I Wish Brokers Shared Personal Stats
Whether I am using the Domain Name Sales platform or independently choosing a broker to market one of my domain names, I am doing it somewhat blindly. Because I subscribe to several newsletters and closely follow sales reports, I know many domain names that are being brokered by individual brokers, but I don’t really have a good idea about individual broker statistics.
I wish domain brokerages shared more statistics about their individual domain brokers, including their overall sales and areas of expertise. This would allow me to make a better decision about choosing a domain broker to hire, and that would be helpful to me and beneficial to the brokerage.
When you visit Flippa, you can see how much revenue in sales closed on the platform a seller has under his or her belt. This information is shared as a means of creating trust between the seller and prospective buyers. If private domain brokerages would share sales information for the individual domain brokers working on behalf of sellers, it would be helpful to learn who the best brokers are and individual areas of expertise.
This is some of the information I think would be helpful in choosing a broker:
- Total sales revenue
- Average price per sale
- Sales in the last 12 months
- Vertical / Industry specializations
- Total domain names being brokered at a given time
When I am choosing a domain brokerage, I am choosing it based on its reputation. However, the individual domain broker’s reputation is even more important since it is the individual broker representing the domain name and domain name owner. If I am trying to sell a 3 letter .com domain name, it would be great to be able to choose an individual domain broker who specializes in LLL .com domain names and has closed a significant amount of deals in the last 12 months. On the other hand, it might behove me to choose a different broker if I learn that the specialist has 300 domain names under contract with an average list price of $50,000 when I am looking to sell a $10,000 domain name. More listings and a higher average price could mean that my listing would go to the bottom of his or her list.
In my opinion, there is another advantage to this level of disclosure: competition. I am sure the brokerages closely track how their brokers are doing each month. This internal competition is probably helpful in driving sales. If this information was publicized, even if only a fraction of what I am seeking above, it might increase broker competition. This increased competition would likely produce more revenue for domain owners.
I love the Domain Name Sales platform. Even though I haven’t closed many sales with its brokers because I generally negotiate on my own, there are some brokers I think do better than others when it comes to negotiating. I wish I could choose an individual broker to hand off my leads to rather than having them be assigned based on who gets the next lead. Similarly, there are certain brokers I have great respect for, but I know they are very busy with high value names, and I wouldn’t bother them to try and close a lower level deal. If I could know what other brokers are competent, I could hand select a broker. Knowing that I could do this, I would probably be more inclined to hand off leads to a specific broker.
In the real estate business, real estate agents share their internal company sales awards on their website. They also have listings under contract and their specialties listed on their websites. It’s easy to see what properties they’ve sold and at what price ranges. I wouldn’t hire a real estate agent that specializes in Upper West Side brownstones to sell my 3 bedroom condo in Tribeca, and there is a parallel with domain names.
I don’t know if this request is feasible because of the proprietary information involved. I also don’t know if individual brokers would be interested in releasing this information for a variety of reasons. In my opinion, the transparency would give me more comfort, and it would help drive sales.
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