Know Competing Prices
When you are setting buy it now prices on your domain names, or when you are responding to a purchase inquiry, it’s important to know prices for comparable and similar domain names. It’s easy to find these similar domain names, and taking the time to look can keep a prospect interested.
For many of the inbound inquiries I receive, the prospect is also looking at other domain names. For instance, if someone inquired about BreastLift.com (a domain name my company owns), they might also be looking at BreastLifts.com, BreastEnhancement.com, BreastAugmentation.com, and perhaps BreastLift in other domain extensions. If I reply that my price is $100,000, and one or more comparable domain names is much less expensive, they may cross my domain name off their list.
Some people don’t care about losing a prospect when it comes to their premium domain name. As a domain seller though, I would rather sell a name for less than the ideal price rather than lose a great offer. For instance, if the prospect could buy an alternative domain name for $65,000, it might behove me to lower my asking price to come more in line with a comparable. There may not be a lot of people willing to pay that much for a particular domain name, and pricing a domain name more competitively might be helpful in closing a deal.
A secondary reason for knowing comparable prices is because it might make sense for you to buy the other domain name if the price is right. Perhaps the owner of the plural domain name has lower expectations than you, and you can buy it for a great price. This will eliminate the chance a prospect chooses another domain name down the road, and it may also allow you to upsell or cross sell a prospect who wants to buy your domain name. You may even be able to get more money for the pair of names because the prospect would see it as a way to prevent a competitor from operating on a similar property.
Whether you are looking to buy other names in a particular field or want to be sure your domain name is priced competitively, it is wise to know prices of similar domain names that might compete with yours.
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