A Question Of Integrity

There have only been a few times in my domaining career when a sales transaction gets bogged down because of a buyer’s reluctance to part with money first.

This is generally because they either don’t understand the process of how a domain gets transferred – and / or they simply don’t trust that the seller will do the right thing.

So How Do I Handle This?

I put myself in the buyer’s shoes, and try to understand what sort of comfort they need to pay up front. So these are some of the things I do:

• They get an email template from me explaining in simple terms how the transfer process works. I outline the steps.

• In good faith, I always start the transfer process to them. This in my opinion almost always “seals the deal”. They get an email from the Registrar inviting them to sign up for a free account, and requesting that they enter their eligibility details.

• I always pay the transfer fees – this way I keep control of the transaction.

• I’ve also spent a few good years building up my LinkedIn profile, and I always ask for recommendations from satisfied clients. I always suggest potential buyers have a look at some of the references from people that I have successfully dealt with.

• Every step of the way I communicate with my buyer. They are never left wondering where the process is at.

Trust Can Be A Two Way Street

I had a couple of instances in the past few years where high profile business people have still been a bit “iffy” about parting with money first. One wanted to do escrow; another suggested doing 50% upfront; and 50% on completion of transfer.

So I took a calculated punt – and decided to trust them based on their reputation. I said to them straight up:

“For this first deal, I’m going to trust you. I’ll transfer you the domain – and you pay me when it’s in your name”. 

I knew if I did so, the next transactions would be easy. That impressed them – and the deal was done.

Those two businessman have both since given me recommendations on LinkedIn; and have bought other domains from me. 🙂

When All Else Fails

Use an escrow service!

I had never used an escrow service in all my years of domaining – until yesterday.

Because of some misunderstandings, the only way the deal was going to be done was through an escrow service. I could have (and normally would have) refused to do the deal, but I figured that because of the misunderstandings and the nature of the buyer, I would agree.

All’s well that ends well.