Mike Mann Domain Buying Tip
I saw a note that Mike Mann posted on Facebook, and I thought it was valuable enough that it should be shared with a greater audience than just Facebook. With Mike’s permission, here’s a tip on how to get the best price when you want to purchase a domain name from a broker or aftermarket website:
“Tip on buying a domain from brokers: get quotes on 5 names at once so they don’t know which one you really favor, may get lower price. Then negotiate on the the one you like if quote was fair. Some do 50%, we do 15% max. Or walk and buy elsewhere. They may come back to you with a special discount later.”
One of Mike’s companies is a sales venue called Domain Market, which lists thousands of domain names for sale. Mike was also the founder of BuyDomains, which he later sold to Namemedia.
In essence, this advice is a standard negotiation tactic (used on USA Network’s Suits the other night actually), and it works very well when buying domain names. If you don’t let the other party know which domain name you want to buy more than the others, they can’t price it higher than they would if they knew how much you covet that particular domain name.
If you are interested in buying a domain name from a private domain investor, it will generally behove you to research other domain names the person owns and get group pricing. It might also benefit you if the seller thinks you’re a domain investor buying a package rather than an end user looking to buy one name for a project.
Based on my experience buying domain names from various companies, this is a great tip.
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