There are issues with both "make offer" and "BIN".
Make offer often produces low level offers of $10, $50, or maybe $100-200. Unlikely it would be much more.
BIN tells potential buyers what value you place on the name and it therefore filters out clowns and time wasters.
However, if you don't get the BIN price right, you may have to wait a long time to get your price, or perhaps you never get it at all.
So which one to use?
This question goes to a long standing issue of domain name values and how they are decided.
Like homes for sale, domain names are often valued by the fake professional brokers and arrogant, and marketplaces run by boys pretending to men, for the sole purpose of selling them, regardless of a domain's true value. They really don't care about value, only about selling the domain as quickly as possible, so they can move on to the next one and the next one. Just like home sellers, these "domain agents" are only interested in their commission.
Although you have not asked about/mentioned brokers/agents/marketplaces, I thought I would mentioned them and also, recommend you ignore anyone claiming to be an "expert" of domain name valuation or who have "experience" of selling domains. These are almost all just arrogant little tricksters and crooks.
You will often hear that the true value of something is what someone is willing to pay for it. This is only partly true.
There are other factors at play that determine price, such as timing, interest level and the object in question.
As Brad says, there is really no domain that someone would pay $500K for, but which is priced at $1K.
I would suggest you consider what the domain might be used for, who might buy it and what area/industry it is in, and whether that area is new, developing or mature, as this can affect what people are willing to pay.
Ultimately, you need to arrive at a price that you are happy to sell it for and then stick to that for a while (say 1-2 years). If you park the name, you may be able to see visitor numbers and other statistics, which can help you decide whetger the value you have set is low, high or about right.
The value to put on a domain also depends on whether the name you have is a keyword based name or whether it is a made-up name. Made-up names will likely have more value if the name sounds good/is catchy, if it is easy to pronounce and if passes the radio test. Keyword domains are often fighting for attention among many thousands or hundreds of thousands/millions of other domains and so it is significantly harder for any name to stand out, which is the number one element to get right for a domain to sell. Keyword domains almost always do the opposite.
