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 don’t need to be updated as regularly. I assume the broker is working on lead generation and outreach, and I presume that no communication means that there isn’t a serious interest yet. It isn’t necessary for the domain broker to email me daily to tell me that they have not found a buyer. Perhaps a weekly or bi-weekly status is helpful, but that also depends on the domain name.
I understand that “hot” leads want to buy my domain name and it’s more a matter of working out a deal, while the outbound lead generation takes more time and may not even produce any results. This means that more communication may be helpful in the first situation, but it might simply be annoying in the second situation. The last thing I want to do is make a domain broker not want to work with me in the future because I have burdensome requirements.
Different domain brokers and brokerages have different communication preferences and requirements. Brokers tend to work on many negotiations and outbound sales at the same time, and it can be a nuisance to communicate with all of these domain name owners, especially if there isn’t anything to update. Prior to engagement, it is important that the domain owner specify how and when he or she would like to communicate with the broker to avoid frustration down the road. Some people don’t want to be bothered by a broker following up to say that they have no qualified leads yet or a prospect can’t afford a domain name, and other domain owners want to stay apprised of the situation regardless of how the discussions are going.
What has your experience been like with domain broker communications?
Eliot, whats your view on leasing? I saw an article you wrote on leasing where you mentioned 5 negative elements associated with it. Are there benefits? do you find website owners sometimes willing to lease over outright buying ? or do you find its better to hold names until right buyer comes in, bypassing leasing?
Thanks!
Here are 5 things I like about domain name leasing https://www.domaininvesting.com/5-reasons-why-domain-leasing-is-great/
please name some brokers who are into outbound sales.
Most are happy to do it if the domain name is valuable and priced fairly.
The trouble is that most people think their domain names are valuable, when in reality, most are not.
On the buy side:
I tried to buy a name a few weeks ago mid x,xxx. I actually ran it through to different brokers at the same time because the first one never got back with me with a counter offer. So I run it through another broker or platform and got an offer on the same domain.
Then the other one comes back with a counter later. Strange if it where two different buyers they would be in trouble.
I think overall broker communication is horrible. I also bought a name about a month ago x,xxx not even a thanks or follow up to see if I want to buy additional names. They must get paid by the hour. The question domainers need to ask is how are your domains being treated while being parked.
Let me guess: Media Options.
Keep in mind that client may contact his broker not just for update, but with possible (he believes) leads and other information regarding potential buyer, in good faith to help his broker, even the broker may not like such approach. I think broker is the one who should says his client what kind of communication he likes or not and what or how often client should expect listen from him. If broker does not show his standards, then he cannot blame his client for communication mismatch.