advice Implications of quickly accepting lower offers

For me, I always keep it simple. As long as I'm happy with the price I set, I don't care what happens next to the domain I sold.

Hey @Jman92

Long time bro!

If this is the same domain I remember from a while back then I still think it's a solid domain!

These guys not coming back to you could be for many reasons, they could have found an alternative, their buyer could have changed their mind, they could have decided to not pursue the project,...anything is possible... the thing is, if they wanted the domain bad enough they wouldn't have wasted time, I don't think the issue was you quickly accepting a lower price....

Just state your price and stick to it

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it's possible that they went silent, because you jumped at the low offer

the fact that you asked for 4 figures and were willing to accept 3 figures, tells them that your initial range was a highly inflated price.

it can also signal a weakness in your ability to "stand firm" behind a conviction that ...
"this name is worthy of it's asking price".

on the other hand, they could just be waiting on you to drop it

or, they were just fishing

or they could be waiting on you to contact them again, with an even lower asking price.

imo....

Or money was tight and they went the hand reg route...

deez007 said:

Hey @Jman92

Long time bro!

If this is the same domain I remember from a while back then I still think it's a solid domain!

These guys not coming back to you could be for many reasons, they could have found an alternative, their buyer could have changed their mind, they could have decided to not pursue the project,...anything is possible... the thing is, if they wanted the domain bad enough they wouldn't have wasted time, I don't think the issue was you quickly accepting a lower price....

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Thanks Deez. They did say they were exploring other options so it could be that too.

promo said:

Or money was tight and they went the hand reg route...

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Hmm... That's another explanation I didn't think of. I just assumed only serious buyers with the ability to pay $xxxx would hire a broker but I am sure that's not always the case.

You never will truly know a buyers situation even if they tell you, because most of the time it is a fabrication.

It's a negotiation rule never to accept the first offer. Anyone that is a negotiator knows that someone accepting a low first offer is speaking from a position of weakness.

The acceptance of a first offer can be met with silence from the interested party, and then the seller continues dropping the price in the attempt to lure the prospective buyer back into the conversation.

A person that accepts the first offer is not weak, but they may not feel that their property is as valuable as they are saying.

There are ways to politely reject first offers and counter, but that's research you will have to do for yourself.

Or you can be aggressive and just respond with "no". Your style is up to you, but I can tell you that in any worthwhile sale I have had their first offer was rejected.

I've rejected 2nd and 3rd offers, and sometimes they walk away... you have to be okay with that if you believe your property (domain) is worth that.

It's not cannon, but it's my perspective.

Jman92 said:

Hello NPers,
Back in April, a UK brokerage firm wanted to acquire one of my names and contacted me via email. I replied back and told me them I am looking for a low $xxxx offers. After several weeks, they emailed me back and told me the best they can do is mid $xxx. Money was a little tight back then so i immediately accepted their offer. I haven't heard from them since. So here is my question, do you think me accepting a much lower offer contributed to a lost sale? does it create a suspicion of some sort in buyers when you quickly accept a much lower offer? Have you ever lost a sale because of this? I would love to hear from you guys.

P.S the name is a niche specific one word .net.

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I would call the person who made the offer and try to reopen the negotiations. On the phone you will quickly be able to feel if they are interested or not. You even could raise your asking price back to low $x,xxx. Try to close the deal on the phone. At the end of the day you will have either sold the name or you will know exactly to move on, imho

Jman92 said:

Hello NPers,
Back in April, a UK brokerage firm wanted to acquire one of my names and contacted me via email. I replied back and told me them I am looking for a low $xxxx offers. After several weeks, they emailed me back and told me the best they can do is mid $xxx. Money was a little tight back then so i immediately accepted their offer. I haven't heard from them since. So here is my question, do you think me accepting a much lower offer contributed to a lost sale? does it create a suspicion of some sort in buyers when you quickly accept a much lower offer? Have you ever lost a sale because of this? I would love to hear from you guys.

P.S the name is a niche specific one word .net.

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I recommend to use email tracker to see their interest levels (if the email gets open more than one time, etc...)

1Darko said:

I would call the person who made the offer and try to reopen the negotiations. On the phone you will quickly be able to feel if they are interested or not. You even could raise your asking price back to low $x,xxx. Try to close the deal on the phone. At the end of the day you will have either sold the name or you will know exactly to move on, imho

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Hi @1Darko

what you are suggesting is exactly what i meant below
and raising your asking price isn't smart idea either

as raising the price isn't going to increase the appeal of the name or make it more desirable

biggie said:

or they could be waiting on you to contact them again, with an even lower asking price.

imo....

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Syddomain said:

I recommend to use email tracker to see their interest levels (if the email gets open more than one time, etc...)

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if an email was opened more than once, that does not equate to an increased interest in that name.

they may be sharing how poorly the letter was written, or ragging on some of the language used, or the exaggerations that were told within the context of the email, along with the quality of the name you were trying to sell.


imo...

↑
I would call the person who made the offer and try to reopen the negotiations. On the phone you will quickly be able to feel if they are interested or not. You even could raise your asking price back to low $x,xxx. Try to close the deal on the phone. At the end of the day you will have either sold the name or you will know exactly to move on, imho
Hi @1Darko

what you are suggesting is exactly what i meant below
and raising your asking price isn't smart idea either

as raising the price isn't going to increase the appeal of the name or make it more desirable

@biggie
I'm in sales (wholesale and retail) for over 25 years now. Of course it's almost impossible to raise the asking price after you accepted the lower price already. You have to put a new deal on the table. Maybe register the domain for the next 5 years or get the .net and .org and sell as a package deal or try to lease or rent to the customer. New package = New price. It's not over until the fat lady sings

it was over,
the fat lady sang the blues and had a few drinks at the club
then she hopped in an uber and went to the crib


imo....

Just like hearing a seller say: "DId I ask too little for a domain when the buyer accepted the first offer?"

The other side of the coin is the buyer thinking "Wow he/she sure grabbed onto that offer desperately quick"


To put a hard line on examples of this thinking (why to bail if the seller accepts an offer too quickly) would be:

"That domain can't have much [traffic Parking Revenue sales inquiries] if he is so eager to sell that low"


But it can also be other things.

Like the IT guy looks a lot better(smart) saying no than yes.

Or your name not the only one they were looking at.

Find available domain leads, their price, then forward the list to another to make a decision (fail at this step)


If I had to guess, someone talked to another at work and advised that a Dot Net domain does not suit the interest of the company at any price, then gave you the cold shoulder.

An inquirer going silent is a common tactic to make you think they're not that interested and give you time to feel like you lost out on money. It's like calling your bluff on your price.

Stay firm/play hardball with people who come back after weeks/months, that is a dead giveaway that there is a legitimate desire/purpose for that domain and it wasn't just an impulse offer.

They probably went silent again to see if they can get the name for less in another two weeks or it was a toss-up between your name and another one and your quick acceptance of their low offer made them go with the other one.

This UK brokerage house is not trying to haggle lower than mid xxx. This is a lost deal.

Long as I am happy with the offer I just let the name roll.

NamePrime said:

For me, I always keep it simple. As long as I'm happy with the price I set, I don't care what happens next to the domain I sold.

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golden rule!

I had a similar situation in accepting an initial offer in which I thought was fair. I know the person must have felt that they overpaid so they went dark after a few e-mail exchanges.

DomainVP said:

You never will truly know a buyers situation even if they tell you, because most of the time it is a fabrication.

It's a negotiation rule never to accept the first offer. Anyone that is a negotiator knows that someone accepting a low first offer is speaking from a position of weakness.

The acceptance of a first offer can be met with silence from the interested party, and then the seller continues dropping the price in the attempt to lure the prospective buyer back into the conversation.

A person that accepts the first offer is not weak, but they may not feel that their property is as valuable as they are saying.

There are ways to politely reject first offers and counter, but that's research you will have to do for yourself.

Or you can be aggressive and just respond with "no". Your style is up to you, but I can tell you that in any worthwhile sale I have had their first offer was rejected.

I've rejected 2nd and 3rd offers, and sometimes they walk away... you have to be okay with that if you believe your property (domain) is worth that.

It's not cannon, but it's my perspective.

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psychology 101

anything could happen in buy and sell biz! domain, ebook, services, coupon or etc! if we talk about sales convertions its not always 100% sometime 50 sometime 70 or even 80! it mean even if we already have a deal with buyer, there always be something going on, don't have money, BS, fishing or etc!

so if you got deal, and accept low offer, doesn't mean you do wrong thing, or even right! because its very situational and depend on condition! but your priority should be focus to get more leads! afterall sales its only matter of number! if we got leads 10, 10 ppl saying I am interested! I am sure 1 people will do Bin, or accept your price , but if we only have 1 ppl that have interest with our domain, that would be hard ! because no one know the end result!

Personally if I were you, I wil not think that way! do I make mistakes, do I feel weak and etc! no! just move on, and find new target! eventually someone will spread the words, in the end, they will push the button Bin, and we got sales

same like dating a girls, no matter how good you try, there's alway be some girls out ther that want to play with you but if you have a lot of stocks! believe it or not, they will not do that even if they do, I am sure you'll not careless !

As someone stated, if the mail came from a broker, he may have compiled a list for a client, and included the possible purchase prices. The client then decides on a name, and if it isn't yours, then you don't hear again.

If you want to be proactive, you could send the brokers a friendly letter complimenting them on their diligence, and asking them if they would be interested in a list of names that might be suitable for some of their other clients.

You wont close every sale. The price had nothing to do with it since you dropped your pants you had a time waster after all. Don't think about it move on. Always best you ask customer to make a second offer as can be higher than expected also another form of them committing to the sale.