Hey all,
If you're anything like me, one thing that continues to baffle you as a domain seller is the art of negotiation. I've read some good discussions about negotiating techniques on NP, but very often those threads are filled with generic info (and lacking in specifics). Here are some examples:
So tonight I took the plunge into trying to be more engaged with a potential buyer. I'm hoping to use the opportunity to share the process with everyone, get some constructive criticism, and ultimately learn to be a better negotiator.
The name
The name is a short, two word .com. It's brandable, and is used by some existing businesses (none major). It also carries an additional meaning which could add some value to the right buyer.
I've owned it for about a year and a half. It's over 10 years old. I'm quite fond of it, and not in a hurry to part with it. I have conducted some outbound and received lukewarm interest. This is the first inbound offer it has received.
The price
I've had it listed in the 10K range on my Efty page most of the time that I've owned it (and higher at the usual marketplaces). That said, I would accept 5K for the name.
The buyer
The potential buyer made his offer via my Efty page. He offered $100 with a simple message: "Looking to purchase domain".
I did some research. The buyer is in the U.S., young-ish (mid 30s to 40), and is the president of a digital media/marketing company with 15 employees. I can see no direct connection to his interest in the name, except that he used to be VP of a company in an industry that would work for the domain in question. My assumption is that he's considering names for a client, but it's possible it could be for his own use.
My response
Here's my initial response to the buyer, word for word.
Tell me what you think, let me know how I could have done better, and I'll keep everyone updated on the progress, if there is any.
If you're anything like me, one thing that continues to baffle you as a domain seller is the art of negotiation. I've read some good discussions about negotiating techniques on NP, but very often those threads are filled with generic info (and lacking in specifics). Here are some examples:
- Find out as much as you can about the buyer
- Use clues in the buyers' responses to measure your own response
- Don't jump into price talk right away... get the buyer talking
- Set a hard price line in your head before you start negotiations, and be willing to walk away
So tonight I took the plunge into trying to be more engaged with a potential buyer. I'm hoping to use the opportunity to share the process with everyone, get some constructive criticism, and ultimately learn to be a better negotiator.
The name
The name is a short, two word .com. It's brandable, and is used by some existing businesses (none major). It also carries an additional meaning which could add some value to the right buyer.
I've owned it for about a year and a half. It's over 10 years old. I'm quite fond of it, and not in a hurry to part with it. I have conducted some outbound and received lukewarm interest. This is the first inbound offer it has received.
The price
I've had it listed in the 10K range on my Efty page most of the time that I've owned it (and higher at the usual marketplaces). That said, I would accept 5K for the name.
The buyer
The potential buyer made his offer via my Efty page. He offered $100 with a simple message: "Looking to purchase domain".
I did some research. The buyer is in the U.S., young-ish (mid 30s to 40), and is the president of a digital media/marketing company with 15 employees. I can see no direct connection to his interest in the name, except that he used to be VP of a company in an industry that would work for the domain in question. My assumption is that he's considering names for a client, but it's possible it could be for his own use.
My response
Here's my initial response to the buyer, word for word.
Hey <name>,
Thanks for the interest in <domain>. I love the name myself, and think it makes for a great, memorable brand. Are you looking at it for an existing business, or as an option for a startup?
The domain is currently listed at a couple marketplaces with a buy now price of $12,500, which is admittedly quite high (and with consideration given to the rather hefty commissions those sites charge). So with that said, if you're serious about the name, I'm certainly open to four figure offers.
Feel free to give me a call if you'd like to chat more, but I'll also be checking email on and off over the weekend.
Tell me what you think, let me know how I could have done better, and I'll keep everyone updated on the progress, if there is any.