Working With Domain Brokers

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Elliot’s blog posting yesterday about conflicts of interest with domain brokers reminded me of what happened when I sold my Bored.com network of sites in 2008 for $4.5 million.

I was not really looking to sell Bored.com, but a broker approached me and asked if he could shop it around (like to Google, Yahoo, etc.). I had never heard of this broker (I don’t think he is still around) but since I was not actively looking to sell the site I figured it couldn’t hurt. After around 6 months he did not generate any offers so I sent out some emails on my own, since I had not given him an exclusive listing.

A few months later one of my potential buyers made me an offer. At the same exact time the broker also found a buyer. Both started in the

Domain Industry Connections Are Valuable

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Yesterday, I wrote an article advising people that they should ensure there aren’t any conflicts of interest when choosing to work with a domain broker or consultant. Adam made a very good point in a comment, and I want to discuss it further. In the comment, Adam wrote, “someone seeking advice should likely look for an expert and that expert should be well connected.

One of the greatest value adds of a domain broker or a consultant is his knowledge of the domain space. There are many general business consultants and even IP lawyers without (much) domain industry experience who may offer advice related to domain names. Although there is probably some  value from these outsiders, it is beneficial to work with someone who has experience navigating the world of domain investors.

Most connected domain consultants and domain brokers will be able to give advice on how to negotiate with certain buyers and what types of offers can be intriguing. They know that a portfolio

Beware of Conflicts of Interest With Consultants & Brokers

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I am neither a domain consultant nor a domain broker, but I receive quite a few requests from people to help them with their domain investment decisions and businesses. One such request came last week, and when the domain name intrigued me, I saw that I knew the owner of the domain name.

Despite the fact that I would not help the person who inquired, it got me thinking about a potential conflict of interest. If I were to have agreed to consult on behalf of the person who inquired, it could have caused a potential conflict of interest because of my association with the domain owner. This is something people who use domain consultants and domain brokers need to consider before signing a letter of engagement.

The domain name industry is somewhat of a

Communicate With Your Domain Broker

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I’ve worked with a variety of domain brokers on outbound and inbound domain sales, and I have experienced different levels of communication with these domain brokers and brokerages. I think the domain owner should let the domain broker know how much communication is desired since different brokers tend to have different communication preferences.

When I have engaged a domain broker for an inbound purchase inquiry, especially for a domain name that receives quite a bit of regular interest, I appreciate it when my domain broker follows up with me regularly. I like to know what the buyer is thinking and where the buyer is at in terms of interest or taking action. Even if there is no chance of a deal (ie buyer willing to pay $10k but my price is $100k), I want to be updated with the status. Perhaps I can offer more flexibility in pricing or terms, and knowing what the buyer is thinking is helpful. It’s also helpful to know a status when holding negotiations with more than one party.

When I have engaged a domain broker for outbound sales, I

Tip for Getting Domain Blog Coverage

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If you are a company that is active in the domain name space, or if your company caters to domain investors and domain name owners, I want to share a tip to help you get coverage for your product, service, or company. This tip is applicable for my blog, and it may also work for other domain industry news outlets as well.

I spend quite a bit of time on Twitter and Facebook reading domain industry news and updates. I also have active Google News alerts for many domain investing related terms and companies. This means that I read many news articles and press releases that might impact my business or be of interest to me, and that is what I use as a gauge for writing articles.

Despite the amount of information and news I read, there are many things that I miss. For instance, yesterday afternoon I was out of the office when George Kirikos tweeted about the Power.com sale, and that would have been a topic I would likely have written about. There are many interesting news stories that I miss, but it’s generally not for lack of interest on my part.

If your company has

Find a Buyer By Checking Toll Free Numbers

Recently, I was contacted by a prospective buyer who wants to purchase one of my domain names. During the course of our discussion, I learned that he owns a toll-free 800 phone number with my keyword, and he would like to own my keyword .com domain name to go along with his phone number. This gave me an idea.

If you own a short keyword domain name, perhaps you can find a buyer by seeing who owns the corresponding toll free phone numbers. You can search 800, 877, 888…etc phone numbers online or simply by calling those companies directly and getting contact information for the respective companies. You may even find some local companies who bought keyword phone numbers in their area code.

Some of the phone numbers