strategy Selling domain names - Answering emails PART II

[heavend]

Hello All,

First part was about initial potential customer reply. If interested, please visit the discussion here: Selling domain names - Answering emails PART I

Second part starts when you reply and get some feedback. Usually it goes something like this.

Your original reply from part I went something like this:
************************************
Hello,

Thank you for your inquiry. Our asking price for domain name X is $X,XXX. If we can agree on the price we will setup an escrow transactions and proceed from there.

All Best,
Name Here
*******************************************
and you sometimes get an answer:

I'm very sorry for late reply, but my budget was $ X,XXX. Will be willing to sell it?

Mr. X
********************************************

So the question here is how to answer them?
Now, in this case, we can assume that the offer received is much lower (I found on average about 1/4 to 1/2 of what you were asking), but it's not so low that you want to just delete the mail from your mailbox.
So, let's say for this example - in your original email your asking price is $5,000 and they came back with $1,500.

Obviously this is a business and we always want to sell it for the most money we can, while hopefully keep everyone happy, including the buyer. Now, let's further assume that while you would like to make more money, you are willing to sell this particular domain name for $1,500.

Question: How do I reply to these kind of emails without loosing the potential customer.

(Btw, if it helps any, I am in the process of negotiations for the domain name right now, and I am trying to use the helpful suggestions you guys coming up with, to change maybe the tone of the emails, possibly some small details, which would make a difference.)

Here is my own possible replies (please let me know what you think:
*************************************************
Hello,

Thank you for your offer. How about $2,000 (or $2,500) and we have a deal. This is extremely rare domain, (bluh bluh bluh.. - one sentence here of explanation why you think it's so rare, and it varies depending on the name) We have purchased it ourselves for $1,700 (I am actually not sure about including this line - have been experimenting with and without)
Finally you want to end here with: Please reply by or please let us know soon, (or something else - or maybe nothing at all here, the less the better).

Thank you,
Name Here

**************************************************
What do you guys think? any better suggestions? let's say that for this particular sale, you would be ok with selling it for $1,500, but you would be happier with $2,000.

Basically once again, just like in Part I, I would like to talk about average, but promising case here. Not some extremes where the asking price and offering price are so far apart, you do not even have to consider it and not when it's close enough where you just may as well accept an offer and be done with it.

 

[Donnyd]

Stop emailing and call them direct on the phone. You will get 10x response. Just saying on the phone is much more easy than an email. More than 50% of email does not even make it to the other end. then an additional 40% will not even get to the correct buyer. Pick up that phone and start calling.

 

[usernamex]

^Buyer is Chinese

Might work soon : smile :
http://itranslatevoice.com/
https://www.google.com/search?q=real+time+translation+devices

 

[heavend]

In this negotiation part, when you are asking $3000, and they offer you $1500, I think that you easily cease negotiation power when you immediately try to discount your asking price to reflect his offer in the followup email.

If I really believe in the value of the domain, at the follow up email I would not say more than:
"Thank you for your offer. Here's why the domain name can bring more business to you ..[try to find insights about the business the domain can be matched to; if a WordPress related domain, an average development WordPress site costs $700, and I will point it that only 4 projects are needed to complete, so the investment is paid by itself. Those leads come from direct type in, so it cost you nothing to bring 4 new clients in a month! After first month your investment paid itself.]"

The idea is to just ignore his lower offer, so he feels that I expect more, without refusing his offer, so I can turn back anytime to his last offered price. Then he feels the low interest from me and he either increase his offer, either mention his earlier offer as hist best offer. Whatever it is, you keep your negotiation power until a later point where things get more clear.

Very nice advise, thank you.

 

[heavend]

Stop emailing and call them direct on the phone. You will get 10x response. Just saying on the phone is much more easy than an email. More than 50% of email does not even make it to the other end. then an additional 40% will not even get to the correct buyer. Pick up that phone and start calling.

This particular buyer, and about 75 % of our buyers do not speak a word of english, as they are Chinese. Maybe they even speak english, but they will certainly pretend they dont' thinking they would get a better deal.

So, talking to them on them on the phone is extremely hard. I am not even taking into account - time difference, since my best sales (over $100,000) came at crazy times, 2 - 3 in the morning /each sale over the phone / internet negotiations. However, it is needless to say that it's harder then normal business hours, specially if you have similar type of emails every day.

Anyways, thank you for all advises, I hope this thread will help other people as well - to figure out how to deal with their emails.

As far as this particular negotiations, I agreed to their offer price, but told them there is a time limit of 24 hours to figure out escrow and wrap it up. I mean I would not want to spread this out over weeks of waiting time, and if they are not serious in the first place - price goes up.

btw, I purchased this Gem at afternic about 2 - 3 years ago for $350.

All best,
Alex

p.s. @usernamex - I bet you that is what they use when I send them my emails. ... on the way back. - I of course, translate their emails daily, but this particular buyer actually tries to write in english. (even using translator).

I found out that when Chinese buyers try to use english in their negotiations, they are more serious about purchasing the name. 99% of all those emails which are purely in Chinese - are waste of time, as they usually dont' result in a sale. In fact, when I reply in English to them - they usually reply with Question Marks. Almost funny - if it wouldn't cost me time.

 

[biggie]

after reading a lot of "assumptions" here about Chinese people and their supposedly lack of understanding of english, i'd have say: it's not a rocket science effort, like it's being played out to be.

selling to them is no different or difficult than selling to any other buyer, who knows how to use escrow or sedo., or in cases where it's an "np" or former dnf member, we did paypal.

sold a pair of LLL.net to np member who is also Chinese in 2015 and a couple of "BIN" sales on Sedo that went to Chinese buyers.

i have hundreds of emails from Chinese potentials who have inquired about various names over the years and when i reply with "$ amount via Escrow.com > Buyer Pays Fee", they either accept, make a counter offer or say "too much".

just saying....