NameSilo

Accepted minimum offer for name from multi billion dollar company

Labeled as discuss in Domain Selling and Domain Sales started by MrAcidic, Apr 9, 2019.

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  1. MrAcidic

    MrAcidic Upgraded Member Gold Account VIP

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    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 :xf.smile:
     
    Last edited: Apr 9, 2019
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  2. Ategy.com

    Ategy.com NameCult.com Gold Account VIP

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    Why are you wasting time doing hindsight research on a completed "negotiation" ...

    ... when instead you should be out buying $500 worth of new domains! ;)
     
  3. MrAcidic

    MrAcidic Upgraded Member Gold Account VIP

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    Nice one! 😁

    Not spending anything until it is done and dusted and then onwards and upwards....
     
  4. alcy

    alcy Top Member VIP

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    you mean you think there is a chance 14b company won't pay you $500?

    other than this, its too bad multibilion companies offer min prices on domains all the time.
     
  5. MrAcidic

    MrAcidic Upgraded Member Gold Account VIP

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    I know, it is more the fact that I did not do any research before accepting the offer. The company size is just what it is.

    But hey you live and learn..

    As long as you learn from your experiences then it's all good
     
  6. Ategy.com

    Ategy.com NameCult.com Gold Account VIP

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    Well at least now we know who to blame! ahem ... @MrAcidic

    That being said, I don't think I've ever not countered a $xxx offer. But maybe that's why I have more $xxxx sales than I do $xxx!?

     
  7. MrAcidic

    MrAcidic Upgraded Member Gold Account VIP

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    I have opened myself up to some (well deserved) piss taking here haven't I 🤔
     
  8. MapleDots

    MapleDots Domain Properties 2010 - 2019 VIP

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    Loved the read, regardless of the outcome (y)
     
  9. EbookLover

    EbookLover Top Member VIP ★★★★★★★★★★

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    I'd like to know what his first offer was, before he got the message
    "Your offer must be higher than $500"

    :xf.grin:
     
  10. Ategy.com

    Ategy.com NameCult.com Gold Account VIP

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    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! :banghead:

    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
     
  11. NameLlama

    NameLlama Established Member

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    Maybe he would have hidden himself better if he was willing to pay a lot

    :couchpotato:
     
  12. MrAcidic

    MrAcidic Upgraded Member Gold Account VIP

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    Fingers crossed it all works out. It should do, if they say anything share the pooch link with them that should help close the deal 👌
     
  13. namemarket

    namemarket Top Member VIP ★★★★★★★★★★

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    Nothing unusual about slow response and low offers from big businesses. I feel better about inquiries from a small to mid-size business and ma and pa.

    Over the years my best sales rarely if ever were from large firms, in fact they often start out with $300 to $500 offers and don't go much higher.

    Sometimes doing buyer research is next to impossible and you don't know who inquiry is really from because they successfully hide identity or use a proxy buyer such as an employee using her Gmail address to trick you.
     
    Last edited: Apr 9, 2019
  14. EbookLover

    EbookLover Top Member VIP ★★★★★★★★★★

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    Out of curiosity, did you have to domain set for make offer only, or did you set a BIN. If so, what was the BIN?
     
  15. NameJi

    NameJi The Domain Lover Gold Account

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    This is a very common problem. I do this all the time (accept minimum offers). Now a days I m seeing all buyers as just buyers and not worried about their background. This way I focus on getting the "maximum sale value" for the domain.

    I counter offer every single lead and will not come down on the price at any cost. I don't care if it costs me the sale.

    This is the name of the game :)

    Cheers.
     
  16. topdom

    topdom Established Member

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    Don't give the domain, and say I was thinking I typed 500,00 but comma was missing, and making this counteroffer was understood as accepting the offer, so I have to cancel and face the consequences. Please understand..

    Would I do it? Probably no. Just an idea.

    A big company may have tons of money but this doesn't mean they would pay premium prices for each defensive junk they try to get.

    My first sale was made to a very big company and the price was in low 3 figures. My second sale was made to a domainer and the price was near mid 4 figures.
     
    Last edited: Apr 10, 2019
  17. mAd MaX

    mAd MaX Established Member

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    What's the name?

    I will tell you how much you shorted your name
     
  18. MrAcidic

    MrAcidic Upgraded Member Gold Account VIP

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    It was make offer with minimum $500 bid
     
  19. MrAcidic

    MrAcidic Upgraded Member Gold Account VIP

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    Will let you know once the deal is either completed or he doesn't pay :xf.smile:
     
  20. mAd MaX

    mAd MaX Established Member

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    If you found out your buyer is capable of paying more and you want honor your deal, just give him a tentative date of payment or price increases. 😉
     
  21. MrAcidic

    MrAcidic Upgraded Member Gold Account VIP

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    Good idea, but it is via Undeveloped and they control the process once a bid is accepted, they get in touch with the buyer for payment etc etc......

    I have committed to the deal by accepting the offer and just to have to wait and see if they pay

    I have a had a few offers and BIN's with Undeveloped not convert into cash so not holding my breath
     
  22. dande

    dande Premium Domain Names VIP

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    Congratulations for your imminent sale. and Sorry for your loss!

    I can't imagine not countering a $500 offer.
     
  23. MrAcidic

    MrAcidic Upgraded Member Gold Account VIP

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    Thanks,

    But proof is in the pudding, let's wait and see if it goes through.

    Lesson well and truly learnt on this, I have posted in other threads previously that you should always counter and did not follow my own advice 😧
     
  24. VaibhavA

    VaibhavA Top Member VIP

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    So, there was no BIN and you accepted the min offer without checking anything!

    If there would have been a BIN, maybe it would have sold at BIN..maybe!
     
  25. MrAcidic

    MrAcidic Upgraded Member Gold Account VIP

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    Ifs, buts and maybes.....will never know now :xf.wink:
     

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