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]

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

 

[kartikahuja]

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

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

 

[abstractdomainer]

@Soofi pls share the budgets that you received from both of us on DM.
We will start drawing conclusions and learnings.

Also share your valuable feedback about the negotiation.

 

[abstractdomainer]

@Soofi pls share the budgets that you received from both of us on DM.
We will start drawing conclusions and learnings.

Also share your valuable feedback about the negotiation.

@Soofi can you please share our budgets so that we can draw conclusions?
We can look at the budgets and see who negotiated well and by how much?
As for me, I know I had a budget of $2,000 but @kartikahuja played his hands so well that not only did he max me out of my budget but also, made me exceed by 20%.

 

[Soofi]

@kartikahuja shared the following:

I'm asking $8888 for this domain
My price is firm.

I'm sharing stats link here: https://growths.notion.site/VegasDrive-com-Report-cdd2e8b5050841ef86b9fede4f701ced

@abstractdomainer shared the following:

Thanks for volunteering for MockNegotiation 2. For every domain, I take up a role as a real buyer. In this case, I am a Car rental service provider based out of Vegas. I own a fleet of 200 cars including luxury vehicles.
Since the pandemic hit, I am trying to make some reputation online and prepare for the time when it's over and the business explodes.
For that, I am scooping up all good domain names, putting up websites and ranking them, so when the business opens, I do good business.
My budget for this domain name is ideally $1,200 but I may be willing to extend to $2,000.

 

[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?

 

[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]

Well done boys. Loved how it went and great learnings!

 

[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