Everyone always wants to know what my technique is for selling a domain name is. Problem is when I tell those techniques I am met with all types of people telling me I do this wrong or that wrong when in fact, they are wrong.
First, don’t take it too seriously or personal. The chances of you selling a domain for big money is small. However you can sell something undervalue and do it easily. Like selling $100 bills for $85. Do you REALLY believe you need a talent to do that??
I rarely send out the same reply as each offer is unique. Well almost unique. 98% of offers are a waste of time. But most get sucked in and WASTE THEIR TIME! They get hooked by weeks of back and forth email. Me, I blow them away with one email. One email let’s me know who and what I am dealing with. Usually a one word answer or whatever I feel like. I WANT TO PISS THEM OFF!!
This is the time that everyone starts shaking their heads. Keep being wrong. You can’t piss off a REAL buyer! A REAL buyer has their eye on the prize and they just laugh and get back to business. The 98% get pissed off and that proves my point.
Now you can’t do this unless you have a UNIQUE item for sale. If 50 people sell the same thing at the same price, then you need to find a way to kiss ass. To do a lot of things. But domains are different and if you don’t know that, you are wrong again.
Of course it is always good to have something of value to sell to begin with. Does not work so well if you have pigeon shit. But, if you have a domain of value, most domineers leave MOST of the money on the table and goes into the pocket of the buyer not the domainer.
Selling a domain is much more involved then just sending back a price. You need to do research. You need to think. You need to think well into the future. You need to find someone with a BIG idea. THAT is part of the sale. The domain is only as valuable as their idea. Again, blow away the 98% asap and stop wasting your time.
DO NOT answer emails from other domainers. Oh, you don’t know how to spot SPAM from a domainer?? Then learn! Pretty obvious. But so many of you jump up and down when you get an inquiry on a domain and most are other domainers. Wrong direction!
Now I don’t have all the answers and I am sure most of you won’t agree. But most of you have not sold 6 and 7 figure domains as a habit. Sometimes my domain is not that good. BUT I AM! I know what to look for. I know the elements of a big deal or a whale on the line. I know by so many things by the words they use, by the tone, by the signature. Everything is a clue.
We also have our own techniques that may work for me and won’t for someone else. But those skills and techniques need to be learned by practice. But even practice has limits. Limits because the #1 factor is human nature and until you learn to read and interpret human nature, the results will never be what they could or should be.
Just like this post. 80% of you won't agree with what I am saying here. But I am talking to the 20% that gets it and the 80% have the same opportunity to understand what I say. But they are too busy being pissed by my words which is what I described above. That is because I understand the human nature aspect and you ain't buying no matter what I say and no matter what proof I present. So why waste the time convincing them?? I have 20% that are willing to understand and that is a much better investment of time. Clear out the 80%. The NOISE of life.
And of course the most important word in selling is saying “No”. So when folks ask me how I managed to get $750k for iReport.com I tell them the TRUTH. I said NO a hell of a lot. For months. Month after month. Learn to say “No” It is the most powerful tool in your tool box.
Have a GREAT Day!
easy to say no when u don’t need the cash, sadly most of us pigeon keepers are desperate :-)
So then your alternative is to show weakness?? Show them you are desperate?
Maybe some poker lessons will help with sales. They can TASTE your weakness and you need to present strength. FWIW
As always, another great post Rick. Thank you for your thoughts and insights.
Rick, I appreciate the time you put in sharing your proven methods and knowledge.
Your posts are great but sometime lack valuable details that would really help.
So, Most of your larger sales ($$$,$$$) started with”No, it’s not for sale”. Have you ever contacted an end user directly to solicit a sale? Can you share a sampling (contract) of a hypothetical sale while still maintaining some ownership (annuity)? If you truly want to help,”Share and Tell” specifics.
I agree with you. While all I have is pigeon S, still I always say No. Wait some days and the pigeon S is a good manure.. 100% organic.
Once you learn how to say No, the second most important lesson is”when to say yes”. Thanks for the article…
I have never had an actual contact with an end user that I initiated. That does not mean I never will. But the time is not right in most cases. It also has to be their idea. So I have the patience for them to figure it out.
This is from someone that all they ever did was deal with end users.
But that does not mean you can’t plant a seed. There are so many ways. In the days ahead you will see more proactive type domain selling. Mostly because of demand and timing.
A sale of any sort i a formaula that both parties accept. Since folks have limited imaginations, they deal in cash and credit. On the other hand when I see a weakness I will give them what THEY need and in turn think of something I NEED. Like 2% forever.
Just because you can be an ass doesn’t mean you should be an ass. Those with true power don’t have to show it, it’s understood. You got those prices because of your intelligence and despite your emails. I completely respect you and what you’ve done but never understood the bad guy role
Count me among the 20 percent! And yes, the word”no” is a powerful ally… you don’t necessarily want anyone’s money, or to become business partners with anyone. You want the BEST deal you can get the the RIGHT end user.
That seems like the master sales strategy and to be congratulated to have the chutzpah to get top dollar.
Just have to wonder for every $1 you’ve turned down, how much you left sitting that you will never see again.
If you got an extra $1 for ever $2 you turned down and won’t see again it would be a bad strategy. If the reverse, then the perfect sales strategy.
Shane, that’s because you don’t understand sales. Your a purist. Have fun. :-)
Negotiations is not a friendship. You are not at a cocktail party meeting your wife’s colleague.
It may lead to one. But after the deal is struck and you can laugh at all the lies and bullshit.
If you are a boxer you better bring some fight into the ring.
I got news for ya. BOTH parties lie and bullshit on almost EVERY sale. Whether it be how much you have to spend or when you need to buy or even just how much you want something. Every one is different. I stated that. But you only have so much time in a business day and if you want to waste it, that is certainly your choice. I could waste 100% of each and every day responding to offers. Not a good investment of time.
I am not responding to make friends. I want to see QUICKLY if there is any reason to invest time with whoever for whatever.
Sales is about insults! Folks insult the person sometimes with the opening offer. Or by focusing on a flaw to get a better price. Or some just for the sake of criticizing cuz they got nothing else.
I owe nothing to nobody. If somebody knocks on my front door I have a choice to open it or not. To be bothered or not. To tell them whatever. They knocked on MY door. I don’t respond to everyone the same. But I don’t have to be nice to someone I don’t know that may be there for nothing in my best interest.
Domain Spammers are ASSHOLES and I return fire. That may include many readers here. Ok, at least I will tell you spammers to your face that you are an asshole.
Do it with some class. Don’t put a list in a script and send it over and over. You look like morons. Rookies. The 80%. The only ones of the 80% I want to invest in or deal with are the ones struggling to be in that 20%. You can tell that from their thoughts. From their words. From everything they say and do. Only the 20% can see that. The 80% physically can’t. They are always looking in the wrong direction for the right answers. Sorry, if that hurts, TOUGH. It is also true.
Some are very close to getting in the 20% but if they are too idealistic, it works against.
Sales come in many different forms with common threads. Many offers are just clever ways to STEAL a domain name. I tell those folks to”Go fuck themselves” as a first response. As a second response. As EVERY response. FOOLS don’t know the difference and get hoodwinked out of their domains. I am supposed to be nice??
FUCK THAT! This is BUSINESS.
“for every $1 you’ve turned down, how much you left sitting that you will never see again”
Not a single Penny. Wrong side of the equation. How many sold all their good domains and now have little to show?
Most domains are not perishable. But if you have McCain2008.com, you best be selling that puppy before 2008. 2009, it loses all value.
Best Post Yet.
When a true genius appears in the world,
you may know him by this sign, that the dunces
are all in a confederacy against him.
This makes a lot of sense.
Anger can be a good motivator. If you piss off people who are used to getting their way in business and in life, I could see how that anger could even make them spend much more than they were initially willing to on something they really want.
I can also see how it would immediately separate the wheat from the chaff, too.
Just because you say”fuck you” to somebody in a blind negotiation, doesn’t mean it’s personal.
What’s a good way to publicize the availability of a premium domain, especially to potential end-users in Asia and South America, without actually contacting them? Sedo? I have an excellent domain that I am in no hurry to sell (I am developing it) but would like to publicize it. Thanks.
It’s a good post but much is missing. The one who makes the money simply has alternatives. In negotiation, it’s called BATNA and it’s the mist important concept you should know about sales. Rick, like few other who truly understand the concept, is not based on selling. Because of that, walking away on good offers in order to max a sale works for him. That said, it really depends on your business Mosel and it surely isn’t for all.
Negotiation isn’t a one-post-fits-all. I studied at Lear 100 books as well as negotiated with thousands to get experience. Rick has done significantly more than I did in this area, years on the road with buyers and merchants. This post should really be treated as an opportunity to those who wish to expand their view. Rick is consistent getting good numbers and few others are as well. It certainly isn’t luck.
Have a great weekend,
If one wants to simplify the process, a”no” almost always brings a higher offer.
Your response said more to me than your post. I appreciate your candidness. 2% is Brilliant!! Now how about a hypothetical contract? That would complete my request.
Thank you again, your posts are inspirational.
Funny thing is that one of my best sales came from an inquiry where I responded the domain was not for sale. I had never sold a Spanish domain over X but because someone had built a site on the plural version of my domain AFTER I had registered it I was getting typo traffic. I referred the inquirer to other domains within the same category but incorrectly assumed they wouldn’t pay what it would take for me to sell. At face value the name was just a short brandable .COM but some executive at a Colombian newspaper chain wanted it for an AutoTrader.com type site in Spanish. I did have the name priced at Godaddy Premium Listings and a few weeks later received notice of what for me was a big sale.
No doubt having an extremely unique domain puts one in a position of bargaining strength. 99%+ of domainers don’t have a portfolio even close to yours but sales and negotiating skills are things domainers need to learn – not only for selling domains but also when they choose to develop. A local newspaper for one of my geos charges over $400 for a quarter page ad for one issue buried deep in the paper which probably noone sees. About two thirds of the paper is ads and some of the articles really aren’t news. Obviously first my site needs to rank well to get enough traffic to attract local businesses. But at some point I need to learn how to sell ad space to small local businesses or hire someone who can.
You have proven your sales ability no doubt, but there are many ways to skin a cat. Spammers are a whole different talk. I’ve thrown out more”fuck yous’ to those guy than I care to remember. I do think you underestimate my sales ability. Just because I take a different approach doesn’t mean I am any less of a salesperson. My father was exactly the same style as you. He treated the other side like the enemy. A fight to the death. I’ve always felt like why waste my emotions on a buyer. But what impressed me about my Dad is he also always wins as the buyer. A much more impressive feat. Anyone can sell when they hold all the cards. I am much more impressed when someone can sell things nobody wants or can be the buyer and get a hell of a deal. It helped than my Dad is 6 6″ and 300 pounds of muscle. A big mouth is one thing but to back it up with pure physical intimidation makes it that much more intimidating. I don’t have that. I have to use intelligence and confidence. The other thing that drove me crazy was the”come down”. Every frickin salesman has to have a smoke after it’s done. It fills the little hole that was created by the hard negotiation. My Dad has never been as good a negotiator since he stopped smoking, or maybe he got old and mellow, or maybe he just doesn’t need to fight so hard. So long story short, Rick you ARE the man, I strive to be who you’ve become, it may just be a different path
Sorry, forgot, Fantastic post
I agree with Rick’s assertions here. Potential buyers/sellers can sense weakness and are of course full of shit. That will never change. Everyone’s out for themselves and the best possible deals, and lies probably won’t sabotage that.
Rick,i agree with Shane.What’s up with this mucho talk. why are you so conceited? The way you are telling us pigeons(and others) your stories and how we should do and how we should sell.I think in most part you are right but this attidude of your takes the credit away,kills me.I guess i should join the club.Nobody doughts that you are not one of the pioneers of this game.I think you could have done much better if you were more flexibile,nicer.I’m a stright foward guy my self, but you sold thouse domains because they were one of a kind, not because your business attitude.I guess i’m one of the 80% that dont understand you.But never the less you are who you are and for that me and others in this game we need to except you.
I feel the negotiation depends on case by case.Same methods will never work for everybody or every case. Sometimes I am nice with my client while sometime I fire them when needed. Selling is much like that. Rick may share how he did negotiate sale,but it is difficult to say in a few words or few lines. He gave every tips in his arsenal, rest you need to guess while on the negotiation table.
Rick, thanks, no one better could say than you. Have a Good Day!!
God damn, I love a good slap in the face. Styles can’t be exactly duplicated. Take the underlying lesson here and apply it to your own style. I think Arco summed it up best.
Great post, and incredibly timely for me. Yesterday I reached out to several people with more experience negotiating (several of whom are on this list), because the marketing director of a European travel firm contacted me about a package of 35 .DE names.
There was one name in particular they singled out, but then he asked how much I’d want for the whole package. The advice I got ranged from”shoot for the moon” to naming a medium-sized round number. In the end, I replied with a reasonable price for the one domain, quoted several recent ccTLD sales of similar names that were higher than my asking price, and said I’d be willing to sell the whole shebang for fair market value, and that they should make me an offer.
However, given Acro’s comment and Rick’s post, I think my response should have been,”I’m not willing to sell the entire list, except for a fantastic offer.” Or maybe just”no.”
Perhaps poker lessons are in order.
Rick I get what you are saying 100 %. You would have to agree though it applies to few people here. They don’t have the names you have. Many are saying wow Rick you are right on here and I will do the same. Only problem if they keep telling someone no for their made up 5 letter .com like mizro.com, they will just have no sale. There are two types of domainers and you are speaking to the Varsity not the Junior Varsity. Again IMO
agree with RH
there is a different response for different enquirers and different domains
you have been successful Rick, but will take 99% of your domains to your grave with you as will most domainers. me included probbaly
development is the answer to most good domains, and the offers will be far higher, especially when theyre under the endusers noses at the top of google
but, what Ricks saying is right in the main part for the best domains
also, Rick is famous , certainly in our land and endusers will know of him, and this blog, add to that a lifelong salesman with skin as thick as a rhino and its a hard act to match, along with several dozen outstanding domains
look forward to part 2 Rickster
I LOVED this post! This is not gold; it is platinum. When I read and reread this post, I don’t feel so arrogant. I don’t have category-killer domains like most of the top domainers, but I know the mission I’ve undertaken. Nothing is going to stop me. This was the right inspiration at the right time.
Thank you … thank you … thank you for this post!
For those who don’t like what Rick says, consider something very important: He has far more experience than most, and he’s not charging you to learn from those experiences.
As a result, you’re getting a free education.
Why not take advantage of the opportunity to learn?
This is one tactic, I guess… It’s probably OK in your position, since you own the sorts of names that negotiate from a very strong vantage and lots of people are so desperate to own them that they’ll swallow your bullshit. Still, one has to wonder how things would work if you took a different path.
There are people considerably wealthier than Rick who transact in things substantially more expensive than domiain names who don’t operate in this abrasive fashion.
Sometimes, people with fragile and petty personality quirks achieve relevance in their niches and think that their success is a result of their dickish ways. That’s usually not the case. It’s more like those people are talented in other areas and as such, attain a modicum of success in spite of the smallness and personality dysfunctions that have probably held them back from reaching their full potential.
But, yeah. Sure. Give a guy a room full of original Rembrandts and he can act however he wants when selling them, then confuse correlation and causation by claiming that his being a douchenozzle is what caused them to sell for so much…
There are these douchenozzle’s in this business like LS ASSHOLE above who go around and just SHITS ON PEOPLE. So guys like LS ASSHOLE go around and just pee on others. So eventually everyone knows the problems LS ASSHOLE has. Yes, LS, I am calling you an ASSHOLE right in front of everyone in the industry. Why? Because I have dozens of your special comments and you go out of you way to be an ASSHOLE. So there we have it.
You got info for nothing. I just shared my techniques. I also said EVERY sale is different but some LS ASSHOLES and friends can’t accept that.
So have a nice day LS ASSHOLE. See if you want to pee on me. I am going to SHIT all over you. UGLY!
I am DONE being a nice guy. I am going to shove asshole comments right back up the asshole it came from.
Have a Nice Sunday.
You want get PERSONAL ASSHOLE? You got it. Just look at the personal attacks on so many of your comments. Now it is my turn.
Should take about 6 months to respond to all the names you have called me. Well now, I have my turn and those that think like me will refer to YOU as LS ASSHOLE!
Dish it out folks, now it is my turn. Come here and make a post that has value or GO FUCK YOURSELF! From now on…….get ready. No more BULLSHIT from ASSHOLE LOSERS!
Any industry like domaining that bring some of the brightest minds and talent together can also expect that there will be some on the other end of the spectrum. And there are. Truth be told, the other end is noisy and lacks manners. I guess VERY poor upbringing. But either way that is what is out there to deal with.
Now back to the subject at hand.
Rick. Your the king, stfu LS ASSHOLE
Yes, I am an asshole, but I’m a more articulate asshole than you are, so a ‘flame war’ probably isn’t going to be something you’ll exit on the other end looking very good… Were it not for one, singular instance of good decision making, you would be a non-factor in this industry. If you started today, as evidenced by catastrophic lapses in logical thinking like Flowers.mobi, you’d more than likely be on namepros, asking for appraisals of your .co domains.
So, yeah. You’re a guy with a room full of Rembrandts, and I’m an asshole. Both facts. The difference is, I don’t delude myself about how I arrived at being an asshole.
Got to agree with Rick here. Sometimes saying the no word and insulting the buyer will get them to drive their offer higher. Its how I drove a $5k offer up to $50k. I simply said if they can’t spend $50k on a domain then they’re too stupid to realize how much damage it will be to them once its sold to their competitors. Then I googled their biggest competitor and mentioned that I was in talks with their CEO and how he wanted me to hold off on the sale until he can get the board to sign off on the acquisition. Within 20 hours of that email, the deal (and payment) was done via escrow.
BTW, whats going on between Rick and LS (not Morgan Linton) guy. The thing I’ve learned from my 10 years experience in sales is that breaking the ice is the most difficult thing between the buyer and seller. Understanding the true power behind this terminology, you have to be in world of sales day in and day out.
Lots of people in this world are easy going and open minded. Breaking the ice will help you relate on a common level that both subjects are (and at times can be or want to be) humorous. Whether its appropriate or not, the simple matter of the fact is, while business is business, you can feel each other (both buyer and seller) out on a more personal level when the ice is broken, which will ultimately help you two close the deal at the end of the day.
“Before we begin this examination, I would like you to imagine a national coin-flipping contest. Let’s assume we get 225 million Americans up tomorrow morning and we ask them all to wager a dollar. They go out in the morning at sunrise, and they all call the flip of a coin. If they call correctly, they win a dollar from those who called wrong. Each day the losers drop out, and on the subsequent day the stakes build as all previous winnings are put on the line. After ten flips on ten mornings, there will be approximately 220,000 people in the United States who have correctly called ten flips in a row. They each will have won a little over $1,000.
Now this group will probably start getting a little puffed up about this, human nature being what it is. They may try to be modest, but at cocktail parties they will occasionally admit to attractive members of the opposite sex what their technique is, and what marvelous insights they bring to the field of flipping.
Assuming that the winners are getting the appropriate rewards from the losers, in another ten days we will have 215 people who have successfully called their coin flips 20 times in a row and who, by this exercise, each have turned one dollar into a little over $1 million. $225 million would have been lost, $225 million would have been won.
By then, this group will really lose their heads. They will probably write books on”How I turned a Dollar into a Million in Twenty Days Working Thirty Seconds a Morning.” Worse yet, they’ll probably start jetting around the country attending seminars on efficient coin-flipping and tackling skeptical professors with,” If it can’t be done, why are there 215 of us?”
By then some business school professor will probably be rude enough to bring up the fact that if 225 million orangutans had engaged in a similar exercise, the results would be much the same – 215 egotistical orangutans with 20 straight winning flips.”
– Warren Buffet, excerpt Superinvestors of Graham and Doddsville.
Draw your own parallels.
I am new to domaining (20yrs late) and my experience so far has been ok with selling domains. Fair enough im not commanding the prices that Rick does but on average im getting 3000% profit so all profit is good profit.
the only bad experience ive had is with the other party straight away asks for a ‘domain valuation certificate’……..first sign of a scam, if they wanted the name why would they need an appraisal?
one thing I have learnt is not to be attached to your domains and what you think wont sell is often the dark horse and sell quite well.
And BOTH parties can say ‘NO’ as it happens everyday in business but never close the doors to negotiations so use your own judgement because you are your own person.
maaaaannnn one heated blog.
im with rick on this one.
reminds me of the Soup Nazi on Seinfeld”No Domains for you 1 year”
Hows about bringing T.R.A.F.F.I.C down to sydney?
think you will like it and I wanna pick Latona’s brain regarding watches
1.”How many sold all their good domains and now have little to show?
Most domains are not perishable.”
2. In sales they say you eat what you kill. Rick does not go out and hunt, he sets the nice juicy bait (great domains) and then let’s 20 small animals walk past his trap until he sees the biggest bear coming near his trap. Wait… wait… wait… NOW!!!
and Rick eats for the year.
You should get the domain pioneer award… a statue of a man with arrows in his back.
I had an enquiry for a .com recently.I bought it from a very well known domainer for a snip. I then had enquiry for it from an end user. I researched them thoroughly and found that they lived in a US3M house ,so they have some money for sure ,and also they have a very very good job. You know what the stingy bastard offered me for a domain name that I KNOW he wants ?. Yes $1000 (one thousand). He then suggested I get a replacement name like”domainnamenumber10″ and sell him”domainname” . I told him to get fucked in polite as possible language. I now have a trade mark for the name. There is noooo way on this planet I would sell to him for less than $100k and he can continue wanting something he cannot have. He can try a UDRP but he will need to fight me in MY territory if does.
Pretty high intensity & entertaining post. What I took from Rick’s comments (and also learned this myself along the way) is”Hold Your Position”.
If you have a valuable property, just stick to your convictions. This can be accomplished when one has the ability to pass on decent offers, and that is an acquired skill or mindset.
As Rick explained with iReport.com, a flat”No” becomes a game changer. The non-committed buyer will walk away (which saves you time), but the truly interested buyer will understand the deal is just not going to happen until they raise their offer substantially. So the initiative shifts to them … as it should. In other words, they want the name more than you need to sell it.
Low balling is a strategy, but it never helps the deal. Typically it sours negotiation from the onset and is a buyer’s rationalization for being unable to pay more. It’s perceived as the buyer’s long shot gamble. And who wants to waste their time with that? Not me.
If you truly want the domain (and are capable of buying it) and hope to negotiate a fair price, then you actually work against your own goal by insulting the buyer’s intelligence up front with a low offer. Someone who does not have to sell will be less inclined to negotiate with you.
The best response to a low ball is indeed”No”, or no response at all. If the buyer does not retry their offer at a much more respectable level, then you lost nothing.
Hey Rick, i wouldn’t get wound up over some of these low class, lowlife domainers shitting on people.
I just laugh so loud at them and don’t even reply to them as I know full well they must be have low self esteem to feel the need to shit on others.
In the past I’ve left a few comments on your blog here and there and I’ve had TOTAL NOBODIES try and shit on me for no reason! If they don’t like what they hear as it doesnt match their own opinion then they should go elsewhere.
I myself never put anyone down that is why I get so fucking offended when one lowlife has a go over nothing at all when I wasn’t even talking to them!!! lmao. If they are so high and fucking mighty why haven’t they got their own blog site with domainers discussing on it?. They should go and learn some respect for others then maybe they will end up making that fucking sale that actually can be classed as top dollar! These ass wipes need lives and sitting at their computers mocking others wont get them anywhere in life!
Thats my two cents :), thank you.
Hi Rick i agree with you but get this you have one of the best portfolios in the world and you have the wealth to say no, When i plan on saying no is when i have nice weekly revenue and a portfolio of 50,000 names, right now i actually do good by finding buyers and working deals out i have around 3000 names, I will be stubbin when i can afford to be and when i only want 2% sales right now i would say im hitting 5% sales when people are inquiering about a domain. Great speach Rick. One day that system will work for me.
Thanks for this post.
When you talk about”No”, Is it just a plain”No”, or do you counter offer ?
Or … or …
“Great spirits have always encountered violent opposition from mediocre minds!”
Here’s another one, and Rick has been saying this, too:
“In the middle of difficulty lies opportunity.”
Both are Einstein
Wow, that was a lot of reading to get to this comment box!
Rick, I, like everyone else in here, receive email alerts every time you post something and enjoy the various reads immensely.
I started domaining 4 years ago and have sold over 100 domains for $100 or more each (a number which I know a lot of you may laugh at).
I just can’t seem to find”the one” and hold onto it. I’ll register a domain and receive an offer shortly down the road (usually $100-$500) and of course I sell!
Do I suck at this or something? I see you guys talk of multi-figure domain sales and it makes me wonder.
I’ve sold so many domains between the prices listed above that I even created a website where all my domains are listed for that much.
I’m not trying to promote it, especially to everyone in here with more experience than me, for fear that you’ll snatch them up and profit with amounts I can only dream of.
True, 99.99% of the domains I own are brand new and maybe I just have no patience, but come on! I got into this business as a hobby, in hopes, of creating a successful business, but I’m doing something wrong here damn it!
I’m the man at poker, but for some reason, I have trouble saying”NO” when an offer comes in. I guess a lot has to do with being unemployed and every bit helps, but I can’t stand it anymore.
If I make 300% profit on my $10 investment, I’m happier than a bunny in a carrot field, but then I imagine this, more experienced, buyer making 100% profit on his/her investment and it makes me want to kill bunnies!
(figuratively speaking of course)
I sold FreeBusinessCards.com a few years ago. I held that domain for around 10-years and every month I would get the normal $5-$25k offers but I held out. My asking price was $675k and while I got no where near that price when I sold it – it was a 6-figure amount which I was happy to get and I know it was a great investment for the company that bought it.
I have some very important inside info on domains.
Domain names are going to be worthless very very soon…so start selling before u end up holding worthless shit.
Domain game is changing very soon.
Mark this post.
Great Post! I wish more people would get to the brass tax and talk about these things. While I don’t have a ton of experience with domains, this just applies so well do busienss deals in general.
I can’t tell you how many times I have chased busienss deals that I shouldn’t have, because it was my best option at the”moment”. Time is an asset, and diving into the wrong deal will kill a future one.
Just keep in mind, 80% of the deals/domains don’t work out, so don’t bother starting a relationship, when both parties usually head in a different direction anyway. Tie things to performance, or table things, and see if they come back, thats the key. 80% No, gives you time to focus on the 20. I love it.
I hope you’ll expand on one of your comments here in a future post:
>>Many offers are just clever ways to STEAL a domain name. I tell those folks to”Go fuck themselves” as a first response. As a second response. As EVERY response. FOOLS don’t know the difference and get hoodwinked out of their domains.>>
Recently a guy purporedly a domain broker comes to our mutual good friend and me and is willing to buy a good domain for 5 figures. But he refuses to identify his client (the buyer) and won’t share any real info on himself domain broker company. He has a crappy half-assed website with basically one page (no phone number or address) and all his WHOIS contact info, address is privacy-protected on Fabulous. He e-mails us from anonymous VPN, calls me from a skype number yada yada yada. Because the domain name could also be confused with a well-known company with a registered trademark we want to know who is behind this offer upfront so we don’t get jackpotted like by the Goof Off’s and other corporate in-house legal parasites. Note the domain we have could also be used by someone else for an entirely different purpose. unrelated to that registered trademark, because it is spelled slightly different.
So next this broker seemingly goes the extra step and initiates the transaction on Escrow.com (not actually reached funding but he says he has it ready to deploy) and still refuses my demand to further identify himself or his client. Finally we were suspicious enough and just killed this transaction rather than take a chance on litigation by selling it to an unknown party who in all likelihood would misuse the domain and maybe sell it to a competitor of the trademark owner.
I know there are very few ways to scam using Escrow.com but there is one way where a buyer could say he never received the domain, because he is using privacy shield, and in effect monetize the domain or poison it for about 60 days due to the registrar hold on transferring it back to the seller, even if he says he never received it. Escrow.com told me in that case if the domain isn’t returned by the 60th day the buyer’s funds would get released to the seller regardless. We wouldn’t be out both the money and the domain but the damage would have been done and the miscreant buyer would have a 60 day ride on our domain, perhaps making it toxic for another future buyer. I think we did the right thing here even if it cost us a sale but when you have a bad feeling you have to follow it and walk away.
If you can share any stories, experiences or methods you have come across regarding others trying to steal domains, other than the Sex.com case of course, would be most welcome to learn about. Many thanks always Rick for the valuable knowledge you kindly share with the domain community!
Great advice! I am diffently going to start using the”NO” word. :)
I can’t wait for part 2
Sales technique is not rocket science – You just need something someone wants, to know what YOU want, practice, & smarts:
– Know when to say ‘No’
– Know when to say ‘Yes’
– Know that you catch more flies with honey than with vinegar
I wonder how did your customer knew about the whola package, did you contacted them directly or listed it somewhere?
Wow, is that standard industry parctise to use all this f. and a. Words??? This just seem very unprofessional, no wonder this industry is so unrecognized. Please be gentelman, instead of using all this vulgar language… This is the language of low level people with no class
For those of you who want a reply somewhere between”no” and replying with a price, reply with a simple”call me”.
If they don’t call, they are not seriously interested. If they do call, pump them for information and NEVER agree to anything on the first call.
Tell them you’ll have to discuss it with your partner.
Also ask if they have any contingencies (traffic stats, other decision makers etc) and if they can close quickly.
Hello Mr. Rick,
I have read your post for the first time and i wanna say that i really liked the stuff you think and do. Most of the points are which i believe by myself also. I would not say much but just three things that can make a deal done in your favor.
1. Always believe in your Idea and your thoughts.
2. Whatever you do, do it with all your concentration and heart.
3. Think Big and Avoid the bullshit
My sales pitch is…your domain is BullShit and that why your website is BullShit Website.
That why you need to buy that domain from me.
Domain negotiation is definitely tough. If you are financially set or you know the offer is way below a decent offer, then it’s easy to say no. Rick’s technique definitely works best to extract a maximum value from a domain. The earlier poster who said to get the potential buyer to phone you is a good way to cull out tire kickers.
For those not financially set or who do this part-time, sometimes you need to make the sale at a decent return to help renew other/better domains, or keep the household going. Hard to say no to a $2,500 offer on a domain you handregged that makes you $10/month when you are late on a few bills and have 50 domains to renew. You probably make the sale, clear up your finances, and hope another offer comes in soon because you are in a stronger financial position.
I’d also say to have a realistic ballpark price you want for each domain, and never take the first offer – a potential buyer will never make their first offer their maximum offer.
Over the years I’ve seen Rick’s sales reported and he might be the best at getting top dollar for a domain. I don’t know how many others could have taken ireport.com to $750,000 – how many would have sold at 50k, 100k or 500k? So if you can wait or don’t need the sale, keep saying ‘no’ til you like what you hear.
Stop trying to sell your domain names. Develop them and make real, cash-flowing businesses out of them. Shit or get off the pot.
What proof do you have that Domains will vv soon worthless? Could you explain with examples what is coming in?
Sammy From Miami Rosenberg
Rick always gives THE RIGHT INFO that have proven to work, after all Rick IS Succssfull, so why reinvent the wheel.
FOLLOW A WINNER
AND YOUL BE ABLE TO PAY FOR DINNER
THE GOOD NEWS IS FLORIDA STONE CRAB SEASON STARTS OCTOBER 15
check out http://www.seafoodsam.com
Oh dear ,why did you have to go and spoil it all, lol. Now all I get is”no thanks” replies when I ask if domain is for sale.
Well, there are so many ways to say”NO” without actually spelling the word.
My best definition of”NO” is not to reply to an offer…
On the other hand, if one can’t afford to develop, nothing is better than an error page to stimulate a serious buyer to inquire into a domain.
Nothing is weaker than a parked page. It simply screams to the buyer”Buy me please…”
Although cannot say I’ve done away with parking yet.
This is my modest opinion – can’t say I’ve been in this domain long enough to give advise; but I’ve been in the physical Real-estate bus. for long, and I see lot of similarities; the only difference is that in the electronic realm there are so many fill in the blanks, and most of the time those blanks could be further emptied rather than filled.
Human nature vents through much thinner pipes in the electronic body; however, it still vents, and I guess there is a way to translate it.
Rick… You Rick… You keep triggering me to act, when most of the time I prefer to be a silent observer…
The collective brain power, entrepreneurial imagination & personality pool of the domaining industry (insert your own definition of”domaining,” and industry for that matter) provides non-stop opportunities to learn & laugh.
I know I laughed many times & learned several things from this article & these comments!
When the automatic spellcheckers quit offering me”dominating” as an alternative to what I really meant to type I think we’ll all be wishing we had a lot of our pigeon shit back.
Hey Rick, quick funny story. Have been eliminating adult domains from my portfolio for years (and in moments of weakness buying more like a dumb ass). Went to see who owned FreeSexPasswords.com to see if they wanted the .info with some traffic for a cheap price. LOL, imagine my surprise.
Definitely one of your best posts yet Rick. Don’t let the trolls get you down. The rest of us very much appreciate your generosity. Thanks a million times over. Keep em comin.
very straight and right to the point – extremely well written article and everything makes sense.
The comments Rick posted are just as helpful as the story itself. Thank you for the great insight.
I like the saying NO advice, never knew I had this powerful tool, it’s hard to use though when you’ve been waiting for a while for a buyer to show up but I just have to take my chances and experience all tools.
I have a domain named us-help.com. Its my first domain name. How much I can sell for and how can i negotiate ?
That is a pretty interesting philosophy, but I didn’t visit your blog for your approach to negotiating, I wanted to know the logistics on how to sell a domain. Do you sign some sort of contract before you transfer the domain name, put payment in escrow with a lawyer so that both parties are comfortable with the transactions, etc.
Exactly, I find this post is very repetitive. I have a domain I am looking to sell, I need to find a broker and appraise it so I am doing some initial research. I’m not any closer to either of those goals after reading this post. The only take away from this post is that I now know Rick believe’s 100% of your sales come from 20% of people and it’s imperative to identify who is who so you don’t waste time.