Selling a Domain Name for $1 Million
I was thinking about the disconnect between domain owners and end users today and trying to think of ways to bridge the gap. While it may be a bit of an unrelated tangent my mind went on, I came to a simple but accurate conclusion about selling a domain name for a lot of money.
The only way you can sell a domain name for $1 million is by walking away from $500,000. It’s a simple statement, but I believe it’s true.
Several years ago, I was playing Double Down video poker on a cruise. If you’d win a hand, the game would show 5 cards. One card would automatically flip for the player and the player had to choose the game’s card. If you win you get a certain payout, and if you lost, you would lose everything you had earned. Every time you got it right, your winnings would double. You could either double again or collect your winnings.
The long of it is that I won $1,200 by doing this several times, and when I stopped and got 3 buckets full of quarters (and a Jackpot t-shirt). Instead of thinking about how cool it was to win, I only could think about what could have been if I hadn’t stopped. A couple hours later I was playing and had winnings of $1,600 by doing the same thing – only to lose at $3,200.
Point of this is, you never know what you can ultimately get for a domain name if a buyer is motivated enough to buy it. It takes guts to turn down a $500,000 offer, but you won’t get a million dollars for your domain name if you don’t walk away from $500,000.
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