In case you missed it over the Thanksgiving holiday, Squadhelp CEO Darpan Munjal posted a long thread on X to share some domain investing tips. These tips are not specific to the Squadhelp platform, and they can be implemented by domain investors on other platforms or across their owns dales listings.
One suggestion I wouldn’t say I disagree with but don’t ascribe to is the one regarding Make Offer option with a BIN price. I agree on lower priced names but have it on many higher priced names. I tend to price my better inventory quite high, and I would rather give the option to make an offer in case my BIN price was set far too high. Sellers can always say “no,” stick to their BIN price and warn of a price increase if they wish. That’s just my opinion though.
I did not embed the entire thread here, so you’ll need to link over to X/Twitter to see all of his tips.
Notably, Darpan suggested testing everything, and that is something I have always done and suggested.
Over the past few years, we have done quite a bit of testing and experimentation.
Here are 15 Domain Investing tips that we have seen work well. While some learnings are specific to our platform, many have broad implications.
A thread 🧵👇
— Darpan (@darpanmunjal) November 23, 2023
I think that is the single most important point he makes and he makes it 2x.
When you have “Make an offer” next to a BIN price, you defeat the purpose. It SCREAMS that the BIN price is a FAKE!! You are only kidding! It’s not a real price. Only a FOOL would hit the BIN button.
Luckily though Rick, a great number of fools do exist in the world. Outright BINs do happen, and it’s up to you to create a sense of urgency, sometimes in the initial dialogue. That’s part of the dance. Never drop down your pants before an offer has been tabled. Negotiate? Sure, but it’s their job to make you compelled to engage. If they fail there, you can quickly dismiss them. They don’t want it bad enough.
As you’ve said before, BINs almost never happen at the 7 figure level. So you have to pivot according to the domain and your perceived value of it. If it could potentially fetch more than a typical valuation (useless) would suggest, it probably shouldn’t have a BIN at all. If it’s not particularly unique, get rid of it. With a BIN you can skip negotiation altogether and forget about your names.
I totally agree.
With “BIN/MAKE OFFER”, who in their right mind would EVER select “BIN”?
Also, “BIN/MAKE OFFER” makes the seller seem as though they are not sure of the value of the domain name. Just list the domain name with “MAKE OFFER” and go from there.
Most important tip is change their squathelp to something better name
Well done again BullS.
What’s a “squad help?”
A squad (of people? animals? a group of squid (google it) a sports team? paramilitary group?) which helps you with . . . who knows?
A pitch for contributions to the squad?
A terrible name for a company. Simply terrible.
p.s. What Rick said.