There have been occasions where I have taken an offer that afterwards I feel very disappointed in myself. As opposed to post-purchase trauma, this is seller’s remorse!
My wife is an excellent sounding board when it comes to pricing. She’s not into “domaining”, but obviously takes an interest in what I buy; and what I sell.
Sometimes when I tell her what I sold – and for how much – she has “given me heaps” – and she’s been right!
It’s A Balancing Act
The fact is I like making sales; and I’m never greedy when it comes to pricing. I truly believe in the old adage of leaving something in it for the next person.
That’s probably why I sell a lot.
But when it comes to really good domains, I find I have to discipline myself not to be too quick to “do a deal”. The fact is, once a domain is sold, it is generally gone forever. And to try and replace that asset with something comparable is getting harder and harder as the market for good names tightens and improves.
So What Do I Do?
- I generally have three levels of pricing on domains – asking price; a discounted price; and an absolute minimum / floor level.
- With regards the latter, I write it down for myself – and it’s locked in. This way I don’t make an emotional decision and regret it later. Only exceptional circumstances will make me budge further.
- I don’t generally do outbound marketing – I simply respond to inbound enquiries. But on occasions when I’m selling a premium domain, and the price offered is below my absolute minimum despite my best efforts, then I spring into action and contact a few other potential purchasers in that niche. I let them know that I’m a serious seller; and that this particular domain will sell at a good price.
- If the domain is truly a good one, then “fear of loss” to a competitor will generally inspire other offers.
- Should I need to, I always allow myself the option of creating an “easier path for purchase”. Sometimes people don’t have immediate resources to pay your price up front, so I’m happy to create “terms deals” based on individual circumstances. I get my price; and they get the domain on payment terms over 3, 6 or 10 months. Domain stays in my name until fully paid for; but they get immediate use (I change nameservers or re-direct). Some current examples of this in action are Road.com.au and Logic.com.au
- Finally, if all of the above fail, then I just don’t sell. In my experience, it’s just a matter of being patient.
So what do you do? Interested in your thoughts or comments.