Sedo just waste my time

Hi all,

Just thought i would post my two penny's worth

I had an issue trying to resolve two domain purchases that were dragging on for some time, almost three months. Shaun resolved both issues within two days! - Thanks Shaun - He really is holding the torch for them and proves that Sedo can perform when they want to.

As i see it (from the domain buying side) a delay can start thats outside sedos control:-

For example - In one purchase, i settled on a buy price of $5000 USD on a .co.uk domain. The buyer agreed and an email sent to me outside business hours on the Friday (day1) but i didnt see it until Monday at work (day 3) i got accounts to settle and payment was issued on the Friday (day7) the payment was sent via paypal who in turn sit on the money despite it being taken from our account that same day!. Payments over £500 settled by paypal are often settled by them by echeque! Paypal sat on the money for a further 14 days! they then confirmed settlement (day 21) and Sedo confirmed they were asking seller to start the process (day24). By the time all the nominet paperwork was done and resolved it was almost two months until conclusion of the deal. The paperwork issue for .co.uk domains is an absolute Royal pain and takes ages!

In the above example i as a buyer have moved fairly quick but from the sellers point of view by (day 21) they must have been thinking "is this buyer serious, 21 days now without confirmation, no sign of the money, have they pulled out etc" - This is not Sedo's fault.

I understand from Shaun, that on the nominet paperwork issue they can now conclude online with Nominet which speeds this side of the process up a treat - great news for future deals. However, they cant do a thing about paypal and if paypal sit on funds this will delay the final deal. Please domain sellers, take this into account.

One other thing, on the issue of buyers pulling out. Sedo will close accounts where buyers pull out on deals agreed without reason. But there can be reasons why a deal cant be done after agreement and sedo do have to look at this from both sides. I have purchased a lot of domains but In one example, having agreed a price i found out that the domain in question was a trade marked name that could have led to a WIPO being issued hence rendering the domain next to worthless and had to withdraw - i know this is an extream example but my point is that there can be genuine reasons for a withdrawal and sedo do have to take that into account.

Finally, also when offering a domain for sale its a good manners to decline an offer and say why, if its not good enough. You would be amazed at how many sellers just dont even reply if they dont like the opening offer. In some cases a buyer may have no idea what kind of price the seller wants or expects. Some sellers are also in cloud cookoo land regarding what they think their domain should fetch and can in some cases be sitting on a domain name they will never sell as a result!

Rich

 

Hello DoubleTap,

Those stats will also take quite a bit of finding, I'll get back to you on that as soon as I can!

Regards,

Shaun

[email protected]

 

I am happy just to have cake on the menu rather than eating it as well! It took the buyer a couple of days to pay so thats dragging feet

I think under a week turn around is pretty good going to be honest. Shame it was a £1k deal , just need to get the 5figs ones completing then im happy

 

I totally agree on the option for buyers and sellers to offer price with a condition it will not go to auction, the buyer and seller can agree on it, with a click of a button, instead of saying it in the message.

 

Hi Guys,

Here is one stat I managed to dig out for this - of the normal auctions started by sellers through our marketplace in the month of July, 52% actually received another bid beyond the initial one by the first bidder.

I was surprised by that, I thought it would have been a lot more!

Regards,

Shaun

[email protected]

 

Is it just me that finds just one bid suspicious?

Anyway to give Sedo sold prices at least a little credibility, would it be possible to mark them with something akin to 'Sold (subject to contract)' until the domain is actually transferred? Or would this do too much damage to price hype?

 

Shaun

I've waited more than a week now (10 days) is there any news on payment please?, buyer has now had over one month to pay!

If not can you once again cancel the auction so I can remove my domain from Sedo.

If your 15% failure rate is correct then I'm extremely unlucky so far and if I were to list it again and it failed to sell again were does that leave your stats?.. as said is it not time Sedo held winning bidders to the 10 payment without fail? and it is marked as 'Sold subject to contract' until the domain is actually transferred as FC Domains said?

If I decide to list it again on Sedo I will be asking for it cancelled after 10 days if no payment is received.

Also I still don't understand the ghost bid I had that never showed up on the 2nd auction, was it the original bidder placing another higher bid that didn't show? or was there something wrong with the bidding system?.

It did not show in the search for a long time when listed the 2nd time, saying the domain was sold, (system not updated from the cancelled 1st acuction), so I was wondering if bids weren't showing or bidders were not able to bid, for instance when bidding they were told its sold or something similar hence my suspisions...

 

Offer on name > Send to auction > no other bids = 1 bid sale ?

 

Hi,

Exactly right.

Hi Zytec, I have just sent you an e-mail about this, I hope that answers your queries.

Given the enormous amount of transactions made through Sedo, a 15% cancellation rate still means a large amount of transfers not completing - too many, and we are doing our best to reduce this rate further.

The 10 day payment period is something that we use as a guideline and sellers have the right to cancel if the payment has not been made within that time, but we won't automatically cancel after 10 days, as there are many genuine delays that can occur in a payment and we prefer to be as flexible as we can - there would be a lot of good and honest domainers out there with many cancelled transactions to their name if we imposed a blanket ten day rule.

Regards,

Shaun

[email protected]

 

Thanks Shaun for the update and phone call, I appreciate your time & input. Hopefully it will be 3rd time lucky with my domain, Also I apologise for not replying sooner but I've been up to my neck in it the past week ...... i guess you get that feeling often too

 

Hi Zytec,

No problem at all, I also sincerely hope you have better luck with this domain than you have thus far.

Regards,

Shaun

[email protected]