advice Biggest mistakes I did

[Isac]

From April 2017 i started my domaining journey and i must admit i did few big mistakes :

1. First one was rejecting an offer of $ 2500 on my LeLx.com domain.

2. But the biggest mistake i did was rejecting a bitcoin for 2 word .org domain before few months , that i bought from here for $ 25.

3. Try to be too greedy i lost many end users

Now i want advice from you all, what's a best thing i should do. At that time because i have less knowledge about Bit coins, i rejected Bit coin.

But i think there is something that i am lacking of which does'nt allowed me to sell those domain.

Kindly Help

Thanks

 

[frank-germany]

me: 1400 usd
buyer: 500 usd
me:1100 usd
buyer: no
me: ok 500 usd
Buyer: no more interested

--


buyer : 300 euro
me : 1400 euro
buyer: no more interested


its easy to f*ck a deal



buyer: 3000 euro
me: no we don't want to sell
buyer: maybe more ..
..
after 1 year we agreed on 125 K USD


its an art not a science

 

[Kate]

Don't worry, you will make more mistakes in the future
The best we can do is offset mistakes with success.
Hindsight is 20/20.
However, you're right when you're saying do not be greedy. The first offer received may be the last you'll ever get.

 

[1Darko]

me: asking price is 399
buyer: we can make instant payment 250
me: ok 250
after 6 days no payment
me: hello, when can I expect payment?
buyer: we can only pay 100 for this domain
me: 199 is the lowest I can go
buyer: good luck with your domain
me:

 

[Silentptnr]

I dont think its something you are lacking. I think in your heart you felt you were not ready to sell it. And you just were not ready to get into bitcoin. Thats okay too.

Just sounds like you slowed down and are a little worried. Hang in there. Accept your decisions and move forward in a positive way.

Every time I pass on solid offers, part of me is glad and part of me wonders if I should have taken it. I just move on.

More offers do come.

 

[maxtorz]

me: asking price is 399
buyer: we can make instant payment 250
me: ok 250
after 6 days no payment
me: hello, when can I expect payment?
buyer: we can only pay 100 for this domain
me: 199 is the lowest I can go
buyer: good luck with your domain
me:

I just randomly picked this example and I USED TO DO THIS ALL THE TIME!
I lost so many deals over the years it's painful to think about it.

MISTAKES/KEY POINTS:
1.When you drop price, the buyers CERTAINTY in buying drops! They are skeptical of buying in the first place from someone unknown, you gotta build VALUE and their CERTAINTY and never drop PRICE.


Negotiating PRICE vs. VALUE and this is HOW TO WIN(lots of trial and error in my method and hope it helps lots of people).

me: asking price $450
buyer:I would buy for $150
me:I am valuing this domain @ $1500 and I can give you 100 reasons why! I set the pricing at $450 for a quick sale. Do you have a minute to discuss my valuation?
buyer: no reply
me: What's your objection?
buyer: the price
me: I understand, and I agree with you. That wouldn't stop you from buying this name? I am sending you a paypal invoice now! ( I send them the invoice to their email)
buyer: that's not my paypal email, it's [email protected]
CLOSED DEAL! I closed at least 4 sales this way this year.

I follow the above method ALWAYS in every outbound negotiation when I have a BIN price set. I actually call the buyer if they have the phone number in the signature.
Here's how a call goes:
me:"Hey <John/buyer> this is Alex and I emailed you about my domain for sale. What's your objection, what can I do to make this work?"
Buyer: "price to high"
me:"I understand, I agree with you, I am with you. Hey John, here's the thing you are buying a $1500 name for $450. You can redirect the name, put a quote form up etc and it will pay for itself in no time. Even better domains are a tax deductible business expense so I get uncle SAM to pay 50% for YOU, you end up paying the rest buddy. Let's do this! Do you want me to send you a paypal invoice or a payment link(I use Stripe)? "
BOOM! Sale closed!

 

[BuyBrandWeb.com]

For me, past is past. No regrets for whatever happened in past. Learn from past and implement in present and plan for future. It's a buyer desire, they'll come to you if they are really wanted!

I lost few deals but happy to hold since someone has shown at least interest in it.

 

[ajenipa]

yeah domaining can be very funny
if you accept the first offer , buyer would think he is paying too much and even ask for a lower offer
if you shoot for the star , then one is prety greedy..if buyer walk away then you blame your self for asking too much
my past experience
buyer : how much
me : 750
buyer: 200
me: 400
OK don't want to be greedy.
me : ok i accept your 200 offer
buyer: ooh we are no more interested

Recent experience
buyer: cost?
me: 950
buyer: 250
( i really need some quick fund, let me accept this)
me: i accept your 250 offer , lets move on
buyer: i never meant to add zero..i mean 25
just a day before yesteday i discovered the company has over 2M in funding
. ..I don't think you made any mistake, just that the right buyer is yet to come

 

[frank-germany]

Don't worry, you will make more mistakes in the future
The best we can do is offset mistakes with success.
Hindsight is 20/20.
However, you're right when you're saying do not be greedy. The first offer received may be the last you'll ever get.

guess that s not the best advice here

try to find who the buyer is and why they want the domain
before you decide to accept or not

nobody is ever going to bid their last price first

 

[korganian]

Good to see a thread with realistic advice. There is no substitute for experience in this industry. Each domain is different and therefore there is no uniform set of rules that a novice can use as a shortcut from gaining experience. Things are also changing all the time, so what was true before is often not true anymore.

Follow Kenny Rogers advice in his song "The Gambler". You have to know when to hold em and when to fold em. Only when you reach the confidence to pick out the domains to hold for top dollar, which ones to take any reasonable offer on and drop the rest, will you have any realistic chance of success in this business. IMHO.

 

[mani0307]

Buyer: $300
Me: $800

Buyer: sorry, its too high we are no more interested in it.
Me: thanks but my final price will be 600
Buyer: bye
Me: bye and take care
After some days buyer reply
Buyer: $500
Me: no reply
Buyer: we are agree with $600

Its all about human behaviour

 

[Dave]

Everybody makes mistakes. Learn from them and move on. I turned down 2000 bitcoins once. Nobody can see the future, we just make the best decisions we can, and if it doesn't work out then so be it.

 

[Fancy.domains]

Me: We have listed it for $2400. It is taken in xx extensions blah blah.

"Buyer": I can give you $150.

Me: Oh, that's a pity, because we have decided to raise the price to $10,000.

Not very professional indeed, but sometimes you just get bored...

 

[HotKey]

But i think there is something that i am lacking of which does'nt allowed me to sell those domain.

Nothing lacking, it was a choice you made. The main thing is realizing perhaps it wasn't the best one. You'll get it next, or the time after. Soon you'll get to your comfort level of accepting/declining offers, and know that you were cool with your decision.

Everyone's always looking for greener pastures, while forgetting that they might be standing in the greenest one of all.

 

[WatchDogue]

I did my version of this in the late '90s / early 2000s':

" 3. Try to be too greedy i lost many end users"

I had several substantial four figure cash-in-hand offers for names and held out for more - it is hard to know what is a " fair / reasonable " offer vs expecting " too much ".

Time and trial and error ( and better access to comps ) help with pricing and sales / purchase prices.

 

[CrazyOldGoat]

#1 could have been worse. When was that offer made?

But yeah, #2 must kinda suck right now sorry haha

 

[jideofor]

From April 2017 i started my domaining journey and i must admit i did few big mistakes :

1. First one was rejecting an offer of $ 2500 on my LeLx.com domain.

2. But the biggest mistake i did was rejecting a bitcoin for 2 word .org domain before few months , that i bought from here for $ 25.

3. Try to be too greedy i lost many end users

Now i want advice from you all, what's a best thing i should do. At that time because i have less knowledge about Bit coins, i rejected Bit coin.

But i think there is something that i am lacking of which does'nt allowed me to sell those domain.

Kindly Help

Thanks

I would say you allowed what you read on here to cloud your judgement. I know what it feels like when you see some x,xxx$ reported sales in 4 figures and so on. You allowed that to get into your head and greed was birthed.

Now here is the reality, only a few persons command those high figures, except you a rich to buy premium domains.

Just learn from your mistakes and move on. There are many more opportunity out there. Know when to take the money and move on.

 

[Isac]

After reading messages here, i think decision making is one of the important thing in domaining world. As well as learning about future trends.

 

[Silentptnr]

1. bring back 1st avatar
2. making money from money
1x $2500, buy 200 .com's = 1x $10k (at least)
3. move on

Old avatar was cool.

 

[xynames]

For me, past is past. No regrets for whatever happened in past. Learn from past and implement in present and plan for future. It's a buyer desire, they'll come to you if they are really wanted!

I lost few deals but happy to hold since someone has shown at least interest in it.

Exactly. You must decide if you’re going to accept all offers or wait for the right buyer.

 

[Kuffy]

I'm the original guy with a great future behind him.

If you aren't making mistakes, then you aren't trying hard enough. The failure is not in making mistakes, but in not learning from them.

 

[shorterwinters]

After reading messages here, i think decision making is one of the important thing in domaining world. As well as learning about future trends.

True but, decision making is one of the most important things, period. In everything. For you. For me. For everyone. You have decided to ask advice and learn from the past.
Great decision.
Good luck.
As Kate wisely said, don't worry, you will make more. Got to love it.
I liked old avatar as well

 

[HotKey]

You have to know when to hold em and when to fold em

Funny, although I know the saying, I've never listened to the song. Just did, from start to finish- fantastic. Thanks for sharing, brother.

 

[4better]

Mistakes are the stepping stones to learning. So when you commit a mistake you are basically learning a lesson. Keep it up..

 

[Hootsifer]

^^ OUCH