Buy It Now Prices – How much change are you leaving on the table?
Every week we see the weekly Sedo.com, Afternic.com & more recently GoDaddy.com domain name sales reports, Generally these sales combined are in excess of $2 million dollars every week in reportable domain name sales.
However there are many more domain names that are closed privately subject to NDA (Non Disclosure Agreements) and we also have other large domain aftermarket services who don’t release their sales figures regularly i.e.. Frank Schilling and his DomainNameSales.com platform, Mike Mann with his DomainMarket.com and Andrew Reberry of HugeDomains.com and that’s just to name a few there are many other platforms and individuals selling domain names every week.
I would suspect combined domain names sales in excess of $5 million plus weekly…
Sedo.com is very good at reporting there weekly sales and how many closed at Buy It Now Pricing… This week alone of the 47% of the $1.3 million dollars in domain sales were Buy It Now!
What I want to know is how much change are we leaving on the table as an industry?
I know cash flow is king and large portfolio owners i.e HugeDomains.com, Afternic.com DomainMarket.com etc who own hundreds of thousands of domain names need to keep the doors open and pay salaries and this is where Buy It Now pricing certainly helps as you can sell a domain in your sleep… Heck if you are picking up a domain name for $8 on hand registration or paying $60 on a drop and put a BIN at $1,888 and sell it in under 12 months it is a huge return and I agree it is needed but what happens when the next product that Microsoft, Google, Amazon, Oracle or any other multi billion dollar corporation decides to launch and you have the exact match dot com for a BIN price even if it is $10,000 could that domain be a potential $100,000 sale?
We can’t look in the past when we sell a domain name but I believe we should set minimum offer pricing vs. Buy It Now Pricing – Michael Berkens from MostWantedDomains.com has his minimum offer of $2,500 per domain name, doesn’t mean he needs to accept this price but at least he know the potential buyer is willing to spend this amount and could negotiate a much higher price. Sedo.com also offer this service and there are many domain names I have seen on their platform where I have made an offer only to have bounce back saying minimum pricing for xxxxxx.com is $5800 etc, This then at least allows me to decide if I am willing to spend that amount or not.
A feature that should be considered and I believe added is having Min Offer Pricing on all platforms however if a domain offer is within $1000 of the min price an email could automatically notify the seller and then they can select to contact the buyer or not or even contact a broker who can contact the potential buyer on their behalf.
What do you think? Do you set BIN domain name prices?
Do you believe we are leaving millions in potential sales on the table every week?
Domain Name For Sale – Two Word DOT Com – ForgiveYou.com – All interested parties email me.