Yesterday I wrote a post with some advice on adding a deadline to a price quote when a potential buyer inquires about a domain name. I believe it’s also important for you to add a deadline on your offers for similar, but slightly different reasons.
When you make an offer on a domain name, it’s likely you want an answer quickly. My experience tells me that the more a domain owner thinks about it, the less likely the deal is going to happen. When you know the offer is really being considered, you might set a deadline to get the person to make a decision more quickly. If the owner needs to make a quicker decision knowing that your offer may disappear, it might move things in your favor. Further, by setting a deadline, you reinforce that this offer is most likely your best and final offer.
I send out inquiries all the time. More often than not, my offers aren’t accepted because the domain owner and I can’t come to terms. On occasion, several offers are accepted right around the same time, and I need to be sure I can pay for all of these purchases. The last thing I want is to have an offer from months or even years prior get accepted and not have the comfort to spend all that cash on several deals at once. Hence, setting an expiration date on your offer can be a wise move.
One thing to consider when setting a deadline on an offer is that you need to make sure your offer is actually being considered. You’ll look like a fool if you offer $500 for a LLL.com domain name and tell the owner he only has 24 hours to respond to your ridiculous offer.
If your offer is declined, you can always tell the person you’ll keep your offer open should you have the money in the future. This doesn’t obligate you to follow through with the purchase should the domain owner reconsider down the road. It’s also a friendly way to let the owner know to contact you in the future if circumstances change.