It’s the most common question received by domain investors from an enduser looking to buy their domain name. Your first offer is very important. If you quote a price which is way below the price radar of the enduser then you’re likely to leave money on the table. And, if you quote too high – you’re likely to loose the sale! The enduser instead of negotiating may just not at all communicate.
So how much you should quote that is likely to touch the price radar the buyer has set for you? It’s one of the most difficult question and even experienced domainers have no perfect answer.
Here are some ways:
- Genuine Buyer: You must sell your name to an enduser who has a potential development plan for the domain name in question. A genuine buyer will likely to counter your first offer.
- Start with High: Based on the domain name and its features – you should always start high and lower the price. It all depends on the name. And, the price you quote should complement the name you’re selling.
- Setting the Price: If you’re selling an invented or a keyword based domain name that is like a brandable name sold at brandable marketplace – then, price it according to the brandable marketplace average price for that set of names. And, if it’s a liquid domain then go to namebio.com and research for how much liquid names are sold for. But, while looking NameBio, you should eliminate the domains which have been bought by other domainers. Same appiles for other types of names.
- Review your BIN: Having a BIN on your domain names is a great way to inspire buyers to hit the buy it now button. Most of the domainers when they receive the notice that their domain is sold at BIN have this feeling that they have left money on the table. The cure for this is again to review the domain name in detail and price it accordingly.
- $2,000: It’s a good practice to ask $2000 as the minimum for the least quality of the domains you have. A domain is worth as much as a buyer is willing to pay for it. And, ask for quality names according to the price you see at namebio.
- Renewals: If the point number 5 is not working, then trying with lower BINs just before 1-2 months of domain expiry may be helpful too. Sometimes a domain follower waits for the domain to drop completely to win it at auction or through backorder. By lowering you tempt him to buy the domain in advance.