Hi All!
I wanted to get your intelligent thoughts on this particular event that occurred as I personally found the broker's response irresponsible and detrimental for the buyer.
I found a nice domain name that I wanted to buy as an investment and to resell in the future. it was a LLL.com with a slang meaning but not a dictionary meaning and no specific end user. The BIN for this domain was $75k and was listed at a well known registrar. The domain previously sold more than once for not more than the bottom of the 5 figure range and I opened up with a $15K offer which was on par with the original purchase price (not very long ago).
The broker's response was that he is not willing to present the offer at all to the owner. Do you think this is the right way to approach a deal? This was my opening offer, surely the owner should be notified in case he wants to make a counter offer or if he is even willing to accept! Not telling the owner anything seems the wrong way to do business and as a buyer it put me off more than anything as the response was abrupt and made me feel that my next offer would not be sufficient either and I therefore stopped make further offers. I understand he is trying to stop time wasters but an opening offer of 20% of the asking price and on par to the original acquisition price doesn't sound like time wasting to me. If I had a domain on for $1k buy it now and someone offered me $200 I would want the chance to counter with $800 and maybe the buyer will counter with $500 and we meet at $675. Telling the buyer to get lost in the first instance is bad customer service.
I asked the broker to present the offer so I could at least judge what the owners response would be and he simply replied that "we have a different understanding of how the domain market works" and just cut off the conversation! I found that extremely arrogant and condescending. The owner will never know that I made an offer or that I would have gone higher than this most probably to a price that he would have accepted. I don't think I will ever sell my domains through this broker after this as I may never hear of offers that have been made to me!
What are your thoughts?
I wanted to get your intelligent thoughts on this particular event that occurred as I personally found the broker's response irresponsible and detrimental for the buyer.
I found a nice domain name that I wanted to buy as an investment and to resell in the future. it was a LLL.com with a slang meaning but not a dictionary meaning and no specific end user. The BIN for this domain was $75k and was listed at a well known registrar. The domain previously sold more than once for not more than the bottom of the 5 figure range and I opened up with a $15K offer which was on par with the original purchase price (not very long ago).
The broker's response was that he is not willing to present the offer at all to the owner. Do you think this is the right way to approach a deal? This was my opening offer, surely the owner should be notified in case he wants to make a counter offer or if he is even willing to accept! Not telling the owner anything seems the wrong way to do business and as a buyer it put me off more than anything as the response was abrupt and made me feel that my next offer would not be sufficient either and I therefore stopped make further offers. I understand he is trying to stop time wasters but an opening offer of 20% of the asking price and on par to the original acquisition price doesn't sound like time wasting to me. If I had a domain on for $1k buy it now and someone offered me $200 I would want the chance to counter with $800 and maybe the buyer will counter with $500 and we meet at $675. Telling the buyer to get lost in the first instance is bad customer service.
I asked the broker to present the offer so I could at least judge what the owners response would be and he simply replied that "we have a different understanding of how the domain market works" and just cut off the conversation! I found that extremely arrogant and condescending. The owner will never know that I made an offer or that I would have gone higher than this most probably to a price that he would have accepted. I don't think I will ever sell my domains through this broker after this as I may never hear of offers that have been made to me!
What are your thoughts?
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. I don't mind the broker declining offers, I expect an opening offer to be declined, that's the whole point of negotiating. It is his response back which is condescending and rude and I honestly believe will stop genuine buyers from wanting to buy or make higher offers. I would have gone a lot higher but he put me off after he told me the domain just isn't for me and I am wasting my time. I would rather not pay $6-7k commission to a douche bag who did no work and was rude. You can work out how high I might have gone from that commission!
