When you rely on inquiries to sell your domain names, it’s important to price your domains right.
Naturally, the most popular option is to leave that field open, waiting for offers.
By doing so, you are inviting inquiries with various quotes, some of which undervalue the domain by far (“lowballing”.)
Listing domains with a “buy it now” price is one of the many challenges domain investors face, and it’s important to do it right.
As long as you’ve performed the weed and feed of your domains, cleaning out the unwanted ones, the process of pricing domains with a BIN should be an easier task.
Always assume that inquiries will arrive from end-users; save your variant-priced domains for auction venues or online forums, such as NamePros and DNForum.
With that in mind, price your “BIN” domains high enough to ensure that a nice ROI is achieved.
You want to cover your cost of registering, renewing or acquiring the domain, plus the splice of time you spend to research and promote your assets.
Brandables and keywords can be listed with a BIN price that represents their intrinsic value more or less accurately; for the latter kind, you need to keep up with the various changes in the market and the news, in case that these keywords have appreciated overnight.
You can achieve this by setting Google alerts, allowing you to monitor these potential trends on the web and the news.
Pricing domains with a BIN is not difficult, but it needs to be done right as you can only sell that domain once: when the buyer hits that “checkout” button, you won’t have a second chance to reprice your domain.
Although there are a number of domain investors that prefer “make offer” as a sales option, BIN-pricing if done right (especially for brand-centric domains) can increase cashflow and sales ratio – especially for investors that hold thousands (or tens of thousands of “average” .COM brands). HugeDomains.com is the master example. 95% of their names sell (and hold a BIN) in the $2K-$5K range.
End-users that truly perceive the value of the domain, will purchase outright at BIN (frictionless sale), seek to raise funding or endeavour to negotiate.
I’ve found that more potential buyers will make a private offer or inquire privately about lower prices when there is a BIN than if the domains are sold as make an offer. I think there is a psychological block with the term “Make Offer” that devalues the asset in the mind of the buyer since it gives the impression the seller doesn’t know what it’s worth. When a BIN is placed, it exhibits confidence in the value, which seems to peak more interest in potential buyers.
I adhere to what Eric Lyon says.
I like to convey firmness while listing my domains and lower the price to my acceptable minimum. Not the other way around.