Flippa has certainly upped its game in the category of domain only auctions this year. The platform has certainly had its fair share of domain sales in the past. In our interview last August with Ophelie Lechat, she detailed the five biggest sales ever on the Flippa platform.
Kevin Fink has come aboard in 2014 and has really shaken things up for the better, listing fees for domain only auctions have come down, Kevin provides updates on the Flippa blog.
Today he was kind enough to give us a little insight into selling domains on Flippa.
1) Tell us your role at Flippa ?
Kevin Fink: I am Flippa’s Domains Manager — I oversee all angles of domains bought and sold on Flippa. Whether it be new member acquisition, account management of existing members, Premium marketplace and brokerage partnerships, advertising, blog and newsletter content, and some other hats!
I work very closely with our Melbourne-based Product team and our global Customer Success team, who I hold personally responsible for the momentum and success we’re starting to see as one of the fastest-growing domain name marketplaces.
2) Since you have come on board it seems that Flippa has made a great effort to promote domain only auctions, how has that been going ?
Kevin Fink: We’ve been scaling quite well. I came on board in January, and the domains space has more than doubled since. We’re seeing the usual summer doldrum effect that everyone else goes through, but overall, we’re in a really good place. July was the best ever, and most active month for Premium domain sales, and our most-active month we’ve ever seen for buyers. We’re going to be expanding on both sectors with some exciting changes in the coming months.
3) Do you have any data on what kinds of domains have been selling best ?
Kevin Fink: One of the more striking contrasts to other marketplaces’ bellwether TLDs — which we still sell fairly well, just less of — has been our success with the .INFO extension. July was our best month for Premium .INFO domains, with three five-figure domains changing hands. We are starting to do much better with Premium .COMs, too — but we’re definitely catering to a slightly different audience of ccTLD buyers, .IO being a crowd favorite.
4) A few readers have asked in the past, how does one negotiate after an auction that closed without selling?
Kevin Fink: On my weekly Flippa blog posts, I may refer to PAN — that is Flippa’s “Post-Auction Negotiation” system. There’s been unanimous praise of this new tool from a buyer and seller perspective, and here’s how it works:
Let’s say you are the seller and the auction ends without hitting its reserve price; your domain is effectively unsold. But let’s say you had X number of people watching the auction, and X number of bidders. You can invite them into PAN and negotiate via offer/counter-offer, until one party Accepts or Rejects the final offer put forth.
One thing to note: if you’re a bidder, you can put forth an offer to a seller before the seller has initiated PAN.
And most recently, we’ve opened up the system so that even if a buyer wasn’t participating in the domain auction in some way, but happened to stumble upon the ended listing at a later date, they could still make an offer to the seller.
5) What are the fees associated with a domain only auction at Flippa ?
Kevin Fink: We lowered the listing fee this past January, so it now costs $9 to launch a domain auction . Should your domain sell, Flippa takes a 10% Success Fee — among the lowest in the industry. There are listing upgrades available at an additional cost that help you promote and expose your domain auctions to more buyers. I work with sellers on a daily basis in helping them craft a personal plan of attack; happy to do so for anyone reading this, as well.”
Flippa’s Domains Catalog is a new separate wing of the Flippa Marketplace, where domain sellers can upload an unlimited number of domains for free. Buyers can “Buy Now” or Make an Offer, and sellers are subject to a 15% Success Fee (at a minimum of $60, the same as other competing marketplaces).
We’ve just hit 20,000 domains and are looking forward to a full-rollout soon, including Push To Auction functionality (from both buyer and seller).
There’s one important thing to keep in mind: domains listed in your Catalog currently can’t be searched from general Flippa search fields, nor are there available upgrades as of yet. Ultimately, the best place to sell your domain quickly, and to get it seen by as many people possible, is still our main auction marketplace. Keep an eye on our blog for updated Catalog functionality in the weeks to come.
6) You report sales that close to DN Journal now, do all sales over a certain price get reported ? Can the buyer or seller opt to not have it reported ?
Kevin Fink: DN Journal reports all Flippa sales over a certain price threshold: any .COM that has sold for $2,000 or greater, and any non-.COM that has sold for over $1,000. I only get about one privacy request per month, usually from the seller
7) Is there anything you would like to add, or tips you could give prospective domain sellers on Flippa ?
Kevin Fink: I could talk about Flippa’s growing domains marketplace all day, so be careful with that question! I want to address both domain buyers and sellers, the buyers first: Flippa is becoming an increasingly solid marketplace for buying domains, whether you’re an investor, domainer, startup, etc. If you’re familiar with Flippa’s private Website Brokerage arm, Deal Flow, we’ll soon be replicating something similar for Premium Domains — so keep an eye out!
As for all you domain sellers, which is probably most of you reading this, I’d like to offer you the opportunity to try Flippa out and do a test-run of domain auctions with us. As far as tips and best-practices go, I am armed with those — as well as some listing credit subsidies.
Simply email me at [Domains] at [Flippa] dotcom, and share with me a list of domains you’re looking to sell. Oh, and mention you read this interview for some free credits!
Thanks, Raymond, for these good questions…I appreciate being able to share with your readers what we’ve been up to.