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

[TERADOMAIN]

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

 

[Mytz.com]

Congrats!! Great sale.

 

[Dean Moore]

I don't know what happened here but I won't do it again.

 

[Dean Moore]

Thank you for sharing this I truly gathered some ideas from your experience and know that others are very helpful when you listen to them. Something always clicks and comes together. Your journey in this proves that things are possible if you keep at it and be fair with others.
thanks and God bless you continually on your journey.

 

[TERADOMAIN]

Congrats on the sale! $50k was a great return. No need to regret it.

The internet is very biased towards exceptions. We only hear about the 1% of success stories where the seller generated 1000X ROI. Because of that, we automatically start to think anything less is a failure or not enough.

Humans are super vulnerable to unrealistic optimism. Sure, there was a small chance you could've made more but there was a larger probability you could've ended up with nothing. Here's why:

• Buyers are often fickle. If you give them too much time to think or try to over-negotiate, you risk losing the sale altogether.
  
• The domain was idle for over 20 years before you purchased it. There was no guarantee how long it would've taken for another serious buyer to come along.
• It was a very good price considering the comparables. In fact, most appraisers would've priced it less than $50k.
• The domain market is very supply heavy with nowhere near as much demand (20+ million inventory vs 1-2% average STR). There are countless other names with the keyword "block" available in the $2-3k range.
• The name has a number of registered trademarks in various categories like computers, hardware, software, education, vehicles, construction, etc. These would generally be a showstopper for buyers looking to spend five figures on a name.
• The "i" prefix devalues the name a bit because most people automatically associate it with Apple.

My point is.. a lot more could've gone wrong than right so you should appreciate it. It's a huge win!

P.S. I can't help but think that you would've benefited more by assigning a BIN price to the domain. More about the buyer mindset here if you're curious.

Thanks for your feedback. Really appreciate your sharing of view.

Did I shared anywhere I am unhappy with the sale? I am very happy with the sale. Please find some time to go through complete thread. I did answered many questions where you may find the answer you were looking for. This is not my first sale in similar or higher range. I do trade in similar or higher range regularly. Main theme of creating this thread is try to negotiate with the buyer instead of accepting first offer thinking its fake offer. That was the main lesson. I never said even single time I regret about sale at all. I am very happy with outcome because end of the day I do honor once I agree to something. Again really appreciate your sharing. Thanks

 

[Donmarick]

Impressive nice sell good luck in future.

 

[TERADOMAIN]

Impressive nice sell good luck in future.

Thanks

 

[Nametra.com]

Congratulations! And thanks for the insights.