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Rick asked for $2.5k domains - seller almost backed out

Located in General Domain Discussion, started by Michael M, Dec 3, 2020

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  1. Michael M

    Michael M Top Contributor VIP ★★★★★★★★★★

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    So I saw an interesting event on Twitter and I am curious of everyone's opinion here...

    What happened:
    1. Rick Schwartz asked for people to spam him with their 3 best $2.5k domains for sale.
    2. User "aghh16" listed 3 including Smart Gadget in King.
    3. Rick responded with sold
    4. User "aghh16" debated backing out citing a misunderstanding
    5. User "aghh16" decided to honor his listing and sell.



    I contend that in good business practices and morals he should have followed through with the offer to sale, but in all honesty I also thought if he wasn't interested in holding the domain for end user value - then he was actually getting a fair price for wholesale value with little effort.

    I am curious what you guys think. If this domain was in front of you as a domainer, how much would you be willing to spend on in reality? (right now, today)

    Please be honest and do not venture outside of your budget. This will allow us to use this as an educational exercise whatever direction it goes.
     
    Last edited: Dec 3, 2020
    The views expressed on this page by users and staff are their own, not those of NamePros.
  2. ddxd

    ddxd Established Member

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    Wholesale on this domain is close to 10k imo

    Good on him for honoring the sale though
     
  3. WhoaDomain.com

    WhoaDomain.com WhoaDomain.com Gold Account

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    thanks! I did not know he did this? nice
     
  4. Michael M

    Michael M Top Contributor VIP ★★★★★★★★★★

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    Guess it wouldn't be right to ask people to weight in, without doing so myself...

    Smart domains are selling lot hot cakes and for good money.
    Gadget domains seem to sell ok, but for much less.
    I personally am not big on the gadget keyword for end user sales.
    I like the domain, see inherit value in that I can more than likely flip it to another domainer .

    I'd probably only be willing to shell out $500 without thinking much, and maybe $1000 after some thought.

    I'd probably like the domain a lot more if it were in my profile as they always look better there, but I would have no problem skipping right past the name. (regardless of it's perceived value by others I want many many times return on my investment - and I don't feel confident this will find an end user any time soon at end user valuation.)

    Those are my thoughts... Maybe I am being cheap, or biased against the keyword gadget, but that's what I would offer for the domain.

    I'd love to hear some other people's honest/grounded thoughts.
     
  5. griff

    griff Top Contributor VIP

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    you would really pay 10k for this wholesale?
     
  6. TheBuyerz

    TheBuyerz Established Member

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    Personally I would pay max 1000$ for this domain name, I can't afford to spend more on it, and will be listed for sale: 5000$.
    And by time if it don't get sold, I will easily decrease the price to: 2500$
     
  7. ddxd

    ddxd Established Member

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    I think that's what it fetches at auction but maybe I'm off the mark. Smart gadgets should be an ever growing market in the next several decades.

    Rick has stated that he targets 100x returns so at the least we can assume that in his mind it's a 6 fig domain to the right end user.
     
  8. Compassion

    Compassion Celebrate Life PRO VIP Gold Account ★★★★★★★★★★

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    1000 valuation seems reasonable for a fast liquid wholesale exchange
    2500 fair
    I wouldn't pay 2500

    Gadget isn't an awesome word IMHO, but others might like it.
     
  9. MapleDots

    MapleDots Top Contributor VIP

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    HeHe, It is now that Rick owns it
     
    Last edited: Dec 3, 2020
  10. bmugford

    bmugford www.DataCube.com PRO VIP ICA Member ★★★★★★★★★★

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    It is a solid (2) word .COM with resale potential.

    I would not pay $2,500 for it personally. If I was Rick I would probably pay $2,500 for it though.
    If you have enough capital it is easier to justify buying these types.

    I see a lot worse domains sell for $2,500+ at auction almost daily.

    Brad
     
    Last edited: Dec 3, 2020
  11. bruhne

    bruhne Established Member

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    I should have hit him with

    IntuiSmart.com
     
  12. oldtimer

    oldtimer Do some good for humanity and the environment VIP ★★★★★★★★★★

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    This could be looked at as the Big Fish preying on the Little Fish,

    Or

    It could be looked at as the Big Fish helping the Little Fish get some working capital which they wouldn't have been able to get otherwise.

    But either way, if the Little Fish voluntary goes into the mouth of the Big Fish then they shouldn't be complaining afterwards and should honor any deals that are already made.

    IMO
     
  13. BRANDERX.COM

    BRANDERX.COM Top Contributor VIP

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    I like the plural better.

    I'd spend $350-700 on it & expect it to sell for $6-8.5K, if ever.

    Shwartz will sell it for a lot more I guess.
     
  14. premkumar

    premkumar Top Contributor VIP

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    I could have brought for $2k without a second thought, Rick got a steal
     
  15. pb

    pb Top Contributor VIP ★★★★★★★★★★

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    I always feel a little uneasy when a domainer buys my domain... but if it goes for BIN, then well, who's to blame other than myself...
     
  16. GreatBrand.in

    GreatBrand.in Established Member

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    This was really interesting and gave me another good lesson that do not showcase domain or participate anywhere without reading the fine prints.

    In origional twit if you read carefully no where you will find Sale word. So I was not surprised when the seller shown his anxiety or apprehension that did he really sold his domain as I was also about to mention my three best domains with an assumption that everyone there is showcashing their three best domains and then with the grace of God I read the complete thread before participating.

    I liked and congratulated Domain King for his eagle eye and business acumen as he identify and got best domain within an hour from 100 domains. The price here is not important as we all know it could have been brought at $50-500 at GD closeout and may be less and now it could easily fetch minimum 5-6 figure sale price. I felt uncomfortable when I read series of thread where seller a new domainer is not aware about the rule and what happened in just 5 min. Well we all can interprete this incident in our own way someone may says it is 10 to 50X RoI excellent for newbie and some may say it is 50 to 100X longterm loss and both are correct.

    The one person Pierluigi Buccioli owner of GamblingInvest has shown his golden heart and empathy and after his twit on this incident my respect has grown exponentially for this gentleman.
     
    Last edited: Dec 3, 2020
  17. AEProgram

    AEProgram Top Contributor VIP Blue Account

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    People have choices
     
  18. gilescoley

    gilescoley Top Member PRO VIP ★★★★★★★★★★

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    I'd pay around $100-$1500 for this one. I dont think you will have a problem flipping that for 3 or 5 times the price.

    Smart is a strong keyword and will only get stronger in years to come

    Some similar gadget sales

    coolgadgets.com $11,800
    travelgadgets.com $7,288
    cheapgadgets.com $5600
    musicgadgets.com $5,477
     
  19. Mister Funsky

    Mister Funsky Top Contributor VIP

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    I would be hard pressed to pay 500...at 250 I would feel like a made a good buy. Rick has deeper pockets than I and I'm sure he has several potential buyers in mind prior to buying the name. I think this was a good deal for both seller and buyer.
     
    Last edited: Dec 4, 2020
  20. slader23

    slader23 Always On The Bleeding Edge. VIP

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    Seems like $2500 was a fair price given the comps. Smart+Word.com domains have a strong history of selling but gadget is a mediocre keyword.

    I'd say retail $8.5k to $25k is reasonable. Good deal for both parties.
     
    Last edited: Dec 4, 2020
  21. bookname

    bookname Upgraded Member Gold Account

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    I see a note in the chat screenshot , that Rick will send him a gift if he successfully sell the name.

    So for me, aghh16 did not in the loss position, He put one of his domain into Rick portfolio and get 2500$ as his deposit , and just need to wait Rick sell the names, and who know what is the gift that Rick promise to aghh16 ?
     
  22. Save Breach

    Save Breach Established Member

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    IMHO, the seller just wanted to see if Rick was willing to offer $2500 for this domain, and as soon as he did - he thought it had more potential. Smart + Gadget is a solid name but I think he might be able to flip it 4x times max in terms of end user value.

    Quite a bargain, but a fair value!

    Cheers
     
  23. lock

    lock DomainUsed.com VIP

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    Rick would have ruined them and warned them of hallofshame.
     
    Last edited: Dec 4, 2020
  24. Save Breach

    Save Breach Established Member

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    Upon going through some of Rick's tweets I feel this is quite a serious matter. Taking a private communication public then THREATENING someone isn't done. As a seller/buyer I must have the freedom to back off from something I said or, wrote. Happened to me in the first ever name I won on NamePros, the seller @Mohammed Azheruddin threatened to get me banned because I had made a typos in an auction bid and hence I had to pay him way more than I should!

    Your best $2500 #Domains You can list up to 3 -- This is what Rick said.

    Furthermore, Rick just asked the prospective sellers to LIST their names --

    It's up to the seller to sell it to them or, not. There's no way he can force something on to them. This is serious if you misuse your influence to force someone to incur losses!

    IMO, neither sellers nor buyers should be FORCED into a contract. If they feel forced, its better to back off. Its kind of frustrating to see this happening -- honoring a sale on a social media platform just doesn't make sense unless you made a formal contract/commitment to buy it

    IMHO, this is a kind of bullying because you have a lot of influence so you can force someone into a deal even though they aren't willing. You won't give them a chance to step back and decide.

    Cheers


    [​IMG]
     
    Last edited: Dec 4, 2020
  25. lock

    lock DomainUsed.com VIP

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    Yes I know how it works I called it.
     
    Last edited: Dec 4, 2020

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