Beware of broker tactic (1 Viewing)

  • Topic Starter rlm
  • Start date
  • Replies: Replies 24
  • Views: Views 827
Most of my domains forward to the CIRA contact form, it's easy to sort out the deadbeats. I'll respond only once with "whats the offer". From there its ignore until a reasonable offer is made. Silence says the offer wasn't good enough, make another offer and see if it grabs my attention.

I don't waste time talking to idiots who don't know the value of a domain.
 
Chiming in here, better late than never, with my buyer broker hat on. (I was on vacation last week).

IMHO, an ethical and professional broker should never offer a domain to a potential buyer without the permission and/or knowledge of the domain owner (or the official sales rep of the domain, if another broker reps the domain). Similarly, an ethical and professional broker should never approach a domain owner pretending to be repping a buyer without the permission and/or knowledge of the buyer. Finally, an ethical and professional broker should be transparent about which party they are representing and, unless both parties agree, should only be representing one party in the transaction, not both.

Sadly, this example of frontrunning by a "broker" is just one of many examples of sleazy practices by unethical and unprofessional so-called "brokers". These bozos give legitimate brokers a bad name and damage the industry overall. This is why the ICA established a broker code of conduct, and this is why people should be careful about which brokers they choose to work with, and they should ask those brokers if they are members of the ICA and if they adhere to the ICA broker code of conduct.

For domain investors, you should not be afraid to ask the "broker" if they are representing an existing buyer client or if they are buying the domain for themselves or to flip. In fact, you should be able to ask the broker any question you want, and a legit broker will give you a satisfactory answer.

Here are potential red flags to look out for:

  • the "broker" does not have a corporate Website
  • the "broker" does not have a profile on LinkedIn
  • the "broker" is not a member of the ICA
  • the "broker" uses a free email service (Gmail, Yahoo) or an identity hiding service (Proton)
  • the "broker" does not show up in Google searches
  • the "broker" is not a member of any domain forums

There probably are some legit brokers who would 'fail' the above test, but they would be few and far between.

Having brokered domains for 29 years and counting, I know most of the legit brokers, and I keep a record of the bad actors. Feel free to contact me directly if you want to check the validity or reputation of a "broker" you are engaged with.

Bill
 
Thank you @MaiTaiMan for the tips. Very helpful.
I am a believer of "somethings in life should be left to the experts".
I am blessed to have had the opportunity to work with a few in my life.
 
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