Negotiation advice

Discussion in 'General Domain Discussion' started by dag, May 19, 2006.

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  1. dag

    dag Senior Member VIP

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    I received an offer on one of my .COM domains last week via NameDrive, for $100. I think it's worth more than that, and I can tell from the person's e-mail address and associated Web site why they are interested -- it's for use with their already existing Web classified-advertising site. So I countered with a highball offer of $2000, hoping to end up somewhere closer to $1000. It's been a week now, and I haven't heard back from them. Any thoughts on whether I should e-mail them again if I don't hear from them by next week, saying that I'd be willing to consider an offer in the ballpark of, say, $1250, or should I just wait it out and see if they're interested enough to get back to me with a counteroffer of their own? I'm hesitating writing back to them now because I don't want to seem too desperate to make the sale (I'm not, but I certainly wouldn't mind a decent sale sometime soon), because that might put me on weaker footing for the negotiation.

    Any suggestions would be very appreciated.
     
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  2. HBK216

    HBK216 Active Member VIP

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    In all honestly you probably scared them off & they aren't interested anymore.
     
  3. GreenGambler

    GreenGambler Active Member VIP ★★★★★★★★★★

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    Well if you know where they are going with this DN of yours. You should check to see what other realted DNs are listed 4sale for. If there are a bunch or related DNs that you think the buyer would be interested in, then I would price my DN around the same price as those, maybe a little less so that it appears to be a steal. If there aren't many other related DNs out there for sale or if they are all super expensive then I would stick to the $2000 and wait for a reply.

    Or contact the buyer and tell him it is listed for auction and he is welcome to bid. Then you can set the reserve to $1000 and see how high it goes.
     
  4. DavidH

    DavidH Top Member VIP ★★★★★★★★★★

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    Be patient - I have had potential buyers that have come back weeks or even months later with an improved offer.

    Dont go down to $1250 - this simply shows that you were not serious about wanting $2000 in the first place. If you drop nearly 40% without being pushed, how much further can they get you to drop when you are pushed?!!!

    Wait until they come back to you - if they need the name badly enough they will do sooner or later.

    Good luck with the sale.

    DavidH
     
  5. dag

    dag Senior Member VIP

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    Yeah, that's kind of what I was thinking...although not necessarily sure about the coming back later part. I think I'll wait and be patient. This was definitely for an existing Internet business, and I know that by offering $100 initially that they would have considered that a steal for them, and were probably willing to go higher. Time will tell how badly they actually want my domain or whether it was one of a few they tried going after. Thanks!
     
  6. eidos

    eidos Established Member

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    Yeah. Any business can afford to pay way more than $100 for a domain they're interested in. And, depending on the business, it could be way, way more.

    Now that it's been some months after you first posted, I am curious to hear if anything ever came of this. Did they make another offer? Did wind up caving in an making a small counteroffer? Did you sell the name to someone else? Or are you still waiting?

    ::eidos::
     
  7. dag

    dag Senior Member VIP

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    Never heard back from them, so I guess they found someone else willing to take a small payment for a different domain name. I'm still holding on to this domain to see what may come of it later.
     
  8. slugraduate

    slugraduate Established Member

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    It is quite possible that they were fishing, to get an idea of what a similar site they may own might be valued at.
     
  9. weblaunch

    weblaunch Established Member

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    The guy is probably dealing with other people with names that are on par with namedrive.com. I don't think it's wise to email him with the lower offer.

    Good luck!
     
  10. maxtorz

    maxtorz Established Member

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    huh
     
    Last edited: Oct 29, 2017
  11. xynames

    xynames Established Member

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    If there is some level of engagement, and they haven't responded in a bit, I will send a follow up email after a bit. For example, I once negotiated back and forth with one potential buyer, and negotiations went south when I used the approach that a psychologist friend of mine had goodnaturedly suggested as the "I know how to sell this guy" correct way to deal with him.

    Well, this psychological approach backfired and made the potential buyer, who was more of a straight shooter, back off and pretty much drop out of the negotiations. My mistake for trying something new - I am an excellent negotiator and know how to deal with people. But, the psych meant well and I guess he thinks that using a "story" and manipulation to try to make a sale is the way to go. I disagree.

    Anyway, long story short - I waited two full business days and emailed the guy with a simple, "What did you decide to do?" , being careful to respond to a PRIOR email of his, so that the verbiage the psych had suggested I write was not contained in the email history, and sure enough within an hour I got a response. Within a few more emails I was able to close to deal at a price higher than what he had said he would never pay, but a little lower than what I had initially wanted. We both gave up some ground.

    The point being, that if you have some emails back and forth and you experience radio silence, it is perfectly acceptable to email again to try to resume the negotiations, and in some cases, you will be able to revive a deal and make it happen.

    BUT, if all they did is make a lowball offer, and you came back with a counter and they did not even respond - just ONE email from each side, I would leave it alone and move on. Unless you are willing to come down to very close to their offer, clearly they don't want to pay anywhere near what you countered or at least they would have responded.

    In short - rule of thumb, hounding them if you are hopelessly apart in price, and you have not heard back from them, is not going to get you anywhere. Also, hounding them if all they did is make one single email, and did not even respond to your counter, is probably not going to result in any deal either.

    I am not a believer in spamming every inquirer. I know what I have here, and if this guy is making a lowball offer and won't even respond to my counter, it will be a waste of my time to follow up with him. If others on here want to spend time hounding lowball inquirers who do not even send more than one email, okay - knock yourselves out, but I have much better things to do with my time, and I am not desperate to sell anything at lowball prices.

    ACTUALLY to be honest, when I get an offer, any offer high or low, I do NOT respond with a dollar figure right off the bat. I have a certain response that engages the guy, and it works for me. I am not a fan of throwing immediately my counter price out there. Engage the guy before you counter, engage him, to respond. Every response from him makes him chew on, fall in love with more, YOUR domain.

    It also looks pretty weak to make a counter, and then counter even lower just because you receive no response. Why did you counter where you countered anyway? Wasn't it based on some comparables? If so, then why are you backing down if your price was justified to begin with?
     
    Last edited: Oct 29, 2017
  12. Asfas1000

    Asfas1000 Active Member VIP

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    New blood to an old thread :)
     
  13. Kuffy

    Kuffy Name Stag VIP

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    If you have another similar name, why don't you offer that to him. That gives you a chance to reopen the negotiation.
     
  14. jideofor

    jideofor Active Member VIP

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    it is an old thread from 2006 lol...
     
  15. elmoney

    elmoney Active Member VIP

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    When you reply with price, be sure to ask with question and give a chance to buyer. For example, such questions as "if you agree, then I will now create a transaction through Escrow.com, ok? Or "what kind of transaction method do you prefer"? Or "I think, this price is reasonable for this domain, what do you think?" etc.
    PS: When you reply, ask them about their possibility, there is a high probability of receiving an answer, or they will have a chance for negotiations.
     
  16. xynames

    xynames Established Member

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    Whatever works for you Elmoney but I prefer a more confident approach. For example if I’m approaching a bank for a manufacturing loan I don’t say I may produce 10000 widgets a week I say I will. Similarly here asking the buyer what he thinks of the price makes it seem like you’re not sure it’s worth that.

    Imagine going into a sporting goods store to buy a fishing reel and the salesman asking you what you thought of the price versus telling you what the price is and why it cost so much perhaps comparing it to some other reels and explaining why this one costs more.

    I don’t like the “if you agree I will now create a transaction, okay?” either. Sounds too hesitant. How about just “I will now open escrow” or “Opening escrow now” or just saying nothing, opening the escrow, and sending the link.

    I think it’s fine to be a soft sell which I think is what you are getting at but...not too soft, right?
     
    Last edited: Oct 31, 2017
  17. BrandBoogie

    BrandBoogie Business Member Business Account

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    ACTUALLY to be honest, when I get an offer, any offer high or low, I do NOT respond with a dollar figure right off the bat. I have a certain response that engages the guy, and it works for me. I am not a fan of throwing immediately my counter price out there. Engage the guy before you counter, engage him, to respond. Every response from him makes him chew on, fall in love with more, YOUR domain.

    @xynames What is your response when someone sends you an offer? I agree, it does sound like a good idea to get him to engage before the counter.
     
    Last edited: Dec 7, 2017 at 4:09 PM
  18. forge

    forge cling-free VIP

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    dag was last seen: Jan 2, 2017

    Abre los ojos
     
  19. Kuffy

    Kuffy Name Stag VIP

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    Whoops! I should look at dates, :)

    However, the problem is mildly interesting. I thought of another wy to re-open contact in this sort of situation. Host the name, and put a prominent link to his site. You can then mail him the details, and suggest that he monitors the traffic. It could backfire if it doesn't get any traffic, but that gives you an excuse to drop the price.
     

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