opinion End-Users' behavior I have observed. What I have learned from it.

[infosec3]

After hundreds of deals with end-users, I have noticed a few patterns that have strengthen my ability to make better deals. Just five points for now...

1. Impulse purchases are the rule. If an end-user makes a decent offer on one of my mediocre names, I take it right away before he has time to reflect about it. Now, if we are talking about a good or premium name, I take my time and don't rush in accepting first offers and I usually delay my response to emails.

2. The slightest error on my part can spoil a sale. Certain people are moody and, sadly, unpredictable. I once told a potential buyer that I could show him how the domain in question was going to help him grow his business and that was enough for him to feel offended, stating that he was perfectly capable of growing his business and that he was no longer interested in purchasing the name. So, just in case, be cautious and carefully craft your responses.

3. I try not to chase end-users. If I communicated and he or she stopped responding, I don't bombard her with one email after the other. This cheapens the domain. If the end-user was thinking of 5K, my insistence might tell her I would go down even to 1k.

4. The sale is not over until I have received the money. There are a few instances in which everything was going smoothly, but my excitement for a particular sale vanished because the buyer failed to pay.

5. I try to find a balance between being courteous and being firm. Being polite and professional is a must, but there is no need to overdo it. It is never good to send the message that one is too happy or eager to close the sale.

Note: Feel free to post your experience in this regard.

 

[jideofor]

Wow thanks

 

[DomainVP]

Agreed 100%, excellent observations. Thanks for sharing.

 

[Nazz]

Great insight into your experiences. Thanks for sharing mate.

 

[jideofor]

After hundreds of deals with end-users, I have noticed a few patterns that have strengthen my ability to make better deals. Just five points for now...

1. Impulse purchases are the rule. If an end-user makes a decent offer on one of my mediocre names, I take it right away before he has time to reflect about it. Now, if we are talking about a good or premium name, I take my time and don't rush in accepting first offers and I usually delay my response to emails.

2. The slightest error on my part can spoil a sale. Certain people are moody and, sadly, unpredictable. I once told a potential buyer that I could show him how the domain in question was going to help him grow his business and that was enough for him to feel offended, stating that he was perfectly capable of growing his business and that he was no longer interested in purchasing the name. So, just in case, be cautious and carefully craft your responses.

3. I try not to chase end-users. If I communicated and he or she stopped responding, I don't bombard her with one email after the other. This cheapens the domain. If the end-user was thinking of 5K, my insistence might tell her I would go down even to 1k.

4. The sale is not over until I have received the money. There are a few instances in which everything was going smoothly, but my excitement for a particular sale vanished because the buyer failed to pay.

5. I try to find a balance between being courteous and being firm. Being polite and professional is a must, but there is no need to overdo it. It is never good to send the message that one is too happy or eager to close the sale.

Note: Feel free to post your experience in this regard.

No 3 seem to be the mistake by my friend.

 

[AndyM]

Some nice points there, thanks for sharing

 

[NameFit]

Great list, I would add to that -

6. Patience is the key. Never lose your temper or be unprofessional because the buyer is not coming around to it. Never give ultimatum as well - like this price is valid till xx/xx. You quoted the price, stand firm on it. Let the buyer do the shopping all he wants as you know there are 1000's of options available. They have to see the value in your name and they can do that only when they have contacted number of sellers and done the comparison (pros/cons/pricing).

But if the end-user has reached you directly for your name, there is a pretty good chance that he likes it - and that plays a big role. So that is your advantage, sit on it and let the buyer come to you. Never break the 'connection'. Keep in mind, buying a name is not an easy decision. As a buyer, you think of tens of things, and what direction you go is limited by name. It is a very complex thought out process. A name can limit or expand your capabilities - and buyer is the only one who can think through the process and no one else. If you do not have experience of a buyer, try to buy a name.

7. You may have 100/1000's of names - never suggest another name if the buyer is not coming around to making a decision. Why you want to show other items when he likes one item - your objective is to sell. Only when you see that the current deal is not proceeding, then only recommend other names. I never had a buyer who chose B instead of A. If they like one name, they want that name. Use it to your advantage in pricing/negotiation. Be firm but within a range in pricing.

8. Regarding pricing, do not go too low in one step, there were cases when I asked for $1500, and then buyer offered $500 and I accepted. That does not work many times.That really creates doubt in user's mind - is it really worth $500 (since he came down from $1500 to $500, what was the logic for $1500)? Even if you have to finally accept $500, drag it through multiple negotiations.

9. For price negotiation slabs vary. Some people do $1500, $1250, $1000 - some do $1500, $1300, $1150. Not sure if $1300/$1350 or $1250 is thought out price.

10. It is always tricky - if the buyer offered you a price - do you accept it or not (Buyer's remorse). I never had a deal coming that way. Even if I like the price and ready to sell for it, I normally quote like 20% higher than what they offer - worse comes to worse, you can always go back and tell me that you are ready to buy at the price he offered.

11. Never be a salesman (cheesy or not), be the individual with the owner of the name. Do not try to tell them how good that name is. First you do not know your situation (why they are seeking the name for - as most do not tell) and secondly, they have chosen your name and come to you. Do not try to sell it further.

People hate the 'sales pitch' and salesman (Period)

 

[Asfas1000]

Great list, I would add to that -

1. Patience is the key. Never lose your temper or be unprofessional because the buyer is not coming around to it. Never give ultimatum as well - like this price is valid till xx/xx. You quoted the price, stand firm on it. Let the buyer do the shopping all he wants as you know there are 1000's of options available. They have to see the value in your name and they can do that only when they have contacted number of sellers and done the comparison (pros/cons/pricing).

But if the end-user has reached you directly for your name, there is a pretty good chance that he likes it - and that plays a big role. So that is your advantage, sit on it and let the buyer come to you. Never break the 'connection'. Keep in mind, buying a name is not an easy decision. As a buyer, you think of tens of things, and what direction you go is limited by name. It is a very complex thought out process. A right name can limit or expand your capabilities - and buyer is the only one who can think through the process and no one else. If you do not have experience of a buyer, try to buy a name.

2. You may have 100/1000's of names - never suggest another name if the buyer is not coming around to making a decision. Why you want to show other items when he likes one item - your objective is to sell. Only when you see that the current deal is not proceeding, then only recommend other names. I never had a buyer who chose B instead of A. If they like one name, they want that name. Use it to your advantage in pricing/negotiation. Be firm but within a range in pricing.

3. Regarding pricing, do not go too low in one step, there were cases when I asked for $1500, and then buyer offered $500 and I accepted. That does not work many times.That really creates doubt in user's mind - is it really worth $500 (since he came down from $1500 to $500, what was the logic for $1500)? Even if you have to finally accept $500, drag it through multiple negotiations.

4. For price negotiation slabs vary. Some people do $1500, $1250, $1000 - some do $1500, $1300, $1150. Not sure if $1300/$1350 or $1250 is thought out price.

5. It is always tricky - if the buyer offered you a price - do you accept it or not (Buyer's remorse). I never had a deal coming that way. Even if I like the price and ready to sell for it, I normally quote like 20% higher than what they offer - worse comes to worse, you can always go back and tell me that you are ready to buy at the price he offered.

6. Never be a salesman (cheesy or not), be the individual with the owner of the name. Do not try to tell them how good that name is. First you do not know your situation (why they are seeking the name for - as most do not tell) and secondly, they have chosen your name and come to you. Do not try to sell it further.

People hate the 'sales pitch' and salesman (Period)

Great advice !

 

[jideofor]

Awesome @NameFit

 

[Vinod R]

Wonderful Reading @infosec3 and @NameFit

 

[Kachi]

Great insight guys.