A good negotiation strategy is critical in any business whether you’re buying a home or an automobile. Similarly, Buying and selling of a domain name are a business where a good negotiation approach is needed. Are you in dire need of buying or selling a domain name?
This article aims at helping you while negotiating for your domain name. Here are important factors to put into consideration:
Have a clear value of the dream domain name
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The amount of money you have for the domain name should be a reflection of the worth of the site to you as well as how much you can willingly spend. The domain name might be highly worth to you especially if your plan is to use it mainly for pending online business. Capital might be a problem when purchasing it if you’re starting from scratch.
You should be well prepared to bargain in order to obtain the dream domain name without allowing the seller to know how much you want it. This should mainly be for situations where you want a very specific, must-have site name.
There are 4 main ways by which you can determine the value of the domain name
1 .Evaluate the Domain name closely prior to buying
Before committing your hard-earned money to purchasing the domain name, ensure that you ask a few important questions regarding the name. In case the domain name has a particular website that’s associated with it, this automatically raises the value. It’s also important to know about the website’s model, its liabilities, and profitability at the moment as well as the value and assets of that industry.
Another factor that may significantly add the value of the domain is the social media. You will be amazed to learn that in the United States, for every new 6 million new business like to buy those domain names that have social media accounts that do match. That means that if your domain name is newcoupon.net you may find that the name has a handle on Twitter or Facebook that is named newcoupon.net. For such a domain that comes with a Facebook or Twitter handle, you will undoubtedly have more value on your site.
2. Consider the development potential of the dream domain name
Evaluate whether the domain name can be developed into a recognizable site. Additionally, consider if the site can be branded. If the domain name has the two possibilities, then it can be a tip of an iceberg in search engine rankings. This is the reason why researching a keyword prior to approaching a webmaster to purchase a domain name is incredibly important. The keywords found in a domain name can attract a lot of traffic, at zero cost.
Additionally, you need to observe extra caution not to buy a domain name that violates trademarks or that have been involved in trademark conflicts. These are a sign that the domain name has a low value. To avoid this, you can look for trademarks in the US trademark office. However, if you do not reside in the United States, most countries will offer an online database.
3. Get in touch with the owner of the domain name
Use of email is the most popular way of communicating with the owner of the domain name. You can send an email that resembles this one:
Dear (owner of the domain name)
I would like to purchase your domain name: (newcoupon.net) I would offer (your lowest bid price) for the domain name. If you can willingly sell the domain at the price, or if we can do further negotiations, please email me back at (your email address) or pay me a call on (your mobile/telephone number)
(Your name, your email address and mobile number)
It’s important to note that your low bid price should be lower than what you can pay. However, caution should be observed here because a very low price might be an insult to the domain owner. The advantage of quoting your low bid price is that it gives you room for a bargain should the domain owner reply with an interest in proceeding with the sale of the domain at a slightly higher price.
Conversely, if you have enough resources to spend a relatively large sum of money for the dream domain name in that you are in dire need of the name, you can close the deal at once by making a hefty opening offer that will deny the owner a chance to think twice.
4. Make the proceedings fast by creating a sense of urgency.
You can employ several ploys to do this. For instance, you can say something like; my boss wants a domain name of our newly created site within the next seven days, and he asked me to obtain one. I need to spend the $2500 budget I have within five days, and I’m considering several domain names with yours included.
This might make the owner feel that he must lose the deal. A prospective seller might pop in and agree to offer a domain name at a relatively lower price than he might wish due to the fast approaching deadline. Usually, you get a single chance to make an offer for the domain name before the owner directs your emails to trash. Therefore, the first offer is very important, and you must make it count. The offer should catch the attention of the seller. It should be a reasonable one so that he can be willing to proceed with negotiations.
To cut the long story short, here are the key things that you need to know when negotiating the price of the name;
Know the value of the domain name. To get a rough idea of the domain name value, you need to;
- Closely evaluate the domain before purchasing it.
- Look if the domain has a potential to develop
- Get in touch with the domain owner through an email.
- Make the proceedings fast by adding a sense of urgency
Following the above guidelines will put you in a better position of landing the domain name that you dream of at a fair price. Try it and be the next success story.