advice Can I change the price I quoted?

[ilucky21c]

Hey domainers, I am in an outbound process of a new TLD domain. The enduser is an big company. And it was a hot industry they are in. I am talking with their CEO on linkedin. After some back and forth of asking and explaining what a cctld is. The CEO said the domain has no utility value but wants me to quote a price anyway. I quoted 2500$, but want to change that to 4000$ or 5000$. No response yet since I quoted. What will happen if I do that? And should I do that?The company is even on the stock market and in the news. And I just want to make a big deal. Thank you.

 

[wwwulff]

You can do what you want but in my eyes it would be unprofessional to change the price afterwards.

 

[sam123]

I've seen plenty of price rises after the initial quote while brokering domain acquisitions, 100% of the time it has ended the deal. Being greedy is the quickest route to failure in this business.

Always honor your quoted price. If you think you made a mistake, learn from it and move on.

 

[hawkeye]

Seriously!?! How would you react if you were quoted a price and then they raised it afterwards because ‘they wanted to make a big deal’! Good grief.

Here’s some advice for you - “Bears get full, pigs get stuck!”
..oink oink.

 

[PeakDots]

I wouldn't.

I think you should honor what was quoted

 

[mr-x]

Pigs get fat, hogs get slaughtered.

 

[Mister Funsky]

After some back and forth of asking and explaining what a cctld is. The CEO said the domain has no utility value but wants me to quote a price anyway. I quoted 2500$, but want to change that to 4000$ or 5000$.

Assuming you are seriously asking about this...you (for several reasons) should not raise the price.

If, after a reasonable period of time has passed and he does not reply, you want to raise the price the professional thing to do is let him know. Say something like "it has been 14 days and my offer at 2500 is going to be taken off the table soon, so please let me know your intentions".

If you have it on a market place it is okay to have the price higher than the offer you made to him...that lets him think, correctly or not, the name has more value than he was quoted.

 

[Bob Hawkes]

I would join those who say, strongly, don't change the price! If you get a final word they are not interested, or if some time passes and you let them know the price is about to change, by all means make a change. Most products do change in price with times, and domains are no exception. For listing on marketplaces, without an outbound communication, certainly change at any time. But not in this situation!

 

[.X.]

Oh No, never do that, never. just take it as a lesson learned.

 

[frank-germany]

sure you can change the price
if you give him a deadline

like
price only valid for 3 days

 

[mr-x]

Chance are the domain isn't worth $2400.

 

[lambo.com]

#ngtlds

The CEO said the domain has no utility

 

[maya-zir]

Change it, it is still your domain.
If during negotiation clients lower the price, why the seller cant raise it?
You have no sold it still, so make what ever you want.
I dont remember any big business respect thier word to thier costumers.
Example: my internet provider couldnt take monthly payment from my bank account, they never send me any letter, any sms, nothing, they also know I had money on my account. But they desconected me internet, I paid in 1 hour later and they carged me double price for "reconnection". I am thier client for more than 5 years.
So why we have to play 18-century game named "honor" word?

 

[WatchDogue]

IMO if the prospective buyer and, a known corporation at that, hasn't replied positively or affirmatively to the first quoted price, why would the same company respond positively or affirmatively to a second price with a 50 or a 100% purchase price increase?

Also if I were that corporation contact and that price hike suddenly occurred my trust factor towards the seller would be quite low, like zero.

As a suggestion always decide what purchase price you want to ask for before initiating a sales contact.

 

[ilucky21c]

Thank you guys for your advice! I also think, better not raise price in this situation. Luckily I haven't made any move since my first quote. However, the potential buyer also have stayed mute since then. And we were in a conversation before I quoted.
But I think I will just wait for a while.

 

[E-Thunder]

They likely won’t even pay your first price since they basically said they have no use for it. You might need to lower your price instead.

 

[Arfy]

I have been in the opposite scenario where a buyer offered me $9,500 and I accepted the offer. Afterwards, when we were about to start payment / transfer, he said he only had $8,500 and that ruined the deal and I was pretty annoyed.

In this scenario, increasing your quoted price will probably have an even worse effect. The only reason I would think it is viable to do this is if you received a higher offer and told the end user that the price was X but now I have been offered Y so you need to provide an offer higher than this or you will lose the domain. If you don't have a higher offer then you are taking a big risk of non-sale if you increase now.

however, as @mayazir said, it is your domain so if you are not happy to sell at that price then don't. Just weigh it up on whether you are happy to take the risk of non-sale and keep the domain against the best outcome of the CEO accepting the higher price.

I would say first wait for his / her response to see he / she is interested before changing the price!

 

[maya-zir]

Change it, it is still your domain.
If during negotiation clients lower the price, why the seller cant raise it?
You have no sold it still, so make what ever you want.
I dont remember any big business respect thier word to thier costumers.
Example: my internet provider couldnt take monthly payment from my bank account, they never send me any letter, any sms, nothing, they also know I had money on my account. But they desconected me internet, I paid in 1 hour later and they carged me double price for "reconnection". I am thier client for more than 5 years.
So why we have to play 18-century game named "honor" word?

@ilucky21c, I mean it in general, not exactly for your case, because if now they didnt want to buy it, then they would not buy it after your raise the price.
But you can change your mind as you wish and when you wish until the buyer says "deal".
Dont pay attention on all who say you "honor your word".
You still didnt give any word.
And usually all who say "honor the word" never do it by themselves.
I personally try not to deal or have business with those who tell too much about "honor word", they are able to put the knife in your back. It is my personal experience.

 

[PeakDots]

@ilucky21c, I mean it in general, not exactly for your case, because if now they didnt want to buy it, then they would not buy it after your raise the price.
But you can change your mind as you wish and when you wish until the buyer says "deal".
Dont pay attention on all who say you "honor your word".
You still didnt give any word.
And usually all who say "honor the word" never do it by themselves.
I personally try not to deal or have business with those who tell too much about "honor word", they are able to put the knife in your back. It is my personal experience.

Being quoted a price then coming back to purchase the name (if no deadline given) to only find out the price has increased with no added value to the name is like a knife stab in the back. imo
Sure way to loose a potential sale.
If the seller wasn't happy with the orginal price quoted they should have never quoted it.
Just because you find out that the buyer has deep pockets doesn't mean they will pay more. imo
That's just wishful thinking, greed actually.

 

[maya-zir]

Being quoted a price then coming back to purchase the name (if no deadline given) to only find out the price has increased with no added value to the name is like a knife stab in the back. imo
Sure way to loose a potential sale.
If the seller wasn't happy with the orginal price quoted they should have never quoted it.
Just because you find out that the buyer has deep pockets doesn't mean they will pay more. imo
That's just wishful thinking, greed actually.

I didnt mean exactly this case.
I meant to stop listen to all who tell here about "honor word". The seller can do everything he wishes, can lower or raise the price, change mind mind to sell the domain etc.
Until the word "deal" and payment sent both parts (seller and buyer) can do what ever they wish.