advice End user waiting to decide on purchase

[Arfy]

Hey Everybody!

I have recently received some interest from a potential end user in a premium domain name that I own. The end user looks to be a small-medium sized business and after very limited outbound marketing (have had no time do any and not sure how to, but will learn soon) they asked me for a price.

Their opening offer was pitiful at a low XXXX and I sent an emailing explaining that this was far too low and that domains of this calibre regularly sell for 6 figures and provided some details on recent sales as well as how the domain will help their company.

I received no reply and followed up again to see if they wanted to make an offer but they again gave a low ball offer.

The third time, I simply said that the absolute lowest we are prepared to take is $XX,XXX (very high 5 figures). The CEO is now saying that he wants to think about it and also asked me how transfer of ownership of the domain name would work. This sounds like he is becoming more interested at this price point.

My response was that there are 2 options, one would be for him to create an account at where the domain is registered currently and that I can simply push the domain into his account and he will have full ownership of the domain. The second option would be for me to generate an AUTH code and he can initiate a transfer at Godaddy (where is currently domain is) using this code and the domain will be transferred into his Godaddy account. I provided a bit more of a detailed explanation around the both.

I then mentioned we should use Escrow.com to facilitate the process of payment and domain transfer to protect both buyer and seller and explained that I only get paid once he gets the domain so it is safer for both parties.

Now my questions are:

1) Did I do anything wrong with the above - I have to admit I am an amateur but I do know the domain is very valuable and I didn't get it cheap to start with. However, this would see a nice profit if sold at this price.

2) How long should I give him to think before I contact him again and what should I say? He sent his last email on Monday (7th Jan). I don't want to be too pushy but also I don't want to leave it too long that he loses interest.

3) If he comes back with an inadequate offer, shall I either:
a) stay firm with the price
b) lower the price (will this make him think he can keep pushing lower?)

thanks!

 

[eurorealtor]

Pretty much, there are laws in North America that outline how these emails need to be sent.

CANSPAM ACT

and GDPR in the EU

 

[karmaco]

Anyone advising you to keep contacting this buyer isn't advising you well. The more you contact them, the less interested they'll get, and the less value your domain would have in their eyes.

If your domain is worth the value as the previous posters has confirmed, then hold and wait. Never mind the perceived ignorant questioning from the CEO, buyers sometimes feign ignorance just to get a good deal.

DO NOT CHEAPEN YOUR DOMAIN BY CONTINUALLY PESTERING THIS BUYER

I agree. He has been given all the info he could need and frankly I think you were allready too generous by not putting a time on the reduced figure. Next move is his. My guess is he is hoping for further reduction. Don’t act too eager.

 

[Arfy]

Hi

I don't know if you've read this thread, but please consider it for the future:
https://www.namepros.com/threads/how-to-give-domain-advice.1116854/#post-7048552

like I said in that post, some only take advice from people they like
and some don't heed the advice they should

also noticed you have given a long time member of this community @wwwweb , a couple of "dislikes" in this thread.

that member speaks truth and has solid knowledge of domaining
he and others are aware of what goes on with such names.

and when you dislike such comments, to me, it shows that you can't handle the truth
and if that's true, then how can you determine what advice to follow?

puff puff ahhhhh


imo….

Yeah well I didn't dislike all of his posts, just the ones where there is no advice and just pointing out past history of a domain name, which he has assumed is the same domain that is being discussed in this thread. It is pretty obvious that I intentionally didn't mention the name and still won't say what the name is for this very reason. I welcome advice from all sides and have taken it on board.

Also, if I wish to dislike a comment that is my opinion and there is no need for you to come in and try to police who can dislike what on Namepros.

 

[MapleDots]

Thanks Maple! I'm thinking of contacting him back but staying firm on the price as I don't want to drop any lower and seems others also value the domain highly. How long do you think I should wait before contacting him and what should I say?

Personally I never wait longer than 3 days because there is a fine line between pestering and informing a client. I am currently dealing with afternic on a bigger purchase and they have assigned a pretty knowledgeable broker to me. I see he is also waiting about 3 days between contact. Just long enough to let me think but not long enough for me to think I am not being engaged.

 

[biggie]

How is that spamming ? OP is offering a LLL.com for sale, it's the perfect domain for the buyer.

doesn't matter, whether it's perfect or not.

unsolicited email, is still considered spam.

still, there is a question for @Crypto King

how long have you owned this domain in question?
because from your comments, i gather you don't have much experience with negotiating.


imo...

 

[wwwweb]

It is pretty obvious this domain RFQ has gone from the huge media options, and ugly dork thread, to being won, and not paid at namejet last month, and now this new course of action. Just relax, and let the domain breathe out it's own buyer.

It is very hard to cold email end users for 3L.com's unless you have a some sort of company behind you, as would Godaddy, MediaOptions, Afternic etc... People are skeptical about talking 5 figure pricing behind a random email, unless they find you first, and have an immediate need.

 

[wwwweb]

The RFQ namejet sale, and all the reports that file after it for Dec 2018 is all over the search engines even though it never sold, which makes it a tougher sell in the 6 figure range you seek.

Usually sellers don't care because once they sell via namejet they are done, and out. In your case given your expectations it work against you. Also given Namejet was going to take their commission, you were really accepting $30K.

 

[frank-germany]

If buyer really wants it he will come back to you. For example on a domain of mine I received a low offer I countered at 21x higher than the low offer.

Weeks later I got an email saying that they’d offered a certain amount (which was just about 9% below my c
ounter) and would I accept it.

I answered honestly that I had somehow missed their email, accepted the offer, we went into escrow with buyer paying all fees and escrow closed just fine.

Point being that if a buyer wants a domain he will chase you to close the deal. I should have responded to that email but whether it ended up in my spam or I missed it in my inbox or maybe buyer forgot to click Send I didn’t see it.


*Over all I’ve been a little more giving with my acceptances lately. If the offer is within about 10% of my full asking price I don’t counter I just accept it. Or if their second offer after my counter is within 20% of my asking price I sometimes lately go for that too. No hard and fast formula just saying that lately I don’t push for every penny of my asking price.

I am reluctant to accept an offer
as last year when I did so ( outbound)
I nearly never closed a deal but instead lost the client

what's your experience?

 

[xynames]

I am reluctant to accept an offer
as last year when I did so ( outbound)
I nearly never closed a deal but instead lost the client

what's your experience?

These days I do very little outbound. So I can’t really comment on that.

But when I receive a good offer inbound especially if it’s very close to my asking price I just accept it. I might engage the buyer a little first but I won’t counter if the offer is very close to what I want.

 

[Oblivious Fella]

1. Try to get maximum information about the buyer and his company using google and social media like LinkedIn. This will give you the indication about capacity of the buyer.
2. If name is generic and there are multiple end users, stay firm at your price. (although you can lower it slightly if you need cash flow immediately)
3. Use email tracking tools, if not done previously to check closely buyer's activity (clicks, no of time opened etc.). This will tell you if buyer really means business.
4. You have already educated the buyer about value of your name, now let him find this on his own.
5. Finally be confident, if your name is premium, you are definitely going to make a good sale.
Just my 2 cents.
Cheers!

 

[Corey]

Always place a time frame on offers!

Cheers
Corey

 

[Furquan]

@Crypto King

When end-user request more time to think that it means the person no more, fully interested in your name or assume not interested.

Your 3L have a lot of potential just give that name sometimes to prove it. Don't do spam let's wait for someone to come & knock your door than you are on a wheel & with all the control.

Keep it simple!

*Just my two cent

 

[Bob Hawkes]

I think the message needing time to think might mean either what saying - still interested but big decision and can't make it right off, or as some have indicated may just be a gentle way to say not interested.

Overall I think your methodology has not been at all bad in this, and I really hope that a good sale results for you.

I don't think we know the name (maybe I missed it) but do keep in mind how rare high 5 figure sales are. e.g. in NameBio last year there were 88 sales of 90k+ while about 83,200 sales of 100* over the same time period.

Best of luck with it.

Bob

 

[IMEZI]

Since you know the end user, why dont you try to figure out who is the competitor on the same size level and the bigger size level, try to offer your domain to those competitor.

 

[Arfy]

I would not follow buyer back... if you know your name is premium then firm at your price and start new outbounding ... i know the name you are referring and trust me if i owned that name i would never sell under 6 figs... this name have great potential you just need good holding on the name no matter how many years... just wait for right buyer... and if any buyer is interested let them think and you just continue doing marketing further as soon you will be doing more marketing trust me... one of them will come and will take the name... in domaing just do shoutout and move forward and set lander to uni as they chase customer for you professionally please be strong in domaining ...and let offers comes in and relax...

Thanks Riz, I like your strong attitude and I do agree that the domain is something special. I will take your advice onboard

 

[Arfy]

@Crypto King - what you are doing is great, ask questions and always keep an open mind.

Engage the client if you don't hear from him, the last thing you want to do is let too much time go buy and have the deal grow cold. You sell more domains with open dialogue than you do with silence. Basically all sales work like this and once you establish a rapport with the end client negotiations become easier.

It's not always about price, one can stand firm and still engage the client and that is my advice.
Engage, and don't lose the sale with a prolonged silence. I know this goes against some peoples advice but I believe there are always other options out there and if the client gets defensive you can lose the sale. The easiest way to make a client defensive is if they believe you are ignoring them.

Good luck

Thanks Maple! I'm thinking of contacting him back but staying firm on the price as I don't want to drop any lower and seems others also value the domain highly. How long do you think I should wait before contacting him and what should I say?

 

[xynames]

The OP is in a unique situation if he has several inquiries on the same domain.

This was what the OP said

<<I have recently received some interest from a potential end user in a premium domain name that I own.>>

a means one.

Are we reading from the same thread? What did I miss?

He did mention in passing that “seems others also value the domain highly” but that’s not referring to specific offers is it?

My advice was based on a single inquirer. But - If, as you imply, people are falling over their feet to send him offers, that would be even more reason to not pester the potential buyer, no?

 

[MapleDots]

This was what the OP said

<<I have recently received some interest from a potential end user in a premium domain name that I own.>>

a means one.

Are we reading from the same thread? What did I miss?

He did mention in passing that “seems others also value the domain highly” but that’s not referring to specific offers is it?

He did mention further down that new inquiries would be quoted a higher price. I mistook that to mean he had other inquiries as well. My bad....

 

[eurorealtor]

out-spamming, won't get you the amount you want for it

Agree, especially with LLL .com. With outbound you are loosing the power of leverage.

 

[wwwweb]

I consider spam to be an unsolicited email.
If a perspective client sends an inquiry for a domain and I respond back then I assume I have permission to make contact.

Traditionally I wait 3 days after my initial contact and ask for an update. At the 9 day mark I make final contact saying since I have not heard I have put the domain back for sale and the price can no longer be guaranteed.

I am never bullish, I am polite and I don't think two additional emails after initial contact could be considered as spam.

Anyways, like always, that's just the other side of the coin.

I do agree if you have something that is relevant to offer someone via email, by all means. To offer them something they neither need or want is another story.

The masking of whois is really crippling such efforts these days, many I have noticed are working off old whois records.

Domaining has caught the radar of a lot of call type centers overseas, and we are seeing a lot of blasting of random geo domains, that just keep coming randomly, some maybe relevant, most probably not. It just takes a few bad apples to ruin a key niche industry. There are people who do it in a responsible fashion, and I can respect that.

 

[Smiles76]

I think you probably priced the domain wrong. Too many domainers focus on price vs ROI. Remember, his business has probably been doing fine without the domain. So, wanting the name is very different than needing it. Chances are, he's moved on to something cheaper.