Should have I accepted offer?

[Blueforever]

I hand regged a name last year as a future domain name for my son when he's older. (xxx my sons name.com) I recently received an offer of $3k from the ceo of a major eccomerce company.
I explained I purchased the name for my son when he's older, so would need a considerable amount as most of the money will be going to his bank account.
Because I knew who he was I countered with a 5 figure sum. Till now I've had no reply. Should have I accepted or just wait and hope he replies....any advice would be much appreciated. Thanks in advance.

 

[ZapNano]

Wait... for his response.

 

[Kingslayer]

Only you can answer that. Would $3k have been enough for you? If yes, wait it out a few weeks, if you still haven't heard, said a polite e-mail (or phone) saying you have reconsidered and would take the $3k for the name if their offer is still on the table.

 

[Name Trader]

Why are you selling a domain you bought for your son?

 

[johname]

How long has it been since his last email?

Why are you selling a domain you bought for your son?

Because the son better off with some money in his college fund.

 

[infosec3]

The most important question is: How much do you need the $3000? An additional question could be: Is the name you registered the only or best name you could use for your son?

Would the $3000 be more useful for you or your son than holding on to the name? How often do you sell names in the thousands?

If the name is unusual and not really a premium name you might not receive any other offer any time soon.

 

[Billy Wagner]

I'd say if you need the $3K and you haven't received a response from him within a week, send him a follow-up email asking him if he's still interested and take it from there.

 

[tld_org]

Wait. $10-20k for a major firm is nothing to drop on a domain. But they can take a day, a week, a month, etc to get back to you. After a month I'd write back, let him know you have another offer and so you needed to close this out with him before you speak to someone else about the domain so you need an answer from him or your offer is void. That will put some pressure on him if he has any interest.

 

[ben pedri]

Ask the CEO if he wants to lease the domain for 15 years for 3000 with an option to buy the domain any time for another 3000 ,he will know that in 15 years 3000 will be worth half as much as now. Let him know that this is the best way to make it a win win for every one. let him know if he pays the 6 grand now you will pay for registration for the next 10 years. This will get results ,express his and your sons best interest at heart.

 

[Blueforever]

Thanks everyone, yes it's been 5 days since I made the counter offer with no reply.
I purchased a few names for my boy who is 4yrs old, this one in particular starts with 'Lil' then my sons name, like 'lil Wayne'
I've since found out it's the name of a small island too.
The company that made the enquiry bought its current name for $5 million in 2000 so figured they were big spenders, and can afford way more than $3k. (Plus we're not in a situation where we need the $3k now)
I will wait a month, then make contact (hopefully the ceo contacts me first) then try and negotiate or like Ben said lease the name out , which is a great idea.

 

[-EM-]

Thanks everyone, yes it's been 5 days since I made the counter offer with no reply.
I purchased a few names for my boy who is 4yrs old, this one in particular starts with 'Lil' then my sons name, like 'lil Wayne'
I've since found out it's the name of a small island too.
The company that made the enquiry bought its current name for $5 million in 2000 so figured they were big spenders, and can afford way more than $3k. (Plus we're not in a situation where we need the $3k now)
I will wait a month, then make contact (hopefully the ceo contacts me first) then try and negotiate or like Ben said lease the name out , which is a great idea.

I would have done the same

 

[deez007]

Nice one mate...honestly if they paid $5 million for their current name then you should DEFINITELY wait it out. 5 days is not at all a long time....

 

[ben pedri]

Got a great idea for you ,go to escrow.com set up a buy it now form for 7500 with a just buy it now option with split escrow fees. I would send it with an email explaining that a long term lease with an option to buy will be considered if they are not able to purchase the domain at the present time. Chances are he will just pay the escrow bill .

 

[frank-germany]

did you ask your son?


if it was for your son
$3k is ridiculous

unless you really need the money



a big company will probably need more then 5 days to counter
I'd rather expect 5 month

 

[WatchDogue]

The CEO of a successful company no doubt is very busy throughout the day and a delay of several days or more in response wouldn't surprise me.

I'm a bit surprised that the CEO personally is making the offer to purchase rather than an employee of the company, so that would suggest ( to me ) the name has a real appeal.

Perhaps " $3,000" is an easy-to-justify dollar amount to spend for the company whereas a
" $$$$$ / five figure amount " requires more deliberation and due diligence on the companies' behalf.

Me, I'de wait maybe a week and no more than 2 weeks to re-ignite contact / interest re the name.

You have been offered some solid suggestions for follow-up.

 

[jideofor]

You might have lost that sale. Sorry.

 

[johname]

Thanks everyone, yes it's been 5 days since I made the counter offer with no reply. .

Subtract the three day major holiday weekend, and it's only been two days.

Any contact to them will cement their 3k offer as their top offer.

 

[ben pedri]

You might have lost that sale. Sorry.

You might have lost that sale. Sorry.

In other words

You might have lost that sale. Sorry.

This statement is crazy,I have sold hundreds of domains, and the worst thing to do is say OK ,ill take it ,if he would have accepted the 3k im sure the buyer would really have gone away and come back with a 500 offer in a month. No matter how much money people have they want the best deal ,my question is the domain buy form ,leads to a domainnamesales page ,so I assume they went through them ,and then contacted you for a better deal. You did the right thing and the buyer knows you want the most for your name and will be willing to negotiate,after all he is a business man, and probably is reading this blog anyway. I had the same situation with a celebrity ,I bought a domain on ebay for 99 cents,almost let it go ,but was in my renewal cart.
the day after I renewed it a buyers lawyer contacted me and offered me $2000 over the phone I was offering it at fabulous at 7500 buy it now only. ,I responded with $5000 reserve,take it or leave it. After 2 months the lawyer called from CA and I saw it on the caller Id ,all I did was pick up the phone and said Robert ,I told you that I cant go a penny under $5000 ,He responded with my client is pissed ,he said I should have bought it already just charge me 4500 ,so they know I got them a deal. I said ok but you have to pick up escrow ,No problem. So everyone wants a deal ,also I think your domain is worth 6 grand so I dont think you will have a problem when this guy comes around again

 

[Blueforever]

my question is the domain buy form ,leads to a domainnamesales page ,so I assume they went through them ,and then contacted you for a better deal

It was a personal email from the ceo to my email ad, headed with his company logo, before I replied I researched his name from his email ad and found him to be the ceo.
After that I added the name to domainnamesales as I thought they be better at negotiating, although I know they'd take a commission.

 

[ben pedri]

It was a personal email from the ceo to my email ad, headed with his company logo, before I replied I researched his name from his email ad and found him to be the ceo.
After that I added the name to domainnamesales as I thought they be better at negotiating, although I know they'd take a commission.

Problem is that you can't negotiate up as soon as he contacts them they are gonna start at 18000 they really are crappy brokers they just get 6 million domains from others and stay high the if they sell 1 in ten thousand at half there original price they are doing great .it's a numbers game with a no risk strategy you because you are paying the renewal fees their model does not work if they pay registra fees. Period

 

[adriano68]

You should wait for a better offer, but don't have irrational expectations.

 

[CamMK27]

It was a personal email from the ceo to my email ad, headed with his company logo, before I replied I researched his name from his email ad and found him to be the ceo.
After that I added the name to domainnamesales as I thought they be better at negotiating, although I know they'd take a commission.

What I would do is go to bodis and create an Escrow Sales Page with the asking price you sent them. I will not use DomainNameSales and pay them the commission. When you have direct inbound inquiry then it does not make sense to pay commission to anyone. If you agree on a lower price then all you have to do is lower the BIN price on Escrow page inside your bodis account and let him pay for it.

BTW I will not sell a domain that I registered for my son even for 5 figures. Now if it was a multiple 6 figures or 7 figures deal then that is a different scenario to think about. Hopefully it is worth it to sell it to them. I will NOT sell it to them for $6000 nor for $7500 or even $9500.... I think a company that paid $5Million for a domain can afford 5 figures for another one if it has a great appeal to them. Keep in mind sometimes it may take a while before the deal is finalized. If you don't need the $3K badly then wait out, because in the end the wait will be very much worth it.

 

[ben pedri]

What I would do is go to bodis and create an Escrow Sales Page with the asking price you sent them. I will not use DomainNameSales and pay them the commission. When you have direct inbound inquiry then it does not make sense to pay commission to anyone. If you agree on a lower price then all you have to do is lower the BIN price on Escrow page inside your bodis account and let him pay for it.

BTW I will not sell a domain that I registered for my son even for 5 figures. Now if it was a multiple 6 figures or 7 figures deal then that is a different scenario to think about. Hopefully it is worth it to sell it to them. I will NOT sell it to them for $6000 nor for $7500 or even $9500.... I think a company that paid $5Million for a domain can afford 5 figures for another one if it has a great appeal to them. Keep in mind sometimes it may take a while before the deal is finalized. If you don't need the $3K badly then wait out, because in the end the wait will be very much worth it.

Yeah listen to cam he knows all the tricks

 

[Cdomains]

Chances are he contacted you because he is really interested and wants the name.

I would wait and he will contact you again.

He is waiting to see if you crack.

He will eventually contact you even if it is a few weeks or months from now.

If you don't need the money I would just wait it out.

 

[GetBigDomains]

Don't sell out. Whatever you think it's worth, drop them the link. Or offer the lease.
Option a
Option b
Also if you don't wait for it or expect it, chances are they may make you a better offer!
Give it a couple weeks, send them the figures and keep up the good!