advice Increasing your initial quote

AMRO1001 · Nov 9, 2017

Yesterday I was quoted for for a domain, I sent the price on my mobile advice without much research.

His initial quote was $250 I responded with $4900, he responded with $3000, then he called me, I told him $4900 is my final. Then I just initiated my Escrow transaction and he accepted it immediately.

Then I did more research about potential customers and from the speed and behavior to buy my domain name, I feel I should have quoted higher....obviously he is hidden employee of travel company and I know that the domain is good upgrade for them..

Is it Bad Karma /un-ethical to come back in my word and increase my quote? ( most probably I will not do that, I am just asking)

Branko Jovanovic · Nov 9, 2017

You can always make up a story that another buyer is bidding more, and risk the sale not going through. Not to mention that if they back out and you do not sell, later they can check that it is still yours and then make a lower offer than $4900 knowing you had no other bid for the domain name at the moment.
Bottom line, better stick to what you asked.
There is a saying - better a sparrow in the hand, than a pigeon on the roof.

DomainVP · Nov 9, 2017

You made an agreement, stick to it.

Very unethical to do otherwise.

Aamsra · Nov 9, 2017

AMRO1001 said:
Yesterday I was quoted for for a domain, I sent the price on my mobile advice without much research.

His initial quote was $250 I responded with $4900, he responded with $3000, then he called me, I told him $4900 is my final. Then I just initiated my Escrow transaction and he accepted it immediately.

Then I did more research about potential customers and from the speed and behavior to buy my domain name, I feel I should have quoted higher....obviously he is hidden employee of travel company and I know that the domain is good upgrade for them..

Is it Bad Karma /un-ethical to come back in my word and increase my quote? ( most probably I will not do that, I am just asking)

Stick to what has been finalized in that deal.

Honesty is the best policy. Just don't forget.

Best of Luck!

pchip · Nov 9, 2017

Definitely unethical to back out and/or change the deal. Just chalk it up as a lesson for the next time to do more research on the person inquiring!

bmugford · Nov 9, 2017

Your agreed to a deal. Honor it.

Brad

kandyan · Nov 10, 2017

Be a man of your word, Stick to it..

Deals are not just one off, Best wishes....

HotKey · Nov 10, 2017

AMRO1001 said:
Is it Bad Karma /un-ethical to come back in my word and increase my quote?

I can't think of any situation this would be ok. Once the deal has been accepted it is simply not an option. During negotiations, it could be considered. Other factors could come into play, such as the negotiation spanning too long a period or multiple offers coming in.

urlurl · Nov 10, 2017

you must honor the deal 100% - no questions

xynames · Nov 10, 2017

Must honor it, but take your time next time and do your research before throwing prices out there.

You must have known something about the value of the domain though, to offer the 4900 price and to stick to it in the face of a 250 then 3000 offer.

Whenever I set a price for a domain and it sells quickly I wonder too about whether I might have set it too low, but the best policy is to move on and not look back, other than to learn from the past.

Abdullah Abdullah · Nov 10, 2017

Stick to the deal specially when you initiated the escrow by yourself. Also be ready to know the minimum you are willing to accept. Always make research and if you have to , wait 2 to 3 days before you respond to inquiries so you make enough research.

WatchDogue · Nov 10, 2017

AMRO1001 said:
Is it Bad Karma /un-ethical to come back in my word and increase my quote? ( most probably I will not do that, I am just asking)

Yes, IMO it would be unethical to go back on your word at this point in time in the sales process.

However, should the would-be-buyer now decide to begin a " new negotiation " for a lesser price or other terms, then the door to your price change becomes wide open.

No doubt a nice name for the buyer, sold at a reasonable price point for you, the seller,
overall sounds like a " win - win ".

Kate · Nov 10, 2017

AMRO1001 said:
Is it Bad Karma /un-ethical to come back in my word and increase my quote? ( most probably I will not do that, I am just asking)

Yes. On the other hand it is OK to send time-sensitive quotes, so that the price is only guaranteed for a set period of time and could go up in the future. This adds urgency on the buyer too.

Branko Jovanovic said:
You can always make up a story that another buyer is bidding more, and risk the sale not going through.

Lying ? No.
Of course the other party is not dumb and unless this is a high-demand name he's not going to believe that story and he might pull out of the deal as a result.

varmuk · Nov 10, 2017

a lesson is more than some bucks...

D Haynes · Nov 10, 2017

Pretty conclusive answers. You gotta stick to the deal my friend.

Mister Funsky · Nov 10, 2017

AMRO1001 said:
Is it Bad Karma /un-ethical to come back in my word and increase my quote?

It is bad everything to change...a contract was made. (offer, acceptance, consideration).

I have done this myself...just a month or so. Had buy it now on a domain from long ago and it got snapped up (worst part is they contacted me and asked me to lower it). Upon research it should have been 10 times what I had it priced at.

Live and learn...removed 95% of my buy it nows!

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