Brandpa now allows sellers to choose how they want to handle negotiation of their domain names. In other words: what happens if someone makes an offer for less than your asking price?
With these settings you can help us negotiate on your behalf more efficiently. Or if you prefer, you can refuse to accept anything less than a fixed price.
How to access these settings
To access these settings, log in to your dashboard, and look under the Approved or Listed tabs. Click Negotiation settings next to the domain you wish to configure.
For each domain, there are two options:
1. “Reject offers below this price”
Anyone making an offer below this price is instantly told that their offer is too low to be considered, and they should submit a higher one. We’ve been testing this for some time, and giving rapid feedback helps increase the likelihood and value of a sale.
We often see buyers make offers like $500, $1,000, $1,500 in quick succession, because of this quick feedback. It also helps to eliminate time wasters (e.g. offers for $50).
If you don’t want to negotiate on price at all, set this option to the list price of the domain. E.g. if your domain has a list price of $3,000, and you set “Reject offers below this price” to $3,000, buyers will only see the option to buy the domain for its exact price.
In our experience, setting this option to 25 – 50% of your list price is a good default.
2. “Accept offers at this price or higher”
If anyone offers this much or more, we will accept their offer and request payment.
This option helps us streamline negotiation. Currently, when someone makes a sensible offer we have to contact the seller and ask them whether they want to accept the offer, or if not, what price they would be willing to accept. We then use this information to negotiate with the buyer.
We’ve found that the faster we’re able to get back to a buyer, the more likely they are to buy. In some cases, the buyer, the seller, and Brandpa are all in very different timezones, and delays in negotiation are impossible to avoid. By giving us this information up-front, we’re able to negotiate faster, and this makes sales more likely.
You don’t need to specify a price if you don’t want to. If you leave this option blank, we will email you manually, as before.
Frequently asked questions
- “What happens if I don’t set these settings?”
We will instantly reject offers that we believe are ridiculously low (e.g. $100). And we will contact you if anyone makes a sensible offer. This is what we have been doing for a while, and nothing will change if you don’t want it to.
- “What options do you recommend?”
We suggest setting your “reject” price to between 25-50% of your list price. Set the “accept” price to whatever you’d be happy to sell for.
- “What if someone offers more than the rejection price, but less than the accept price?”
We will negotiate with the buyer, and try to get them to meet the accept price (or better).
- “How will I know what offers I am receiving for my domains?”
Right now we email you manually when a serious offer is received. We don’t tell you about very low offers, or people who we can’t confirm are real. In the near future, we expect to show sellers how many offers they have received for all of their names, and what prices they’re being offered.
- “I have a lot of domains. Can I do this faster?”
Not yet. We’re thinking about adding an option to set all of your rejection and approval prices as a percentage, but that’s just an idea at this point.
- “How does this affect commission?”
When a domain is sold, the percentage of commission payable remains the same, i.e. you are always paid 75%. To give an example: if you set the accept price for a domain to $4,000, and it is sold for that price, you would be paid 75% of $4,000, which is $3,000.
If you have any questions or thoughts send us an email on firstname.lastname@example.org. We’d love to hear what you think!