Is it worth 15% to have Uniregistry brokers sell your names?
(Reading time: 5 minutes)
I worked for the Volvo Motor Company for twenty some years selling their quality automobiles. Volvo built their cars to a “standard” as opposed to a “price point.” If a car should have anti-lock brakes, crumple zones and roll cage to make it a safe car, then Volvo put those things in the production and the price was what it was. There also was not a lot of mark-up built into their vehicles. You could never judge the deal you received by how much you got discounted. So every year, Volvo sent out these great books to the salespeople that helped them learn and convey to prospective buyers, “Where Your Money Goes.”
It is completely free to list for sale an unlimited amount of domain names on the Uniregistry “Market.” The commission is only applicable once Uniregistry completes the sale at the price you accepted. If you own domain names, have a persuasive, consultative demeanor, love doing follow-up, making tons of phone calls and thrive on hearing the word “No,” you likely are a good candidate for selling your own names. Save the 15% commission. But for those portfolio owners who don’t fall into this category, I’m going to show you where your money goes.
Rejection is not something even seasoned brokers enjoy. When I was a green-pea salesman 40+ years ago, my first boss once told me, “I have heard no so many times, it’s starting to sound like yes.” Professional brokers see the word “no” as simply an objection, a speed bump they need to navigate. The customer is not necessarily saying “No,” but rather, they need to “know” more. This is usually done through active listening, educating and empathizing. Often, the objection goes away over time, so persistent and consistent follow-up is such a critical piece in the Uniregistry sale process. And they are exceptionally good at doing this for you. There is no magic or rocket science involved. Effective follow-up needs a tool and a system that never forgets.
We operated as the entity, Domain Name Sales, for several years before Frank Schilling decided to build the Registrar and Registry called Uniregistry. The first item on his to-do list was a CRM built for the domain business and that never forgot, anything. When I arrived in Cayman in 2013, the first two people I met were programmers writing every line of code, from scratch, to Frank’s vision. Everything at Uniregistry is custom built to be better because it is built for people in the domain business. There were plenty of off-the-shelf CRM’s that would do OK and were a lot less expensive. But doing “OK,” is not good enough for Frank, or for Uniregistry, or for our clients. This is where your 15% goes.
After 43 years in the commission sales business, I probably qualify as an old dog. And I have learned over time that some things never change. There are three basic traits a broker must manifest to be successful. They need to be excited about the name. They need to get the buyer to like and trust them. And they need to figure out a way the buyer can secure the name he really does want.
This may sound simplistic, but it isn’t. It takes energy, passion and research to be excited about the name. It takes time and empathy to really listen to the buyer, to sense the reality and motivation behind their dream, and build the rapport it takes to develop trust. Our Vice President, Jeff Gabriel, has an amazing eye for seeing these qualities in prospective brokers. Kudos to him. That’s why he’s in charge. That’s why you pay 15% commission.
What Uniregistry charges in commission is the same as everyone else. I just believe they deliver more for your money. Let’s take a quick peek at how a day goes for a broker at Uniregistry.
- Uniregistry has an office in Manchester, England. So they start the day 5 hours before the Cayman office and get a jump on the European time zone prospects. This is a big advantage for a seller.
- In addition to Manchester and the HQ in Grand Cayman, there are a dozen or more brokers spread out across the globe. They all share the phone system, so an inbound call gets a “live" person answering in almost every time zone in the world.
- There are more than a dozen languages spoken by Uniregistry brokers. Four of the brokers speak Mandarin; a language used by a large percentage of “your" domain name buyers. It is also not uncommon for a non-broker employee to phone a prospect in his native language. Believe me, that kind of effort is not lost on the buyer. Uniregistry, at its core, is a solutions business.
- On average, a Uniregistry broker makes 50 phone calls every day. Anytime they can make a connection by phone, the likelihood of a sale just doubled. They also send out thousands of text messages every week looking to make a connection at any level. They use social media frequently to discover additional avenues for connections.
- A broker at Uniregistry sends over 100 personal emails a day. This is in addition to the emails auto-generated by the CRM. Remember, the “system” never forgets a prospect. And you never know when the objection first voiced by the prospect, may no longer be such a big objection. Quality follow-up just delivers more sales.
- Uniregistry draws on the individual and unique talents of many different employees for their success. Jeff felt strongly about sharing the knowledge that made each person excel. Putting a “Uni” spin on the old adage, “each one teach one," every month a different broker presents to the group what makes them successful. I have picked up something worthwhile at every one of these. One of my “old school” bosses used to say, “Even successful people need to be reminded what makes them successful."
- It sometimes takes a village to make a sale at Uniregistry. There is a term in the sales business called “change of face.” Prospects are rotated to a different broker for follow-up when a sale is not made. It does not imply the original broker did a bad job. It’s just that a new face may have a different spin or a new idea that gets the prospect to move toward a deal. Remember, the new broker has never heard “no” from this buyer. Brokers at Uniregistry are also constantly reaching out to other team members for input and insight that may help them close a deal. Ego is checked at the door when you come to work here. Our seller clients are paying 15% on “Sold” deals and Uniregistry doesn’t care if it took the entire village to get the name to the sold column.
Uniregistry is constantly improving its system, staying on top of changes in the industry, and training and improving the brokerage team. Please consider listing the domain name portfolio that you are interested in selling on the Uniregistry Market and allowing them to show you where your money goes.