Dead deals on the rise

[Edwin]

I was reviewing some recent sales, and I've had 5 sales fall through since the start of 2010 - that's more than the whole of last year.

To be clear, in 4 out of 5 cases, that's sales where the price has been agreed, the buyer has sent their contact details for the invoice, and they have been sent a signed invoice/sales agreement. They either later backed out or went "dark" (I assume that anyone who doesn't respond to multiple follow-up emails over the course of a month is not going to pay up) The final case was a deal set up through Escrow.com where the buyer got as far as confirming the terms, but never deposited the cash.

Fortunately I have had plenty of sales complete, but I wondered if anyone else was seeing this trend?

 

[Paullas]

i have 1 this month and 2 last month, same here got as far as sending invoice but they got wet feet.

Also getting people quote domains from here saying they are cheap here so this is must be the going rate. So Acorn is no longer a reseller forum as end users do come here also.

 

[Systreg]

Also getting people quote domains from here saying they are cheap here so this is must be the going rate. So Acorn is no longer a reseller forum as end users do come here also.

It's really only a reseller forum by name, if it was a reseller only forum, then the forum needs to be closed to the general public/end users, as it stands, anyone and eveyone can join in and bid on domains, including end users getting domains on the cheap.

If this was to be a complete reseller forum, then it needs to be resellers only, which means closed doors and membership made up solely of resellers, and any new members needing to be let in by invite only, as it's not, then it's not a reseller forum.

 

[doodlebug]

It's really only a reseller forum by name, if it was a reseller only forum, then the forum needs to be closed to the general public/end users, as it stands, anyone and eveyone can join in and bid on domains, including end users getting domains on the cheap.

If this was to be a complete reseller forum, then it needs to be resellers only, which means closed doors and membership made up solely of resellers, and any new members needing to be let in by invite only, as it's not, then it's not a reseller forum.

Good points > most stuff on here is indexed and for what doesn't get indexed well anyone can join easy and see for themselves, maybe it should be private with invite only.

How many newbies stick around anyway ???

 

[rob]

There is no reason for acorn to be spiderable really if reseller is the focus

 

[expertc]

Reseller only… If this forum will become a closed community of resellers then who the heck needs all Affiliate, Parking, etc., etc. sections? And resellers would be buying and selling to each other… OK, keep only two sections: wanted and for sale. Does look boring to me. And many resellers are “part-timers” as they also develop sites, make affiliate stores, even have day-time jobs.

But in this setup it is possible to create an invitation-only area. Move some activities there and block spiders. It might work I guess.

Just my 2p…

 

[HariSeldon]

Fortunately I have had plenty of sales complete, but I wondered if anyone else was seeing this trend?

Me too. Price agreed then no payment forthcoming and no further responses, a particularly high number in March.

Fortunately my systems are very automated so it's literally a click or two to accept/decline offers, it'd be much more frustrating if I was still manually writing emails and updating web sites etc.

In my case we're only talking £95 to £300 amounts too so rather odd that confirming a price within a couple of hours of the enquiry and then they still don't complete.

 

[Pred]

There is no reason for acorn to be spiderable really if reseller is the focus

I like the idea of a secret club

 

[Edwin]

Do you guarantee the availability of a name for X days after a sale is agreed and docs sent out? I usually say "7 days" but I'm wondering if I should rethink that...

 

[afx]

Edwin,

Are you still transferring the names before money is received ? ;-)

Buyers pulling out and ouright timewasters must surely be a sign of the times. I sold a car recently out of the autotrader, for sure I was expecting some tyre kickers / abject time wasters, but I was amazed at the sheer volume despite the car being one owner from new, stone mint and several grand under book price.

Agreed a xxxx sale for a name the other day, buyer pulled out as he didn't realise that he wouldn't really own the name outright as he'd have to pay renewal fees every two years ;-).

 

[HariSeldon]

Do you guarantee the availability of a name for X days after a sale is agreed and docs sent out? I usually say "7 days" but I'm wondering if I should rethink that...

Yes, the domain is marked as "Under Offer" for 7 days so no-one else can bid for it. As much for my benefit as the buyers, just hassle if someone else shows an interest after you've already agreed a price with someone.

Example here.

I've thought about lowering the time period but with weekends taking up two days and many payments still taking three days decided that 7 days is about right without over-pressuring the buyer.

 

[philiporchard]

I like the idea of a secret club

we'd have to agree the special handshake

In all seriousness, domainers tend to fit into many categories from those who catch and flip instantly - low risk, generally lower margins, to those who pay end-user prices and build substantial businesses. Acorn's great, in that it caters for all.

 

[JMOT]

Edwin, having bought domains off you previously I found it a good process.

Agree terms.
Receive and return acceptance form
Pay Invoice
Receive domains

However if you are being dicked about perhaps offer some more immediate payment options like Google checkout or 2checkout.com for instant debit/creditcard transactions.

Sounds like you are getting impulse purchasers....take advantage of their impulse

 

[Edwin]

Thanks. I'll think about that. I do offer Paypal, which is pretty much instant if the buyer has funds ready.

 

[grantw]

I've seen an increase in timewasters too this year and in general getting people to actually pay for something they've agreed to buy involves a string of reminder emails.

Grant

 

[woopwoop]

I was going to start a new thread but it is all related. My story is below but the question I have is would you try to enforce a sale that falls through? (legal/small claims)


My situation is a business sale that seems to have fallen through. The business isn't bricks and mortar, but is website, client list, staff database, invoices/quotes etc.

We discussed the terms and payment schedule (payment over 4 months, deposit up front). And after chasing him up, the other day he said to expect the deposit (£1500) to be paid at the end of the day. Now it looks like he's backing out completely. Nothing signed. Just an email chain with him confirming details.

Can small claims be used in this case? The business sale was for <5k

 

[Edwin]

Personally, I don't bother - too much potential aggrevation. But then, I can count on a steady stream of enquiries and sales, so I have the "luxury" of watching the occasional fish swim away...

 

[grantw]

Can small claims be used in this case? The business sale was for <5k

I'd be interested in an answer to this too, I always assumed that because no goods have changed hands that it wouldn't be straightforward to make a claim. Never really looked into it though?

Cheers, Grant

 

[Admin]

I like the idea of a secret club

There is one already! ;-)

 

[Lucky Luke]

This reply is given without any commitment on my part! It is just my view and not advice. Check out the process elsewhere as this is just my view as I am not qualified to give advice.

So, with that in mind....

I think the email chain proves that a contract had been made - but did the buyer give a proper name and UK address? If so, then you could pursue this in the courts.

The transfer of money and domain are the events post the agreement of the contract. I believe that the contract is enforceable and, personally, I would pursue it. I have used the small claims court quite a number of times and I love seeing the other side picking up my costs and interest! The issue you may have is whether the buyer actually has the readies to pay you. Getting judgment and getting cash are two different things. That's where bailiffs are useful, but again, more cost.

For some strange reason, I love chasing debt!!

Good luck, Luke