Knowing when to pull the trigger on a deal is not always easy. Most people want the best possible deal, and by trying to continue to negotiate after a fair offer is made, they may miss out on the opportunity if the other party pulls it.
Here’s a comment from Mike Mann on Facebook yesterday afternoon after he gave what he deemed “a super duper low price” for a domain name his company owned and was motivated to sell:
“Live by the sword. People wanted to buy ResponsiblePower.com from me, I offered a super duper low price to get rid of it and move on, then they kept negotiating and being annoying, now its priced on the site tenfold.”
I don’t totally understand this tactic if the goal is to churn the domain name. I can’t imagine that I would ever pay 10x the asking price because I tried to get a better deal. In my opinion, it seems most likely that the prospective buyer will walk away angry and the deal is lost. Perhaps a humble apology would get Mike to reconsider, but who knows.
As an observer, it is another reminder that a good deal may be fleeting and it’s better to potentially overpay by a bit than risk losing the deal. This is especially important if the domain name is being acquired to be used for a specific project.
Yes, I’ve written about this a number of times, but it is something I have done and regretted more than once. I think this is a good reminder to not over-negotiate when a fair offer is made.