There will always be outliers but you can't run a business on outliers.

 

[Doron Vermaat]

It's been 4 days since I switched to PUR on my efty landers. There is 100% increase in enquires.

Thanks @Doron Vermaat for quick action.

That's awesome. How many domains are we talking about?

 

[Shadeems]

@Doron Vermaat
Between Oct 15 - Oct 22 I received 4 Inquiries

I opted for PUR on 23rd

Between Oct 23 - Oct 30 I received 12 Inquires

Thou, Noting as converted so far.

 

[Pazu]

@Doron Vermaat
Between Oct 15 - Oct 22 I received 4 Inquiries

I opted for PUR on 23rd

Between Oct 23 - Oct 30 I received 12 Inquires

Thou, Noting as converted so far.

@Shadeems thanks for the statistics. What is your portfolio size, at least on your marketplace?

 

[Shadeems]

@Shadeems thanks for the statistics. What is your portfolio size, at least on your marketplace?

On Efty, it’s around 350 domains.

 

[Silentptnr]

I think domain investors as buyers, like Price Upon Request.

Maybe NamePros should add this classification.

 

[biggie]

I think domain investors as buyers, like Price Upon Request.

I'm a buyer too and don't think it's for namepros, but feel free to imitate.
why not just ask for the BIN, as most already do, regardless if it's a make offer thread or auction?

and who's gonna request a price for reg fee names?

as @equity78 said below from a previous post, in reference to RS:

Most people don't own names like that, then some people don't even have good names and are trying to apply sales principles that apply to half of 1 percent of all registered domains.

imo...

 

[Silentptnr]

My experience with make offer here on NP is what prompted me to suggest the possibility of PUR as an option..

Often times sellers are adamant that an offer be first before they will even talk. And then an offer is made and the seller simply says too low. Not productive for either.

Fixed price is clear..it means fixed price.

PUR would be a clear way for a seller to not list a price, field interest, and provide the price upon request if so inclined.

To me it's different than Make Offer.

 

[biggie]

My experience with make offer here on NP is what prompted me to suggest the possibility of PUR as an option..

Often times sellers are adamant that an offer be first before they will even talk. And then an offer is made and the seller simply says too low. Not productive for either.

Fixed price is clear..it means fixed price.

PUR would be a clear way for a seller to not list a price, field interest, and provide the price upon request if so inclined.

To me it's different than Make Offer.

Hi

I do agree that some sellers can be adamant that an offer be made first, before they will even talk.-
then after an offer is made, the seller simply says too low.

i agree with that, because i have done it many times and for me, it works.
there are way too many lowballers, inexperienced, unknowledgeable people wanting quality names for less than last years value

i'm not gonna sell a 3 letter .org that makes $100 a year for $300

but, lets say i got pur on a name you interested in and you request a price
then i reply with "Make an Offer" what are you going to do then?

walk away or make an offer?

imo...

 

[Silentptnr]

Hi

I do agree that sellers can be adamant that an offer be made first, before they will even talk.-
then after an offer is made, the seller simply says too low.

i agree with that, because i have done it many times and for me, it works.

i'm not gonna sell a 3 letter .org that makes $100 a year for $300

but, lets say i got pur on a name you interested in and you request a price
then i reply with "Make an Offer" what are you going to do then?

walk away or make an offer?

imo...

Personally, on Afternic for example, if I set a name to PUR, if I get a request, I give a price. I give 3 prices actually. BIN, Floor and Minimum Offer. I wish they would add installments option.

If I set to PUR, I give a price.

 

[Silentptnr]

Hi

I do agree that some sellers can be adamant that an offer be made first, before they will even talk.-
then after an offer is made, the seller simply says too low.

i agree with that, because i have done it many times and for me, it works.
there are way too many lowballers, inexperienced, unknowledgeable people wanting quality names for less than last years value

i'm not gonna sell a 3 letter .org that makes $100 a year for $300

but, lets say i got pur on a name you interested in and you request a price
then i reply with "Make an Offer" what are you going to do then?

walk away or make an offer?

imo...

I will say this...

If you walk into a Ferrari dealership...its price upon request.

If you ask for a price, you probably cant afford it.

The salesman will reply, "Before we talk price, I need to know that you are qualified. We need to know who you are. Just a few questions...", unless you're Lil Wayne or some known person.

Anyway, at least here on NP, you kind of know something about who's asking for a price, which I feel is important before quoting a price.

 

[Silentptnr]

I do like Make Offer where the seller puts an expected range. Like when they put $x,xxx, for example.

That gives some idea at least.