Maximizing Your Domain Sales Learning About Pros and Cons of Buy It Now (BIN) Price, Make an Offer, and Price Upon Request, and Why Offering Installments with BIN is the Best Way to Sell Your Domain Names.
The demand for premium domain names increases, when many entrepreneurs and businesses are willing to invest in the perfect domain name to enhance their online presence. The domain name market has become a lucrative industry for domain name owners. But as a domain name owner, how do you determine the best way to sell your domain name? In this article, we will explore the various selling options and explain why Buy It Now (BIN) price + installements is the best way to sell your domain name.
Before we delve into the various selling options, let’s define them.
Buy It Now (BIN) Price:
A Buy It Now (BIN) price is a fixed price set by the seller that a buyer can pay immediately to acquire the domain name. Once the buyer pays the set price, the seller transfers the domain name to the buyer.
Make an Offer:
Making an offer means that the buyer suggests a price they are willing to pay for the domain name. The seller can accept, reject, or counteroffer. This option requires negotiation between the buyer and seller.
Price Upon Request:
Price Upon Request means that the seller does not set a price for the domain name. Instead, potential buyers have to inquire about the price, and the seller will respond with a quote.
Now that we have defined the selling options, let’s explore the pros and cons of each.
Buy It Now (BIN) Price:
The main advantage of a Buy It Now (BIN) price is that it offers simplicity and convenience for both the buyer and seller. The seller sets the price, and the buyer can purchase it immediately without the need for negotiation. This option is ideal for domain names with a clear market value or those that the owner wants to sell quickly. BIN pricing can also be useful for those who want to sell their domain names on marketplaces such as Sedo or GoDaddy.
However, the downside of BIN pricing is that the seller may set the price too high, which could deter potential buyers. Additionally, the seller may miss out on the opportunity to make a higher profit if they sell the domain name too cheaply.
Make an Offer:
The main advantage of making an offer is that it allows for negotiation between the buyer and seller, potentially leading to a higher price for the seller. This option is ideal for domain names without a clear market value, or if the seller is not in a hurry to sell.
However, the downside of making an offer is that it can be time-consuming and requires skill in negotiation. Additionally, the seller may receive lowball offers, which can be frustrating.
Price Upon Request:
The main advantage of Price Upon Request is that it allows the seller to gauge interest in their domain name before setting a price. This option is ideal for domain names that are unique or highly valuable, as potential buyers may not know their market value.
However, the downside of Price Upon Request is that it can be frustrating for potential buyers to inquire about the price, especially if they are unsure about the domain’s value. Additionally, the seller may set the price too high, which could deter potential buyers.
From our testing, the best way to sell your domain name is with Buy It Now (BIN) price + installements.
By setting a Buy It Now (BIN) price, the seller provides simplicity and convenience to potential buyers, while installements make it easier for buyers to afford higher-priced domains. By offering installements, the seller can attract more potential buyers, increasing the chances of selling the domain name.
The installement plan can be set up using Escrow.com or Dan.com, two reputable domain name marketplaces. The installement plan works by allowing buyers to pay a certain percentage of the domain price upfront and the rest in monthly installements. Once the buyer completes the installements, the seller transfers the domain name to the buyer.
The advantages of offering installements include:
- Increased Affordability: By offering installements, the seller makes it easier for potential buyers to afford the domain name, even if it’s a high-priced domain. This increases the chances of selling the domain name, especially for buyers who cannot afford to pay the full amount upfront.
- Increased Buyer Pool: By offering installements, the seller attracts a wider pool of potential buyers. This is because not everyone can afford to pay the full price upfront. By offering installements, the seller can attract buyers who are willing to pay the full price but cannot do so immediately.
- Reduced Risk for Seller: By using a reputable marketplace like Escrow.com or Dan.com, the seller reduces the risk of fraud or non-payment. The marketplace acts as an intermediary, holding the domain name until the buyer completes the installements. This ensures that the seller receives payment for the domain name.
- Faster Sales: By offering installements, the seller can sell the domain name faster. This is because the seller attracts a wider pool of potential buyers who can afford to pay the full price but not upfront. This increases the chances of selling the domain name within a shorter time frame.
As a domain name owner, it’s essential to explore the various selling options available and choose the best one that suits your needs. While all selling options have their advantages and disadvantages, from our testing, the best way to sell your domain name is with Buy It Now (BIN) price + installements. By offering installements, the seller attracts a wider pool of potential buyers, makes it easier for buyers to afford the domain name, reduces the risk of non-payment or fraud, and sells the domain name faster. As the domain name market continues to evolve, it’s essential to stay up to date with the latest selling trends to ensure that you get the best value for your domain name.