discuss My first $1,000,000 offer to purchase

I venture to bet you get the deal done, It sounds the broker is not willing to show his cards at this time, But the broker will sooner than later IMO, The fact you can pull your offer at any time is on the sellers mind.

I don't believe they have an offer higher than 1M either, But let the game play on, nothing unusual going here.

MapleDots said:

I went back over my broker string and found a couple of inconsistencies so I am no longer sure I'm not getting a bit of a run around. I was told in one string there was a current offer just over a million (on a payment plan) but when I was offering about a quarter million I was told there was an offer twice that.

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You should always let the broker do the talking - he/she will hang themselves with inconsistencies eventually. I would keep conversation minimal & abrupt, but allow them to talk and exude their false sense of confidence

Essentially in this game of chess, let the broker talk himself/herself into a hole. Is the seller ready to sell? or is he or she emotional about the domain. That's the really only important point

Allow the broker to feel like he's in full control, really he's full of sh*t. Once he's following up with you, bingo you have him where you want him.

Good Luck @MapleDots interested to hear what the domain is

As you have mentioned on this thread this is your first million dollar offer on a domain name, but keep in mind that the broker has probably done many high caliber deals already and most probably has a few tricks and tactics up his sleeve that can give him the advantage over an average person or even over an experienced domainer. Once you commit yourself to making a very high offer so early in the negotiations (even one with a deadline) the broker most likely will try to string you along by saying NO to your offer because he knows that if someone is willing to pay a million dollars for a domain name they can be persuaded to pay a little more, so you are going to end up negotiating after all even after giving a final offer the only difference will be that you will set a very high base for the negotiations to move forward which will be in your disadvantage. If it were me I would start at a lower offer and increase it 25k to 50k at a time and then give my final offer after maybe a couple of months of going back and forth that way the broker knows there is no more playing room for the negotiations and that he has to make a deal or lose the opportunity to make a sale. IMO

oldtimer said:

As you have mentioned on this thread this is your first million dollar offer on a domain name, but keep in mind that the broker has probably done many high caliber deals already and most probably has a few tricks and tactics up his sleeve that can give him the advantage over an average person or even over an experienced domainer. Once you commit yourself to making a very high offer so early in the negotiations (even one with a deadline) the broker most likely will try to string you along by saying NO to your offer because he knows that if someone is willing to pay a million dollars for a domain name they can be persuaded to pay a little more, so you are going to end up negotiating after all even after giving a final offer the only difference will be that you will set a very high base for the negotiations to move forward which will be in your disadvantage. If it were me I would start at a lower offer and increase it 25k to 50k at a time and then give my final offer after maybe a couple of months of going back and forth that way the broker knows there is no more playing room for the negotiations and that he has to make a deal or lose the opportunity to make a sale. IMO

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That only works when you NEED something that someone is selling.

Generally in business, the guy that holds the cash controls the conversation and the tempo.

We know that @MapleDots does not NEED the domain. He has a level head on his shoulders (I Hope) and when he says firm and final, it is firm and final.

IF I was the one looking for it... IT would be $1,000,000 within 48 hours to accept/reject and move on to DD. Every day beyond that, the price would drop by $25,000 until you are no longer interested.

Just wait and see how pissed off the owner gets that his broker is now presenting an even lower offer every day.

Also, if you know the owner and can reach out to them directly, I would state... "Hello, I just wanted to let you know I have interest in adding your domain. I have presented my offer to your broker with a 48 hour window to accept or reject the proposal, before I invest the capital in other projects. Please contact your broker and have them reach out."

You might be right, but when you are talking about domainers owning category defining domains, well you know that thats everyone's dream on this forum and in addition to the business opportunities associated with high caliber domains there is an element of pride of owning such domains that creates the NEED for most domainers.

Update:

-I am likely to make a formal offer soon, I’ll wait till just after the Christmas period.

-I’m going to keep the offer open for 48 hours.

-If it is not successful I’ll move on to other things.

The domain would be a

SuzanneChambers said:

Update:

-I am likely to make a formal offer soon, I’ll wait till just after the Christmas period.

-I’m going to keep the offer open for 48 hours.

-If it is not successful I’ll move on to other things.

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HeHe

Patience is not simply the ability to wait - it's how we behave while we're waiting. ...

Update

The broker has been contacted Dec 22, I have not received a response back, I am leaving for Holidays with my kids (great wolf lodge resort) on the 27th and back sometime on the 29th.

I am a bit surprised because I emailed asking if 1 mill would buy the domain and no response, not even a no. So it is sending mixed signals to me especially because I usually got a prompt response.

It is the holiday season and therefore possible the broker is on holidays or something so I am not going to read anything into this at the moment. Although if I was a broker I would certainly be connected even during the holidays.

That said, I will probably wait to the new year to place a time limit on my offer because I don't want to burn any bridges. The company that owns the domain may also be closed over the holidays and I certainly don't want to posture and lose it because I was bull headed.

So have some patience, I will post when I think I have a reasonable chance of getting the domain and when I think the company is open to formally receive my offer. Only at that time will I place a limit on it, because what is the use making an offer with a time limit if there is nobody there to receive it. I would probably jump in and do just that if I did not want the domain and was hoping for a turn down. It is precisely BECAUSE I want the domain that I am waiting for the best time to formally make the offer.

I will not limit my chances because a member is impatient for an update. I will do what is best for me and what I think is the best time frame for me to achieve my goal of attaining the domain. That may be at the beginning of the year when the business is fully open with all the decision makers on staff.

MapleDots said:

I am about to make my first One Million dollar offer to purchase and I want this to go a smooth as possible.

I have asked the advice of a couple of my peers on how to best proceed with this but I thought I would also put it out to some of the members on namepros.

My usual way of doing business when I go after a domain is to attach a time frame to the offer to purchase, but to be quite honest this one is kind of in a league of its own and I have to be careful how to pursue this.

My plan is to offer 500k down and 500k when the deal closes.


What do you guys think?


1. Make an offer with no strings attached

or

2. Set a time limit to add an urgency to the sale

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Why are you wanting to go in GUNS BLAZING throwing numbers and time frames at someone you have yet to make contact with??
How about call the seller and ask the right questions, get some details first.
Does he want to sell? How long has the name been available on the market?WHO other then himself needs to APPROVE the deal?(critical question right here) etc.
I would try to build rapport and get some more details before I would offer 1 dime!

OHH....I would skip brokers and additional fees. Instead of Escrow.com I would use Escrow.domains for large deals.... The fees are lower and they are top notch!

That's my 2 cents.

maxtorz said:

Why are you wanting to go in GUNS BLAZING throwing numbers and time frames at someone you have yet to make contact with??
How about call the seller and ask the right questions, get some details first.
Does he want to sell? How long has the name been available on the market?WHO other then himself needs to APPROVE the deal?(critical question right here) etc.
I would try to build rapport and get some more details before I would offer 1 dime!

OHH....I would skip brokers and additional fees. Instead of Escrow.com I would use Escrow.domains for large deals.... The fees are lower and they are top notch!

That's my 2 cents.

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You are assuming this/similar has not been done.

Peculiar If you don't get an official email from the broker in regards to your offer.
Does the broker have exclusivity for the sale of the domain name?
Maybe a lawyer would be more prudent to contact the company directly to make an offer for that asset?
As much as some of us would like to believe that Brokers are of high ethics and morals that is not always the case.
It's not always just about the money other factors are going to play especially when it comes to Media properties....

Just some random late night thoughts I thought I'd share with you.

As for that new user sounds like that person has an agenda.

Business is dog eat dog where anything goes.

I would be as silent as possible lol

MapleDots said:

I am a bit surprised because I emailed asking if 1 mill would buy the domain and no response, not even a no.

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That's not making an offer. That's asking a question that might not even get a response if they already told you they had a higher offer or if you sound like a tire-kicker / time-waster.

It's basically asking the seller to negotiate against himself with you putting nothing on the table. If you want to test that price point, actually make it an offer.

Did you actually make an offer? It doesn't sound like it, but I didn't read all 100+ posts

I would never ever invest $1M on a domain even if I had lots of money to burn.

-EM- said:

I would never ever invest $1M on a domain even if I had lots of money to burn.

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I guess you'll never be as successful as Elon Musk either.

I don't understand why you're doing $500k now and $500k later, just use Escrow.com and everyone is safe.

scrsteven said:

That's not making an offer. That's asking a question that might not even get a response if they already told you they had a higher offer or if you sound like a tire-kicker / time-waster.

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Ding ding ding!, Mapledots won't even make an offer. If they said "yes, $1million would buy it" he'd say "great, but I'm not offering that".

Mapledots is putting no offer on the table (because he doesn't have the money) and this thread is ridiculous.

xynames said:

I guess you'll never be as successful as Elon Musk either.

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Probably not. Elon Musk is a rare case. Still I'm not so sure if I want to be as successful as him. it will be very time consuming and I want to invest the time in other things.

I would go for full payment via a secure channel like Escrow. All the best and seasons greetings!

Update - 6pm Dec 29th 2018

Official

To further our previous communications...

I have waited 7 days since I asked you if a million dollars would buy the domain, and I have yet to hear from to hear from you.

Since I am continuing to communicate with the same email address as in our previous communications I assume you are receiving my emails.

I am prepared to give you a 10% deposit to formally present an offer to the owners of said domain (Redacted for privacy)

Unfortunately I am not in a position to go higher and I await your response to my email.

My offer has no conditions other than a binding contract with the seller stating there are no outstanding claims against the domain.

If I do not hear a response back in 48 hours (2 Days) I will assume you do not wish to communicate further with this and I will formally retract my offer.

Nonetheless I am contacting a professional and kindly ask for response back, hopefully you will inform the owner of the domain that you have a solid offer.

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1. Offer officially made

2. I have also enlisted the help from a high up domainer who has personal contact with the broker.

3. To maximize the possibility of attaining the domain I may extend the offer by one day since new year day is involved.

4. I will no longer be responding to anything but constructive comments conducive to this topic.

MapleDots, I will call this a constructive comment since your email to the broker is still not an offer and maybe you just don't understand and this will help you (or maybe you are trolling us). Nowhere in that message do you make an offer of one million dollars. Asking if someone would accept a number is not equivalent to offering that number.

You allude to presenting an offer with the sentence "I am prepared to give you a 10% deposit to formally present an offer to the owners of said domain (Redacted for privacy)". However, you still don't say what your actual offer is..

scrsteven said:

MapleDots, I will call this a constructive comment since your email to the broker is still not an offer and maybe you just don't understand and this will help you (or maybe you are trolling us). Nowhere in that message do you make an offer of one million dollars. Asking if someone would accept a number is not equivalent to offering that number.

You allude to presenting an offer with the sentence "I am prepared to give you a 10% deposit to formally present an offer to the owners of said domain (Redacted for privacy)". However, you still don't say what your actual offer is..

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" I have waited 7 days since I asked you if a million dollars would buy the domain, and I have yet to hear from you. "

" I am prepared to give you a 10% deposit to formally present an offer to the owners of said domain "

" If I do not hear a response back in 48 hours (2 Days) I will assume you do not wish to communicate further with this and I will formally retract my offer. "


Remember I have already placed previous offers on this domain and I did not say that the deal has to conclude in 48 hours, I simply stated they have to respond within 48 hours. I did that specifically to maximize the chance of getting the domain because it is not realistic that negotiations will be done in 48 hours.

Once dialogue is opened and they express interest in negotiating further I will tell them I will allow 7 days to get it all forwarded to legal. There will still have to be some due diligence to assure there are no current claims open toward the domain so things like that will have to be addressed by the lawyers.


I don't know about you but I have specified the amount in my email and the word offer.
If someone were to send me a similar email I would open negotiations regardless of how the email was phrased.

.

MapleDots said:

Update - 6pm Dec 29th 2018

Official

To further our previous communications...






1. Offer officially made

2. I have also enlisted the help from a high up domainer who has personal contact with the broker.

3. To maximize the possibility of attaining the domain I may extend the offer by one day since new year day is involved.

4. I will no longer be responding to anything but constructive comments conducive to this topic.

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Are you sure your e-mail is not dropping to her spam e-mails?

Usually if a broker receives a million dollar offer they would respond within 1 week even if the expected price is higher than the offered one and the negotiations starts..

You might want to get her number and talk to her on the phone from that high up domainer who has personal contact with that broker.

atinc said:

Are you sure your e-mail is not dropping to her spam e-mails?

Usually if a broker receives a million dollar offer they would respond within 1 week even if the expected price is higher than the offered one and negotiations starts.

You might want to get her number and talk to her on the phone.

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I have a fairly long email string with the broker where I made previous offers, and I now have a second well connected party involved who will also be reaching out. The second party is a prominent domainer and a close associate of the broker, if there is a possibility this can work he will let me know.

At this point all I can do is wait for all parties involved to respond.

It is definitely on my wish list and if I can get it within my budget then I will be very happy.