- Welcome to The Journey.
Today, we're gonna talk about how to buy and sell domains
with a domain broker.
Buying and selling domains can be complicated.
It can be confusing, it can be a nerve wracking process,
especially if you're someone who doesn't like negotiating.
And even with the rise of domain marketplaces
in domain research tools, you're still going to run
into little technical hurdles and inefficiencies.
- A good domain broker can help you navigate these obstacles
and make buying or selling a domain name easier.
Wondering if domain name broker is a good fit for you?
Let's just get into it.
I mean, first off, there are two types of domain brokers.
A domain seller broker works for the domain owner
and their goal is to sell that owner's domain name or names
for the highest possible price.
A seller broker focuses on trying to find buyers
for the domain and then convincing those potential buyers
to buy the domain at or above the target price
set by the seller in consultation with the broker.
Typically, a seller broker is compensated by the seller
and not the buyer.
- Now, a buyer broker works for the buyer of a domain name.
In this context, a buyer broker's role is to,
first off, try to get a desired domain name
and second, get it within whatever the buyer's
designated budget and timeframe is.
And a buyer broker is usually compensated by the buyer
and not the owner or the seller of the domain name.
- And now, both types of domain brokers will set a budget.
So, brokers help clients establish a realistic budget
for the purchase of, or sale of a domain name.
Because domain brokers have access
to both public and private historical sales data,
they know what types of domain inventory is moving right now
and what it's selling for.
- And the domain broker will stay neutral.
It's not unusual for emotions to run high
between a buyer and a seller, particularly if the two don't,
you know, see eye to eye.
A broker helps eliminate the risk
of those emotions interfering with,
or even jeopardizing a potential deal.
- They'll also track down domain owners and buyers.
So a skill domain broker is also a really good detective.
They need to be in order to track down
either the mystery owner of a domain name
or the perfect most ideal potential buyer.
- And a domain broker will also oversee the monetary
transaction so they'll make sure that the transaction
is run through the proper channels,
that it was completed successfully.
And this could include papering the deal
via formal purchase or a sale agreement,
as well as consummating the transaction
through a domain escrow service.
- And lastly, they'll facilitate the domain transfer.
A good domain broker will be very familiar
with the different mechanisms and processes required
to move a domain from the buyer to the seller.
Not only can they oversee that process,
but they can also accelerate the speed
of that transfer happening while making sure it's being done
in the safest and most secure manner possible.
- Now, you might be wondering,
"How will I find and qualify a reputable domain broker?"
Let's go through some things that you should look for
when you're actually evaluating potential brokers,
starting with their track record, right?
How long have they been brokering domain names?
Do they have testimonials from clients there?
Oh, that's my favorite, good old word of mouth.
And a quick Google search should tell you
all you need to know.
- And then, how are their negotiation skills?
Ultimately, you're looking for somebody
who will be effective at representing
your business interests in a deal and who is good
at understanding the person they're trying to convince
to either buy or sell your domain name.
The more experience the broker has in negotiation
or sales or both, the better.
And then you're gonna wanna make sure
that they're well-connected.
A quick look at that LinkedIn profile can be helpful,
especially for seller brokers.
You want someone with a vast multi-industry set of contacts
because they'll need to work with those connections
to find the ideal buyer for your domain name.
- And I'd definitely assess their research skills.
Ask them how they track down potential buyers
or how they track down domain name owners.
And you want a broker who can think outside the box
and is adept at finding both buyers and existing owners.
- And then, are they persistent?
Ask the broker how long and hard they will work
on the project.
Are they gonna try just for a couple of days
and then give up, or are they in this for the long haul?
- And let's not skip over that personality fit.
You may be working with this person for weeks,
it may be months, so you need to make sure you
and potential buyers or sellers get along with them.
- You certainly don't have to work with a domain broker,
it's not mandatory.
You could, in theory, go the, do it yourself route
and attempt to buy or sell domain name on your own.
But if you're not great at research,
don't like rejection or uncomfortable with negotiation,
or maybe you lose your cool quickly,
then you should seriously consider hiring
a domain name broker.
- All right, that's a wrap.
You just learned how to buy and sell domains
with a domain broker.
But hey, the journey doesn't have to end here.
We have over 200 videos for you to watch.
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But thanks for watching.
This is The Journey.
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