NameSilo

A manager of an important platform made me an offer

Labeled as advice in Domain Selling and Domain Sales, started by tio, Mar 23, 2021

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  1. tio

    tio New Member

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    I've received an offer from a manager of a very important domain platform (I've verified this) for a 3L io domain from my portfolio.
    conversation:

    - hey I have a client who are interested in your domain and present an offer of $3K.
    - that's the best offer? I could be willing to consider offers from $5K+
    - alright, I'll talk with my client.
    -(after few days): ok, can we close the deal in $5K?

    what should I reply now? I'm sorry for the dumb question I have no experience in this type of negotiations. appreciate some input. thank you.
     
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  2. noneisnone

    noneisnone 444 VIP Gold Account

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    you asked for 5k and he agreed complete the transaction using the escrow service of your choice.
     
  3. DuDD

    DuDD Established Member

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    First of all, congratulations
    This depends on the quality of your domain name to determine the price, 5K May be less, but is your expected value
    • If the domain name is good, you can simply refuse
     
  4. ddesigns

    ddesigns 24Designs.in - Web Development and more... VIP ★★★★★★★★★★

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    You demanded 5k and they are ready to pay. So accept the price and close the deal via escrow or any other secure platform.

    Best of luck, looking to see the name in sold thread...
     
  5. Start

    Start Established Member

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    From what you wrote ("I could be willing to consider offers from $5K+"), that doesn't mean you have to accept $5k like the person above is saying. I guess you were telling them you're not sure of an exact price, but it would be at least $5k?

    But I think after they offered $3k, it would have been better to give your asking price... a $3k offer shows they are serious at least.

    For what you should do next, it depends on the name... although $5k for a .io does seem good to me.

    You could say you thought about it and try asking for just under $10k, and hope to end up around $7500. Or if the letters are very good somehow (NFT has buzz lately), you could ask for $15k and hope to end up around $10k. But $10k or even $15k for a .io does seem high to me (EDIT: looking up some .io prices, I'm surprised how many sell for over $10k... they sell for more than I realized).

    Or ask for $7k and end up at $6k.

    Or you may still end up at $5k. No matter what you ask for, also be sure to say that you can consider another offer.

    But if you think it's a good offer for the domain, maybe just accept it so that you don't risk losing the sale. However, it sounds like you are probably safe to counteroffer with $7k or maybe even $9k, and hope to end up a little over $5k.

    Good luck!
     
    Last edited: Mar 24, 2021
  6. tio

    tio New Member

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    I don’t asked 5K
     
  7. tio

    tio New Member

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    I don’t demanded 5K, I’ve probably used the wrong words? (english is not my first language) I said: “would consider offers *from* (trying to say that would be the minimum) 5K. the broker simply is offering me the minimum. not sure if I’m talking bad english and he misunderstood me?
     
  8. Start

    Start Established Member

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    No, your English was good (from your original post, I didn't even realize that English is not your first language).

    I think some people just misunderstood it, or maybe read too quickly.

    But $5k is not that much different than $3k... so I think it would have been better to just say an asking price after they offered $3k. So the language was good, but I'm not sure if it was good strategy.

    But you have a $5k offer, so that is good at least, and you can still ask for more.
     
    Last edited: Mar 24, 2021
  9. CTUXSF

    CTUXSF Upgraded Member Gold Account

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    Given what you’ve described, I think you have one more chance to set your Buy It Now price, which is more than $5K. After you say this BIN price, you only have 3 options:
    - accept the BIN if offered
    - negotiate down to meet the buyer’s offer
    - Refuse anything less than BIN

    You could just decide you’re not going to sell after all this, even if offered BIN. But that would not be in good faith.

    One extra step before quoting a new price is ask about the buyer, who they are, what they plan to do with it. If you get that info, do some research and figure out how much they make from sales. It’ll be estimations but will give you some extra comfort with your pricing.

    Best thing to do is decide your best top price to sell this, and the lowest you’d accept. Then work it in this range.
     
  10. noneisnone

    noneisnone 444 VIP Gold Account

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    OP update us on how it went :)
     

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