Selling a .co.uk domain name via Sedo

admin · 30-07-2005, 11:23:20 AM

This is a recent example of our experience selling a .co.uk domain name via Sedo. If you are new to domains or Sedo this will give you a guide on the process and the time scales involved.

Negotiations

This is the hardest part of selling a domain – how much to ask?
Ask too much and the buyer may lose interest. Ask too little and you may not get the best price possible for your domain.

You can use www.domainprices.co.uk to get an idea of recent .co.uk domain sales prices or ask to an appraisal on the www.acorndomains.co.uk appraisal forum.

Come up with a price that allows you some room to haggle but don’t get so greedy you scare off the bidder. This can be an anxious time, waiting for the domain prospect to come back with an offer.

Transaction Fees

Do not forget to allow for Sedo transaction fees and Nominet transfer fees during the negotiation stage.

We asked for the buyer to pay Sedo’s fees (10% of sale price) and the Nominet fees on top of the sale price, which they agreed to.

Agreement Reached

We started negotiations on our domain on the 21st June and reached agreement on the sale price and fees on the 1st July.

Sedo Transfer Process

Having agreed the sale price, Sedo sent the buyer an Invoice on the 1st July.

The invoice is in your name and is placed in the buyer’s user account.

Once the buyer has made payment (into Sedo’s Escrow account), Sedo ask the buyer to make a transfer request at thier registrar or if the buyer has an account at the domain’s current registrar, they ask you to move it to his account.

NB: Make sure the administrative email address for your domain is active and that you can receive emails from it or you will have trouble with the transfer process.

Once the transfer has been completed and the WHOIS information shows the buyer's name, Sedo send you the money.

Tip: Add your bank details to your Sedo account if you want to avoid Paypal fees for receiving the money.

Nominet Transfer Forms

Sedo didn’t ask us apply to Nominet for the domain transfer forms. Their emails are worded towards .COM domain name transfers.

We knew we would need these so as soon as we agreed a price we emailed Nominet to request them and they arrived 2 days later.

This will save you time.

Sedo receive Payment

We chase Sedo on the 5th July as we had heard nothing. This prompted them to chase the buyer for payment. Sedo advised that the buyer said they were making a bank transfer of the funds that day.

We chased again on the 7th July with a response from Sedo that it would take a few more days. So much for electronic funds transfers!

Sedo confirmed receipt of the money on the 11th July

Finalising the Transfer

Sedo sent us the Buyer’s details for us contact them about sending the Nominet forms.

We already had the forms in hand so signed and sent them on the 12th July.

On the 18th July we chased Sedo for any news, they contacted the buyer to see if they had received the forms.

22nd July we noticed the Nominet WHOIS showing the buyers details.

(This is a little unsettling, your domain has been transferred but you have no funds).

Money Money Money

26th July we received an email from Sedo saying they had sent the money to our account. They also stated this can take up to 7 business days.

We received the money on the 29th July.

Start to finish, 38 days.

singlefile · 30-07-2005, 04:06:15 PM

A very useful post. Thank you.

domaingenius · 30-07-2005, 05:27:28 PM

Quote:

Originally Posted by singlefile

A very useful post. Thank you.

and one that tells me "don't bother using Sedo".
DG

Edwin · 31-07-2005, 03:15:00 AM

Quote:

Originally Posted by domaingenius

and one that tells me "don't bother using Sedo".
DG

From experience, you could be leaving quite a bit of cash on the table by ignoring them. Don't use Sedo exclusively, but even with their drawn-out sales process the money you get at the end is just as good as any other money!

admin · 31-07-2005, 09:17:33 AM

Well said Edwin.

If you align your expectations on the process and timing example we gave then at least you know when your cash is likely to be in your hands.

I think it is also unfair to tarnish Sedo due to the manual Nominet transfer process with all the forms which is a big part of the reason for the time it takes to all happen.

Sedo were always responsive to emails they just need to fine tune thier automated responses towards the UK market.

Overall I am very pleased with the sale.

texidriver · 06-09-2005, 05:38:49 AM

It would be quicker to put it in a forked stick and run over to his house.

ratboy · 14-09-2005, 02:33:37 PM

I've got one down as sold at the moment with sedo. But, the purchaser is dragging his heels and probably won't complete the nominet forms which means after 2 emails from sedo with no reply he gets his money back.

What a great (not) system that is. It leaves their client (me) pissed off with no money.

UPDATE: ITS 21/10/05 AND SEDO STILL HAVENT RESOLVED THIS!

paullas · 14-09-2005, 05:35:01 PM

Quote:

Originally Posted by ratboy

I've got one down as sold at the moment with sedo. But, the purchaser is dragging his heels and probably won't complete the nominet forms which means after 2 emails from sedo with no reply he gets his money back.

What a great (not) system that is. It leaves their client (me) pissed off with no money.

dont start me of with sedo. this is the domain sale i recently made...

2005-07-26 Agreement reached
2005-07-27 The buyer of the domain has yet to confirm his personal details and contract type. Every effort is being made to contact the buyer in order to get him to complete this information. Once this has been done, the transfer can proceed to the next stage.
2005-08-01 We have invoiced the buyer for the sale of your domain. As soon as the payment reaches our escrow account we will inform you and begin the technical transfer.
2005-08-02 We have received full payment for this domain. Please await further instructions from your transfer agent. It is often the case that we have to wait for certain details from the buyer so please be patient during this period.
2005-08-02 The buyer has started transfer request. Please confirm the next transfer request from Nominet (ALL .co.uk. domains), or contact us to verify the request to be confirmed.
2005-09-08 nominet chaanged details on the whois to the new owner.
2005-09-13 The domain transfer has been successfully completed! We will now process and send you your payment for the domain.
2005-09-13 We have processed and sent you your payment for this domain. Please note that international wire transfers can take up to 14 days to reach your account.
2005-09-14 The payment has been released and the transfer is now complete.
2005-09-14 This transfer has been successfully completed!

I would not use sedo for domain sales of .uk again im sorry to say, there support and responce is the worst ive seen in this industry.

domaingenius · 14-09-2005, 05:43:00 PM

I have never sold a domain through sedo, have always received full payment in advance of doing anything and have never had any problems apart from buyers not bothering to transfer the domain to themselves. Usually payment is received within 3-7 days and then domain is transferred immediately to them.
DG

paullas · 14-09-2005, 05:48:38 PM

i wont be in future

will rather use a broker now then i know my £100 is being spent on making sure it is transfered within reasonable time...

30-07-2005, 11:23:20 AM	#1 (permalink)
admin Administrator Join Date: Jun 2004 Posts: 7,190 No Classified Ratings Domain Trader Rating: (0% / 0)	Selling a .co.uk domain name via Sedo This is a recent example of our experience selling a .co.uk domain name via Sedo. If you are new to domains or Sedo this will give you a guide on the process and the time scales involved. Negotiations This is the hardest part of selling a domain – how much to ask? Ask too much and the buyer may lose interest. Ask too little and you may not get the best price possible for your domain. You can use www.domainprices.co.uk to get an idea of recent .co.uk domain sales prices or ask to an appraisal on the www.acorndomains.co.uk appraisal forum. Come up with a price that allows you some room to haggle but don’t get so greedy you scare off the bidder. This can be an anxious time, waiting for the domain prospect to come back with an offer. Transaction Fees Do not forget to allow for Sedo transaction fees and Nominet transfer fees during the negotiation stage. We asked for the buyer to pay Sedo’s fees (10% of sale price) and the Nominet fees on top of the sale price, which they agreed to. Agreement Reached We started negotiations on our domain on the 21st June and reached agreement on the sale price and fees on the 1st July. Sedo Transfer Process Having agreed the sale price, Sedo sent the buyer an Invoice on the 1st July. The invoice is in your name and is placed in the buyer’s user account. Once the buyer has made payment (into Sedo’s Escrow account), Sedo ask the buyer to make a transfer request at thier registrar or if the buyer has an account at the domain’s current registrar, they ask you to move it to his account. NB: Make sure the administrative email address for your domain is active and that you can receive emails from it or you will have trouble with the transfer process. Once the transfer has been completed and the WHOIS information shows the buyer's name, Sedo send you the money. Tip: Add your bank details to your Sedo account if you want to avoid Paypal fees for receiving the money. Nominet Transfer Forms Sedo didn’t ask us apply to Nominet for the domain transfer forms. Their emails are worded towards .COM domain name transfers. We knew we would need these so as soon as we agreed a price we emailed Nominet to request them and they arrived 2 days later. This will save you time. Sedo receive Payment We chase Sedo on the 5th July as we had heard nothing. This prompted them to chase the buyer for payment. Sedo advised that the buyer said they were making a bank transfer of the funds that day. We chased again on the 7th July with a response from Sedo that it would take a few more days. So much for electronic funds transfers! Sedo confirmed receipt of the money on the 11th July Finalising the Transfer Sedo sent us the Buyer’s details for us contact them about sending the Nominet forms. We already had the forms in hand so signed and sent them on the 12th July. On the 18th July we chased Sedo for any news, they contacted the buyer to see if they had received the forms. 22nd July we noticed the Nominet WHOIS showing the buyers details. (This is a little unsettling, your domain has been transferred but you have no funds). Money Money Money 26th July we received an email from Sedo saying they had sent the money to our account. They also stated this can take up to 7 business days. We received the money on the 29th July. Start to finish, 38 days. __________________ 9p Domains \| Domain Appraisal \| Droplists \| Domain Brokerage \| Find Valuable Domains \| Link to us \| Domain Software New to UK Domain Names? - Go Here \| Diet \| Domain Transfers \| Domain Auctions Make more money from your Domain Names with SedoPro - PM for a free activation code!

31-07-2005, 09:17:33 AM	#5 (permalink)
admin Administrator Join Date: Jun 2004 Posts: 7,190 No Classified Ratings Domain Trader Rating: (0% / 0)	Well said Edwin. If you align your expectations on the process and timing example we gave then at least you know when your cash is likely to be in your hands. I think it is also unfair to tarnish Sedo due to the manual Nominet transfer process with all the forms which is a big part of the reason for the time it takes to all happen. Sedo were always responsive to emails they just need to fine tune thier automated responses towards the UK market. Overall I am very pleased with the sale. __________________ 9p Domains \| Domain Appraisal \| Droplists \| Domain Brokerage \| Find Valuable Domains \| Link to us \| Domain Software New to UK Domain Names? - Go Here \| Diet \| Domain Transfers \| Domain Auctions Make more money from your Domain Names with SedoPro - PM for a free activation code!

06-09-2005, 05:38:49 AM	#6 (permalink)
texidriver Join Date: Feb 2005 Location: Beckofbeyond Posts: 504 No Classified Ratings Domain Trader Rating: (100% / 1)	Sedo It would be quicker to put it in a forked stick and run over to his house.

14-09-2005, 02:33:37 PM	#7 (permalink)
ratboy Join Date: Sep 2005 Posts: 1,815 No Classified Ratings Domain Trader Rating: (100% / 42)	I've got one down as sold at the moment with sedo. But, the purchaser is dragging his heels and probably won't complete the nominet forms which means after 2 emails from sedo with no reply he gets his money back. What a great (not) system that is. It leaves their client (me) pissed off with no money. UPDATE: ITS 21/10/05 AND SEDO STILL HAVENT RESOLVED THIS! Last edited by ratboy; 21-10-2005 at 05:02:36 PM.

14-09-2005, 05:48:38 PM	#10 (permalink)
paullas Join Date: Jul 2004 Location: UK Posts: 3,075 Classified Rating: 100% (1) Domain Trader Rating: (100% / 30)	. i wont be in future will rather use a broker now then i know my £100 is being spent on making sure it is transfered within reasonable time... __________________ Thanks Paul. Latest domains for sale on my twitter account at http://www.twitter.com/dnukcouk

30-07-2005, 04:06:15 PM	#2 (permalink)
singlefile Join Date: Oct 2004 Posts: 263 No Classified Ratings Domain Trader Rating: (100% / 2)	A very useful post. Thank you.

14-09-2005, 05:43:00 PM	#9 (permalink)
domaingenius Join Date: Dec 2004 Posts: 1,423 No Classified Ratings Domain Trader Rating: (100% / 1)	I have never sold a domain through sedo, have always received full payment in advance of doing anything and have never had any problems apart from buyers not bothering to transfer the domain to themselves. Usually payment is received within 3-7 days and then domain is transferred immediately to them. DG

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