In this post I will give you some rapid fired do's and don’ts that will change how you make more sales for more dollars and KNOW when you have reached THEIR top dollar. Nothing worse than a guy having a $250,000 budget for a domain that you end up selling to them for $250. Want to avoid that?? Pay close attention.
1. DO NOT set a price right away
2. Don’t answer questions
3. Ask Questions
4. Ask more questions
5. Answer the questions they pose with a question
6. Buy time
7. Don’t commit, think about it
8. Do the research.
9. Don’t be lazy
10. Know the difference between a domain name that has value that others want and pigeon shit that only one person in 6 billion thinks is valuable. That is why TYPE INS are the key. I don't care if the get 5 a day or 55 a day or 55,000. Just stay away from ZERO because when you double ZERO you got ZERO.
11. Be vague
12. Do not commit
13. Keep is ALL in writing
14. Don’t get weak knees
15. Don’t flip out when you don’t hear back for a few days or weeks or even months.
16. NEVER, EVER, EVER, contact them back before they contact you back. That is WEAK and that email or phone call will likely cost you dearly as they FEEL your weakness.
17. Don’t “Pitch” the domain name. If they contacted you, they already know why.
18. Look at it as a game. Nothing more, nothing less. Those that are busy getting pissed never win the game because they are too busy being pissed.
19. Anything goes in a negotiation so don't take anything seriously until it is all over and the buyer and seller can have a beer. Then you can each tell the other how full of shit you were during the back and forth and have a GREAT laugh! That's what you get when both parties walk away happy and as winners.
20. Deals are about formulas. Just because the first ones does not work does not mean you give up. By asking questions you find out what is important to them and you can work with that. So be creative and imaginative. Keep coming up with ideas until you find a fit.
'When you see John Jones through John Jones eyes, you will sell John Jones what John Jones buys.'
No one post will make you a salesman. It takes time and practice and more than that, replaying where you went wrong when you don’t make a sale. Many books have been written on selling. Many are great and will change your life because you look at things differently.
Some sales are very easy because there is no bullshit. A conversation of what each party wants can do wonders. But you have to be dealing with more savvy folks that know what they want and a realistic outlook.
Have a GREAT Day!
Spot on! Long live the king.
Thanks for the advice. Can you recommend some good books on sales that you felt had an impact on your career?
I could probably publish a book just on my emailed responses to offers over the years. Be funny as hell. Not for Puritans.
The things that had the biggest impact in sales were the things that change ones heart.
“Greatest Salesman in the World” by Og Mandino is a good start. A story that can do that.
Also”The Secret” is a good investment in time.
“How to Make Freinds and Influence People” is a bible. There are so many. I am sure folks will post their favorites.
But there is no book that can do the work of making a”Cold Call” and making a sale. Or making a professional presentation in the boardroom and walking out with the deal as presented.
You need to be a lawyer capbale of swinging the jury and making a great closing argument. You need to be a social worker to see the deal through their eyes. You need to be a person that asks questions and actually listen and answer their concern. You need to be a chess player and working 3 moves ahead. You have to know where the conversation is going so you can be ther waiting for it.
I can go on for days and others will chime in as well. But FUN is also part of the game. Making people laugh. Making people laugh at themselves. Sometimes make a mockery of what you do so you can both laugh and then get to REAL business.
There is no rule book and then again there is a very real rule book. Knowing the difference is the key. Is the key to all of it. And will you piss someone off during the process?? Sure! But who gives a shit?? That comes with the territory. You can’t control how someone reacts.
It’s a life long learning that is different in almost every case with some similarities that give you great clues. But to see the clues, the opportunity, then you just need to know what to LISTEN for.
End User King
Though most of this was more motivational than anything. I do agree with you on a few… #1, #3, and #9. I’m not on your level Rick, yet but I consistently do $3000 – $5000 weekly in sales.
I would to hear some of your thoughts concerning proactive selling. Most of your domains are Premium Generic, which means you dont have to actively look for buyers. I’m sure you know other domainers who approach end users
and are successful selling.
Nice to see some actual advice being given though!
Love it Rick.
Thanks for taking the time to give all of us some pointers.
You the man.
Hi Rick, how exactly do u decide the amount u r looking for on any given domain sale ?
Great posts as always. You are spot on with your attitude to potential buyers.
I missed the boat on .coms and cctlds but I certainly caught the boat and can see the bright future ahead of .mobi. Its great to see that you have renewed all 350 of you .mobi’s and i look forward to the controversial auction of Flowers.mobi in October
Wow – this is definitely my favorite post I’ve read on your blog this year!! Can’t thank you enough for sharing all this information for FREE with all of us!
Anyone reading this post should know that this is soooo unique. Could you imagine if Steve Jobs or Larry Ellison wrote a no BS blog post about exactly how they do what they do?
This industry has no media spin or hype, it’s real, and raw and it’s post like these Rick that really open my eyes!
I can already see a few major mistakes I’m making, definitely weakening my position.
Thanks again for sharing, we are lucky to have an industry with leaders that have so much transparency. You tell it like it is!
can’t wait til part 3. i will keep coming back to this post to look for tips
have made some cardinal sins in the past, but also nailed some crackers
like u say, everyone is different, each domain, and sale
i have to have my own style as i approach companies a lot
i love face to face but hate the phone
has to be done though as email often not delivered to right person. also have to chase up enquiries
really appreciate you taking time to post Rick
I know a lawyer who represents a big chain and had tried to settle a slip and fall out of court, presenting a $1 million check at mediation which was rejected by the injured party. He wanted $25 million. So they went to trial. Jury awarded only $300K. My lawyer friend confided to me that his big box store client had authorized him to go up to $10 million to settle the case if it looked like the jury was leaning the other way. That’s what Rick is talking about.
nice reading once again and love the aussie like humor that you have…..even down to the beer afterwards
I would hate to be at the poker table with you guys LOL’s
Totally agree to never appear desperate because then they will use it against you and change the way they talk from a basic inquiry to a ridiculous offer that has a time limit and your walking home without a shirt afterwards.
names are running out so you have the advantage and never forget that.
They wouldnt be in contact if they didnt want something, so your in command from the start so use it to your advantage.
thanks for the great read and i will stay tuned.
Good article for those that have great names. The buyer has the edge when the names are inferior. You find youself in a passive position to make a sale.
I know for a fact that you have to put in a ton of work to sell names under a $1000. I would try your technique, but I don’t stand a chance because I don’t own a valuable generic domain name.
I developed my own strategy that seems to work when a buyer leaves the door open. My sales are mediocre compared to domainers on this blog. However, I’m a few sales from breaking even on money invested, and will still own 700 names.
I will renember to use your selling steps when I come across a batch of quality domains. I don’t see the potential for .mobi. I own own one, tried.mobi., and I’m not interested in buying any other. As for selling, too many people seem to agree with everything instead of challenging elite domain investors such
Your steps will work one I begin to broker names for other owners.
Great post – I love the fact that you mentioned Dale Carnegie’s book, which is a classic. These are great pointers to keep in mind.
The hard part for me is point #16
I cant understand why a person who tells you that he or she is very interested for your domain and after that they dont reply.
Thanks Rick. The Eyes have it. We used to say in car sales, whoever talks the most loses.
Great post Rick.
Hey can you maybe tell me what kinds of stuff you ask a potential buyer to get to know them and find out their real budget and intentions?
Are there any occasions when it is advisable to hire someone to negotiate a sale for you? (maybe for us dummies that are not as schooled and don’t want to screw it up) Any recommendations?
I knew it as – whoever talk last… loses :) Ask for the sale and then shut up.
Yes. Sometimes I let Howard make the contact especially when dealing with a large firm.
EXCELLENT Sir! Thanks! JS
Thanks for tips, Rick!
Nice post! Does it work with domains under 1000 usd as well? What is the best marketing strategy. Would you contact customers directly via mass emails? How can mass emails and leads generation can be done correctly? Any sample email for direct contact?
Love this line, for those that make the good deal:”Then you can each tell the other how full of shit you were during the back and forth and have a GREAT laugh!”
This should help the idealist cope. LOL!
I handle all my own sales.
I usually end up paying them $100 to take the domain off my hands and save me the renewal fee.
Somehow I think I need that book you mentioned.
Great post— as mentioned in my previous post, I email to the CEO of the company that their website is totally BullShit because their domain name is BS–get a better domain.
That it–plain and simple and NO BS.
Thanks for all these tips, great of you to share how you are working your sales.
I haven’t followed #16 all the time, once I had an offer made to me and declined. Didn’t hear back for a couple months and that offer started to look good, so I contacted them and they answered back by offering half of their original offer – and I took it because I needed the sale. Another time I did the same thing and was lucky they stuck to their original offer, if they had offered a little less I probably would have taken it (needed funds because Christmas was coming up). I learned that some buyers will try to wait you out.
Hi Rick, I’m hoping you can help me with some more pointed advice. A potential buyer contacted me with”I would like to acquire xxx domain.” So, reading your advice above, do I reply with a)”no.” (pt. 1 of your post); b)”what is your interest in this domain?” (#3, ask questions); or c) don’t reply (#6, buy time, #16, don’t contact them until they contact you again)? Thank you so much!
many ways to answer.
One that seems to be benign and gets a response and folks with a brain will read between the lines……
“Not motivated right now to be selling”
A REAL buyer is going to try and”motivate” you to sell by making an offer.
Of which you can reply,”You would have to do a lot better than that to motivate or to even counter”
So without even seeing the email, offer, domain, I just gave two UNIVERSAL responses.
THAT is how you start the game and the ball rolling.
But always CAREFULLY read their response and email. Never know when a clue is there.
Lastly, depending on their response at this point, you will know if you should waste any time. If the guy just says”Ok”, then not to worry. Nothing there. If there was something, he would be busy trying to motivate you.
Thanks for the tip number 15.
I tend to contact the buyers if not heard back in 2 days or so and usually they pressed for bargain prices or backed out.
Great tips… Great experiences…
Thanks for sharing…
Thank you Rick! Your advice is sincerely appreciated. I’m going to try this and see where it goes…
Great Post Rick! I read your bullet points several times just to make sure that I got every single clue. The one that I keep reading over and over is”How you start”…..No Pigeon SHit. I have some PS but that will change. Thanks again!
Now I can imagine a new term entering the wikipedia, voila:”Schwartzy…”
x:”Hey man, don’t get Schwartzy on me…; its my trick, and it doesn’t work with Pigeon Shit…”
y:”What’re you talking about? (remember to answer with an answer)…”?
x:”what do you mean what am I talking about?…”
y: see now you’re being Schwartzy?…
x:”Ahah… Got you…” So you do know what I’m talking about?
Great post Rick. I found your tips great and inspirational to keep pushing along in the GAME.
If you publish the book of responses I’ll be the first buyer. Thanks for the list. Printing and framing.
“When you see John Jones through John Jones eyes, you will sell John Jones what John Jones buys.” I don’t know if this is your tongue but I like it ;)
> could probably publish a book. Be funny as hell.
I fail to find humour in making life difficult for people – who may be trying to do something useful as opposed to leeching off others for a living.
Nice tips, how come I got here so late.
Any tips on where to market them and what are the most effective ways?
If you’re that good at selling domain names. Why not be a domain name broker and help others sell theirs? I’d be willing to pay 25%+ commission for your services.
Just a thought!
Happy Domain Seller
I just wanted to say a huge thank you for this post.
In September 2010 I pretty much begged a buyer for $4,000 for a domain but he didn’t take it and never emailed back.
Then I read this blog post.
When someone approached me in Feb of this year for the same domain I used the above points as guidance.
6 months later, after saying no a lot and enduring lots of bouts of silence we finally agreed on a price for the domain that would put it on DN Journal’s 2011 YTD Top 100 Sales Chart. The seller didn’t want it made public though.
More than a year’s pay in one transaction.
I couldn’t be happier.
Thanks again for the superb advice,
A happy domain seller
Could you recommend a host company to register domain name with?
Can you give some ideas to get hosting service for free?
For example, I have an idea to offer a ten(10)percent of selling profit of a domain name to the hosting company. Do you think it could work?
Rick – I just happened to come across this valuable information and I must say it was a god send to read. I appreciate the time and effort it took to compile this and again I thank you.
This is agreat point to bring up.I offer the thoughts above as general inspiration but clearly there are questions like the oneyou bring up where the most important thing will beworking in honest good faith.
Good info and thank you!
I’m just now breaking into the game. I think I’ll be good with your advice. My question is the all challenging how and where of getting the ball rolling from a stand-still! Should I take the time to develop a website or just advertise and list ads on the big marketplaces?
I would say that you have to increase social contact, you can participate in domain name forum for selling purposes, you can look for targeted buyers in Google, these few tips which would be helpful.
rick, i have a domain. i want to sell it how to proceed. please help me out
I found this post exactly similar to the wishes running in my mind while starting my domaining carrier.thank you!
After 3 years, I revisited this post and wha-la! Domaining is still a “do it yourself project”. Well. that is not what I am hoping to find. I am looking for a representative that knows about this business; What to charge, how to approach people ethically and profitably and who will do “every deal for every dollar” on the names I have to sell. As well as optimize the names I have good traffic on, develop names that need to be turned into businesses and renew and manage all names from profits made on sales and optimization. Like a stock portfolio manager – only for domain names.
Anyone have any suggestions? I have 500 + domains, mostly .com, most registered in 2000, some might be pidgin shit (?) but probably not all of them… Even if we manage 300 a piece that is 150k and at this point I’m not unhappy with a percentage of that number! Step right up…
Or is it wrong for me to expect to find this service?