NameSilo

iBlock .com sold $50000. Lesson learned "Never underestimate the offer submitted by anyone."

Labeled as discuss in Domain Selling and Domain Sales, started by TERADOMAIN, Jun 4, 2021

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  1. TERADOMAIN

    TERADOMAIN QualityNames.com VIP ★★★★★★★★★★

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    First of all thanks God, Family, & friends.

    I am trying to share something here after long time. I am very grateful to this forum. This forum played very important role in my digital journey. I observed and learned as well as keep learning many things from this forum. I made and still making many friends from this forums regularly. I learned with time what to share and what not to share due to various circumstances. But I wanted to share something which may add some value in somebody's journey. We all learn and improve with time. Sharing is caring. Progress is never ending journey. Experience is our best teacher. Something we can experience ourselves and something we can learn from somebody's experience.

    Let me share a little story of my following recent sale.


    iBlock (.)com sold for $50000 via @DAN.COM


    Some background story:

    • I received $50000 offer via Dan
    • I checked Country IP not looking promising
    • I did not check person's name via Google who they may be
    • It was early morning when I checked because the offer came late-night.
    • I accepted offer thinking if the offer is fake Dan will ban the buyer and he won't submit fake offers to someone in future.
    • Next day I got email about Dan sent buyer a payment reminder. This is very normal.
    • Suddenly after 48 hours I got email from Dan that they received payment from buyer.
    • I couldn't believed initially because I thought it was fake offer. I realized what did I do?? I made a mistake because I always try to negotiate with someone. I converted many $500 to $2500 opening offers into High $XXXXX to Low $XXXXXX successful deal.
    • Couple people / friend suggested me to cancel the deal. But I said nope I am not going to do that. Knowingly / Unknowingly I agreed to the deal and I always honor my commitment. We need to have ethics, morality, and good intentions in life. I give high importance to those qualities in life and I do practice that by improving slowly and gradually in life.
    • I transferred name to Dan's Godadddy's account and completed the deal


    Why I accepted the offer & Why I think I undersold it:


    • Since sometimes been getting many odd offers via Dan which can be the case anywhere regardless of any type of landing pages we can use. So I do not think it's Dan's fault but yes I do think they need to improve something for sure.
    • The main issue of getting these unrealistic offers of Seven to Eight figure because many times the buyer thinking they are submitting offers in their local currency. If we convert those figure from those countries to USD then conversion may end up around $XXX to $XXXX.
    • So I got many real offers as well as many fake offers. When someone submitting offer whose country does not look promising then I accept their unrealistic offer and unclick the "Sold" checkbox under my settings at DAN. This way if they pay we have a deal and if not then Dan will ban them from future offer submission, but at same time our name is listed for sale instead of waiting for days to figure out if the offer was real or fake.
    • I did received many fake and real offers recently. It was early morning and I didn't realized $50000 offer was not near my expectation because my expectation was low Six fig. iBlock was one of the best brandable Blockchain name in the market after BlockChain / Block / Chain etc. All of these names already sold for Deep Seven figure recently which leaves iBlock the available best Blockchain name in market.
    • I did received many Low $XXXXX offers regularly on iBlock. So I knew we need to have patience to hold until someone knock the door with proper budget range.

    My Mistakes:


    • I accepted offer even the offer was not close to my expectation
    • I accepted offer without some background study about who the buyer can be
    • I love negotiation in general to improve my negotiation skill. But for some reason I accepted offer due to early morning unconsciousness.
    • I had $50K minimum set at DAN & $100K minimum set at Afternic. It had no Bin. So in short I did not check I had 2 different minimum at 2 different platform.

    Lesson Learned:


    • Always learn about who the potential buyer can be
    • Always counter offer to taste the water
    • Do not participate in negotiation unless you are fully conscious of what you are doing. LOL
    • Negotiate with facts and data to bring the best possible results.


    I hope this story may be useful to some friends here. I will be very happy even if this story brings better results for at least 1 friend or more. @AbdulBasit.com @Bob Hawkes @Nikul Sanghvi @Recons.Com @James Iles @Rob Monster @Riz M. and many other friends sharing many things which is helpful to others. So I thought let me do my little part.


    Thanks
     
    Last edited: Jun 4, 2021
    The views expressed on this page by users and staff are their own, not those of NamePros.
  2. AEProgram

    AEProgram Top Contributor VIP Blue Account

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    Amazing name, thanks for going into all the fine details, it's very helpful.
     
  3. biggie

    biggie GreenFriendly.com VIP ★★★★★★★★★★

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    Hi

    i can appreciate, and do thank you, for sharing the details.
    Congratulations! and enjoy the profits.

    however....
    i think the above quote, was the mistake, that led to the sale.

    as it reads like > you assumed the offer was fake, even though you trust or have confidence, in the platform where offer was received.
    additionally, if you felt name was worthy of $50K min. and someone offered that amount, then why would you think it was fake offer?

    if someone offered $25K and you negotiated up to $50K, would you think that potential was faking it?

    just asking, as i'm wondering how you assume which offers are fake and which are not.

    imo....
     
  4. wwwulff

    wwwulff Top Contributor VIP

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    Congratulations on the sale and thanks for sharing (y) I agree that you probably could have gotten more, but I honor your decision to complete the deal after accepting the bid - Can you share what you bought the name for?
     
  5. 1Darko

    1Darko Top Contributor VIP

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    Great sale! Congrats and thanks for sharing.
    Better 50k today than 100k in 5 years!
     
  6. Domaining Ocean

    Domaining Ocean Top Contributor VIP

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    Thanks for sharing the valuable insights from your experience. It'll help us alot:xf.smile:
     
  7. The Durfer

    The Durfer Top Contributor VIP Gold Account

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    Congratulations! under sold it, but very good. :)
     
  8. Future Sensors

    Future Sensors 78% of human domainers will be replaced by robots Gold Account

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    Congratulations on your great sale and thanks for sharing @TERADOMAIN :xf.smile:

    Especially what you wrote about ethics is important (you wrote: "Couple people / friend suggested me to cancel the deal. But I said nope I am not going to do that.")

    Good to see this in practice (y)
     
  9. ddesigns

    ddesigns 24Designs.in - Web Development and more... VIP ★★★★★★★★★★

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    Congratulations, indeed an excellent sale. I am sure you will make more money with this 50k in coming few years and we will have a new thread from you to read and inspire...
     
  10. blogspotter

    blogspotter Top Contributor VIP ★★★★★★★★★★

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    Lesson of the day "Always have your coffee before opening offers early in the morning"
     
  11. The Durfer

    The Durfer Top Contributor VIP Gold Account

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    so true, lol. :)
     
  12. Bob Hawkes

    Bob Hawkes Top Member NameTalent VIP Gold Account Trusted Blogger

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    Congratulations my friend on another truly amazing sale (and thanks for sharing the interesting story in so much detail). You are truly an incredible domainer, @TERADOMAIN , and we are fortunate that you are active here on NamePros.

    Bob
     
  13. TERADOMAIN

    TERADOMAIN QualityNames.com VIP ★★★★★★★★★★

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    • I did receive many fake and real offers via DAN. I used my rough judgement because country from where I received offer I never completed any deal from buyer of that country.
    • Just yesterday DAN canceled $50K deal due to buyer accepted counter offer but they didn't complete the transaction.
    • Sometimes our little experience tells us if that offer looks real or fake. Plus it was early morning. I think I shared many minute details around the deal. ROI wise I am very happy but I sold less than my expectation without trying was my mistake.
     
  14. TERADOMAIN

    TERADOMAIN QualityNames.com VIP ★★★★★★★★★★

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    Thanks. Glad to hear it may helpful to you in future.
     
  15. TERADOMAIN

    TERADOMAIN QualityNames.com VIP ★★★★★★★★★★

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    Thanks. Paid $XXXX for name few years ago.
     
  16. TERADOMAIN

    TERADOMAIN QualityNames.com VIP ★★★★★★★★★★

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    Agree totally $50K is better than $100K in 5 years. But here I accepted the offer without even trying. LOL
     
  17. TERADOMAIN

    TERADOMAIN QualityNames.com VIP ★★★★★★★★★★

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    Thanks. Glad to hear it may helpful to you in future.
     
  18. TERADOMAIN

    TERADOMAIN QualityNames.com VIP ★★★★★★★★★★

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    Thanks. Agree with you.
     
  19. Mister Funsky

    Mister Funsky Top Contributor VIP

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    Congratulations on the sale! Thank you for taking the time share the details as you have...it will surely help someone. I did my best to put myself in your situation and I too would have accepted that offer.
     
  20. TERADOMAIN

    TERADOMAIN QualityNames.com VIP ★★★★★★★★★★

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    Thanks. Yes I keep my life very simple. I do everything keeping ethics, morality, and right intention in the center.
     
  21. dido90

    dido90 faciebook.com

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    Congratulations, amazing sale for amazing name.
     
  22. FolioTeam

    FolioTeam AMDB.tv VIP

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  23. TERADOMAIN

    TERADOMAIN QualityNames.com VIP ★★★★★★★★★★

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    Thanks. I do share my sales with friends privately instead of sharing everything publicly. Here I learned very good lesson which may be helpful to someone. Hence I shared this story. Saleswise been doing very good since last few years. Really appreciate your thoughts.
     
  24. TERADOMAIN

    TERADOMAIN QualityNames.com VIP ★★★★★★★★★★

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    Thanks..

    Agree with you. :xf.wink::xf.wink:
     
  25. TERADOMAIN

    TERADOMAIN QualityNames.com VIP ★★★★★★★★★★

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    Thanks Bob. I really appreciate your selfless sharing. I am not doing what you been doing since long time. I just tried to do my little part.

    @Silentptnr is another friend who been sharing many things selflessly.

    You are true gem for the community. Thanks
     

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