Keith DeBoer shares some of the best tips and tricks to apply during negotiation to get the best results out of it:
Meticulous Preparation – First thing I do when I get an inquiry is to try to figure out who is making the offer. I search the web for the email address, the email handle and the website that the email address originates from. I continue to search until I know who the person is and where they work and what their interests are. If I can’t find any information about the person and the email is generic (like [email protected]) then I’m suspicious that they are hiding something. I will often say politely that I get lots of email offers and I can’t take their offer seriously until they email me from their business address. This gives me more info and allows me to take the lead in the negotiation process.
Set Goals in Advance – I decide on a realistic asking price for the domain. I also decide on the lowest price that I could accept and still feel good about the deal. I write these prices on a piece of paper and tape it to the wall next to my desk. This keeps me consistent through the entire negotiation.
Even Temperament – I make sure the tone of every communication I have with the potential buyer is authoritative but also very friendly and very respectful. I don’t get offended even if they are unreasonable or rude.
Identify the Buyer’s Needs – I try to make my communications conversational and I say something personal about myself. I also ask casual questions about them and their business. I try to find out what is the most important aspect of the deal for them. I don’t assume it’s only price. One of their priorities could be confidentiality or the ease and speed of the deal.
Email Benefits the Weaker Party – If you don’t have strong negotiation skills don’t initiate a phone conversation. Stick with email unless they insist on a phone call. Conversely, if you are an experienced deal maker than pick up the phone and advance the deal in that way.
Take a Break or Walk Away – If things get intense I slow down my responses and the amount of time between interactions. If it looks like they are not going to attain or surpass my lowest feel-good-price then I will let them know that I can’t continue the negotiation and that I wish them well in their continued search for the ideal domain or brand. I let the buyer know that if our deal doesn’t work out I still appreciate them and their offer.
It’s a Relationship not a Deal – The best deals are those where both parties walk away happy. I ask for what I want and I’m firm but I also show flexibility. I keep the negotiations friendly and personal at all times. If we make a deal I make triple sure the entire transaction is smooth and easy at every step of the way. I send them a thank you email a few days after the transaction is complete and ask if there is anything else I can do for them.
Source
These are some excellent tips. I definitely will apply them in my next negotiation to see how it works out for me.
Anything that you would like to add from your personal experience?
Meticulous Preparation – First thing I do when I get an inquiry is to try to figure out who is making the offer. I search the web for the email address, the email handle and the website that the email address originates from. I continue to search until I know who the person is and where they work and what their interests are. If I can’t find any information about the person and the email is generic (like [email protected]) then I’m suspicious that they are hiding something. I will often say politely that I get lots of email offers and I can’t take their offer seriously until they email me from their business address. This gives me more info and allows me to take the lead in the negotiation process.
Set Goals in Advance – I decide on a realistic asking price for the domain. I also decide on the lowest price that I could accept and still feel good about the deal. I write these prices on a piece of paper and tape it to the wall next to my desk. This keeps me consistent through the entire negotiation.
Even Temperament – I make sure the tone of every communication I have with the potential buyer is authoritative but also very friendly and very respectful. I don’t get offended even if they are unreasonable or rude.
Identify the Buyer’s Needs – I try to make my communications conversational and I say something personal about myself. I also ask casual questions about them and their business. I try to find out what is the most important aspect of the deal for them. I don’t assume it’s only price. One of their priorities could be confidentiality or the ease and speed of the deal.
Email Benefits the Weaker Party – If you don’t have strong negotiation skills don’t initiate a phone conversation. Stick with email unless they insist on a phone call. Conversely, if you are an experienced deal maker than pick up the phone and advance the deal in that way.
Take a Break or Walk Away – If things get intense I slow down my responses and the amount of time between interactions. If it looks like they are not going to attain or surpass my lowest feel-good-price then I will let them know that I can’t continue the negotiation and that I wish them well in their continued search for the ideal domain or brand. I let the buyer know that if our deal doesn’t work out I still appreciate them and their offer.
It’s a Relationship not a Deal – The best deals are those where both parties walk away happy. I ask for what I want and I’m firm but I also show flexibility. I keep the negotiations friendly and personal at all times. If we make a deal I make triple sure the entire transaction is smooth and easy at every step of the way. I send them a thank you email a few days after the transaction is complete and ask if there is anything else I can do for them.
Source
These are some excellent tips. I definitely will apply them in my next negotiation to see how it works out for me.
Anything that you would like to add from your personal experience?
