discuss Mock Negotiation - Let's negotiate here week #2

[abstractdomainer]

Hi All,

After the first successful negotiation here (well successful in terms of people's reaction; some were mixed)
https://www.namepros.com/threads/mock-negotiation-lets-negotiate-here-week-1.1248230/

we have decided to bring to you another MOCK NEGOTIATION this week:

We know how tricky negotiations can be. It is a part and parcel of the domain name business. Even if we get the price for the domain name, that we were expecting, we feel like we left money on the table. And it happens time and again. So why not practice negotiation here:

Step 1: Members share the name which they would be willing to offer for sale
Step 2: I will be the buyer, the member whose domain is chosen becomes the seller
Step 3: We appoint 1 member who doesn't belong to either party. Let's call him referee
Step 4: Both buyer and seller share their minimum and maximum prices which they are willing to accept/offer respectively for the domain name
Step 5: We negotiate here on the thread with proper emails/texts. Everyone can view how you and I respond.
Step 6: Buyer and seller can re-adjust their offer - buyer can increase the maximum that they are willing to offer, and seller can decrease the minimum that they are willing to take
Step 7: Either a deal is made or not
Step 8: The appointed representative (referee) will share the buyer and seller minimum maximum
Step 9: We draw conclusions from the negotiation and the learnings

@Soofi is the potential REFEREE for this week if they agree!

Please share your names so that we can pick one and start the process. The negotiation should last 1 week or less. Let's do this. The shortlist will be done tomorrow if we have ample entries.

 

[abstractdomainer]

The domains don’t have to be registered right ?

All entries are fine but I'd prefer a registered domain name more coz one would defend it with all their might if they own it. The emotional value comes out more. But feel free to share your entries.

 

[abstractdomainer]

Anyone else not enjoy negotiating? It's not that I'm not good at it. Just that I don't enjoy it. In fact I find it a complete waste of time. There's an item I value at X so I offer X and it's either accepted or I walk away. I don't like to devalue or overvalue item's one way or the other by negotiating. I could be wrong. Also, ignore my post and keep negotiating.

I think it's a part of the game and whether you like it or not, you have to know the game. What you are talking about is more like BIN. Some buyers like to negotiate.
And I think the game is more buyer-driven here than seller-driven.

 

[kartikahuja]

Hi Kartik,

All fair point! But why Vegas Drive provides that value which some other domain name may not, like VegasDriving or VegasCarRental, or something similar? The domain provides the delta value over other domain names, rather than the complete value isn't it?
This value may be true for any similar names, isn't it?

Hi @abstractdomainer

I have a few points here:

1) What email ID would you prefer?
[email protected]?
Or [email protected]?
Or [email protected]?

^ see that vegas and drive look separated keywords even when all small

whereas vegas car rental is hard to read due to the hight of last letter and starting letter of each letter is same which makes is hard to read.

2) Usually brands pick root words for enhance better, notice the big brands follow a pattern with root words

You can have a look at this to understand more about the root words

In the above link, brand names that went big are:
- Taser, instead of tasering, tasered
- escalator, instead of moving stairs
- Velcro, instead of velros or velroed

Root words will always help you win in the branding.

 

[kartikahuja]

Thanks for your response Kartik. I am only referring to the data that is freely available for anyone to look into and I wouldn't know (for that matter anyone wouldn't know) private sales.

My maximum limit for this name is $2,200 which is the last price that I can offer for this name. If you choose to accept it, we can make a deal. If not, I wish you all the best with the name and the sale.

Can you come a bit higher? I'll come a bit lower, we can meet in the middle

To sweeten the deal for you, I can throw in a 1 pager non - e-commerce website for you.

I run a marketing agency, so can give some of good value which will reduce your cost of business

You can check out my profile / reviews to know more about the quality and industry experience

LinkedIn profile link

 

[abstractdomainer]

Let's shake on that. You got yourself a deal. I'll lock it in for you for the next 24 hours.

What's your PayPal?

I'll share the invoice that will help you mark it as a business expense to save on taxes.

It's a deal! And done!
Beautifully done @kartikahuja

 

[abstractdomainer]

Hi @abstractdomainer

Yes, I'm willing to sell it but at a right price.

I have received multiple offers on VegasDrive.com and all where above $3K.

After my research I feel this domain in usable in many cashflow positive industries and I would hold on to until I get the right buyer

Hi Kartik,

As much I want to acquire this domain, $3,000 is a lot to ask for this. If you have rejected $3,000 offers, I am assuming your demand would be much higher, but I don't think we have the budget for this.
Can you share your expectation and the rationale behind it? I may have a discussion with the team and get back accordingly.

 

[kartikahuja]

Hi Kartik,

As much I want to acquire this domain, $3,000 is a lot to ask for this. If you have rejected $3,000 offers, I am assuming your demand would be much higher, but I don't think we have the budget for this.
Can you share your expectation and the rationale behind it? I may have a discussion with the team and get back accordingly.

As Vegas is a hot spot in USA mainly famous for gambling, driving, strip clubs, fancy hotels and food. People go there for a budget of at least $500/day per person

If they are into gambling they don't even go if they have less than $1000/day

^ these details where also shared by TripAdvisor 6 years back, right now it is much higher

Driving is the second most thing after gambling people spend money on.

Mainly exotic cars like Lamborghini huracan ks available for $698 for 10 laps.

Most people also like to rent these cars and then go to gambling parlours to enjoy

All in all, anyone who gets the domain would be easily be able to make their money back in 3-4 days and would be able uplift their branding drastically in no time

 

[kartikahuja]

It's a deal! And done!
Beautifully done @kartikahuja

You too man, loved it! Many people will find value out of it.

 

[ramkumaritrvs]

Well done @kartikahuja & @abstractdomainer

 

[abstractdomainer]

Thanks @Soofi . Here is my learning from the negotiation:

1) Kartik tried understanding the motive of my acquisition and who I was. This gave him enough information to demand a higher price
2) Kartik had done fantastic research about the domain name and its utility. However, data was lacking in terms of the actual search volume, CPC etc. He played on the branding part which was good but data could have helped (if in fact, the term was in demand)
3) I think Kartik's expectation was on the higher side and for a geo name, unless it is an exception like the real estate industry, commanding such a price would be a little difficult
4) I went aggressive since I wanted to purchase the domain name. My offer of $2200 and thereafter, $2,500 was accepted by Kartik, making me think twice as a buyer, whether the $3,000 offer he mentioned for the domain name was actually genuine. If yes, why would someone sell their domain name for $2,500 when having $3,000 offer. However, I needed the domain name and that was more important, so the deal happened.
5) Kartik kept his doors opened every time and the language used was amazing. It never said that he is not open to a deal, which was beautifully done.

Overall, I enjoyed the negotiation and the learning that was involved. Pretty amazing job @kartikahuja
What are your comments on this?

 

[kartikahuja]

Thanks @Soofi for sharing the deets

Loved it @abstractdomainer

In the middle of the negotiation I was thinking myself in the real life scenario and thought what I'd actually do -- a few things that came to my head:

1. My goal with domaining is to build a profitable consistent cashflow by selling multiple times monthly, instead of just holding. The set of domains I have just for holding are 4L, 1 word and totally different.

2. In the middle, I felt moved towards the older deals that were of $3k -- and then I felt if I message those right now, they might not reply or would want to negotiate more; whereas this deal is there right now only.

3. Every domain I sell, I want it to have good home and develops into something beautiful, that is the vibe I got from @abstractdomainer.


Overall I felt:
1. Better because I am comfortable with playing with the upsell side of things, that sometimes turn out well, sometimes not so much but overall I enjoy this angle. This time, it lead to improvement in the budget.

2. Educating the buyer and my research helped me state newer points in every reply rather than just random replies of negotiation.

3. This mock activity can be really helpful to many people who would want to get started in negotiation.


As a buyer @abstractdomainer
1. He acted exactly like a buyer where he did not reply for a day or two as well, I used to make this mistake in my initial days (around 2011) of negotiation that I used to decrease the rates when the reply used to be late

2. He also tried to share that he maxed out his budget some times that is exactly what a buyer says; so it is hard to understand from just the messages - this was nicely done!


Overall loved it! Let's do more

 

[kartikahuja]

Names - CuteJr//com, Spywo//com, VegasDrive//com

 

[abstractdomainer]

Last 1 hour for new entries. @Alop has retracted the entry and so we are accepting entry for 1 more hour. Post this, we will shortlist and move forward with the negotiation

 

[redemo]

Anyone else not enjoy negotiating? It's not that I'm not good at it. Just that I don't enjoy it. In fact I find it a complete waste of time. There's an item I value at X so I offer X and it's either accepted or I walk away. I don't like to devalue or overvalue item's one way or the other by negotiating. I could be wrong. Also, ignore my post and keep negotiating.

 

[abstractdomainer]

Hey @abstractdomainer

That could be a nice home for the VegasDrive.com domain - what are the other options you got?

Hi Kartik,

Apologies for the late response. At this point, I may not be able to disclose the same.
So what have you decided about the domain name? Are you willing to sell it? Should we go ahead and close this?

 

[kartikahuja]

Hi Kartik,

Apologies for the late response. At this point, I may not be able to disclose the same.
So what have you decided about the domain name? Are you willing to sell it? Should we go ahead and close this?

Hi @abstractdomainer

Yes, I'm willing to sell it but at a right price.

I have received multiple offers on VegasDrive.com and all where above $3K.

After my research I feel this domain in usable in many cashflow positive industries and I would hold on to until I get the right buyer

 

[FolioTeam]

Can you come a bit higher? I'll come a bit lower, we can meet in the middle

To sweeten the deal for you, I can throw in a 1 pager non - e-commerce website for you.

I run a marketing agency, so can give some of good value which will reduce your cost of business

You can check out my profile / reviews to know more about the quality and industry experience

LinkedIn profile link

Smooth move

 

[Akhilesh.Kumar]

How beautifully done. It actually went like I am witnessing a deal live and will see the name develop soon.
Great learning.
Keep going.. All the best.

 

[Soofi]

Subscribed and I agree to Referee

 

[Alop]

EverseProperty.com

 

[kartikahuja]

Any more entries?

Kennewick/Rentals/com

 

[Amit Khandelwal]

Like the idea!

 

[Mking]

Capitalpaid / com

 

[abstractdomainer]

EverseProperty.com

Fantastic... Shortlisting EverseProperty.com for this negotiation..
@Alop Please share your minimum asking price and why you think that would be the right price for an end user. Please be genuine in the ask backed by reason and data.. and share the same with @Soofi
I will do the same from my side as an end user.

One twist to this negotiation: external people can advise either the buyer or seller via DM.

At the end, we will share the advisers and what they advised as well..

Let's begin negotiation..