discuss Accepted minimum offer for name from multi billion dollar company

NickB · Apr 9, 2019

So......

This morning at 6am I was reading through my emails with a coffee, as I usually do and saw an offer had come in from Undeveloped over night for one of my Brandables at the minimum offer of $500.

I thought to myself well I only regged it on the 18th March 2019 so not a bad ROI and without thinking accepted the offer and continued on with my day (which has been great!)

It is only at 10pm (UK time) after the Liverpool game had finished I thought to myself what I have done, no due diligence on my part, no counter offer and no bloody thought process whatsoever had gone into my morning moment of madness.

Went back onto Undeveloped, copied the IP address and started to look into it. The bomb drops and it turns out the potential buyer is a decision maker from a company that turned over $14 billion last year. He had even used his first name on Undeveloped, took 5min of research. The name goes well with the sector they work in and it makes sense why they would be interested.

I thought I would post my experience as a cautionary tale on what not to do.

Make sure you do your due diligence, do not rush into a decision and for fu*cks sake do not do anything until you have finished your first coffee of the day!

If I had all the facts beforehand I am not saying I would of countered with some crazy figure, but I would of had time to put a plan of action together......

Now I am aware an offer means jack and until he pays then it is all floating around in the breeze BUT if he pays (or not) I have learnt a very valuable lesson and I am happy to share this experience so others do not fall into the same trap.....

sigghhh I feel better for getting it of my chest

elmoney · Apr 10, 2019

I received an offer $300 from one company with Market Cap $50B, i rejected it, their second offer was $500, they wrote that have limited budget and they can not to pay above $500. Domain was three letters .co

NickB · Apr 10, 2019

elmoney said:
I got an offer $300 from a company with Market Cap $50B, i rejected it, their second offer was $500, they wrote that have limited budget and they can not to pay above $500. Domain was three letters .co

I suppose you don't build up a successful company by spending money just for the sake of it, though some do...

What happened in the end? Did you sell it to them eventually, still have it or sold it elsewhere?

elmoney · Apr 10, 2019

MrAcidic said:
I suppose you don't build up a successful company by spending money just for the sake of it, though some do...

What happened in the end? Did you sell it to them eventually, still have it or sold it elsewhere?

I have set Bin $20K for them without any negotiation.

NickB · Apr 10, 2019

elmoney said:
I have set Bin $20K for them without any negotiation.

Nice...

shah fahad · Apr 10, 2019

MrAcidic said:
So......

This morning at 6am I was reading through my emails with a coffee, as I usually do and saw an offer had come in from Undeveloped over night for one of my Brandables at the minimum offer of $500.

I thought to myself well I only regged it on the 18th March 2019 so not a bad ROI and without thinking accepted the offer and continued on with my day (which has been great!)

It is only at 10pm (UK time) after the Liverpool game had finished I thought to myself what I have done, no due diligence on my part, no counter offer and no bloody thought process whatsoever had gone into my morning moment of madness.

Went back onto Undeveloped, copied the IP address and started to look into it. The bomb drops and it turns out the potential buyer is a decision maker from a company that turned over $14 billion last year. He had even used his first name on Undeveloped, took 5min of research. The name goes well with the sector they work in and it makes sense why they would be interested.

I thought I would post my experience as a cautionary tale on what not to do.

Make sure you do your due diligence, do not rush into a decision and for fu*cks sake do not do anything until you have finished your first coffee of the day!

If I had all the facts beforehand I am not saying I would of countered with some crazy figure, but I would of had time to put a plan of action together......

Now I am aware an offer means jack and until he pays then it is all floating around in the breeze BUT if he pays (or not) I have learnt a very valuable lesson and I am happy to share this experience so others do not fall into the same trap.....

sigghhh I feel better for getting it of my chest

How you track his IP>?

NickB · Apr 10, 2019

Undeveloped Dashboard - Sales activity - click message - top right of message should show flag - hover over it and check the ip address - then google and research

mAd MaX · Apr 10, 2019

elmoney said:
I have set Bin $20K for them without any negotiation.

That's my man

xynames · Apr 10, 2019

It's a good thread. When I receive a Price Request such as say from Afternic, or an inquiry on a domain, or any offer, I don't respond right away if I am in a hurry to go someplace, and don't have time to do the complete research (Google the name, check comparable closed sales, check similar domains that are for sale). I go wherever I am going, and ponder the domain and price for a while, and only after I've had time to do the complete research do I respond.

Even if I have time to do the full research, if the research creates some uncertainty as to exactly what the domain might be worth, still I might wait and ponder on the domain for a little time, or seek a second opinion from one of my trusted domain seller colleagues.

alcy · Apr 10, 2019

MrAcidic said:
I suppose you don't build up a successful company by spending money just for the sake of it, though some do...

What happened in the end? Did you sell it to them eventually, still have it or sold it elsewhere?

true.. you don't.

but 50billion company not wanting to spend $500 on a domain name (Whcih is kinda important)... is just being cheap.

NickB · Apr 10, 2019

xynames said:
It's a good thread. When I receive a Price Request such as say from Afternic, or an inquiry on a domain, or any offer, I don't respond right away if I am in a hurry to go someplace, and don't have time to do the complete research (Google the name, check comparable closed sales, check similar domains that are for sale). I go wherever I am going, and ponder the domain and price for a while, and only after I've had time to do the complete research do I respond.

Even if I have time to do the full research, if the research creates some uncertainty as to exactly what the domain might be worth, still I might wait and ponder on the domain for a little time, or seek a second opinion from one of my trusted domain seller colleagues.

Very good process to have in place.....thanks

NickB · Apr 10, 2019

alcy said:
true.. you don't.

but 50billion company not wanting to spend $500 on a domain name (Whcih is kinda important)... is just being cheap.

cheap? It is a piss take, no wonder he set a 20k minimum bid

EbookLover · Apr 10, 2019

shah fahad said:
How you track his IP>?

I was wondering the same thing. Does undeveloped give sellers IP addresses of people who make offers?

NickB · Apr 10, 2019

EbookLover said:
I was wondering the same thing. Does undeveloped give sellers IP addresses of people who make offers?

see my post above......well a few above

EbookLover · Apr 10, 2019

MrAcidic said:
Undeveloped Dashboard - Sales activity - click message - top right of message should show flag - hover over it and check the ip address - then google and research

Ooops. Sorry. I totally missed that. I'm surprised UD do that.

DomainChat.net · Apr 11, 2019

so is it the buyer already paying already the transaction completed?

NickB · Apr 11, 2019

fastcool said:
so is it the buyer already paying already the transaction completed?

It looks like he has decided to bottle it........into the 3rd day now and I will be asking Undeveloped to cancel tomorrow.

I have had this numerous times on Undeveloped, both with BIN's and make offers..

At least there has been some good posts in this thread and some lessons learned

MapleDots · Apr 11, 2019

MrAcidic said:
It looks like he has decided to bottle it........into the 3rd day now and I will be asking Undeveloped to cancel tomorrow.

I have had this numerous times on Undeveloped, both with BIN's and make offers..

At least there has been some good posts in this thread and some lessons learned

Having run a big corporation I will just have you consider one equation that you are not taking into consideration......

Corporations have meetings to discuss upcoming product launches or ideas.
There are always multiple ideas on the table at any given time.

In my company it would have gone like this....

- We are launching a new product "A" lets do a study to see how to best market it and under what name.

- Eventually 5-10 finalists come to the foreground.

- Which name do we pick?

- Lets see what matching domains we can pick up.

- Round Two, lets narrow down the names to top 3.

- Lets negotiate on the domain to see expense

- Last.... pick domain and finalize the sale.

- Domainer gives me the run around....

- Pick domain choice number 2

Yes there are times when the corporation has already picked the name before negotiation starts on the domain but that is getting rarer and rarer now. In today's timea lot corporations pick the product or business name after they procure the desired domain name.

Of course there are countless variations to this but I thought I would give you another point of view.

NickB · Apr 11, 2019

MapleDots said:
Having run a big corporation I will just have you consider one equation that you are not taking into consideration......

Corporations have meetings to discuss upcoming product launches or ideas.
There are always multiple ideas on the table at any given time.

In my company it would have gone like this....

- We are launching a new product "A" lets do a study to see how to best market it and under what name.

- Eventually 5-10 finalists come to the foreground.

- Which name do we pick?

- Lets see what matching domains we can pick up.

- Round Two, lets narrow down the names to top 3.

- Lets negotiate on the domain to see expense

- Last.... pick domain and finalize the sale.

- Domainer gives me the run around....

- Pick domain choice number 2

Yes there are times when the corporation has already picked the name before negotiation starts on the domain but that is getting rarer and rarer now. In today's timea lot corporations pick the product or business name after they procure the desired domain name.

Of course there are countless variables to this but I thought I would give you another point of view.

Thanks for the insight, appreciate it.

rh2000 · Apr 11, 2019

Ategy.com said:
I have something to make you feel better ...

I'm in the middle of closing my biggest sale ever .. the buyer is very slow to respond throughout. But finally get to the stage where I start escrow .. and for some stupid reason I decide to set it up on my cellphone while walking SteamieTheHotDog.com in the rain.

FOUR days later (including the weekend so it's not too bad) still no movement with Escrow, so I decide to write the buyer to see if they are having technical issues. Just before doing so I log into Escrow to see if they have moved forward .. but nothing shows up. The "chat" help bubble actually pops up .. so I figured I'd ask Escrow to see if the buyer has registered yet. But while asking, the help person seems really confused with my question ... mainly because it turns out I set MYSELF as the buyer .. as I accidentally selected to start the process as the buyer!

Doh! Good thing I didn't send that email .. but I did have to send an email explaining that I cancelled the first transaction and restarted a new one! Still feel silly leaving an extended door open to potentially lose the sale .. particularly if the buyer suspects something suspicious instead of just attributing it to my stupidity! lol

I REALLY REALLY can't wait to "not look back" on this sale! lol

Let us know what happens.

rh2000 · Apr 11, 2019

MrAcidic said:
It looks like he has decided to bottle it........into the 3rd day now and I will be asking Undeveloped to cancel tomorrow.

I have had this numerous times on Undeveloped, both with BIN's and make offers..

At least there has been some good posts in this thread and some lessons learned

You can sell it for more money next time.

NickB · Apr 11, 2019

rh2000 said:
You can sell it for more money next time.

Very true

frank-germany · Apr 11, 2019

MrAcidic said:
It looks like he has decided to bottle it........into the 3rd day now and I will be asking Undeveloped to cancel tomorrow.

I have had this numerous times on Undeveloped, both with BIN's and make offers..

At least there has been some good posts in this thread and some lessons learned

you can cancel anytime at UD

NickB · Apr 11, 2019

frank-germany said:
you can cancel anytime at UD

Thanks Frank, useful info

xynames · Apr 11, 2019

We always talk about situations where we declined to sell a domain and we still have it - but I had a domain end of 2017 where a potential buyer kept arguing that it was worth only mid three figures and I kept asking for low to mid four figures and even offered it to him for a certain price in that four figure figure range and he declined. I backed up my asking price with both sold and for sale comparables.

Recently sold it anonymously for even more than the price I had offered it to the end of 2017 guy. I emailed 2017 guy asking if he was the buyer and he said no.

topdom · Apr 11, 2019

Can this be the case:

The company decides to buy a name.
Someone from the company is given the job of getting the domain below a given price.
So they say: Pay at most 10K and get this domain.
Then he visits marketplaces and offers low 3 figures.
Once he gets the domain, he says to his company he paid 10K.

Recently I get very low offers for the same domain from different countries or marketplaces and almost simultaneously.
It can be the case that different people from the company who attended the domain meeting independently try to scam their companies by getting the domain first. People said in other threads, they don't care if there is a middleman. But of course I care. Because it might mean, I don't get what I'm really offered, and instead get just 1 percent of it. And since I may think there are no other buyers, I may sell. Getting the IP must be a must, but marketplaces don' show it, maybe because they play the same game sometimes.

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