Up until a certain point, I wasn’t willing to mention the price if an end user contacted me regarding one of my best domains and, instead, tried to convince the other party to make an offer.
Over the past couple of years though, I no longer employ that strategy.
Whenever an end user contacts me and asks for a price, I simply quote him/her a price I would be (very) satisfied with and take it from there.
In other words, I’m no longer reluctant to put a price on the table first.
The better the domain is, the more satisfied I have to be with the price if you know what I mean.
I think this increases the likelihood of generating a satisfactory sale because let’s face it: a lot of times, when the other party actually agrees to make an offer, the offer in question is anything but amazing.
And after that party makes the offer in question, it inevitably becomes somewhat of a reference.
Something along the lines of:
Buyer: How much for abcd.com?
Seller: Make me an offer.
Buyer: $x (where $x is a ridiculously low number)
Seller: I wouldn’t sell for less than $x * 100.
Buyer: What? That’s 100 times my offer!
I’m sure you understand the argument I’m trying to make.
If you mention the price $x*100 after the buyer made the $x offer, I think the likelihood of obtaining such a price is considerably lower than if you would have quoted the amount in question right from the beginning instead of asking the buyer to make an offer.
Just thought I’d share this information with you guys.
Sure, there’s always the chance of possibly missing out on a sale that exceeds $x*100 in our case but let’s face it, the likelihood of the buyer making you an offer that exceeds $x*100 right off the bat are very slim.
I’m not saying it would never happen but again, we’re talking about extremely rare situations and even if you were to miss out on a sale or two such as this one, I think that in the long run, the extra revenue you’d make by pricing your domains would more than make up for the fact that you’d be leaving money on the table every now and then.
November 19th, 2013 at 6:46 pm
b-b-b-but what if it’s bill gates and he wants that domain and he’s decided that price is no object. then you’ve left a billion dollars on the table.
November 19th, 2013 at 11:14 pm
@RaTHeaD: sure, that might happen but the probability is most likely 0.00000000000001%-ish and in my opinion, having a business model that revolves around such a low probability isn’t the best approach š
November 20th, 2013 at 7:48 am
i am totally with you on this, i now always respond back with a firm price. then they know where about they need to be and whether both parties need to waste anymore time over the domain.
You should always say a price you are happy with, no need to get to greedy, but i would say try and research the buyer just in case it is Bill gates š