NameSilo

What is wrong with Sedo

Located in Domain Marketplace Reviews started by topdom, Oct 10, 2019.

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  1. topdom

    topdom Established Member

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    Majority of buyers don't make second offer.
    Majority of those who buys domains don't pay.

    Something at Sedo discourages buyers from making offers even after landing change.
    Because after the first bid, they probably give information about buyers needlessly.

    Sedo won't respect you unless you write a negative comment at Trustpilot, then they appear very kind etc.

    Time to switch to Dan? or not yet?
    .............
    How about not listing domains anywhere, and just create a landing page with contact info. Then would it be better: faster/more sales, because then seller wouldn't look desparate, buyer would work hard, and as justification for their hard work, pay more?

    .........................
    By the way, Dan doesn't work, unless domains are parked there. Zero leads, zero offers.
    Godaddy/Afternic is better in this sense. For Godaddy, domains don't even need to be listed.
    But then buyers don't pay, and buyer's info is not given to seller, which may imply that there was no real buyer, and everything was a fake/tease.
     
    Last edited: Oct 10, 2019
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  2. equity78

    equity78 Top Member TLDInvestors.com TheDomains Staff PRO Gold Account VIP ★★★★★★★★★★

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    You don't get second bids a lot of the times because it's from a lowballing domain investor who thinks you don't know what you own, when you counter their $250 with $5,000 They sh*t their pants and say oh it's another domainer or a company that understands domain names.
     
    Last edited: Oct 10, 2019
  3. topdom

    topdom Established Member

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    Many of Sedo's emails were landing at Spam folders. And I despammed them although I would delete those messages anyway. You should do the same. Buyers don't see reminders, so they don't make second offers.
     
    Last edited: Oct 10, 2019
  4. cabotower

    cabotower Top Member VIP

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    last four sales were all through sedo b i n, org, com, org and ca. with no problem.
     
  5. Dave

    Dave Top Member VIP ★★★★★★★★★★

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    This is so funny because it is true.
     
  6. topdom

    topdom Established Member

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    In case of "buy now", there won't be any problem,
    because then:

    bidding would mean buying, no second offer needed;
    and
    buying but not paying is not possible.

    Once paid, you can get money anyway, in at most 2 weeks.

    Unfortunately Godaddy has the same problem. Agreement reached, but buyer doesn't pay. Godaddy then takes action, but I don't see it, so there is no action.
     
    Last edited: Oct 10, 2019
  7. topdom

    topdom Established Member

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    In case Sedo reads this page, I suggest a serious improvement in their negotiation method.
    let's say...
    I get a 500 offer, which may be acceptable, but I counter 2000, and if the buyer insists on 500, I would accept it and sell, or start an auction.
    But counteroffer is not responded.

    One way to handle this: cancel the deal, add a buy now price slightly above their initial offer (if below, it would look desparate). Then if the buyer was serious, probably they would buy. But they don't have to.


    SOLUTION: Let sellers add a BIN price, without making a counteroffer, and inform buyers about this BIN. If that BIN is not accepted for a few days, then accept the initial offer, or start an auction, because their offer is still binding.

    And buyers don't seem to care whether they have to pay, and get away with it when they don't,...mm.. always.

    .........
    Flippers should be given the opportunity to bid.
    But we sellers should be given hints about whether the buyer might be a flipper.
     
    Last edited: Oct 10, 2019
  8. biggie

    biggie Top Member VIP ★★★★★★★★★★

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    they are not a buyer, if they don't make a counter offer

    they are not a buyer, if they don't pay for the domain

    some folks, just like to kick tires

    imo...
     
  9. BaileyUK

    BaileyUK Top Member VIP

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    In 20 years of selling I don't think I've ever turned down an offer that was 'acceptable' be that $500, $1000 or $20,000 (or anywhere in between)

    You have my sympathies But, It always seems to me that sellers that push the hardest on price must also expect the increased likelihood of a failed negotiation. Sedo are never going to allow you access to the potential buyers details, or indeed operate some-sort of 'automatic' back-up/counter offer system. That would open up all sorts of accusations of selling without the owners consent.

    Maybe just review your own sales tactics. I personally find that kind of worrying when you say You would have been quite happy with the $500 offer and expect the position to now default back to that, now your $2000 counter is being ignored.

    There maybe no-harm in emailing Sedo and asking if they can forward your $500 acceptance (perhaps with a little apology) they would at least secure another commission payment. I've found many buyers (particularly end-users) quite up-front about their maximum price, so I wouldn't be too surprised that also applies to Sedo made offers. You probably would have seen a response at a counter of $800 ,,, But at 4 times the offer, the buyers thoughts are why negotiate, there's too much distance.

    Sure, some sales do go through that $500 and endless negotiations for a closed sale, even into the $XX,XXX Range,,, But that is always where the seller has identified the buyers need. And/Or more importantly aware of his/her domains value outside of the current negotiation .
     
    Last edited: Oct 10, 2019
  10. topdom

    topdom Established Member

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    Last year once initial offer was 100 and my counteroffer was 5000, and after one week my first counteroffer was accepted. If I accept each offer I would be happy accepting, I would go bankrupt.
    I'm more likely to make counteroffers now because buyers don't pay when I accept their offer. Maybe they think they are overpaying when I do this. Or there is some enemy who contacts buyers to prevent sales. This year most of sales don't get paid. Also there are too many flipper offers.
    You can accept 100 USD offers on 100 domains, but if you ask 10K for each, 2 of them may sell, and the final result would be better.
    I can do negotiation part well, unless there is some friction somewhere slowing everything down.

    Almost all offers are flipper offers. This means they buy, hoping to sell to others, but when they don't get paid they don't pay either. And this also explains why most offers are very low, and even if you accept their initial very low offer after waiting more than 2 weeks, they don't buy, because they disconnect from actual endusers. This is very annoying. This is why I want to see IPs.
     
    Last edited: Oct 11, 2019
  11. Jurgen Wolf

    Jurgen Wolf Top Member VIP ★★★★★★★★★★

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    Set BINs and forget...
    Sedo is usable only in this mode.
    If you want to negotiate effectively - use your own landers or parking companies like Bodis/ParkingCrew.
     
  12. cabotower

    cabotower Top Member VIP

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    when a name is sold at sedo for a b i n price the money is put into sedo's escrow account before sedo even contacts you. it is released about a week after the buyer takes possession of the domain.
     
  13. Sedo

    Sedo Member Sedo Staff VIP ★★★★★★★★★★

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    Just to quickly clarify:

    The transfer process starts once we receive the buyer's money.
    As soon as the buyer confirms he's in possession of the purchased domain, we pay out the seller immediately. If we don't receive an answer confirming the ownership from the buyer after 5 days, we pay out the seller anyway.

    We just recently reduced this time window from 10 to 5 days, so there might have been cases where it did take a bit longer until the money was released, because the buyer was not responding.
     
  14. Don Gondon

    Don Gondon Established Member

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    I don't think one has to be a "lowballing domain investor" to quit after the 10-20-30 times counteroffer. People see the lowest offer, they try to get it at that level, doesn't work, they go away.

    This seems to be a common belief that you need the buyer to "take the bait" and it is going to help your sale, but plenty of people will never do, they just get irritated because someone (you) had wasted their time. This happens not only in domain sales, in many other industries too.
     
  15. equity78

    equity78 Top Member TLDInvestors.com TheDomains Staff PRO Gold Account VIP ★★★★★★★★★★

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    I can say I have made several sales with Sedo and the one thing I will never fault them for is quick payment, it has always been fast.
     
  16. equity78

    equity78 Top Member TLDInvestors.com TheDomains Staff PRO Gold Account VIP ★★★★★★★★★★

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    I would say the person wasting the time is the person with the lowball offer for a name that anyone that has a beginner's level iq about domain names knows is a lot more. And I think what Topdom was mentioned which I replied to was no second offer. No one is saying you offered $100 or $200 now accept $5,000. But maybe you are countering the $5,000 at say $1,000. When there is no counter it's usually someone trying to get something below cost hoping the seller is ignorant about domain names, I have been seeing that since the first year Sedo opened.

    I had had many a time where someone offered, $500, I countered $3,500 they came back at $2,000. SOLD. That's someone serious about trying to buy a domain name, not just sending out 100 $200 offers hoping to get lucky.
     
    Last edited: Oct 11, 2019
  17. equity78

    equity78 Top Member TLDInvestors.com TheDomains Staff PRO Gold Account VIP ★★★★★★★★★★

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    At GoDaddy you can do that

    GoDaddy differs from services like Sedo.

    When you make a bid on GoDaddy and the seller counters it does NOT cancel the original bid. If you make a bid it is binding for 7 days. So if you offer 1k and the seller comes back at 1.5k it does not void your original bid. If you do not answer the seller he can decide at any time in those 7 days to accept your offer.

    I must say that I find that whole process a bit strange but I guess it is what it is.

    Kinda like I go to the butcher and offer 60 bucks for the steaks and he says 80. You say no thank you and the butcher says… too bad I’ll hold you to the 60.

    In this case I prefer the sedo way where the latest bid or counter bid becomes the binding one.

    It was clear from the thread that everyone did not know this was how offer/counter offer listings work at GoDaddy.

    https://tldinvestors.com/2018/03/a-big-difference-in-negotiating-a-sale-on-godaddy-vs-sedo.html
     
  18. Don Gondon

    Don Gondon Established Member

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    I think >99% of planet Earth population has no clue about domain names value. Yet sometimes (maybe once in a lifetime) someone goes on a quest to buy an aftermarket domain name. You sound like you are comfortable with losing these prospects because they don't have enough knowledge, and your listings can't give them the idea right away.

    You seem to disregard all people who just don't want to negotiate and exchange offers back and forth. Many people don't want to negotiate at all. I dare say, at least 50% of all humanity is like that. There is growing fatigue from all these "request a quote" followed by tons of annoying emails, calls and attempts to upsell something, there is already too much marketing attacking everyone nowadays. Such people just want a clearly defined price, if they don't have it, they look somewhere else.

    They won't do more counteroffers because that is the kind of people they are. The only case they'd bend their nature would be if they already had a project under the name matching the domain that you own. But that contradicts your expectation about "domain names IQ". If they had any of it, they wouldn't start and develop a project under a name they don't own in the first place!

    Negotiation-lovers may be fine with minimum offer $100 and finalizing the deal at $2500 because they expect something like this in the first place. Negotiation-haters are going to recall all the bad words they know to say about the person who has a declared minimum offer but responds nowhere close to it, they don't understand it unlike the first category and don't find it acceptable (the behavior, not the price!).

    Don't get me wrong, I am not trying to convince you to change the way you sell domains (why would I?), you obviously know much better what you are doing, however, there is no selling strategy to please every type of buyer, yet you sound like you believe yours is perfect. And those who won't do second offer are "lowballer domain investors", hahaha, losers, they don't even have any real money. While there are may be people with more than enough money, and the willingness to spend it, but – in a comfortable way, not doing anything they dislike, so these people are incompatible with this sales approach.
     
    Last edited: Oct 11, 2019
  19. equity78

    equity78 Top Member TLDInvestors.com TheDomains Staff PRO Gold Account VIP ★★★★★★★★★★

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    I am not a negotiation lover, and don't really have too many make offers on Sedo and really am looking at pulling all my names from Sedo. I actually agree people should not have min 60 offer if they are going to want thousands, I usually always set a min offer that is in my mind something I would probably accept, but the make offer listings are not many in my portfolio. I was addressing Topdom and his frustration with past experience.
     
  20. cabotower

    cabotower Top Member VIP

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    if the selling price that you have in mind is $XXXX then set you minimum offer at $1000. if your goal is $XXXXX then $10000 minimum. it doesn't take a genius to let the buyers know what ballpark you are in.
     
  21. Don Gondon

    Don Gondon Established Member

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    Well, this is a forum, so I am addressing the already existing conversation with both Topdom and you and all other people who liked/responded to these posts as a whole.
     
  22. equity78

    equity78 Top Member TLDInvestors.com TheDomains Staff PRO Gold Account VIP ★★★★★★★★★★

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    Yeah I get that, you addressed me and talked about how I was selling so I replied.
     

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