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.

 

 

 

 

 

4 thoughts on “A Question Of Integrity

    • Ned O'Meara
      October 30, 2015 at 8:58 am
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      Escrow Angel – the buyer started the transaction,and paid the escrow fees.

      I found it to be an excellent platform.

  • October 29, 2015 at 12:38 pm
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    I find when it comes time to part with the money some peple have second thought and use the process ie escrow as an excuse as being to hard , even when i take the time to explain to them that it covers both parties throughout the whole transactions ie payment and transferr they use this as an excuse to pull out

  • October 30, 2015 at 9:53 am
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    Watch out with transferring the names first. You never know what financial situation someone is in, even if they’re seem trustworthy. It’s very easy to get burned that way.

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