Got a $500 offer, help me maximize this sale

[Deleted member 111831]

Whatever happened to the "you can either drool over your portfolio or make a sale" part?

I have an open mind, I'm trying it your way for once.

5. Don't commit to discussing a price via email, seek a direct communication on the phone. Once you have a phone conversation, play hardball. Don't commit to selling right away. It's your asset. Your price. Offers come and go, you don't accept the lowest or the first.

He did include his phone number in the initial contact, I just wouldn't know what to say on the phone. I did some telemarketing in college and I'm good on the phone in general, but I wouldn't know how to sell a domain that way.

 

[Johnn]

What are the chance that he is watching this thread now?

 

[Theo]

Hey, I'm just giving you a hard time

Seriously, the moment you land that first sale that instead of $500 got you $5,000 you will feel more confident about smacking ridiculously low offers upside the head.

 

[Deleted member 111831]

What are the chance that he is watching this thread now?

Roughly zero, he never would have offered $1,000 - I've stated clearly here I'd be fine with $500.

---------- Post added at 08:00 PM ---------- Previous post was at 07:57 PM ----------

Hey, I'm just giving you a hard time

Seriously, the moment you land that first sale that instead of $500 got you $5,000 you will feel more confident about smacking ridiculously low offers upside the head.

I'm sure I will. But $500 is not a ridiculously low offer for this domain. $1,000 feels like I'm robbing him. And here I go about to ask for more lol

 

[Theo]

I just wouldn't know what to say on the phone. I did some telemarketing in college and I'm good on the phone in general, but I wouldn't know how to sell a domain that way.

On the phone you let him do the talking. If he asks questions about pricing, you counter-ask what is this name worth to him? Since you already have a $500 offer you circumvent that part. Your goal is to negotiate up. If he's fixated about getting a response, tell him you have to think about it or that you will discuss with a partner. If he turns funny about tm's etc. know your stuff in advance. If you feel pressure to commit, always postpone it. Pass the buck on to the guy who makes the offer. If he still makes a "final offer" that's not remarkably higher, still don't commit. I hope this gets you started

 

[hugegrowth]

The fact he included his phone number shows some seriousness and professionalism for sure. I'd call him just for the learning experience of dealing domains over the phone, and maybe get an indication of what he wants to do with it.

Interesting, the domain is taken in quite a few of the main country code extensions. I forgot about even checking that, always a good idea.

For all we know he is starting a travel site covering a number of countries, did you check if he owns any of the other extensions?

 

[Theo]

$1,000 feels like I'm robbing him. And here I go about to ask for more lol

Imagine this: He gets your domain for $500, then starts a multi-million dollar corporation. You just lost part of your investment's potential. Not every deal is golden. But a golden deal that is passed by feels like a hard lesson once you experience it.

 

[Deleted member 111831]

did you check if he owns any of the other extensions?

No, but I'm doing that now. Will hold out for big bucks if he does.

Edit: A couple are domains by proxy and the domain he uses for his email is also domains by proxy - so...maybe?

 

[hugegrowth]

But $500 is not a ridiculously low offer for this domain. $1,000 feels like I'm robbing him. And here I go about to ask for more lol

You have to change that way of thinking! There is so much wrong with what you just said there.

---------- Post added at 06:10 PM ---------- Previous post was at 06:05 PM ----------

If you have trouble negotiating tough, then make up an imaginery partner who you have to run everything by first.

For example:

"My partner doesn't really want to sell at that price. My partner had a development idea for this domain. I have to run this by my partner first, I'll get back to you tomorrow."

 

[Deleted member 111831]

Imagine this: He gets your domain for $500, then starts a multi-million dollar corporation. You just lost part of your investment's potential. Not every deal is golden. But a golden deal that is passed by feels like a hard lesson once you experience it.

Are you saying I could have developed it the way he does? Thats a little unrealistic. I'm not capable of what he is in terms of development, I can tell you that right now.

---------- Post added at 08:15 PM ---------- Previous post was at 08:10 PM ----------

I countered with $2k

 

[hugegrowth]

Aaaaaaaaaaaaaaarrrrrrggggggggggghhhhhhhhhhhhhhhhhh!!!

 

[Onward]

Is there any wiggle room here? Can I counter this? If I ignore or decline this offer, what are the odds he comes back again later?

It all comes down to if you are willing to lose the 1k sale - which it sounds like you are (and actually 1k is not going to do too much for you in the long run). His message sounds like he is done though....but I may not believe him. I would say that I will think about it and in a week or so - If he hits you up because he is anxious....I think you are in the drivers seat and I would ask for his # to discuss...Otherwise (in about a week) I would respond back via email and say that I could meet him half way @$5500

 

[Deleted member 111831]

Aaaaaaaaaaaaaaarrrrrrggggggggggghhhhhhhhhhhhhhhhhh!!!

haha too soon or too low?

 

[Theo]

Are you saying I could have developed it the way he does?

No. I am saying that you base your asking price on a number of factors, including the potential that you foresee. You can even discuss your involvement in the project's revenue stream, stock options etc. Sometimes $500 is peanuts compared to a cut in a start-up. Learn what he wants the domain for.

 

[hugegrowth]

I think what Acro meant was that if it got turned into a domain for a big business, it was obviously worth more than $500 to them, and how would you feel then.

As a minimum for anyone, I'd always say to never take the first offer - the first offer is most often never the most someone is willing to pay. I don't care what the domain is or how good you think it is, value is in the eye of the beholder. A mediocre name in someone's eyes may be the perfect name for someone else's business plan.

 

[Deleted member 111831]

He countered with $1,500. I am accepting and very happy about it.

Thanks for the help everybody. Great thread.

---------- Post added at 08:25 PM ---------- Previous post was at 08:21 PM ----------

900% profit lol

 

[hugegrowth]

haha too soon or too low?

The way you were talking I thought you'd wait a bit or counter with the middleground $5000.

This whole situation reminds me of my daughter when she said she was going to dive off the high diving board. Lots of talk on the way to the pool about how she was finally going to do it, she climbed the ladder slow, walked out slow to the end of the board. Looked over the edge. Kept looking like she'd do it. Lineup builds up behind her waiting for the board. Finally after an eternity she comes back down the ladder.

But seriously, you've gone from a $500 offer to a likely closing of $1000 to $2000 tonight, more than what most people have done in the last few hours, all on a name you feel is mediocre. Sure this guy might do something big with the name, but maybe this is really his upper range, and he has other names he can use. Not many domains really go on to be multi-million dollar websites, and it isn't only the domain name that gets them to that point.

 

[Deleted member 111831]

This whole situation reminds me of my daughter when she said she was going to dive off the high diving board. Lots of talk on the way to the pool about how she was finally going to do it, she climbed the ladder slow, walked out slow to the end of the board. Looked over the edge. Kept looking like she'd do it. Lineup builds up behind her waiting for the board. Finally after an eternity she comes back down the ladder.

My gut reaction was to accept the $500 offer and I ultimately get him to $1,500. Not great for entertainment value but I learned something and improved upon what I normally do (accept the first offer if it is reasonable). I think I'll likely counter most every first offer from here on out.

I learned a lot here. I really appreciate the help.

 

[hugegrowth]

hey, congrats on the sale then!

 

[Theo]

He countered with $1,500. I am accepting and very happy about it.

Thanks for the help everybody. Great thread.

---------- Post added at 08:25 PM ---------- Previous post was at 08:21 PM ----------

900% profit lol

From his negotiation range leap I can tell he would not mind seeing a $5,000 asking price which he'd again negotiate to around $3k. You seeked advice on how to maximize your profit, what I see from your decision was simply an example of rushing to a higher price.

But then again, if you're happy with turning a $500 offer to a $1,500 sale that's what matters. Congratulations.