Hello, Happy Monday, and welcome to Domaining MBA Monday here on MorganLinton.com! Today I wanted to talk about a simple topic but one that typically plagues new Domainers – responding to inbound offers. Sure, it might sound simple, someone puts an offer on your domain name so now you can sell for the price you dreamed of right? Wrong. This is where the negotiation process begins, or ends depending on how you respond.
First, before responding to any offer you should try to find-out as much about the buyer as possible. You should understand if the buyer has bought any other names recently, the price they paid, etc. DomainTools can be your best friend here and couple it with NameBio.com and you have a great way to better understand who is making the offer.
Once you know who is making the offer, then comes the response. You could blow it, or you could close a deal and how you respond, and how realistic your price expectations are have a lot to do with it. Below are three ways NOT to respond to inbound offers on your domains:
- “Thanks for your interest in my domain name. A domain like this could really help you take your business to the next level and rank well online. A good domain name says a lot about a business, blah, blah, blah” – I see far too many of these and having tested with them extensively I can tell you, they scare people away. It sounds like a sales letter, heck you already know they want to buy the domain, don’t make it sound like you’re desperate to sell and trying to come up with reasons why they should buy it.
- “Your offer of $xx is ridiculous you’ll have to come way up to buy this name.” Being rude will get you nowhere. A $50 could turn into a $5,000, you never know. Remember, most people don’t know much about domains and domain pricing, that doesn’t mean they don’t have a budget but it might be up to you to educate them.
- Don’t respond – last but not least is not responding. Too often Domainers get offers on their domains but they consider the offers so low that they ignore them. If your business is exceeding your expectations and you’re making more than enough money to wait, then don’t worry about responding. If, on the other hand you are actively trying to move names then you really shouldn’t ignore any offers, period. I’ve had offers under $100 turn into sales over $1,000, it can and does happen, but it will never happen if you’re ignoring their offer.