Domain Pricing Tip | DomainInvesting.com
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Domain Pricing Tip

13

I bought a new pair of skis a couple of weeks ago, and my wife is in the process of listing my older pair on Craigslist. In creating the listing, she initially wrote, “Asking $65 or best offer,” and I suggested that she not post a price like this. I’ve seen other people sell the same used skis for $100, and $65 is the price I’d like in order to sell them quickly.

From my perspective, whenever I see something like “asking price” or “or best offer,” I know that the seller’s price is flexible, and whatever number he listed is just a guideline. In negotiations, having terms like can show a weak hand, and you’ll almost certainly get less than you really want.

When I am selling a domain name, I try not to use terms asking price, best offer, make offer…etc. which will likely be taken by potential buyers as an opportunity to offer a lower price. I recommend that you list your domain names for sale with a firm (but reasonable) price, and you’ll be in a better position to make the most for your domain names.


About The Author: Elliot Silver is an Internet entrepreneur and publisher of DomainInvesting.com. Elliot is also the founder and President of Top Notch Domains, LLC, a company that has sold seven figures worth of domain names in the last five years. Please read the DomainInvesting.com Terms of Use page for additional information about the publisher, website comment policy, disclosures, and conflicts of interest.


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Comments (13)

    Raman

    Firm Decision = Faster Deals
    Firm Decision = Best Price
    Firm Decision = Non headache chats
    Firm Decision = Boosts repo..

    Thanks Elliot for reminding us such a small thing which has good value.

    February 21st, 2011 at 11:39 am

    Jon

    Makes total sense!. I’ve listed several domains for sale at Sedo for example, and have a firm price in mind, but to invite offers, I list those domains under “make offer” and when the offer comes in, which is always much lower than my firm offer I have in mind, we end up trying to negotiate or I end the negotiations, yes, you’re quite right, very informative post!.

    February 21st, 2011 at 12:11 pm

    Joe

    I agree. Terms like that let the other party feel like you’re in a hurry to sell the item, so, unless you need the money, it is unadvisable to behave like that. Problem is often people sell items because they need the money so badly…

    February 21st, 2011 at 12:37 pm

    Jim

    Good point and interesting subject Elliot. Will be writing a post about this very soon, will link to this article and would be interested to know what you think.

    February 21st, 2011 at 1:11 pm

    BullS

    I use low price range because it attracts more buyers—just like putting blood in the water the attract sharks.

    If the price is not right, then I just re-list them at a higher price knowing the fact that it has already attracted the buyers.

    Folks—it is called reverse psychology.

    Just remember, you don’t need to sell, you want to cause a stir in your domain.

    February 21st, 2011 at 1:49 pm

    afkabp

    I totally agree. I wish more sellers would do this.

    February 21st, 2011 at 2:52 pm

    BullS

    “I use low price range because it attracts more buyers—just like putting blood in the water TO the attract sharks.”

    Selling ski is not the same as selling domains.

    There is not replacement on Domain.

    I am like a hooker…easy but not cheap

    February 21st, 2011 at 3:57 pm

    Rob Sequin

    Try… Was $100, $65 today only.

    People love a deal :-)

    February 21st, 2011 at 4:06 pm

    Peter (Piotr)

    Dear Elliot this is not very good way..

    You have to remember the more guy negotiate the stronger s/he attached to a item. I know it from psychology.
    Also many big companies use this trick on regular basis in different ways e.g get now pay later, return within 30 days etc

    I use this trick and some others and I have met only two guys who knew their and it was really funny because they wanted to use them on me.
    You can believe me or not but if I start negotiate with guy (e.g. more than one email/phone) I have 97% of chance that my transaction finish exactly how I want.

    The first important step is to catch contact with potential buyer. Later on when you are good you can really do a lot.

    Similar story with auction.

    If you want to buy something at auction do not allow person to be the highest bidder for a long time. He will take pictures regard that item in his head and will feel more attached to it.
    Those guys always spent more than they planned to do at the beginning.
    If you start bidding for this item He will feels like someone wants to steal something from him so he will bid higher and higher .I guarantee that over 90% of them will do that.
    Of course most of them do not understand that process.

    Ps I use some tricks but I do not cheat anyone.

    February 21st, 2011 at 5:17 pm

    Garry

    Elliot,

    Where do you prefer to list your names for sale? Do you have one site or spread them around?

    Thanks.

    February 21st, 2011 at 11:37 pm

      Elliot

      @ Garry

      I don’t list my names anywhere. I sell them on my own.

      February 22nd, 2011 at 7:59 am

    Jason

    The problem with listing a fixed price is that you will lose out on buyers that might want to pay slightly less to purchase the domain.

    If I used a fixed price, I would have lost out on 20 sales. One buyer negotiated on a domain at Sedo, which I closed the deal in a few days. Then, the buyer purchased many more domains.

    You really don’t know what is the best price for a domain. What one will pay to acquire the domain another will refuse. Sedo notes that setting a fixed price lead to more sales. Wrong. If you advertise your domain up for sale on another site, then maybe they will purchase the domain at a fixed price on Sedo.

    Most of the time, owners will overprice their domains. I refuse to make an offer of $1000 on a domain, especially when I could have purchased it for $300. The domain valuation tools are unreliable in determining market value.

    Listing the domain at a price is a good way to make a sale. You also limit yourself. I would recommend listing the domain at 25%-35% above the price you want and use the ‘make offer’ option. The buyer will make an offer at 50% of the listing. You can then negotiate the price you really want.

    @Peter,

    If you engage into an auction war, the domain will reach ‘most active’ stage. Then, you will definitely be paying much more than you planned.

    @Joe,

    People do need money badly. They are willing to sell their domains at a discounted price.

    February 22nd, 2011 at 5:37 am

    Jim

    Elliot
    Made the post I mentioned. Please check it out if you get a sec.

    Jim

    February 23rd, 2011 at 3:04 am

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