discuss Lesson Learnt: What not to do during negotiation

abstractdomainer · Jul 26, 2020

I was in the negotiation process of a domain name that the buyer had shown interest in.
I had outbound it with a tag of $249 and the buyer had said I'll pay $175. We agreed on that since I knew that if the buyer doesn't buy this today, I might end up not selling it at all.

So I took whatever their offer was. Then, the buyer said how to go about the transaction.
I explained how to make the payment via PayPal, then share the registrar email address and the domain will be pushed.

No response for the next 6 hours. It was morning in their time zone. So I dropped another email. No response for the next 12 hours.
Another mail about the payment or something. No response.
I waited for a day. No response yet.
So I said that I received another offer. I haven't opened dialogue yet. Awaiting your response before discussing it with the other party. Will wait for another 12 hours before responding to them and starting to negotiate.

I was bluffing. But it didn't work.
I guess the buyer put me on mute/spam for whatever reasons. Didn't receive any response from the buyer for another 7 days. I believe the deal is off.

Here are some of the things I could think of:

1) I emailed too often - 3 emails with a day and a half.
2) I emailed too quickly to their response (While they replied once in 2 days, I replied within 20 minutes). May have made me seem desperate.
3) I played the another offer card - May have pissed off the buyer that I am playing this buy it or leave it card.
4) You pay first - Many buyer feel uncomfortable about paying first. I think some of them may even think of this as a scam when you ask them to pay first.

I think the first 3 are the major faults of mine here. It showed that I am desperate. Never do that! Even after the deal. I think that's why people say, never accept the first offer (analogy). It makes the buyer seem like a fool. He isn't ready for that, by human nature.

Could you spot more errors here?

branding · Aug 2, 2020

Joe Nichols said:
It's naive to think that a six figure domain name couldn't benefit from being directly marketed to potential buyers.

I don't think that was his point. Like you stated right after.

Joe Nichols said:
That's the exact reason brokers have jobs! They have many contacts. They reach out to them when they are representing suitable names for their contacts' campaigns/businesses/projects

For a broker to reach out to his contacts is not spam. Randomly contacting strangers is. That's not what a broker does.

Joe Nichols said:
The label we give it doesn't matter. Call it spam if you want. Call it outbound marketing. They're just words and there are elements of both of them in this activity.

The label does matter though. Broker vs spammer. The distinction is definitely there. It's not 'just' words.

I could be selling drugs on a street corner or I could be selling it from my licensed shop. Drug dealer Vs entrepreneur. We're both selling drugs but there's a huge difference.

Joe N · Aug 2, 2020

NameDeck said:
For a broker to reach out to his contacts is not spam. Randomly contacting strangers is. That's not what a broker does.

If you're contacting people randomly, you're doing it wrong.

NameDeck said:
The label does matter though. Broker vs spammer. The distinction is definitely there. It's not 'just' words.

I could be selling drugs on a street corner or I could be selling it from my licensed shop. Drug dealer Vs entrepreneur. We're both selling drugs but there's a huge difference.

How do you think brokers make some of those contacts? I've worked with a couple different ones. Respected ones. Trust me, they make cold calls.

The analogy is poor. Explain how a broker actively selling your name is more acceptable than doing it yourself.

branding · Aug 2, 2020

Joe Nichols said:
If you're contacting people randomly, you're doing it wrong.

On that I agree. And I think that's the point. There's too much random emails going out. Just because you think someone might be interested in your domain doesn't make it less random, and I definitely would not consider that chasing leads.

In a perfect scenario, sure. You Google for prospects, and look. There's the startup that just launched under your exact match. But let's face the truth. 99% of the time that's not what we're talking about when people do outbound.

Joe Nichols said:
How do you think brokers make some of those contacts? I've worked with a couple different ones. Respected ones. Trust me, they make cold calls.

Sure they do. See my previous comment regarding 'a perfect world'. But let's not pretend we can compare outbounders to brokers.

Joe Nichols said:
The analogy is poor. Explain how a broker actively selling your name is more acceptable than doing it yourself.

I could've come up with a different one but it's just an illustration. Obviously not 100% accurate.

And no, there is no difference. It's the cold calling and the magnitude of it that is unacceptable to me. Again, let's not pretend a broker uses the same tactics as most people trying to sell their names by outbound. Whole different playing field as well, most of the time.

But let us not focus on brokers Vs outbounders. The issue at hand is whether cold calling is acceptable. It's not, no matter how fancy you dress it up.

ivey · Aug 2, 2020

Just send link to purchase at dan. Faster the better.

biggie · Aug 2, 2020

Joe Nichols said:
It's naive to think that a six figure domain name couldn't benefit from being directly marketed to potential buyers. That's the exact reason brokers have jobs!

Hi

it's naïve to not consider
that soliciting someone else's 6 figure name, could get the owner a C&D or UDRP, especially if whom they contact, tries to get the name thru reverse hijacking.

and the reason why brokers get commissions, is because they are trying to "pimp" somebody else's domain name.

as is, today.. any nobody, can say they are a borker. misspelling intended.
so, there is risk there as well.

imo...

Marshall · Aug 2, 2020

Always give them options in case of payment.
Some buyers would consider Paypal for such small transactions whereas some will want escrow for even the smallest of transactions.
At the end of the day, you're just a random stranger trying to sell them stuff. So you want to make them as comfortable as you can.

Joe N · Aug 2, 2020

NameDeck said:
But let us not focus on brokers Vs outbounders. The issue at hand is whether cold calling is acceptable. It's not, no matter how fancy you dress it up.

Of course it's acceptable. Some do it right; some do it wrong. The latter is unacceptable.

You're giving businesses an opportunity to acquire an asset of value, which they never would have known about had you not contacted them. You really think that outbound buyers don't appreciate getting that chance to keep these names away from their competition?

I bet you have even received the odd cold call where you engaged because you thought, "Yeah, this actually interests me." Maybe it was a survey, charity, political party... Cold calling works, but it comes down to two things: targeting and professionalism.

In the four years I've been doing it, I've never had negative feedback.

Joe N · Aug 2, 2020

biggie said:
it's naïve to not consider
that soliciting someone else's 6 figure name, could get the owner a C&D or UDRP, especially if whom they contact, tries to get the name thru reverse hijacking.

I would never advocate outbounding a name with TM issues. I agree with you: that is absolutely not okay.

biggie · Aug 2, 2020

Joe Nichols said:
I would never advocate outbounding a name with TM issues. I agree with you: that is absolutely not okay.

Hi

a domain doesn't have to have TM issues, for a company to try to obtain it thru reverse hijacking.
as nothing prevents them from filing a complaint and saying you own a domain which is confusingly similar to their mark.
at that point, you become the "respondent" and if you don't respond, you loose.
and when you lawyer up, then it costs you, to defend your asset.

here's one i picked out of the blue,
https://www.ssrana.in/articles/reve...syndication&utm_campaign=LinkedIn-integration

imo..

branding · Aug 2, 2020

Joe Nichols said:
Of course it's acceptable. Some do it right; some do it wrong. The latter is unacceptable.

Just because something can be done and is being done at large scale doesn't make it acceptable. Besides the regulations that may differ depending on your country you have to decide for yourself what category of people you want to be part of. I'll leave filling in the different types of categories to your imagination

Joe Nichols said:
You're giving businesses an opportunity to acquire an asset of value, which they never would have known about had you not contacted them.

This is a common misunderstanding and in contrast to what outbound marketing represents. That's the sales pitch.

You don't offer them something of value, you are looking for them to give you something of value. Usually a good paycheck.

Besides, who are you to decide on what is to be considered to be of value to them? Not you personally, you use your common sense, but generally speaking. Again, 99% of outbounders don't know what they're doing.

And where does it end? What sets the domain industry apart from the SEO/webdesign spammers? They might bring real value to a company. Emphasis on might. Just like a premium domain. It might be valuable to your target.

Joe Nichols said:
bet you have even received the odd cold call where you engaged because you thought, "Yeah, this actually interests me." Maybe it was a survey, charity, political party... Cold calling works, but it comes down to two things: targeting and professionalism.

Nah, have been in sales for too long to recognise the game. They never have an opportunity. They're just looking to make money. They don't care about me and you. But yes, it works. It a numbers game. People will fall for it.

Joe Nichols said:
In the four years I've been doing it, I've never had negative feedback.

Because you obviously have a brain

. Lots of people don't or just lack basic morals.

I'm not judging anyone. Do whatever works for you. I think I do outbound once or twice a year but never unsolicited and if I did, would just be honest about it and call things for what they are.

People like you can probably do outbound in an somewhat acceptable way but I sincerely think the industry should never ever advocate this way of selling domains as a good option.

Joe N · Aug 3, 2020

NameDeck said:
You don't offer them something of value, you are looking for them to give you something of value. Usually a good paycheck.

That's true of every business. And of course I offer something of value. If I didn't, I wouldn't make sales.

NameDeck said:
Besides, who are you to decide on what is to be considered to be of value to them? Not you personally, you use your common sense, but generally speaking. Again, 99% of outbounders don't know what they're doing.

I tend to agree, but this is exactly why I engage about the topic on the forum. People are going to do it regardless, and if they are then they should do it in a professional, respectful, and meaningful manner.

jim h · Aug 20, 2020

That's why I set a buy it now price.

TauseefKhan · Aug 20, 2020

make sure the domain registrar is of highest repute or the one most people are aware of
provide a direct link at the domain registrar website itself for buyers to checkout
transfer first and receive later - an option most domain investors use
using a business email address with full signature puts your proposal looks genuine

TheBuyerz · Aug 23, 2020

Lying is never a good idea to achieve your goal, that was not necessary and not professional... especially that it was just in the same period that you supposedly received a second offer by another buyer... it was obvious for him that it was a lie.

If I was the buyer, I had did the same... I will see this as scam, first I got an offer from an unknown seller by email, second because of the insistence, third for asking money first, fourth because you lied to me and this is unforgivable in business, this is not politic.

When you lose your reputation, even if you own a.com and willing to sell it for a low balls, no one will approach you and takes you as trustworthy person, your image is already settled as scammer... just be sincere with your clients to preserve your business.

AbdulBasit.com · Aug 24, 2020

Never ever accept first offer which you did in your case. Always counter even if you're willing to accept the buyer's initial offer.

Jimmysun · Aug 24, 2020

I'll never believe someone bluffing me like that way so I won't do that to the buyer either, if you really want to do bluffing to that buyer you should say...Hi, someone offered me more and it's sold, case closed, bye. and then you transfer to another registrar and re-list it again.

coolhands · Aug 24, 2020

bmugford said:
I can't imagine many people not paying. It is theft by deception or outright fraud.
The buyer could face major legal ramifications.

Brad

I think they can legally go out of it, because they didn't sign any contract to pay for the domain. And if not! it's will be time/energy/money wasting to sue a Business that's is not even in the same country where you live.

DTR Alex · Aug 24, 2020

And, keep a time-gap of 24 hours in replying the email, don't reply too quickly!

You can also send an invoice to receive the payment, because it is must if you are dealing with some large corporations...

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