Unusual domain sale

[neddy]

Thought I'd share an unusual sale that I just participated in - and a Change of Registrant. It's a happy story.

I drove 375 kms each way yesterday to make a deal happen - and it was worth it. By thinking outside the square a little, I've got a great domain
at a good price - plus I made a new friend.

• I agreed to buy a Geo for a 5 figure sum.
  
  
• Seller wasn't a domainer - worked in tourism near Cairns.
  
  
• Neither of us knew each other, therefore settlement procedure could have been an issue.
  
  
• He didn't want to hand over domain prior to getting paid - and I didn't want to hand over the loot. Could have done escrow, but that was a pain.
  
  
• So I suggested I drive up and meet him yesterday; and we'd do a settlement there and then. He thought that was a great idea, and he even
  agreed to give me a discount on the price.
  
  
• The domain was with Netregistry, and I have an account there too. I knew they could do an electronic COR, but when I checked into this, all
  COR's are manually checked to ensure security (good procedure). And this only happens Monday to Friday.
  
  
• So I contacted BrettF ( a member here and a big honcho at NR!) and told him my dilemna. Brett was fantastic because he went out of his way
  to help me finalise the deal. He didn't have to, but he did some overtime on Sunday, and consequently buyer and seller were very happy to
  conclude the deal. Many thanks Brett.

Where there is the will; there is a way.

 

[Shane]

Nice one Ned.

I did my first face-to-face domain settlement last month. Not as big as yours, but still a decent $x,xxx sum.

Are you going to tell us what the domain is?

 

[DavidL]

Yes what was it?

 

[Drop.com.au]

Congratulations Ned.

If it's the one I'm thing of well worth going the extra mile(s).

Andrew

 

[geodomains]

Hey Ned,
You forgot to mention your mate who gave you the intro. I purchased http://www.greatbarrierreef.com.au off the same person late last year. I was offered the domain Ned purchased and I think it's a great buy. I'l let him reveal the domain when he's ready.

Don

 

[snoopy]

Thanks Ned, is there anyway to do an "instant transfer" at any registrar without having to set things up with staff like that?

Had someone a week ago wanting to do something similar, meet up, exchange money (cash-which didn't sound great to me) and do the transfer. Ended up doing the transaction in the normal way but he seemed pretty nervous about sending the money.

 

[neddy]

Hey Ned,
You forgot to mention your mate who gave you the intro. I purchased http://www.greatbarrierreef.com.au off the same person late last year. I was offered the domain Ned purchased and I think it's a great buy. I'l let him reveal the domain when he's ready.

Don

Don, I apologise for my bad manners. Not done on purpose.

First of all, the domain in question is SunshineCoast - dot com dot au. I think it is a sensational domain with lots of potential. It was first regged 10 years ago.

I'm very grateful to Don for a couple of reasons. Firstly that he didn't buy the domain himself (he is moving into his new billionaires mansion in the next
fortnight and he's feeling poor!); and secondly because the seller then asked him if he knew of a good domain broker. Don recommended me.

I told the seller straight up that I was interested in the domain for myself; and that I would be keen in making him an offer. If that didn't pan out, then
I would market the domain for him. He was very happy with that - and we ended up doing a win/win deal because he needed the money sooner rather than later.

 

[CyberClick]

Congratulations on the purchase Ned. The Geo space is hotting up

 

[neddy]

Congratulations Ned.

If it's the one I'm thing of well worth going the extra mile(s).

Andrew

Thanks Andrew - I have outed it.

Thanks Ned, is there anyway to do an "instant transfer" at any registrar without having to set things up with staff like that?

Had someone a week ago wanting to do something similar, meet up, exchange money (cash-which didn't sound great to me) and do the transfer. Ended up doing the transaction in the normal way but he seemed pretty nervous about sending the money.

Hi Snoopy - through Drop there is, but that is dependant on the domain being there, as well as both buyer and seller having accounts there.

I'm not sure how Netregistry works during the week, but I'll fire off a message to them and see if they can comment on how long their system takes etc.

Drop is probably the quickest and most automated COR process that I have found (but I stand to be corrected). Provided both buyer and seller have accounts at Drop, then after a series of confirmation emails and links being clicked on (and the COR invoice paid); the domain can generally be in the other person's name within an hour.

And what I do to keep control of it all - and keep the buyer happy - is initiate the whole process but select the option of paying the COR invoice myself (not the buyer). That way you can go right through the whole process, and the buyer can see an email confirmation from Drop that the domain is ready to be transferred as soon as the COR invoice is paid. That's the point where you do the money exchange and then pay the invoice. If they don't hand over the loot, then you don't pay the invoice, and the COR doesn't go through!

By the way, once the invoice is paid, the registry is generally updated within a maximum of 30 minutes.

(Andrew and Cam - please correct me if I have got any of the above wrong. Or if you have other suggestions.).

 

[snoopy]

I'm not sure how Netregistry works during the week, but I'll fire off a message to them and see if they can comment on how long their system takes etc.

Thanks Ned, Tried one about a year ago with them, took 1 week.

 

[DavidL]

That sure is a great domain - congrats.

Oh - how much did you pay? Don't be coy, now - reporting of sales is critical to growing the industry

 

[Drop.com.au]

Provided both buyer and seller have accounts at Drop...

Actually just the seller needs an account at Drop. As part of the COR process, the initial invite that gets sent to the "buyer" gives them an option to use an existing account, or create a new one.

Otherwise the timings you suggest are right.

Andrew

 

[joe]

that's awesome, ned, good work

i recall about 3 yrs ago i had a client in that space, always wondered if and when something would become of that name!

 

[Shane]

Well done Ned. Cracking domain!

 

[FirstPageResults]

Well done old mate & congrats on seeing this through. I suppose Don can expect a gift package in the mail?

Still waiting on my xmas present

 

[James]

Nice sale, congrats

 

[fcdoms]

Yes, a nice addition Ned. Excellent to know that process too, thanks Andrew and all.

 

[neddy]

I'm not sure how Netregistry works during the week, but I'll fire off a message to them and see if they can comment on how long their system takes etc.

Hi Snoopy - I got an answer back from Cindy at NR. She is the Domain Administrator there, and most helpful.

Once a registrant name change request has been confirmed and payment has cleared, this is processed within the next business day.

COR process:

- New registrant submits COR request.
- Confirmation email is sent to the current registrant email address reflected on the domain name.
{Confirmation email confirmed}
- Complete payment is successful
- Registrant name change request is completed through the registry
{Confirmation email sent to the new registrant once COR request has been completed}

Note: COR request are only processed between 8.30am - 5.30pm Monday - Friday.

I then asked this question:

So if two people were sitting in the same room ready to do a transaction (each with accounts at NR), how long would it take to do the COR and have the domain in the other person’s name? At best; assuming a weekday.

Cindy's reply:

If you were to process your COR request example in the morning and the confirmation email/payment was confirmed before 1pm, your COR would be completed on the same business day.

If the request was submitted and confirmed after 1pm, the COR request would not be completed until the next business day.

Note: The COR can be fast tracked once the confirmation email has been approved, but this would require you to contact us.

So I guess it can be done quickly if you make prior arrangements.

Hope that helps.