In 2007, I was looking through a list of names from Buy Domains, and if my memory serves me correctly, one name I liked was priced at around $4,000. I would have paid $4,000 for it because I thought it was a $10k name, but I didn’t want to pay the asking price and negotiated with my account rep hoping to buy it for $2,500. In the meantime, it was sold to someone else.
I always thought it was silly to pay someone’s asking price. When it comes to domain names, most people price their domain names at a level they would like to get, but in reality, you can negotiate a better price. This is true for most larger companies and individual domain investors. I was so accustomed to negotiating better pricing, that when I saw a great price, I didn’t immediately jump on it, and it was my loss.
One of the most important lessons I’ve learned over the past several years is that if you see a great domain name for sale at an exceptional price, you need to agree to the deal immediately, or someone else will buy it first (you need to ensure the sale is legit first). When I bought Creole.com via DNForum last month, a few people told me they were very close to buying it from the owner. Luckily, I was able to get the deal done first.
There have only been a few times where I lost out on a name in a situation where I tried to get a better price despite being content with the asking price. These days, if I see a great domain name for sale at an exceptional price, I buy it quickly. At the end of the day, potentially saving a couple thousand dollars on a purchase isn’t worth losing out on a deal that will likely net many times that on the sale side.
Losing out on the Buy Domains deal in 2007 taught me a very important lesson that guides my business decision making to this day. When I see a great domain name for sale at a fair price, I buy it.