Domain selling ethics

[beantown]

Hi,
I was curious as to everyone's opinion about this issue. I have a domain name that someone offered me $200 for even though I feel it is worth a lot more possibly to the right person possibly $500 or more. The guy I am supposed to sell it to has been taking his sweet time with setting up an account that I can transfer it to. He hasn't paid me either although we agreed he will pay me after since he is a legitimate person that I trust. He was supposed to have set it up as of last Wednesday. In retrospect, I'd rather hold onto the domain so should i be required to still sell the name to this person even though they haven't really pulled their end of the bargain as far as promptness?

Beantown

 

[Chaiki]

Dont ever sell a name for less than 1000 (10,000 once you're a pro) your timeis worth more than the $500 difference between the sale price and the bullS**t you have to go through to get the full amount.

If it's not, the name isn't worth mentioning in this thread and I'm wasting my time replying (MHO)

 

[Steen]

There are no ethics in the domain business :-D

 

[JMJ]

While your not selling for less than a $1000 you can use all your time and the profit from that one domain you sell a year to pay the renewal fee's on all those you didn't sell. But what do i know I'm not a pro.. And I guess I never will be if I have to sell all my domains for 10k each to become one.

As far as the real topic is concerned I wouldn't wait on someone to "get around" to doing it. If the same offer of better comes along then take it. I will typically put in my sales threads payments must be made within a certain time fame for this very reason. People will also post sold and never to be seen again or whatever. Just move on and sell to someone else.

 

[GT Web]

I've sold plenty of names below $1000 - I guess I'm not a pro then...

Seriously though, if the buyer has been active on the forums and it has been more than 3 days, I say put it back on the market and sell it to someone who will pay you in a prompt matter.

If someone doesn't have the funds available then he should not agree to buy a name...

 

[dotNetKing]

I normally give a period for payment, on average 7 days.

This way, I probably get the money quicker on some occasions than without the limit.

Also, if the person doesn't pay up during the time period given, I have no worries if someone else comes to me with an offer.

It also gives me the option to increase my price at a later date without feeling any moral obligation to sell at a price agreed to many months ago.

p.s. I haven't really answered your question.

If a reasonable amount of time has been given, you could perhaps write back and say that because he hasn't paid you promptly as per your agreement, the domain is no longer for sale at US$200. Or just that the domain is no longer for sale.

 

[unholy1]

I've sold plenty of names below $1000 - I guess I'm not a pro then...

LOL...I guess not (joke)...

Personally I don't think that having sold domains at less than $1000, makes you less of a pro than anyone who has sold above. Different markets and buyers calls for different prices.
Then again its a matter of opinion I suppose.

Back to the thread subject, setting a certain period of time with the buyer would be appropriate and if haven't completed the transaction in this time frame, you should follow up with the buyer.
If he still doesn't respond and all communication attempts fail, you can break of the transaction. In most other businesses, non-response is considered a response of non interest.

Just my humble opinion.

 

[pelican]

if he dont pay on time, just write back and said domain offer withdraw.

 

[Anthony Ng]

There are no ethics in the domain business :-D

There is little ethics in *any* business. I once met a seller (apartments, not domain names) who backed out of an oral agreement just hours before I was about to make an initial deposit at the attorney. You could guess the market prices were on the rise. I later have to pay about 10% more for one whose view was less attractive and on a lower floor.

 

[scorpio]

ethics always come last..
even in my MBA classes We had Business Ethics as a subject in last sem

 

[typeins]

lol since when does selling a domain for below $1000 make you an amateur?.. some domains arent worth $1000.. what an elitist attitude to have. Sure i dont sell my names for any less than 2 grand normally just because i dont have to, but there are exceptions.. In fact i hardly ever sell domains at all i'd rather keep them all and keep my portfolio growing at a steady rate so really i dont sell any names at the moment

However i do occasionally sell a domain for $750 or something like that if i think thats what its WORTH. I'm fair when it comes to domain prices unlike the majority of the market which is way over inflated a lot of the time, some of the emails i get back from people regarding buying their domains make me laugh my ass off.. the prices some people will ask for run of the mill domains astounds me but thats up to them i guess.. but its like somebody telling you a 10 square home in the worst part of town's price is 20 million dollars I own a fair portfolio of domain names but i am realistic when it does come to selling names.. sure you want to get the most you can, but i also dont like ripping people off if i valued all my names at the over inflated general industry prices then i reckon my portfolio would be worth in the tens of millions lol Dont get me wrong i wish it was.. but i dont think its realistic.

Sell the domain for whats its worth, which is what you and the buyer agree apon dont worry about any over inflated appraisals you may have gotten. I dunno i guess thats just the way i work i base any prices which i negotiate based on past sales i have made and on the domains real value to me.. how much does it make for me, how much did i pay for it.. blah blah..

I guess i'm just going on.. but i dont like judging people based on what they do with their own assets.. its their choice, calling somebody an amateur because they didnt do this.. or didnt do that doesnt do anybody any good IMO.

On the ethics issue, the only thing i can suggest is do what you said you were going to.. good idea as mentioned above is to put a disclaimer in like "this is valid for 7 days.." then you can pull the pin without any ifs or buts from the other side. Accepting to sell the name is in fact a legally binding contract if by email you said you would sell it to them for X dollars.. So better safe than sorry