When negotiating a domain name purchase, I regularly encounter a bit of turbulence. Usually it happens when I make some sort of best and final offer and/or the domain name owner makes a best and final offer and we are left far enough apart that there is a material difference in our positions.
I thought about several ways I have been able to close deals that I want to share with you. Sometimes, none of these will work, especially when there is a considerable gap between valuations and offers. In addition, I have found that even smaller concessions can be helpful, especially when it comes to someone who seems to refuse to budge on a number out of principle.
Here are 5 deal closing incentives that I have used to varying degrees of success:
Add a few extra $ – When your offer is fairly close to the seller’s price, it may make sense to offer a bit more money. If the deal is good, a few percentage points won’t likely hurt. I won’t spend more than my comfort level, but I can generally find a bit more money if it means closing a deal.
Promise immediate payment – Although this is always a given for me, I let the seller know that I will pay right away. This may get them to think that other people might not pay right away or would need to line up financing (especially if the domain owner isn’t too familiar with domain name sales). Knowing that they will have a nice wire transfer into their bank account within a day or two can be a powerful incentive to closing a deal.
