I have a handful of domain names with buy it now (BIN) prices above $100,000 on GoDaddy. My rationale was that if a company really wanted to buy a domain name stealthily, it could do so without any friction. After taking a look at how these high priced domain names appear in the registration stream and realizing I haven’t sold any names above $100,000 via GoDaddy in the year or so I have had a few listed, I am going to remove the BIN prices on them.
The Fast Transfer system at GoDaddy / Afternic is great. I started adding more BIN prices on domain names about a year ago (give or take) and I have closed some decent deals this year. In my opinion, having premium domain name listings right in the normal registration path is super helpful in getting domain names sold. Importantly, the Fast Transfer system only works for domain names priced at $100,000 or less. This is the vast majority of sales, but it is notable for those looking to sell domain names above that threshold.
Here’s an example using one of my domain names. If a GoDaddy customer (or a customer of another registrar that is part of the Fast Transfer system) searches for a domain name that is already registered and is listed for sale via GoDaddy / Afternic, here’s how it will appear right in the registration flow:
I think there are five things to notice with respect to how this domain name is displayed for sale:
- It is highlighted as a premium domain name right at the top of the page.
- At the top of the page, GoDaddy does not hinder this sale messaging with less expensive domain names to hand register.
- GoDaddy has a nice sale pitch explaining why it is valuable and priced at a premium level. The sales pitch slightly changes if the domain name is priced under its appraised value.
- There is a link to a video explaining what a premium domain name is.
- The “Buy It Now” button allows a customer to add the domain name to their cart and purchase it right away.
The buy it now button is critical. The call to action allows a customer to add the domain name to their cart and start the purchase right away. I think this is great, and that is why the majority of my domain names are listed with BIN prices.
One thing I discovered over the weekend is that domain names that are priced above $100,000 are shown a bit differently. These domain names do not qualify for the Fast Transfer system, and there is an extra step for a prospective buyer that could encourage them to not use the buy it now button. Take a look at one of my listings:
The premium listing information looks nearly identical to the other listings that qualify for the fast transfer. The one minor aesthetic difference that is actually a major change is the button. Instead of “Buy It Now,” the button says “Get It.” This would not be a major deal, if not for where the prospective buyer is taken after clicking the link.
Instead of being added to the prospect’s shopping cart when the link is clicked, the buyer is taken to this page on GoDaddy Auctions:
There is a Buy Now button on the landing page, but there is also a Make Offer button. This may decentivize a buyer from clicking the Buy Now button and proceeding with the purchase. In addition, the “Auction Ends” and Time Left icons could also be a bit confusing to prospective buyers.
In the year or so I have had more names listed on Afternic, I have not closed a six figure deal. I am sure the instances of sales being deterred are pretty slim due to the infrequency of sales at this price level. That being said, I am going to remove BIN prices above $100,000 on Afternic. I think the Fast Transfer system for names priced $100,000 and below is great, but I don’t like how names priced higher than that are displayed.