Hey guys, so we received this question the other day regarding listing a domain up for sale. The person was debating to either put it up as a buy it now option or as a make offer. Now you can go with either one but of course one option tends to be slightly better than the other. Before we get into which option is better let us break down what we feel are the best places to list a domain name up for sale.
Now keep in mind that the following 3 marketplaces are the 3 we are familiar with, have used and had success in selling domain names in. Of course there are many other market places out there you can test out and see how they work out. We would just rather direct you to the ones we’ve had some experiences with (and some success with as well).
#1 Godaddy Auctions
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This is a great market place and very simple to understand and use. You can get started by simply paying $5 for the year and Godaddy takes a percentage of the final sale amount (depending on what type of sale you make, this can range from 10% up to 30% but you can read more about their terms here). If you have the domain name already in your Godaddy registrar account makes the process of selling easier (simply push the domain to buyer) but it is not a requirement. Just keep in mind though, a buyer who shops at the Godaddy marketplace would more than likely want their purchase to be sent to their Godaddy account. If you have a domain name in another registrar, consider moving it to your Godaddy account to make the process easier. If you are not able to transfer the domain to a Godaddy registrar because of a 42 day hold or 60 hold, think twice about listing it on Godaddy. If anything, use a make offer option only so you can control the process of a sale.
Should you use the Godaddy upgrades? The $20 upgrade isn’t going to burn your wallet to bad, so it’s probably worth it because Godaddy has a lot more END USER eyeballs than anyone else I’ll mention below.
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This is a very popular up and coming marketplace that initially was designed to sell already established websites but recently got involved in the domain side of things. It has become much more popular and has gained a lot of momentum. If you have a nice quality name then this is a great place to list your domain.
We’ve had great success listing our domain on a 7 day auction starting and ending on Sunday nights. You also have the option to list it for a 30 day auction which is great to get a lot of potential buyers. They charge an upfront fee of $10 or more if you want additional exposure as well as a percentage from the final sale amount.
The extra fees are what many people complain about with the Flippa auction platform and I can’t blame them. It sure it pricey (can range from $250-$350). But if you have a PREMIUM name, there is a good chance you will get your monies worth.
#3 NamePros Forum
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This is a great way to liquidate your domain name and potentially make some profit. When it comes to listing in the NamePros Forum there are other domainers who will pay a decent amount of money for a domain they like but at times it won’t be much. So basically if you are not able to get any type of interest from the other marketplaces, this is the way to go.
The way it works is you set an auction at the price you want to start at, we’ve had good experiences starting at $5 and you can choose your increments which usually $1 or $2 work (keeps people interested). Then you have the option to dictate when the auction ends, whether 24 hours after the last bid or 72 etc. It’s super simple and you can check out the domain auction section to see all the action here.
So now that we know 3 of the best places to put your domain up for sale let us touch base again on which listing option works best.
Buy It Now Vs. Make Offer
When it comes to the buy it now option it is great because someone sees your price and they go ahead and buy it. Bam! Done! Keep it movin…
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What we tend to forget is that if you price the domain too low you are losing out on some potential profits as you are not giving yourself a chance to negotiate. Let’s just say the buyer looked at your domain and was willing to spend $2,000 on it but you have it priced at a $1000 that means you just lost out on a potential $1000 profit!
Another example is when a buyer only has $2,000 to spend but you overprice your domain at $3,500 that means you just lost a potential buyer that you didn’t even have a chance to negotiate with. Even if someone only had $3,300 to spend but saw you only had a buy it now option and this would be another potential sale lost.
This is where the make offer option will help you peak the interest of buyers who may have initially walked away and also increase your potential profits. When you put up a make offer listing you are giving the buyer a chance to give you their price for the domain and then you can either accept that price or counter it with a price you want. The negotiations will keep going back and forth until you both agree on a price.
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It is so powerful to be able to negotiate as you can potentially get that buyer to agree to your target price or very close to it. Also it gives you a chance to find out how much this buyer is willing to spend. The only thing you need to watch out for is low ball offers and make sure you always counter because you never know how much that person is willing to spend. One mistake you should not make is to ignore low ball offers because these are potential buyers that with some conversation and persuasive skills, you can strike sweeeeeeeeet deals with.
One final thought, when it comes to negotiations some buyers will disappear and stop communication. When this happens don’t worry about it, the best way to see it is that if someone really wants a name they will write you back for it and give you their best price.
Have you guys had any experiences with either of these listing types? Would love to hear your thoughts and stories below.