Selling my domain name

[biggeemac]

Hi all,

I had a guy contact me out of the blue about purchasing a domain name that I own. Ive never had this happen. He wants to know how much I want for it. Is there a general figure for something like this or a fair general range I could use? Anyone with some insight.....please feel free to give me some guidance on this. Thank you.

 

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[geekboy]

Really does depend on the domain. Could be $100 to $30 mil+

Care to share the name?

 

[needchaser]

http://www.domainsherpa.com has a lot of good info on the subject. I'm not an expert like those guys but feel free to PM me and I may be able to give you a ballpark figure.

 

[Journey2Million$]

The domain squatters seem to usually charge about 2 or 3 thousand.

 

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[MJ DeMarco]

Can't really say without seeing the name.

It's like asking if this *rock* has any value. Not really if it's just granite. Yes, if it's a diamond.

 

[LibertyForMe]

Try to figure out more about the guy asking if you can. If he is with some big established company you may be able to ask for more than if he is a little guy starting a company.

 

[biggeemac]

Spoiler: Domain Here

vapemosphere.com

, my assumption is that the buyer is wanting to open a vape shop or vape-related website like we wanted to a year ago and wants to pick up my name for his business. I dont know anything about the buyer except that he has a business partner.

We never used it. We bought it because it was a variation of the name that we actually picked. Also, the seems to be unwilling to put out the first number and keeps trying to get me to put a number on the table.

 

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[sector7]

A couple hundred dollars at most. If you don't intend to use it, I suggest you sell it. I doubt you'll find someone else interested in purchasing it in the near future.

 

[Vigilante]

vapemosphere.com, my assumption is that the buyer is wanting to open a vape shop or vape-related website like we wanted to a year ago and wants to pick up my name for his business. I dont know anything about the buyer except that he has a business partner.

We never used it. We bought it because it was a variation of the name that we actually picked. Also, the seems to be unwilling to put out the first number and keeps trying to get me to put a number on the table.

So it's NOT a great name, but someone wants it. You need to ask for the high end of what might not spook them.

$500.

 

[MJ DeMarco]

Yea, not a great name but not bad. Might be worth $250-$1000 IMO.

I edited your post and put the name in the SPOILER tag as I don't think it's indexed.

 

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[biggeemac]

Sent an offer of $700......he kicked it over with his partner and they agreed. He is now having his attorney draw up some paperwork to send to me. Hopefully thats a good thing. Never been through this type of transaction before.

 

[Vigilante]

Love it. Let us know when you get the cash in the bank so we can congratulate you at that time. Until then... you never know.

 

[Chaseb731]

Exactly as Vigilante said. I even had the contract signed and sent, and they backed out last minute after dragging it along for a week on their end. There went 2k for one of my best domain names. Still holding onto it now.

 

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[biggeemac]

I informed him that I have the .net as well. He is interested in a package deal. I offered to sell for $1000. Hopefully, I will have a fatter wallet here in a couple days. I will report back.

 

[Journey2Million$]

Also, the seems to be unwilling to put out the first number and keeps trying to get me to put a number on the table.

That's the most basic negotiating trick: always try to get the other guy to give a number first.

 

[biggeemac]

That's the most basic negotiating trick: always try to get the other guy to give a number first.

Yeah, unfortunately, he knew that trick. My learning experience for today is "what will I do when someone is obviously smarter than me and onto my game"?

 

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[AgainstAllOdds]

That's the most basic negotiating trick: always try to get the other guy to give a number first.

Bullshit.

There's a direct correlation behind who throws out the first offer and who gets the best deal.

Example:

If the guy offering to buy the site offered $100, then the price would have been closer to $300.

Since $700 was thrown out first, the price was anchored higher.



Edit: Here's a good excerpt from Wikipedia:
(http://en.wikipedia.org/wiki/Anchoring#Anchoring_in_negotiations)



In negotiations, anchoring refers to the concept of setting a boundary that outlines the basic constraints for a negotiation; subsequently, the anchoring effect is the phenomenon in which we set our estimation for the true value of the item at hand.[4] In addition to the initial research conducted by Tversky and Kahneman, multiple other studies have shown that anchoring can greatly influence the estimated value of an object.[25] For instance, although negotiators can generally appraise an offer based on multiple characteristics, studies have shown that they tend to focus on only one aspect. In this way, a deliberate starting point can strongly affect the range of possible counteroffers.[11] The process of offer and counteroffer results in a mutually beneficial arrangement. However, multiple studies have shown that initial offers have a stronger influence on the outcome of negotiations than subsequent counteroffers.[26]

An example of the power of anchoring has been conducted during the Strategic Negotiation Process Workshops. During the workshop, a group of participants is divided into two sections: buyers and sellers. Each side receives identical information about the other party before going into a one-on-one negotiation. Following this exercise, both sides debrief about their experiences. The results show that where the participants anchor the negotiation had a significant effect on their success.[27][page needed]

Anchoring affects everyone, even people who are highly knowledgeable in a field. Northcraft and Neale conducted a study to measure the difference in the estimated value of a house between students and real-estate agents. In this experiment, both groups were shown a house and then given different listing prices. After making their offer, each group was then asked to discuss what factors influenced their decisions. In the follow-up interviews, the real-estate agents denied being influenced by the initial price, but the results showed that both groups were equally influenced by that anchor.[28]

Anchoring can have more subtle effects on negotiations as well. Janiszewski and Uy investigated the effects of precision of an anchor. Participants read an initial price for a beach house, then gave the price they thought it was worth. They received either a general, seemingly nonspecific anchor (e.g. $800,000) or a more precise and specific anchor (e.g. $799,800). Participants with a general anchor adjusted their estimate more than those given a precise anchor ($751,867 vs $784,671). The authors propose that this effect comes from difference in scale; in other words, the anchor affects not only the starting value, but also the starting scale. When given a general anchor of $20, people will adjust in large increments ($19, $21, etc.), but when given a more specific anchor like $19.85, people will adjust on a lower scale ($19.75, $19.95, etc.).[29] Thus, a more specific initial price will tend to result in a final price closer to the initial one.

 

[biggeemac]

Right, I had no idea where to anchor the price at (thanks for the technical term btw, I figured that it existed, but I had no idea what it was). Since @Vigilante anchored it at around $500 bucks, I figured that it would be worth at least that amount, probably higher without scaring the guy off, so I pushed it up to $700, and the guy accepted my offer of $1000 for both domains.....all for something that I paid $20 bucks for.

I say today was a good day. Not only that, this inspired me to resurrect another domain that I purchased a while back that I am still holding onto that could actually turn into a HUGE advertising platform.

 

[MoneyDoc]

Make sure your careful buddy... I have some weird feeling about this "guy" for some reason..

 

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[biggeemac]

Contract was signed between buyer and seller through a legitimate IP attorney and money is in the bank.....cha-ching. Thanks for watching !