As with every personal and professional exchange, the core element for success is communication.
Establishing a set of rules on any transaction, domain brokerage included, ensures that things will go smoothly.
The primary platform for my “for sale” domain portfolio has been Uniregistry, since late 2012. I met Frank Schilling during TRAFFIC 2012 in Ft. Lauderdale, and he showed me how his private platform was about to open to the public. I was “sold” immediately.
As I self-broker my domains, and assign select domains to Uniregistry brokers when needed, I’m often surprised when a broker messages me about an inquiry they receive.
I don’t always like this approach, because I don’t get to see who is making an inquiry or offer, and I prefer to gather as much information on the potential buyer as possible, prior to issuing a quote.
The issue is that when querying domains listed in the Uniregistry Market via Uniregistry.com, that contact form goes to the brokers, even when the portfolio is self-brokered. This is not a glitch, but by design – and I fully understand that.
Unless you set a BIN only price for your Uniregistry Market domains, something I scarcely do, that communication goes to the brokers.
When they reach out to me, I have to explain that my portfolio is self-brokered and I don’t give out blind quotes for domains.
Naturally, Uniregistry brokers are well-trained and well-mannered. They understand my reasons, and I understand that they have a job to perform, and they offer a service that comes at a 15% cost.
Quite often, it’s well worth it to let them handle all the details, but I need to know some facts first.
I appreciate their responses when I explain the circumstances of my refusal to issue a quote without knowing more details.
Not every marketplace does that, and after more than 5 years with the Uniregistry Market, I’m looking forward to completing more sales, utilizing their brokers, or directly.
So how do the brokers respond, do they shut down, or do they share the buyers, given you are a senior client of theres, doubtful to think think you would go behind their back on the deal?
Ralph – Great question.
I make it clear that the portfolio is self-brokered, and my reasoning behind my response. They often release the info.
Brokerage is a relationship based on trust, and if I evaluate the inquiry and/or offer to have a prospect, my next move would be to honor the lead and hand it over to the brokers.
Most of the time, however, these leads don’t take off.
I have had issues in brokers not responding within a reasonable amount of time lately, one did not respond in 9 days and the buyer who they re-engaged simply submitted a new inquiry, and was willing to pay the last quoted price, and we closed right away. Many of the great brokers I worked with in the past have moved on which is sad to see, but we will keep trying to close dormant inquiries. I have caught a few brokers trying to sell other domains when the budget is not working, in the past I would have brought those buyers back into my inventory, but that feature is now disabled.
Ralph – I understand your experience might differ. I’m simply bringing up the process of communication and its benefits.
If I have to pick up the phone and talk to the broker who holds a private inquiry, I see that as an opportunity to further establish trust and to discuss the particulars. Quite often, that’s not easy to achieve via emails.
Naturally, there are tons of domains being brokered, plus Frank’s own portfolio. I agree that more brokers might be needed. It’s great knowing they are spread around the world in dedicated markets as well.