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Reputation and Trust's impact on sales

Labeled as discuss in Domain Selling and Domain Sales, started by Windoms, Dec 21, 2019

Replies:
29
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2,154

?

Easy, right?

  1. Yes

    12 votes
    92.3%
  2. No

    1 vote
    7.7%
Total: 13 vote(s)
  1. Windoms

    Windoms Top Contributor VIP

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    Hello,

    So we know when a buyer visits a domain for sale and sees a GoDaddy logo, we have trust.
    Trust is very good at engaging prospective buyers.

    Now when buyers visit a domain for sale page, most of them have no idea what the domain market is.
    Talking to GoDaddy and getting a price from GoDaddy is a big advantage imo.
    VS having to figure out a random offer with a random seller on something they don't understand.

    Now if the seller is known, clear contact, clear public profile, real, well known professional dealing with domain name, clear background, we also have trust.

    Such a seller has a huge advantage over one that doesn't have reputation.

    Think @Recons.Com , @Josh R , many more.

    On known marketplaces such as @DAN.COM , we could have a feature where one could basically assign all the domains in his/her account to a seller and let them negotiate all leads on his/her behalf in exchange for a commission, for example 10%.
    Remember, it's only about replying to a message or talking over on the phone to qualified leads. Nothing else. None of all the work involved in brokerage finding executives, contacting multiple people, following up with everyone, etc..

    Domain owner sets his price, adds a floor for the broker, and lets him/her handle leads.

    Now because @Recons.Com and @Josh R have things to do, the marketplace would only let them (the broker) invite a person using an iD #. For example I would contact @Recons.Com or someone else on namepros or social media, let them know I have these domains, once they know I'm serious and my portfolio is good (profitable), they would send me an invite on DAN using the ID #.

    Everytime there's a lead they negotiate on my behalf, they get a 10% commission.
    Again, no work involved. Except replying to qualified leads.
    Yes, sometimes there's fake leads and other things. Professionals know how to handle such things. It's life.

    Yes we already have brokers on Uniregistry.
    Yes you can point your nameservers to Afternic and let their brokers handle leads on your behalf.
    Yes I've heard @Rob Monster is stepping in to help close deals using his reputation.
    Yes he's setting up brokerage.
    That's all good.

    What I'm talking about is adding easy features to known marketplace such as @DAN.COM that will make it easier for us all.
     
    The views expressed on this page by users and staff are their own, not those of NamePros.
  2. Windoms

    Windoms Top Contributor VIP

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    Also, time is key.
    Imagine what happens when you quote/set a price and buyer starts brainstorming because there's no trust and they don't know who they are dealing with.
    Could be a random university student trying to squat on a domain for a living.
    Or worse, a woman*.

    * joke.
     
  3. karmaco

    karmaco Top Contributor VIP

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    So are you talking about a known broker being able to sell our domains better? I wouldn’t even bother with that unless its an extremely valuable domain. For an average domain, if they want it bad enough they will find your page wherever it points. If someone is unable to negotiate for themselves they might be in the wrong business.

    Outsiders trust GoDaddy because frankly they don’t know any better. GoDaddys strength is they got in the game very early not that they have a stellar platform that never makes an error. 😂 They are the most outdated of all the choices out there.

    TBH I’d rather take my names just about anywhere else. A competitive market makes a better registrar. As it stands, they do no innovating because they don’t have to.
     
  4. Windoms

    Windoms Top Contributor VIP

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    No no buddy you are going west coast.

    I am not talking about bothering domain investors with low quality names.
    Only them inviting other sellers and negotiating leads.
    Doesn't take time. Leads don't come 1000 times a day.
    If they invite sellers like I said, that 1000 times a day 10% commission will be OK.

    About public profiles.
    Time is key.
    Trust is key.
     
  5. NickB

    NickB Wales.org VIP

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    Most people still would not know who these people are? Unless you have a premium domain and deal with brokers at the top top end of the industry then most people will not know these "brokers" and imo this will not stop non payers on DAN platform.

    There is some underlining reason why they have a high percentage of non payers and the trust factor is only a small percentage of this....

    If you can't take ownership of the sales cycle for your own inventory then as @karmaco said look at doing something else.
     
  6. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP

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    Reputation is key, and reputation is also relative and cumulative.

    However, it also transferable, and for that you have to engage influencers. Last week we nearly lost out on a $280K transaction with a Chinese buyer. I was able to tap the assurance of several existing Chinese clients to assure this Chinese skeptic that all would go well. It did go fine and now we have a loyal client.

    If someone does not have reputation, you can bootstrap that with the help of influencers, however that is like putting nitro in the fuel tank. If you use that added boost wrongly, it can backfire spectacularly if the influencer's endorsement was used imprudently.
     
  7. Windoms

    Windoms Top Contributor VIP

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    It's not about knowing these people's names.
    It's about them knowing they are dealing with real professionals. For domains up to 5k you can be OK but if you are serious about domain investing, trust and effective buyer engagement becomes a huge +.

    Negotiating and making a deal with a real professional is very different from talking to a ghost on the internet, especially when you have no idea what the domain market is.
    A 20k counter offer from a silent ghost is basically a joke.
    A verifiable seller is one thing.
    Knowing how to negotiate is another.
    Both build trust.
    Both are known to professionals.

    Even at 1.5k, clicking the counter button silently is very different from greeting the buyer, thanking them for their offer and letting them know that for this domain they are looking at 1.5k, and only using the counter button once you agree on a price. I'm saying this because I often read about people complaining that DAN cancels buyer's last offer once you hit the counter button. Looks like people aren't talking much.

    This has nothing to do with non payers at DAN or my sales cycle.
    Just an additional feature.

    You can have $1.000 or $1.000.000 invested into domain names and use this service.
    Doing it underground is nice, making it available on known marketplaces is better.
    It's about making the industry better.
    You like them, you trust them, they know you, they trust you.

    Which is why we need to let the broker/influencer invite sellers.
    So that you can avoid sellers that perhaps won't be transferring domains after some brainstorming of his/her.
     
  8. Windoms

    Windoms Top Contributor VIP

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    Some templates, if you are used to countering silently.
    https://uniregistry.com/account/market/settings/templates

    For example:

    Hi John,

    Thank you for your inquiry on example.com. This amazing name has a "buy-it-now" price of $1,000 USD.

    You'll never regret buying a better domain name. Congratulations in advance!

    Buyer is tempted to reply. Maybe he let's you know his budget. Or tells you it's too expensive which means you can negotiate, or tells you he has other options.
    It's called buyer engagement.
    Shaking the grounds.
    Finding the worms.
    vs countering 20k via the button.
     
  9. NickB

    NickB Wales.org VIP

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    Does the potential buyer know they are dealing with a "professional" an "influencer" a "broker" ?? 9 times out 10 the answer is a big fat NO........Mister, Miss or Mrs I need a name for my business knows jack sh*t about this industry.....

    The rest of your post is basically what every Tom, Dick and Harry who owns domain names should be doing......list, BIN or negotiate......

    If you can't negotiate don't bloody well buy domain names and list at make offer and expect a sale...

    If you cant sell don't moan when your name doesn't sell.....
     
  10. Brands.International

    Brands.International formerly lolwarrior VIP

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    Maybe as a seller you do not need to have something like reputation or trust, because after all, who can define what those really are ... even once reputable people can go wrong, and vice versa - but at least you should have your identity clear and visible for everyone.

    Such basic things like photo (I mean your own photo), your email address, your social media profiles, your marketplace...so the buyer knows exacty who they deal with.

    I find it rudiculous that most sellers are under total anonymity, thus providing 0 assurance that domains they are selling are not stolen, that transaction will be smooth, etc...
     
  11. Bob Hawkes

    Bob Hawkes Top Member NameTalent VIP Gold Account Trusted Blogger

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    The idea of having someone skilled in negotiation handling it from offer to sale I think has a lot of merit. An alternative to full brokering or passive marketplace.

    I think the idea of trust is something different, however. I think that is where the marketplaces and their agents bring value as people have more trust in that over any individual seller.

    Those who do sell individually can help their trust by length of time in business, use of real identity, professional landers and site, etc.

    I think this industry sorely needs some sort of basic certification like many professions, including an association that investigated wrongdoing. I think that designation would help with trust.

    Bob
     
    Last edited: Dec 21, 2019
  12. biggie

    biggie Restricted (Chatroom)

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    Hi

    you earn trust, thru the conversation, if any.

    that's where confidence is transferred to the potential, that you will follow thru, should there be a transaction.
    as people can "read" into the words you say, when corresponding with potential buyers

    but you have to build a reputation and that occurs over time.


    I built my rep, thru numerous transactions and those who know me or have bought names from me, trust that if they come back to buy another name, that they will get the same professionalism as before.

    pawning off your leads to somebody else, only illustrates your lack of confidence to close your own deals.

    also, nobody makes a sale from every contact, so your chances are just as good as anybody else's, when you have a domain that another is interested in.

    when you speak of reputation and trust, think of those who you might have trusted in the past, simply based of their reputation....who are no longer reputable or trustworthy.

    imo...
     
  13. Windoms

    Windoms Top Contributor VIP

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    On Earth it's normal to own assets and have someone else deal with negotiations, there's nothing wrong with that.
    I personally don't have that issue, I'm just giving an idea that's easy to implement, an additional feature, a nice one.

    I fully agree, you level up your negotiation skills by negotiating and you earn reputation, if you wish to.

    If you have a domain name that you wish to fairly price over 10k, it's good to have a trustworthy professional deal with buyers on your behalf. There's already many brokerage firms dealing in domain names, they buy and sell, on behalf of clients.
    Clients use them to sell their domain names because of skill, reputation, and trust.

    You have a lead on a high value domain, you can try and close the deal yourself.
    But there's the easy alternative of having someone with way more skills, reputation, and trust deal with that lead. Looking up @Recons.Com online, you find that he's negotiated billions worth of $ in deals. If he makes that information easily accessible to buyers, they will know that they will be getting into straightforward, professional negotiation and not be cautious about some random rip off when they see a domain priced at 25k; especially when they have no idea what the domain market is. There's value in him negotiating on your behalf.

    Why not add that easy to implement feature to known marketplaces?
    Being able to assign individual domains or whole portfolio to a particular seller is a big, easy +.
    Issues arise in all industries. Just be cautious who you work it and that's it.
     
  14. biggie

    biggie Restricted (Chatroom)

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    Hi

    i think before you can advise others on whom to trust and who is reputable....

    that you'd have to have earned trust, and garnered a good reputation in the community, before anyone can believe or trust, that what you .recommend is sound advice.

    if you don't know jack :poop: about how to negotiate or have a track record, etc, then what you say has little weight to those who do.

    and if you did have such skills and track record, then you wouldn't be hyping somebody else to negotiate for others.

    just saying....

    imo….
     
  15. Windoms

    Windoms Top Contributor VIP

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    Here's a really good idea:
    Buyers could hire someone on DAN to handle negotiations on their behalf.
    For example 50$ fee + 10% commission.

    GoDaddy domain buy service.
    ''Domain Broker Service, your domain broker will negotiate with the current owner to get the name for you.
    We protect your privacy. You’ll stay anonymous throughout the process. The domain owner won’t know your identity.
    Our name gets attention. Domain owners are more likely to engage with a request from GoDaddy CA than from individual buyers.''

    Uniregistry
    ''We’ve helped thousands of buyers securely purchase domain names for over a decade, and we’re confident that we can do the same for you.''

    Sedo.
    ''Just let us know which domain you are interested in and entrust our brokers with the negotiations. We will assign you a personal domain broker who will initiate negotiations with the owner on your behalf. You as the customer remain discreetly in the background. Guaranteed!''


    GoDaddy does it, Uniregistry does it, Sedo does it, domain brokerage firms do the same. they all have experience, they know they need to convey trust as some buyers feel more comfortable dealing with a broker. Epik is setting it up.

    Why not add that casual feature on @DAN.COM
    Having buyers hire brokers is easy to implement and it ultimately helps close more deals.

    Buyers can hire someone with reviews, based on their # of sales / active negotiations (already listed on DAN's homepage).
    Only top DAN sellers, pure discrimination. The goal is to help sellers close more deals through serious buyers that pay to get help with negotiations, not about random sellers looking to earn random commissions. DAN keeps the 50$ fee (revenue). Broker only negotiates for 10% commission, top sellers that opt-in. Those busy being prosperous with 1000 active negotiations don't have to opt in.

    Seller knows he's dealing with a broker, serious buyer.
    Broker doesn't know seller's identity and vice-versa, no collusion incentives.

    Add those 2 easy to implement ideas and both buyers and sellers can have someone negotiate on their behalf on @DAN.COM . Brokerage becomes accessible to all.
     
  16. Windoms

    Windoms Top Contributor VIP

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    Take is easy.
    @Recons.Com @Josh R are just random examples to illustrate an idea.
    Yes, having a professional figure negotiate on your behalf instead of using one's random identity is sound advice, for those that want to use it.

    I don't understand the purpose of this.
    It's about adding an easy to implement idea that people could use, if they wish to.
     
  17. namemarket

    namemarket Top Contributor VIP ★★★★★★★★★★

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    That is great advice and extremely helpful. It confirms your high value to NP. In the past I usually click counter-offer button and often there's silence, maybe from sticker-shock. DAN cancelling the offer instead of leaving it on the table is a negative.

    P.S. I can confirm DAN does in-fact cancel since I had 3 recent offers where I countered and quickly reversed course accepting the old offer but it had been voided by DAN.
     
    Last edited: Dec 22, 2019
  18. Lox

    Lox _____ VIP Gold Account

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    Trust and reputation can be built through customer feedback (online reviews) ... and customer loyalty is the key measurement to success. They’re your patrons. Once you sell your domain name, what you’re doing to keep your customer/s coming back? 99% do nothing, no further communications, no effort in resolving their next problems (f.e. Follow up w the defensive brand protection (extra extensions), competitors analysis report > domain upgrades, new keywords, etc.)

    Without a customer base, your brokerage will almost certainly be ... different. Networking and presentation methods based on intel/facts > #1 priority.

    Regards
     
    Last edited: Dec 22, 2019
  19. garptrader

    garptrader Top Contributor VIP ★★★★★★★★★★

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    While domain investors often complain about the ~20% commissions paid to marketplaces, I still find that most of my sales occur through Godaddy / Afternic even when the BIN price on the EFTY lander is lower.
     
  20. aheiven

    aheiven Established Member

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    Are all of your domain names registered in Godaddy or elsewhere? Based on your experience, which registrar does the domain name have an impact on domain name sales?
     
  21. WhoaDomain.com

    WhoaDomain.com WhoaDomain.com Gold Account

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    Speaking of reputation. As one who has a bad one on here.

    It explains why I haven't sold any domain via regular methods like reaching out via pm.

    Not anyone reaching out to me via pm for domains I've mentioned on here over the years.

    Reputation IS EVERYTHING.

    Although I do still have over 18,000+ connections on LinkedIn (not purchased but actually acquired over time).
     
  22. NameDeck

    NameDeck Top Contributor VIP

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    In my opinion it's the marketplace that establishes the required level of trust for you. That's the driving force behind these kind of sales venues. No need to get a spokesman involved unless you're clueless about what you're doing.

    I don't care who's selling. When you buy at places like DAN you know you'll get your domain. If the seller defaults, a refund. Simple as that.

    What more could a buyer want? Chat to another random dude, who doesn't even own it and doesn't have final say over the sale?

    If you own domains worthy of being represented by a broker, just hire one. He can list it.

    I don't see why a marketplace would implement a feature as suggested as it will only make it less transparent for buyers and actually create more room for fraud.
     
  23. Windoms

    Windoms Top Contributor VIP

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    What do you guys think about giving buyers the ability to hire a broker on @DAN.COM
    Let's say $29 fee + 10% broker commission. Affordable, shows commitment, DAN's revenue.

     
  24. Windoms

    Windoms Top Contributor VIP

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    DAN could literally hire people among top sellers and have them become formal DAN negotiators.
    Very casual revenue stream (10%), and none of the professional broker work involved, only inbound.
    While witnesses all kinds of sales (upping skills and knowledge).
     
  25. Josytal

    Josytal Top Contributor VIP

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    Same thought here.
    Learn, Read, Practise. It's your business and no one else can conduct it better than you.
    Practice makes perfect. And how can you be perfect when you delegate practice to others?
    It's no cake walk and can be difficult initially. But who said it was going to be easy?!

    I receive offers via my landers, do the negotiations and then use escrow services. I've used DN.com,
    Sedo, and Escrow.com proper.
    Hope to try Epik escrow in future.
    No lost orders, no fake or diverted offers etc.
    And It's cheaper - commission wise.
     
    Last edited: Dec 26, 2019

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