advice Reprice a domain name during negotiation with an end-user

[LoneDeranger]

Hi, I need an advice.

I sent some emails to potential end users for a geo-located domain in a BIN price of 500$. I also mentioned the price will be honorable for a week. One potential end-user replied back.
It's been a month since we agreed to the price and he still didn't transfer the funds to Escrow. He replies me every couple of days with different excuses of why he hasn't paid yet.

I want to tell him that the price will be raised up to 700$ in the next 3 days.

What's your thoughts about doing such a thing both morally and strategically? Will it be wise to do this move? or should I keep the price as it was and hope we'll close a deal.

I can tell he would have paid more for the domain name, if I said it at the start.

Advises will by highly appreciated.

 

[johnn]

Do not raise the price. They will back out if you raise the price.

Sometimes it takes weeks to complete a transaction with an end user. They are not like us sticking our eyes on the computer all the time.

Don't push - Just send a polite email to remind him. It's like fishing. Sometime you get it sometime you don't and raising the price would make the situation worse.

 

[Kate]

You don't raise the price. Perhaps this is the excuse he's waiting for. However, you have the right to set a deadline. Besides, the escrow transaction will time out automatically unless you you request that they freeze it. But since you say it's been a month, it doesn't look like the end user is very motivated to fulfill their commitments.

 

[johname]

Dont rule out him just fooling with you. There people that dont like domainers, especially if you initiated the contact.

Tell him only email if you are ready to do the transaction. And dont nag him anymore other than informing him the time left untill the transaction times out.

Keep open for sales to others if escrow times out.

Sell for same price if he gets his act together.

Did you both agree to terms? Is he on the hook for escrow fees?

 

[LoneDeranger]

Thank you all for sharing your thoughts.

I'll follow your advice and won't raise the price. I hope we'll close the deal soon.

Dont rule out him just fooling with you. There people that dont like domainers, especially if you initiated the contact.

Tell him only email if you are ready to do the transaction. And dont nag him anymore other than informing him the time left untill the transaction times out.

Keep open for sales to others if escrow times out.

Sell for same price if he gets his act together.

Did you both agree to terms? Is he on the hook for escrow fees?

Thank you. We both agreed. Escrow is now waiting for him to transfer the funds. We split the fees.

 

[DNScholar]

Why buyer is postponing? Be quiet for sometime and send him to Afternic or Sedo sale page.

 

[DU]

I sent some emails to potential end users for a geo-located domain in a BIN price of 500$. I also mentioned the price will be honorable for a week. One potential end-user replied back.
It's been a month since we agreed to the price and he still didn't transfer the funds to Escrow. He replies me every couple of days with different excuses of why he hasn't paid yet.
I want to tell him that the price will be raised up to 700$ in the next 3 days.
.

You don't raise the price to be spiteful as a method to get someone to pay. Short cycling through price blackmail sends a very negative experience.

If you are not happy with the progress you could just remind them that the deal was bounded by a week time-frame and that you will extend it for another week (or whatever timeframe you want) and then will withdraw from your agreement. It's saying the same thing but in a more progressive way. You are saying you're willing to deal but you have limits.

If your limit has been reached? Just cancel negotiations now.
If you don't actually have limits then just wait but at some point draw a line in the sand.

If they walk and come back in the future you could, of course, quote more but you would need to gauge their interest properly again. You should definitely put more boundaries on timeframes.

 

[LoneDeranger]

You don't raise the price to be spiteful as a method to get someone to pay. Short cycling through price blackmail sends a very negative experience.

If you are not happy with the progress you could just remind them that the deal was bounded by a week time-frame and that you will extend it for another week (or whatever timeframe you want) and then will withdraw from your agreement. It's saying the same thing but in a more progressive way. You are saying you're willing to deal but you have limits.

If your limit has been reached? Just cancel negotiations now.
If you don't actually have limits then just wait but at some point draw a line in the sand.

If they walk and come back in the future you could, of course, quote more but you would need to gauge their interest properly again. You should definitely put more boundaries on timeframes.

Thanks. I completely agree with you. I'll just give him 3 more days to complete the purchase.

 

[infosec3]

I fully agree with the other members about not raising the price. If you really want to sell the domain, flexibility on your part is a must.

Sometimes I have done the opposite. If my price was $800 and I see some hesitation and even no response from a client that was originally interested, I even consider lowering the price. Here is what I have exactly told some clients and has worked for me a few times.

Hi (First Name),

I am just following up about your interest in the domain. I wanted to mention that if price is an issue, I may be able to apply a discount.

Thanks


In some cases, an unresponsive client may respond to that. Now, have in mind that I do not do this until I have followed up with the interested client a couple of times.

 

[CamMK27]

I suggest you send him a polite email and mention that if he sends the money within the next 24 hours then you will reduce the price to $450 instead. See how fast he sends money then. Sometimes lowering the price helps. I think $450 liquidity is better than nothing or waiting for weeks before you have $500 (no guarantees).