Don’t Miss Out on a Good Deal Hoping for a Perfect Deal
For many people I know in the domain business, negotiating a deal is almost as exciting as completing a deal. It can be exhilarating to get a buyer or seller to agree to a favorable deal, and when a negotiation takes weeks or months, the thrill of the actual deal may be lost by the time it comes to its conclusion.
Because of the enjoyment many people get from negotiating, it is very possible to lose out on a fair deal trying to get the best terms possible.
In a negotiation, I think it is human nature for the buyer or seller to want to get the absolute best deal possible. Even if a deal is fair for both parties, some people want to “win” the negotiation rather than reach a fair deal that is still good for both parties. In an effort to “win,” they might actually lose out on a deal.
While most negotiations I am involved with take hours or days, there have been a few negotiations that have taken weeks or longer to complete for various reasons. During that time, many changes can happen that impact the buyer or seller and can change the negotiation. A higher offer can be made by someone else, the sale of another domain name or asset can eliminate the need or desire to sell, or something else can become a distraction for the other party. Whatever the case is, trying to get that perfect deal may compromise the ability to get any kind of fair deal.
This week, I have been involved in negotiating a domain deal as the buyer. The price was fair, but in the hopes of getting the “perfect” deal, I rejected a counter offer and tried to get a lower price. I was met with radio silence and thought that I may have lost out on the deal. After thinking about it, I agreed to move forward at the counter offer and we are now in escrow.
It is important to get a fair deal on a domain acquisition. However, if the price is right, I should easily be able to overcome the difference between a fair deal and a perfect deal.
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