How do you respond to that “mystery” gmail sent from a potential buyer who wants to know if your domain is for sale?
In Part I, we noted that many times a potential buyer will use a gmail or hotmail email address to mask their identity. This gives them some power in the negotiation. Our job, as Sellers, is to do some research and ask questions to find out who the buyer may be.
Now, how do we respond to that email enquiry? The Buyer’s initial message is usually something like “I wanted to know if your _____.com domain is for sale? and if it is, how much?”.
You have a lot of different options for the way you respond. Most importantly, ask yourself some questions – that will determine your own strategy.
- Are you motivated or unmotivated? If you want to sell the domain quickly to generate cash for your business, it’s best to reply stating a fair price. If you are not motivated, you can try holding out for a good offer by replying “make me a fair offer”, or “make me an offer in $____ range”.
- Who will name a price first? Let them state a price first. Remember, they contacted you. Assuming you don’t have the domain listed for a set price elsewhere, you can say you are open to offers. Letting them make an offer first sets the range of their budget and gives you the advantage in the negotiation.
- What is a “fair” price? This means different things to different people. But think about what sale price will make you happy, what is a fair market value, what “return” do you want on your investment, what is the Buyer willing (or able) to pay. Take these into consideration.
- What level of risk will you take? Are you willing to lose the sale if you don’t get your price? If you have a great domain, there may be other buyers coming, but if your domain is not a “premium” domain and has a limited pool of buyers, think hard about your strategy so you don’t “blow” the sale.
Being an “unmotivated seller” can bring you larger sales (with the higher risk of losing sales), while selling quicker will help you sell more domains, but you may be leaving some money on the table. In the end, choose a strategy that fits where your immediate needs are. And lastly, be professional and follow through on your commitments.
If you want to learn more about negotiating your domain sales, visit some of these sites for tips:
DomainSherpa.com – Michael Cyger has some great interviews with domain investors on strategies they use to sell their domains
DNFcollege.com – Adam Dicker has created a community with a wealth of resources on domain name training.