advice Received my first inbound offer, counter offer rejected

[Jay Ha]

I was about to put my phone away and get some sleep at around 3 AM when I received an e-mail from Undeveloped saying that I got a 200 USD offer on one of my 5-letter names. Knowing that I had a 199 USD minimum offer I thought that this guy is after a bargain.

I looked up the guy's name knowing that he resides in a specific country (from my google analytics and Undeveloped also shows me their location). I found his LinkedIn profile and I'm 100% sure it is him. He works at a multi billion dollar chemicals company, in their commercial development program. That company's domain name is a 3-letter .com which is worth several millions. Their pockets are pretty deep, that's all I can say about them (please don't throw guesses on public).

Anyway, here's the whole convo with his name hidden for their own privacy:

Now I know that I hit high on my counter offer. Several reasons include it was waaaay too late in my timezone, really didn't feel like selling a name for the amount he asked, and given that he works in a commercial program, I didn't really buy his story about the nickname thing.

Just wanted to share this experience since it was my first in ~5 months of domaining. Has any of you guys went through this situation before? How does it usually turn out? Any comments on how I handled this brief convo? Anyway, thanks for reading!

 

[Jay Ha]

Guys when was the last time you've countered with 100x the initial offer and it actually worked? It is clear I was acting as if this is the guy from that Fortune500 company. Shouldn't we all try our best to get the best possible price for our names? Anyway, now that I'm sure that he's not, I'm gonna be real this time and negotiate a deal that should be best for both of us. (yes, spoke with wifey and she made me send him our regards to his wife)

Will let you know how it goes.

 

[Truespin Domains]

I saw a domain on sedo the other day I liked. One word .com that I wanted for a project.

I put in an offer of 500usd, thinking domain was probably worth about 1k.

Guy countered with about 1.5k.

Higher than I wanted, but realistic. I counter offered with 800 and he accepted.

If he'd countered my initial offer with xx,xxx I'd have cancelled the transaction and never looked back.

The domains about 12 years old, so if he's been the owner the whole time that's about 130usd cost. So still a profit of 770.

Laughably, there's a misspelling of the same domain on sedo too with an asking price of $15k.

Could he have gotten more? Probably, but it's still a good ROI.

I think the moral of the story is don't be greedy. Loads of domains with price tags of xx, xxx, but most of them are destined to expire with no interest.

 

[Jay Ha]

I am still in contact with the buyer, he said that around 400 is his limit. I countered with 500 which should include the 9% undeveloped commission. He should accept now I guess..

 

[Truespin Domains]

I am still in contact with the buyer, he said that around 400 is his limit. I countered with 500 which should include the 9% undeveloped commission. He should accept now I guess..

Hopefully, but personally I'd probably still walk because I would feel like you'd been trying to scam me. I know that wasn't your intention, but buying and selling is quite an emotional thing at times

Good luck though and I hope he accepts.

 

[d-e-x]

Guys when was the last time you've countered with 100x the initial offer and it actually worked? It is clear I was acting as if this is the guy from that Fortune500 company. Shouldn't we all try our best to get the best possible price for our names? Anyway, now that I'm sure that he's not, I'm gonna be real this time and negotiate a deal that should be best for both of us. (yes, spoke with wifey and she made me send him our regards to his wife)

Will let you know how it goes.

Few min. ago
Waiting for the answer
Buyer is probably shocked right now

 

[Furquan]

I am still in contact with the buyer, he said that around 400 is his limit. I countered with 500 which should include the 9% undeveloped commission. He should accept now I guess..

That's a realistic counter if he interested than he seal the deal.

Otherwise just move on.

 

[Wali Dahot]

Good learning experience for you and all the newbies like me. I too thought domaining to become rich overnight formula, but with time on NP I realised it isnt. At start I placed hangregs way above their values and now I place a 20 year old geo targeted domain at around 1k as it will be a great ROI..

 

[Dealtor]

$34k
That's an exaggerated price

 

[Jay Ha]

The guy just messaged me that he asked his wife and she said 500 USD are OK. So the deal is done. Will report it in the Completed Sales thread once the money hits my account.

It was a great learning experience for me and I hope it was for other NPers too.

 

[MSN-Domains]

The guy just messaged me that he asked his wife and she said 500 USD are OK. So the deal is done. Will report it in the Completed Sales thread once the money hits my account.

It was a great learning experience for me and I hope it was for other NPers too.

Well done for turning it around. Makes 0 difference if the buyer is Marc Rich or a Begger on the streets, Domains are priced to sell not POA.

When you go into the supermarket they don't say "you earn under 30K" so let me so you our essentials range.

Sell volume, your results will be much better.

 

[ak4586]

The guy just messaged me that he asked his wife and she said 500 USD are OK. So the deal is done. Will report it in the Completed Sales thread once the money hits my account.

It was a great learning experience for me and I hope it was for other NPers too.

That's Awesome Congrats

 

[Shamiul]

Thank you, next.

 

[Truespin Domains]

The guy just messaged me that he asked his wife and she said 500 USD are OK. So the deal is done. Will report it in the Completed Sales thread once the money hits my account.

It was a great learning experience for me and I hope it was for other NPers too.

Congrats

 

[NYJimbo]

Would have probably accepted the offer if it was on NP, not from a Fortune500 company. Put yourself in my shoes: someone from commercial development program of a Fortune500 company asked for a name of yours. Would you sell for mid xxx on the 2nd offer?

This does not mean the guy is loaded. Anyway, nice on the $500.

 

[Dave]

Valuing domains based on an assumption of how much money the buyer has is silly.

You wouldn't do the same with real estate or antiques would you?

 

[BaileyUK]

Hopefully, but personally I'd probably still walk because I would feel like you'd been trying to scam me. I know that wasn't your intention, but buying and selling is quite an emotional thing .

In all fairness, this guy was likely to stay in the background for the purchase, seeing it was his Wifes nick-name. It's not like he could move-on and buy another name . I bet he had some wonderful banter with his wife when the $34,000 counter came in. "Sorry honey I just don't think your worth that much"

My advice is never try to read too much into the potential users possible motives when it comes to price . that's unless it is something very darn obvious or something with multiple buyers in place.. You'll end up going screwball forever looking back on sales made (or lost)

This could have been very easily a missed opportunity if the last owner had renewed. It would've gone through Sedo (or was that Godaddy) at that original listing price

 

[briguy]

Congrats on your sale!

Maybe just maybe, you get into the habit of only during serious business when the mind is clear and the belly is full...

 

[d-e-x]

The guy just messaged me that he asked his wife and she said 500 USD are OK. So the deal is done. Will report it in the Completed Sales thread once the money hits my account.

It was a great learning experience for me and I hope it was for other NPers too.

Congrats

 

[xeroox]

And after a week we will see the new domain under the fortune 500 new project

 

[Jay Ha]

And after a week we will see the new domain under the fortune 500 new project

That's what is going to keep me awake the next couple of weeks, or maybe more.

 

[BaileyUK]

Apple are using one of my domains (a $2,000 anonymous purchase by them) every day of the week, I don't lose any sleep over it. It just goes to show I'm on the right track when it comes to domains. I treat it as an acknowledgement.

And dare I say it was a fair market price. I love to see my domain contrivances up and running, Yep even when various TV adverts feel like they are calling my name

 

[rh2000]

And after a week we will see the new domain under the fortune 500 new project

Of course.

 

[maya-zir]

34k? you kidding?
well.. continue renewal it the rest of your life because now you know if you let it go, this guy will get it for handreg fee..

 

[BRANDERX]

BINs are the way to go..

Take it or leave it..

but I know not everyone can do that.

@Jay Ha congrats, & make sure there are no other listings of your domains on different marketplaces.

 

[karmaco]

I don’t think refusing the offer was wrong, I think countering at over 4 figures was the mistake. This name is not likely worth the quoted amount no matter who the buyer.