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$120 offer - negotiation not possible

Labeled as discuss in Domain Buying and Selling Discussion, started by abstractdomainer, Apr 30, 2020

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  1. abstractdomainer

    abstractdomainer Upgraded Member Gold Account

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    I own a domain name that I tried doing an outbound for. I've been pretty active lately with domain outbound. I quoted $1,399 for the domain. The buyer replied back with an offer of $120.
    I came to $999 and the buyer stood firm at $120. I dropped the negotiation then and there saying that there is a huge difference between my ask and your offer price.

    I believe I could have closed the sale at $500. Did I do the right thing or I should have negotiated more to bring him up, say, by going down to $899 or something?

    Still new to negotiations. Inputs may help me negotiate better.
    Share your thoughts. Also, any thread links for negotiations would be highly helpful.
     
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  2. Samer

    Samer Top Contributor VIP Blue Account

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    PM me the domain

    I'll tell you how much i value it and tell you all i know.
     
  3. karmaco

    karmaco Top Contributor VIP

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    There is no way to evaluate your pricing without knowing the name. If you felt the price was reasonable you did the right thing. This is one of the perils of outbound—people not wanting to pay much at all.
     
  4. Samer

    Samer Top Contributor VIP Blue Account

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    PM karmaco name, over me, he knows more.

    You're in good hands, I trust him too.
     
    Last edited: Apr 30, 2020
  5. NameDeck

    NameDeck Top Contributor VIP

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    Like @Samer implied, it really depends on the name. Are they the only possible end-user? How important would this domain be for them? What kind of business are they operating? What kind of ROI would meet your business plan? Lots of things to concider, most of them only you can answer and I probably forgot to mention a lot.
     
  6. gilescoley

    gilescoley Top Member PRO VIP ★★★★★★★★★★

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    How much did you pay for the name? Is a $10 hand-reg?
    If it is, I would certainly drop my price and try and make the sale and then reinvest the money.

    I would go for a $400 or $500 price and try make the sale, still a nice profit on a $10 name. The buyer is in the box seat because you approached them.

    Good luck
     
  7. abstractdomainer

    abstractdomainer Upgraded Member Gold Account

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    Thanks. The buyer went way!
    Happens all the time.

    It was a $2 name. So yes, dropped it further but the buyer went away
     
  8. FolioTeam

    FolioTeam AMDB.tv VIP

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    Happened to me once.

    My ask was 1000. Buyer came in at 300 and refused to budge. I declined. Raised the price to 2500. Buyer came back 4 months later and tried to buy back at 1000. I refused to budge. Few days later, buyer bought the domain at 2500.

    The difference between my case and yours was that it was inbound and I had leverage. In outbound, you lose that leverage and you're basically at the mercy of the buyer.

    So, it's either you wait it out or you chin up and move on. That's the price for outbound
     
  9. BBQ Names

    BBQ Names Upgraded Member Blue Account

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    Not necessarily the best plan. You might make that choice, but if it is a great name, it is a great name. So many variables that come into play.
    Make sure you renew the name! Plus, now, when you contact someone else you can honestly say that did have a previous offer but it wasn’t quite what you needed to sell the name. And if somehow it happens to be somebody that was aware of that may be in the same company or a different related company they will know that you were telling the truth that you did have an offer. I will say that’s a great response saying there’s a “huge difference” between your offer and my ask because that sets their mind to think there really us is a huge difference.
     
  10. BBQ Names

    BBQ Names Upgraded Member Blue Account

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    Absolutely LOVE that story!
     
  11. garptrader

    garptrader Top Contributor VIP ★★★★★★★★★★

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    The advantage of outbound is it helps you identify potential buyers of your domain. The disadvantage is none of them have any immediate need for your domain. Even if their current domain is obvious reg fee or a social media site, that may be an indication of their budget for a domain name. They are no value in paying a premium price for a domain. When you set a healthy minimum offer or the BIN price you want, by default you are dealing with qualified leads.

    I work out on a regular basis and thus have my share of workout gear. How often do I buy overpriced gear from some unknown brand as a result of being on some mailing list? Never. On occasion I might buy a pair of Asics running shoes or a Puma soccer Jersey or a Nike workout t-shirt if they are running a promo because I have visited their sites before and provided my email as a result of purchasing merchandise from their stores.
     
  12. Seventy

    Seventy Established Member

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    Just shipping in here, countering with $999...

    Marketing 101: Never use that kind of number.

    Just looking at that number turns me well of..

    Compare the look and feel you get with these numbers.

    $987 (Seems exact and cheap)

    $999 (Seems random and made up)

    $897 (Would of probably been your best counter)

    Walk into your local supermarket, have you EVER in your entire life seen anything prices at $999, the answer is NO. The reason for this is because a sales expert tricks people into pricing.

    You seem like the kind of person whom I ask these two questions.

    Think of a number in your head between 1 and 10. (scroll down and it is prob the exact number you thought about in your mind.)




















    (7) Right or Wrong?
     
    Last edited: May 18, 2020
  13. abstractdomainer

    abstractdomainer Upgraded Member Gold Account

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    Quite a negotiation by you!

    Valid advice! Will renew this.
     
  14. Mytz.com

    Mytz.com Upgraded Member Gold Account

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  15. Knup Solutions

    Knup Solutions Gambling & iGaming Domain Professional Gold Account

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    I would say it really depends on your situation. If you were trying to make a quick buck then you did the wrong thing because your end result was $0. If you value your domains and take them seriously I think you did the right thing because that offer could have been out of mockery.

    I wish I had a bit more context to help you but hopefully this gives you an idea. What work in domains do you do?
     
  16. lock

    lock DomainUsed.com VIP

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    It is all in the wording and timing on the negotiation rather than countered right away you should ask again for an offer closer to your asking price. If you have ammo eg sales history on keywords showing similar use it as part of your next response. As a buyer if someone drops 50% before i have said no i know i only need to wait for a bigger discount.
     
    Last edited: Jun 5, 2020
  17. abstractdomainer

    abstractdomainer Upgraded Member Gold Account

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    Valid point. I usually buy them for 1 year, flip whatever sells and drop whatever doesn't/
    Based on the advice I got here on Np, I'd renew good names from now on.
    That last line has a lot of value!
     
  18. Save Breach

    Save Breach Established Member

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    If its a cheap handreg, I would accept whatever the buyer counters + $100. I recently sold a 5 figure worth, ultra-premium 4L.com (BB suggested high 5 figs) for cheap 4 figures through outbound, because during the pandemic, all businesses are facing cash crunch so best to take whatever comes your way.

    $120 isn't bad, if you wanted some cash flow.

    thanks for sharing ur experience with us. appreicated.

    cheers
     
    Last edited: Jun 7, 2020

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