It seems like every day, I am asked to broker some domain names. Since I don’t broker names, I generally refer these people to a list of domain brokers, unless the names they present aren’t of good quality. Everyone thinks their names are valuable, but it doesn’t make sense for a broker to take on domain names they don’t feel will sell due to quality or price.
One thing I’ve noticed is that there seem to be new domain brokers entering the market every day. There are very few barriers to entry, no special licensing required, and all it takes is some drive and a bit of knowledge about the domain market. That being said, I’ve seen some feeble efforts at selling domain names, and I want to give some advice to those who consider themselves domain brokers.
Here are some tips for domain brokers:
- Do a Google search for the full domain name in quotes (“xyz.com”) and the word domain or domain sale to see if the name was on the market before, it’s listing price, and if it sold. It’s embarrassing to list a name for sale at a higher price than when it didn’t sell at auction the week prior.
- Get confirmation from the domain owner that you are the only person brokering the domain name. If others are brokering it, make sure the price is the same. Get your exclusive or non-exclusive broker’s agreement in writing.
- Unless you have permission, don’t try to add your own margin to the domain name. I think it’s unprofessional of you to take money out on the front end and back end of a deal.
- Don’t ask other domain investors that you don’t know who they think might be interested in buying the domain name. You’re suppose to be a domain broker, and it’s your job to find a buyer. If I thought someone was interested in buying it, I would let that person know myself.
- Don’t be rude to potential buyers, even if they are rude to you, and certainly don’t lie to them when negotiating. Your reputation is the most important thing you have, and if it gets sullied, you are done. People have long memories and Google will bring any negative articles about you right to the top.
- Simply posting your brokered names for sale on domain forums is lazy. Domain owners want end user sales, and if they think you are just posting to get a wholesale offer, you aren’t representing the domain owner’s best interest.
What do you think of these tips? What did I miss from the list?
I have brokered in the past and have some names under contract now. My person feeling about promoting names is that if you don’t advertise in forums, social media, email lists and pr’s you may be doing your client a disservice unless they’ve asked for a low key program.
Elliot,
I just purchased the domain name Icannn.com through a hand registration and was wondering what you think. I have been a longtime follower to your blog and would like your take on if it can be sold or possibly branded as a domain reg business.
Thanks,
Chad
flyingdot Inc.
These are all great points, but the second one is especially important. A domain broker should get an exclusive listing agreement in writing, just like a real estate agent. I once purchased a domain name that was listed on Sedo and also had been promoted by two separate “domain brokers” via their newsletters. One of the “domain brokers” had the gall to contact me after the purchase and threaten to “blackball” me because I didn’t go through him. I told him it was for sale on several sites and he needs to get an exclusive listing agreement with his domain owner next time. Furthermore, he should be having this conversation with the domain owner and not a potential customer.
Funny you bring this up now. Just a few hours ago, literally within minutes of each other, I received email newsletters from Media Options and TobyClements.com both promoting the same name…
Unfortunately, I don’t remember the name now. But it seemed a bit unprofessional.
” It’s embarrassing to list a name for sale at a higher price than when it didn’t sell at auction the week prior.”
at latonas auction you can find respiratorytherapists.com for 1500usd and after few months this domain costs 25,000usd. No opposite!
I could show you all many funny thing regarding Latona but I leave him along as some say he is guru 🙂
Latona recently said so many things went wrong and he does not why.
No comments .
Take a look.
http://latonas.com/auctions.prt?action=domainSearch&lotName=RespiratoryTherapists.com
you bring some good Tips to the table Elliot .. Yet Some General Tips still missing 🙂
Hi yea
Thank you for your website. I would be grateful for your thoughts on (for example as I don’t own these specific domains), were I to professionally fund the purchase of trucks and I had the options of buying truckfunder.com or truckfunders.com or truckfunding.com………. Having the possibility to choose only one which one would you say was best? Would people type into search engines “truck funding” when they were seeking infomation on truck funding and truck funder when they were looking for a person offering the specific. Thank you for your thoughts on this