Timing is Everything in this Business

[Spade]

I cant stress enough how important timing is. In every way. Some of you may recall my posting entitled "The Sweat"

http://www.namepros.com/domain-name-discussion/577217-the-sweat-a-negotiating-tactic.html

In that posting I discussed how important timing can be in regards to responding to offers. Today I fell victim to "bad timing" on making my own offer.

I made an offer this morning, which was accepted by a Non Domainer. To my misfortune this person happened to received another offer from another Domainer only hours after I had made mine. Guess the result? Opted to keep the domain name.

24 Hours earlier, This probably wouldn't have been an issue as I could have concluded and transfered the sale. I hope my lesson rubs off on you in that you act quickly and decisively when you find a domain name that you have interest in.

Justin

 

[Jaco]

Agreed 1000%.

There is an geo domain that I needed to fill out a broader portfolio of names.
Seller had it listed on SEDO for 225 pounds (about $400). Did a little research, found he was a US seller (meaning, your "pounds" go out the window, pal :D), saw some previous ads where he had the name for sale for $250 usd (which pretty much told me that he would sell it for $200 in a heartbeat) not to mention it was a 2008 reg and arguably hardly worth $200.

Made an offer of $225 to ensure I got it and he insta-accepted.

The point is, if you want a name and it is fairly priced, have enough confidence in your own decision-making ability to outlay the cash and ensure you get it. Yeah, I guess I could've started at $60 and we could've played a childish back and forth game and maybe I might have saved a couple dollars, but that's pointless.

This idiotic tit-for-tat dance so common in the domain aftermarket- where sellers and buyers negotiate down to the dollar- belongs in Arab bazaars or Mexican Tourist Traps, not the world of business. The risk profiles associated with 'last penny negotiation' just don't add up. In an effort to save a little money, you're drastically increasing the chance that the deal will break, or you will lose the name to another buyer. To save a few dollars, they risk losing everything. Show me someone who emphasizes saving a handful dollars on something as irreplaceable and powerful as a quality domain name and I will show you someone who sucks at life in general.

 

[dnpimping.com]

Spade,

You are definitely speaking the truth here. My timing has been a problem for the last few domain auctions that I participated in. I let SouthEurope.com and DebianForum.com slip from my hands by not properly bidding on the names. Domaining is definitely a learning experience and one that I continue to build upon every single day. There are times when you are just plain lucky and I was definitely lucky when I registered FreeCreditReportScore.net, it dropped from the registry and .com, .net, .org, .info and .mobi were all taken for the name.

 

[NetOctave]

That is absolutely true. Specially if the domain ends up with an end user, the name almost alwyas is gone for ever from the market. But if it is another domainer that bought it, there is atleast a chance that you might get it, might be you will end up paying more.

 

[mjbenterprises]

Great post.. One of the better posts I've seen concerning Domain "negotiation".. I agree 100%

Agreed 1000%.

There is an geo domain that I needed to fill out a broader portfolio of names.
Seller had it listed on SEDO for 225 pounds (about $400). Did a little research, found he was a US seller (meaning, your "pounds" go out the window, pal :D), saw some previous ads where he had the name for sale for $250 usd (which pretty much told me that he would sell it for $200 in a heartbeat) not to mention it was a 2008 reg and arguably hardly worth $200.

Made an offer of $225 to ensure I got it and he insta-accepted.

The point is, if you want a name and it is fairly priced, have enough confidence in your own decision-making ability to outlay the cash and ensure you get it. Yeah, I guess I could've started at $60 and we could've played a childish back and forth game and maybe I might have saved a couple dollars, but that's pointless.

This idiotic tit-for-tat dance so common in the domain aftermarket- where sellers and buyers negotiate down to the dollar- belongs in Arab bazaars or Mexican Tourist Traps, not the world of business. The risk profiles associated with 'last penny negotiation' just don't add up. In an effort to save a little money, you're drastically increasing the chance that the deal will break, or you will lose the name to another buyer. To save a few dollars, they risk losing everything. Show me someone who emphasizes saving a handful dollars on something as irreplaceable and powerful as a quality domain name and I will show you someone who sucks at life in general.

 

[Keral_Patel]

Happened to me In 2007 when I was on verge of getting a great domain at very small price.

Things was I got greedy and I also told the guy that does he have other domain names that he might want to sell? He showed me more and I gave him more offers on all of them. Don't know what happened but then he was trying to sell me just that first domain for all the money I had offered him for all of his domains.

Learned the lesson of one step at a time.

 

[shane mac]

Well I learned my first real lesson on this score just recently. Domain.com

I approached around 12 business's online and shot them an email asking would they be interested in domain.com.

1 of these got back to me.He was a small business not a big brandable one and worked with around 3 people.The domain was not great but it was desriptive and looked better than his domain for sure.I bought it reg fee 2 months back.

The bartering went like this.

I asked for £800 he said £120.
I asked for £600 he said £300 final price.
I waited a week to email him.Said £400 its yours.
He said let me think whilst I am on holiday.
He came back and said on reflection i'll make do with what I have.
I said OK you win £300
He said ..... I am sorry but it no longer interests me and my wife is dead against it.Sorry.

Lesson learned.

 

[raphnix]

Yeah. Dealing with selling and buying domain always need you spontaneous decision-making ability. Although, some domainer also consider luck as we wouldn't know that some of our owned domain might be after by some huge businessman.

 

[Spade]

That is absolutely true. Specially if the domain ends up with an end user, the name almost alwyas is gone for ever from the market. But if it is another domainer that bought it, there is atleast a chance that you might get it, might be you will end up paying more.

The owner opted not to sell to either of us, opting to hang onto the domain instead.

 

[copper]

Great post.
However, each deal is unique.

Here are my two recent enduser sales.
Hand reg. domain (LLLLL.com) - sold for mid $x,xxx
Took 3 days total - price agreed within 5 hours starting from very low $xxx
Money wired to my bank acct.

Hand reg. domain (WordWord.com) - sold for low $x,xxx
Took about one month - price agreed in about 25 days starting from mid $xxx
Had to keep constant contact although I never mentioned actual domain name.
We talked about everything else
Used escrow service.

 

[DNBro]

greedy approach

I had a really bad experience nearly two years back. I contacted a buyer with asking price of $650.00 for a less than two month old domain, he offered me mid $XXX through auction thread, then I sent domain to auction. But domain not received any further bids and sold for mid $XXX. But the time I got that offer I had registered similar category domain in same tld. For that also buyer offered mid $XXX, there also I put $650.00. Due my greedy approach buyer went away. I even contacted him many occasions, but he didn’t even responded.