The age-old debate about how to best manage domain sales deserves an evaluation in 2021.
A year and a half since the beginning of the pandemic we are growing more comfortable with digital brands and domain names. It's been 18 months filled with frustration but also with new discoveries and an effective adjustment to a more efficiently operated market.
Uniregistry provides its marketplace to domain investors, primarily. Listing domains for sale on the Uni Market is easy and a seamless extension of the domain management panel. I've shared tips on the importance of defining a minimum asking price and a floor price for your domain portfolio.
While some domain investors prefer the intake of offers for their listed domains, others remain strong in their support of using a fixed BIN price. The pros and cons of each method can be reviewed in one of earlier articles and this time around we'll focus on the benefits of locking down the BIN price.
That's right: a locked down asking price reflects on the personality of the domain seller, it's a sign of confidence in the value of the domain. When that price is non-negotiable, the seller achieves two things:
- Lists the digital asset with a predetermined ticket price not open to negotiations.
- Filters out unqualified buyers while increasing the effort of potential buyers to qualify.
Think about this for a second: would an expensive car make be listed with a "make an offer" sign, open to negotiations? No offense to less fancy cars, but that isn't the case with quality automobiles. When you use the same analogy, a domain deserves a firm valuation at the point of the encounter. Naturally, the domain owner can change that price in either direction, but its status at the time it's listed for sale should be with a fixed BIN price.
Modern psychology teaches us the power of saying "no" when we're used to saying "yes."
When denied access to a facility through its door, the other party is intrigued and attempts to qualify and become worthy of access. In the same manner, a fixed BIN price acts as a constant "no" to those that can't pull the "trigger" and acquire the domain name at the asking price.
Naturally, the BIN price is not meant to be unreasonable. As a domain name investor, you should come up with a selling price that represents the domain's qualities. The TLD, clarity and brevity of the keyword, generic nature, and its ability to act as a brand or as a business name are all qualities that once combined determine the domain's value. Get that number down and lock it in place!
In general, a fixed BIN price for domains that justify their asking price works as well as an upwards negotiation. The benefit is less arguing, debating, or bickering with a party that cannot afford the domain in the first place. A fixed BIN price for a domain might appear "cocky" or self-assured and that's ok. After all, you can only sell that digital asset once.
In a nutshell: If you're determined to sell your domain names with a BIN price, lock that price down and don't accept offers. It's a game of hardball, and you might get dirty but the goal is to hit it out of the park.