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.

 

[Rob Monster]

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

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.

I think if you don't want a lot of inquires, you can use that language. It is like "Shown by Appointment". It screams, "this domain is going to cost a lot and I may or may not get back to you anytime soon". So, I am hesitant there simply because there is the versatile option of lease, finance and purchase. I rather have the intelligence data of an inquiry that might otherwise not show up. For each his own. Rick only swings for the fences so that model works for him. Great.

 

[biggie]

I am unable to digest the logical fact 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.

Hi

I think you missed something, which may be why it didn't seem logical to you.

I've been using "make offer" for years, and it's nothing new

but you may assume one can't value their own domain, so that's why they ask for offers.

that may be true for some who don't have a lot of experience, however, many sellers know what they want, because they set fixed prices.
while others who know what they want, will still ask the inquirer to make an offer.... if/when no offer is submitted initially.

as for the "price upon request" line

if someone contacts you and asks "how much",
then it wouldn't be logical for the seller to reply "price upon request", would it?

also, to me, using that phrase as the replacement line for "Make Offer", may put that seller in an obligatory position, to grant each request from every tire kicker that can kick a tire.

just saying....

imo…..

 

[Rob Monster]

I at first was persuaded when I saw the Tweet, but upon more reflection, for price ranges where the majority sell at $$$ to low $$$$ I wonder if price available by request we are losing a number of potential buyers. Rick's perspective, as someone who only sells well above that, is valid but for his own situation. Nevertheless, I am still open to both viewpoints on this one personally.

I would like to know more about research that has been done on BIN or not. Like GoDaddy say that research has shown it is better to have clients phone to get a price, but it still seems surprising to me that is true in $$$ to low $$$$ range. The recent DNW podcast re how GoDaddy/Afternic could improve has also wondered if they should not research that question again.

@Rob Monster has proposed having Make Offer only on Epik landers, but use BIN on fast transfer enabled at Sedo and Afternic so that people searching on those platforms can buy them but people who simply search if a name is available are taken to a Make Offer and Epik allows you to directly interact with that buyer.

Bob

Bob - I think we have the the best hybrid solution that plays to the respective strengths of the platforms. The part that is missing is the ability to centrally manage the MLS process where from your Epik control panel, you could list, and unlist, domains at many fast-transfer marketplaces. That development work is currently being assessed and is really a logical solution that should work for all stakeholders since no marketplace likes having bad listings due to outdated inventory. After all nobody is better equipped to verify ownership than an accredited registrar that is operating under a structured agreement with the MLS partners.

@vitigo @Ala Dadan

 

[biggie]

here we go again...

another discussion thread that turns into a promotion

imo...

 

[D Haynes]

Price upon request is the same as putting a BIN on a name but giving the potential buyer the added hurdle of asking for it. If you're going to have a "PUR" you might as well just put BINs on your names instead.

The only time I can see it more beneficial to have a PUR is if they leave a name with their request and you can put some research in to determine whether they have deep pockets or not. Then your BIN might change.

 

[Bob Hawkes]

I at first was persuaded when I saw the Tweet, but upon more reflection, for price ranges where the majority sell at $$$ to low $$$$ I wonder if price available by request we are losing a number of potential buyers. Rick's perspective, as someone who only sells well above that, is valid but for his own situation. Nevertheless, I am still open to both viewpoints on this one personally.

I would like to know more about research that has been done on BIN or not. Like GoDaddy say that research has shown it is better to have clients phone to get a price, but it still seems surprising to me that is true in $$$ to low $$$$ range. The recent DNW podcast re how GoDaddy/Afternic could improve has also wondered if they should not research that question again.

@Rob Monster has proposed having Make Offer only on Epik landers, but use BIN on fast transfer enabled at Sedo and Afternic so that people searching on those platforms can buy them but people who simply search if a name is available are taken to a Make Offer and Epik allows you to directly interact with that buyer.

Bob

 

[MapleDots]

I gauge who the end user is for a domain.
If facebook calls my price will be higher than if a ma/pa store comes calling.
I require end user details before I sell any domain.

I will not quote a price until I know who I am dealing with and anyone asking for a quote from me has to agree to give end user details.

I know a lot of people don't agree with me on this but it works for me and I had a case a little while ago where a broker contacted me about a small project that ended up being a pretty big company. It was not until I presented the form requesting end user details with a legal disclaimer that the broker came clean and told me who was inquiring.

 

[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.

 

[namemarket]

IMO, Make an Offer is best vs Price Upon Request for most price ranges with price on request being a good idea for ultra premium names.

 

[Lox]

When you put your domain up for sale, there are many different valuation methods and for sale words you can use. One of them is Price Upon Request - for the elite 1% domains. The rest of is what is .. contact us, send an inquiry, make an offer .... or bin.

 

[karmaco]

In the case of very valuable names I think PUR is perfectly acceptable. Its along the lines of if you have to ask you can’t afford it Plus it doesn’t give your competition the knowledge of your asking prices should they have a similar dictionary word. It also leaves it wide open for you to amend your price should it become more valuable or less valuable.

That being said, I think Make Offer or Inquire accomplishes the very same things and is more suitable to most names.

 

[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.

 

[biggie]

I have already noticed that ridding my bin prices and replacing with make offer has increased interest although I am back to dealing with time wasters I appear far more approachable

Hi

although most of my domains are listed as "Make Offer" on various marketplaces.....
the last couple of months I've been testing the BIN sales pages at Sedo for some names that are still parked there.

the results, in contrast to yours, shows an increased visitor count for almost every name -
however, since they are BIN priced, there is no option for a visitor to submit an offer.
(though I have received inquiries via email for a few)

so, with that setup, it seems like you get the benefit of increased exposure, but loose the potential to receive offers.

imo...

 

[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.

 

[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).

 

[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.

 

[lock]

Make offer is the only way to get an enqury a bin price will get you 10%. Poa will get you how much. Make offer will get you a starting price unlike any other method. There are newbies with more sales to date listen to them.

 

[lock]

I have already noticed that ridding my bin prices and replacing with make offer has increased interest although I am back to dealing with time wasters I appear far more approachable. Now I am always one to ask for them to make offer or I will high ball for a reaction get one and then ask again for an offer. End users don't behave like domainers and although always smooth with domainers it is about getting every ones attention as got to keep the traffic up.

 

[ivey]

I Like the idea of buy now with the option to make an offer. Most people don't know the value of domains, so it's a alot of wasted time imo to just have make offer(with a few exceptions). This is something that's evolved for me. I don't have time for all the bickering and price shocks. I'm treating it like any other product... I don't go into a retail store and make offers on T-shirts etc...

But make offer is a secondary option...i guess it's the buyers way of maybe asking for a discount/coupon...

 

[Soofi]

This thread provides ample knowledge for people who are still confused about whether to put up names for sale on "make offer", "buy now" or "price upon request"

I am in fact doing something all the more different and will share my landing page shortly.

 

[lock]

I gauge who the end user is for a domain.
If facebook calls my price will be higher than if a ma/pa store comes calling.
I require end user details before I sell any domain.

I will not quote a price until I know who I am dealing with and anyone asking for a quote from me has to agree to give end user details.

I know a lot of people don't agree with me on this but it works for me and I had a case a little while ago where a broker contacted me about a small project that ended up being a pretty big company. It was not until I presented the form requesting end user details with a legal disclaimer that the broker came clean and told me who was inquiring.

Rules I live by
http://www.premiumnamedomain.com/?page_id=26852

 

[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.

 

[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...


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