NameSilo

Don't under estimate the potential buyers

Labeled as information in General Domain Discussion, started by BuyBrandWeb.com, Feb 4, 2016

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  1. BuyBrandWeb.com

    BuyBrandWeb.com Praveen Chidaboyina PRO VIP Gold Account

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    Hi All,

    I just wanted to share useful information where I failed to negotiate with potential buyer! This might be useful to you in negotiations. I hope this has been discussed here many times

    Have purchased a golf related domain from Godaddy auctions recently for less than 50 usd. It is an aged domain (16 years old) and I can see many websites are advertising for the exact keywords. Started outbound mails to an end users were I received two different quick responses. One was $100 , another $400.

    The guy who offered $400, introduced himself as receptionist in the company and started communicated with [email protected] mail id. I gave counter -offer with $2500 ( happy to take $500 within 10 days of purchase i.e., 10x profit, but followed the always ask more technique here)

    He was saying that he didn't have an appropriate rights to take decision, he would contact his boss( ??no one here) . I sent a follow-up mail after 2 days ,then he quoted $ 450 not even more extra one dollar...I gave counter offer $2000... I didn't get any response, after one week I said, we are ready offer it for $1000.

    He replied again and mentioned he would contact his boss again and replied his $450 ofer stands.. I gave a call after 2 days , said $500 for quick deal.

    I received a response from him after one hour saying
    " They are not interested in it" and introduced himself as "Director of sales" (with his official mail id)
    I can see multiple golf sites listed in his signature.

    Lessons learnt here:
    • Always do research before giving counter-offer
    • Use ZoomInfo.com as Ali @Zandibot suggested
    • "Always ask more" can not work for less amount as buyer thinks domain is less valued domain if you offered the domain for less than you quoted
    • Buyer would easily pay the amount what I asked if I did good home-work
    I'm still happy to hold for the right buyer... Hope this might be useful in negotiations. Thanks for your time!

    As always, you're welcome to share your experience
     
    The views expressed on this page by users and staff are their own, not those of NamePros.
  2. johnn

    johnn WeSellName.com PRO VIP ★★★★★★★★★★

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    Bought a TM name for $20 (the name was registered before the TM was filed)
    Got an email offer $2,000 from a gmail email address. I did some researches and found out the guy is a lawyer.
    I asked $20,000 not a penny less (They came out with a new drug and the name is exactly as the name I owned).

    He then threaten to sue me if I don't sell him for $2,000 using his lawyer email.

    I said "Go ahead and make my day". I said the cost to sue me would be well over $20,000 and since the drug TM was just registered he has no legs to stand.

    5 days later we complete the transaction through Escrow.
     
  3. Domain Lead Finder

    Domain Lead Finder Established Member

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    How much is it per month? I can not find any info on their website, thanks for any info.
     
  4. BuyBrandWeb.com

    BuyBrandWeb.com Praveen Chidaboyina PRO VIP Gold Account

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  5. offersity

    offersity Established Member

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    Even though this didnt end up in a sale, you should have stood your ground. I have seen many times seller followed up too quickly and too frequently.

    A motivated buyer will always comes back to you, likewise if buyer is not quite motivated, he will withdraw or wait for a better time.

    Having said that, I also understand everyone is different and $100,$500 or $1000 have different meaning to different person.

    My opinion.
     
  6. heavend

    heavend Established Member

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    Great story and good for you to come out on top of this one. imo most people would buckle here. Just for personal information - how did you know it would cost them well over $20,000? And how much does it usually cost? I thought filing UDRP is about $2000?
     
  7. 168

    168 Top Contributor VIP

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    Great example of doing the homework.!
     
  8. Debt.tv

    Debt.tv Top Contributor VIP ★★★★★★★★★★

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    great advice! I will remember to do my homework before responding!
     
  9. DomainVP

    DomainVP DomainVP.com VIP

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    Always research every inbound inquiry, you want to be able to put them in the position of 'cool story bro'.

    For example...

    I use analytics on every landing page, and block all referral traffic. This means visitors must directly navigate to my landing pages, so I can see exactly where visitors are coming from when they initiate contact.

    Oh, you are from a poor town in New Zealand and you aren't that interested in my domain... but it looks like your entire marketing department in NewYork has been making visits over the past three days.

    Cool story bro...

    Of course you don't let on that you know this, and use the best in practice sales strategies.

    At the end of the day it's simple - you name your price, and either they buy it or they don't.

    Cheers
     
  10. johnn

    johnn WeSellName.com PRO VIP ★★★★★★★★★★

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    - Lawyers charge at least $300 an hour to the client and there are paper works and time in addition to the filing costs.
    - The domain name is a funny business. When you want the name - you want the name
    - The TM just filed 6 months when the name was registered 6 years ago. They don't even have the drug yet as it's just passed FDA approval so they cannot sue me because TM or register the name in bad faith.
    - I talked to two people (one of them is the owner of a domain forum) and they said the pharmaceutical company (small one) can afford $xx,xxx.
    I spent $400 for my lawyer to draw the contract for them to sign before we go to Escrow to make sure that they don't "bother" me after the sale and the sale is "as is". You need to be careful when dealing with the lawyer.
     
  11. LucidDomains

    LucidDomains LucidDomains.com VIP

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    A few questions if I may..

    Please expand a little more on the legal contract you got made up?
    What type of bothering did you aim to avoid?
    Do you often do this for large sales?

    Cheers
     
    Last edited: Feb 5, 2016
  12. johnn

    johnn WeSellName.com PRO VIP ★★★★★★★★★★

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    Google the email address.
    I am careful with all professional email inquires - Not the one "How much?"
    Take the time to answer the email and not in the hurry even if you have time. "waiting email game" is good for end users. Never answer the email right away and don't make it look like you are desperate to sell the name,
     
  13. LucidDomains

    LucidDomains LucidDomains.com VIP

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    Sorry were you answering me? I was referring to the legal document you got made personally before escrow.

    Thanks
     
  14. Bullock

    Bullock Established Member

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    Excuse me, but if you have emailed potential clients, so, it is logical that the interested prospects ask "how much?".

    Ya, domain bargaining is a tricky game!
     
  15. johnn

    johnn WeSellName.com PRO VIP ★★★★★★★★★★

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    They sent me email. I never sent email to anyone.
    Technically the contract said the transaction is for the domain name only and nothing else.
    Also the name is for sale as is and there is legal action can be brought in the future from both parties (buyer and seller) to make sure that they don't set any trap and sue in the future - Sorry but I don't trust lawyers....
     
  16. Bullock

    Bullock Established Member

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    Thanks, I understood :)
     
  17. DomainVP

    DomainVP DomainVP.com VIP

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    http://www.udrpsearch.com/wipo/d2015-1954

    This firm offers the DN owner $500k and then files a UDRP citing 'bad faith' because they would sell the domain for a high price.

    Panel found in favor of the respondent, who did not respond at all. (No clue why)

    End users can be shady.

    Get real friendly with WIPO procedure and be prepared. Had this respondent known what they were doing they could have pushed for a RDNH finding based on the complainants bad-faith tactics alone.
     

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