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

 

[The Durfer]

Lesson of the day "Always have your coffee before opening offers early in the morning"

so true, lol.

 

[TERADOMAIN]

Lesson of the day "Always have your coffee before opening offers early in the morning"

Thanks..

Agree with you.

 

[Samer]

Congratulations!

@TERADOMAIN i miss you!

Great to see you success.

Samer

 

[TERADOMAIN]

@TERADOMAIN , amazing story! Congrats on the sale. I agree that integrity and learning is more important than maximizing income for each separate deal.

What you are doing is a great inspiration for those that get discouraged by the thought of being too late too the party with all the good opportunities long gone.

Thanks dear friend. My most favorite niche is 4L where I had great great results over time. I learned and inspired from many for 4L and you are definitely one of that gentleman. Sold 3 4L for $100K in last 2 weeks. Will share some details via PM.

Thanks

 

[Yuran]

Dear friend I found out the buyer after he paid. His IP does match with his location. Hence I am saying they didn't used proxy. Yes I did some inquires via Proxy but this one is not the one.

Thanks

I see,Thanks for sharing!
Only after the transaction is completed can it be determined whether the buyer has used the proxy IP.

I will take every quotation seriously in the future, even if it may be fake.Because, the previous sale of $9998 ,no lowest offer, at first the buyer only bid $500.I thought it was a joke,but it was sold in the end.

New offer
$500
***
Mar 12, 15:34

Offer declined
$500
You
Mar 12, 17:15
XG
Counter offer
$1,000
***
Mar 12, 17:20

Offer declined
$1,000
You
Mar 12, 17:21
XG
Message
please give me a quote

***
Mar 12, 17:33

Counter offer
$15,998
You
Mar 12, 17:42

.....
Agreement reached
Congratulations, you and *** reached an agreement! From this point on all communication in this window will be between you and DAN.COM. The buyer will now proceed to our secure payment page. We'll notify you about the next step once we've secured the payment.
.....
System message
Mar 15, 00:00
.....
Payment received
Good news! We have received ****** payment. If you’ve listed this domain for sale on multiple marketplaces, please make sure to remove them right away, to prevent duplicate sales from happening.

Dan Bot
Mar 15, 03:38

 

[Brands.International]

Well, this is what costed you $100 000+, in my opinion:

• "I checked Country IP not looking promising"

I have learned in my life never to underestimate any country/people/nation/nationality/etc...

There are, certainly, higher probabilities that someone from Norway or Monaco will pay on average much much more than someone from Uzbekistan or Tanzania .. but...

You do 99% of things very professionally, never let any bias cloud your judgment, and you will be 100%.

 

[TERADOMAIN]

Congrats bro.. hence proved (i) plus keyword domains are not outdated if term is strong they still works some still believe i is old fashion but i think they still have potential if paired with correct keyword

i is one of the very great prefix without Apple. But yes Apple played big role to take them to next level. Recently majority of Apple’s new products they stopped using “i” as a prefix such as AirPods, Apple Watch instead of iWatch etc. but end of the day “i” is still far better option as a prefix than so many other letters.

For example:

iBlock is far better choice than BBLock / CBlock in Brandable zone.

Thanks

 

[MadAboutDomains]

Congratulations. I appreciate your sharing this sale and the lessons.
I think if you had tried to negotiate instead of "accepting" the offer, you may have requested for some equity seeing that the name is worth six figures in my opinion. In face it think you could have even demanded for some equity and still sell for 50K. just saying......

I've had a friend have a big offer fall through by asking for equity when they couldn't offer it. Not always a good idea, but I suppose a possibility.

@TERADOMAIN thanks for sharing your valuable insight, I'm always amazed at how you manage to do such great sales. You obviously have an eye for the right assets. Great work.

 

[Domaining Ocean]

Thanks for sharing the valuable insights from your experience. It'll help us alot

 

[The Durfer]

Congratulations! under sold it, but very good.

 

[lambo.com]

Congrats bud, nice sale

 

[TERADOMAIN]

Hi

Thanks for replying

could you state how many offers on Dan are real versus fake, percentage wise?

also, i have never bothered to check what country an offer originates from.

so, does the inclusion of that metric, have ability to change the mindset to a non-serious perception of that potential?
as in, knowing the offer is from a certain country, excludes it from being taken seriously.
did majority of fake offers come from a single country or various regions?

i only have one name pointed to their platform and never had any sales or inquiries to date.
so, if it's a pertinent note, to note, then i'd like to note that.

tks

imo....

• I would say its very random but around 25% or more fake offers if someone submitting offers in 5 / 6/ 7 fig range.
• Offers from various regions. But large offers from countries whose exchange rates are so high can be considered fake.
• I don't have a fixed formula. End of the day I use my rough judgement.

 

[TERADOMAIN]

Congrats, man. But why do you think it is worth more? Does iblock mean anything special that I'm not getting. Thanks.

Thanks. Please read the thread again. You will find the answer you are looking for.

 

[EmpireNames.com]

Congrats bro.. hence proved (i) plus keyword domains are not outdated if term is strong they still works some still believe i is old fashion but i think they still have potential if paired with correct keyword

 

[Deven Patel]

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.

 

[TERADOMAIN]

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

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

 

[TERADOMAIN]

Thanks for sharing the valuable insights from your experience. It'll help us alot

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

 

[TERADOMAIN]

Congratulations! under sold it, but very good.

Thanks. Agree with you.

 

[Mister Funsky]

I hope this story may be useful to some friends here.

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.

 

[FolioTeam]

Congrats on the sale

 

[Silentptnr]

Thank you my friend. Really appreciate your sharing of view.

Now you can remove that domain from your signature.

 

[Joseph CA]

He did it again... a million congrats my friend

 

[biggie]

• 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.

Hi

Thanks for replying

could you state how many offers on Dan are real versus fake, percentage wise?

also, i have never bothered to check what country an offer originates from.

so, does the inclusion of that metric, have ability to change the mindset to a non-serious perception of that potential?
as in, knowing the offer is from a certain country, excludes it from being taken seriously.
did majority of fake offers come from a single country or various regions?

i only have one name pointed to their platform and never had any sales or inquiries to date.
so, if it's a pertinent note, to note, then i'd like to note that.

tks

imo....

 

[NordTLD]

Congratulations and thanks for sharing.
What you write is very good, especially about ethics and honesty.
It is good to know that such people still exist.

Enjoy it

 

[Future Sensors]

I'm sorry, but you made $50k off a domain and are saying it was a big mistake to not counter that?? :/ I get what you mean, but the buyer could have easily said no, 50k was enough now you're just being greedy, I'm not interested..?? I am new to this but 50k seems very fair, especially if you paid less than 1k for it.

Good job though man, really.

The buyer didn't hear about any higher price.