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

 

[Fancy.domains]

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:

Should be in jail

 

[frank-germany]

And sometimes it is just bad luck. You were not at the right place at the right time. Losers give up, winners continues to work hard.

 

[JanO]

Great thread. My biggest mistake was registering 8 .in domains for € 30 each just to find out I could register elsewhere for € 7,50. € 180 down the drain.

 

[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!

 

[frank-germany]

Great thread. My biggest mistake was registering 8 .in domains for € 30 each just to find out I could register elsewhere for € 7,50. € 180 down the drain.

You are a really lucky guy,
If THAT was your biggest mistake

 

[JanO]

You are a really lucky guy,
If THAT was your biggest mistake

Not if you consider I'm only actively domaining for about 2 months

 

[Iam_leun]

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!

Would use this right away. Thank you.

 

[frank-germany]

I
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.

did I mention I LOVE IT?

thank you for sharing this

 

[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

 

[Iam_leun]

LOL

@
Buyer: bye
Me: bye and take care

Are you guys travelling into space?

 

[raspal]

So, the fact is - we need to know marketing and sales techniques first, and we can sell any domain at a high price.

Is that correct, guys?

 

[Iam_leun]

Fact is get quality domains first.

 

[ResoluteDomains]

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

That has only worked for me once in 18 years. All other buyers, using that approach with, have gone cold and never came back.

 

[ResoluteDomains]

Not if you consider I'm only actively domaining for about 2 months

check here for pricing first: https://www.domcomp.com/

 

[Dave]

^^ OUCH

Yep, was back in like 2011. I got like a few hundred instead lol (Would now be worth nearly 30 million).Funny thing is I almost accepted, but there was a domain name I wanted to buy if I remember rightly. Oops.

 

[barophobia]

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

I can't blame you for not accepting bitcoins. It took me far too long to really appreciate it as a currency because I just have a hard time trusting cryptocurrencies. However, it seems like they're here to stay and I've realized that too late to really capitalize on it (at least for Bitcoin . . . right now). I don't know how much bitcoins were worth at the time of the offer, but I guess the easiest way to try and prevent that from happening again is to thoroughly research any cryptocurrencies offered to you. Even then, unpredictable things happen quickly in that market.

For the third, greed can definitely get in the way sometimes. At the same time, the other common error is to undervalue your domain. Practice and research seem like the only ways to really know how valuable your domain is. Everything's a learning process.

 

[Haykay2005]

Conclusion : there is no best way of doing things