I Like to Close Deals Quickly | DomainInvesting.com

I Like to Close Deals Quickly

6

After coming to terms on a deal, I like to close as quickly as possible. I’ve experienced enough times where a buyer or seller changes his or her mind, and I know that the more quickly a deal closes, the better.

People outside of the domain business often have questions about the closing process, and I provide them with in-depth details about the transaction. I try to give as much information as possible, while making it clear that the process is not complicated or difficult. I don’t want the other party, who may be busy with other day-to-day tasks, to feel that the process is cumbersome or going to take too much time to complete.

I am very responsive to emails and phone calls. I provide my cell phone number because people sometimes have specific questions about domain transfers. This also provides an additional level of service to show the other party I am a real person and happy to provide answers. Sometimes people are concerned about a domain name deal because they haven’t done one before, and just being there to share information can be reassuring to them.

When it comes time for the purchase agreement / contract, I provide that to the other party. Some people or companies prefer to provide their own, but when I provide it to them, it can make their life easier for their attorney. This is another time that it pays to be efficient because the other party can look at this as a cost saving measure.

After agreeing to a deal, I do what I can to make sure the entire domain name closing process goes smoothly. Although I am confident that a deal is legally enforceable when agreed upon, it could be expensive to litigate to enforce the deal. I have found that the quicker and more transparent to closing, the more likely it is that the deal will go through without problems.


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.


Reach out to Elliot: Twitter | | Facebook | Email

Comments (6)

    Eric Lyon

    I have to agree. It seems that a high percentage of this industry is “Impulse Buying”. As we all know, when it comes to such an impulsive purchase, buyers remorse sets in not too long after. If one lets a potential buyer think too long on a deal before closing it, it will more than likely fall through the cracks for the same reason.

    Like with any other sales related positions, always remember your “ABC’s” (Always Be Closing). It might help if some resellers visited a used car lot and listened to some of the seasoned salesmen for a couple hours trying to sell them a car. While it may not be targeted to this industry, it will at least give them the hands on experience of quick, hard closing tactics. From there, they could tweak the pitches and rebuttals it to work for them. ­čśë

    September 5th, 2016 at 3:42 pm

      brand

      I couldn’t agree more, i was in sales for 20 years, everything from memory upgrades to copiers and fax machines.
      I always made sure i had all the sales forms i needed so i could close right then, if i had to go to my car and get a form, buyers remorse sets in and the deal could be gone.
      I started laughing when you used the term ABC’C, i can’t tell you how many years i heard that one…lol

      In reply to Eric Lyon | September 5th, 2016 at 9:05 pm

    Garth

    About half of my deals fall over. Easy to make offers.

    September 5th, 2016 at 9:34 pm

    Garth

    Am I speaking with decision maker? If not, who is?
    To much third party fishing going on.

    September 5th, 2016 at 10:21 pm

      Elliot Silver

      Agreed… that is a big part of my buyer due diligence. No interest wasting time with a tire kicker or someone who doesn’t have the authority to do a deal.

      In reply to Garth | September 5th, 2016 at 10:24 pm

      Garth

      I don’t see the brokers do it much, maybe they could? Trial it anyway.
      Blocking free email addresses is another thing I would like to see. Most of my domain sales are upgrades and in additions too. A real company email address is at hand to use in most cases.

      In reply to Elliot Silver | September 5th, 2016 at 10:42 pm

Leave a Reply

Name *

Mail *

Website