On a few of my recent domain purchases, negotiations went on much longer than others have in the past. I don’t know why that’s been the case recently, but I suppose some of it might have to do with the economy and the domain owners not really wanting to part with their names but knowing that the offer is fair and they can use the cash for other things.
If you really want a domain name, your job is to convince the current owner he should sell it. Use all of the tools at your disposal to do this. Use recent sales comparisons to show why your offer is fair, let the owner know how you can and will make the transaction easy, and show the domain owner you are a serious buyer and aren’t just wasting his time.
I have found these tactics work well:
- If you haven’t received an offer as good as mine since (199x) when you registered the domain name, why do you think you’ll get a better offer in the next 10+ years?
- If you do get a better offer in 5 years, can it really be better than what you can do with the money from my offer in the meantime?
- I don’t buy domain appraisals. It’s in the appraisal company’s best interest to give you a high offer. You are more likely to buy future appraisals or use their sales services if they give you a high appraisal number
- A domain name is worth what someone will pay for it. Based on comparison sales, I think we can agree my offer is very fair.
- I have ADD and really want to develop this domain name. If we can’t close a deal on this ASAP, I am probably going to forget all about this project and will never think about it again, so my offer is off the table.
- If you change your mind in two weeks and decide to sell it, I will probably have purchased another domain name and have less to spend on yours.
Most of my arguments are true and the point is to either close a deal or move on to another deal. If you get into the late stages of negotiations with a domain owner, I’ve found some of these strategies to work well. If you put your cards on the table and let the owner know the offer is for a limited time, it might help close a deal.
As always, money talks and BS walks, so if you want a good domain name, you probably should make a good opening offer. Chances are good that others have tried (and obviously failed) to buy the domain name in the past.
Good stuff, Elliot. If you are in a situation where the seller doesn’t really want to sell or believes they can get more down the road…then, effectively, you are BOTH trying to sell at that point.
Even the guy that doesn’t want to sell is really trying to sell you…trying to sell you that the domain is worth more, because EVERY domain owner has a price…even if they say they aren’t interested in selling.
Your examples may seem harsh to some, but business is business.