Generally speaking, I try to respond to purchase inquiries and offers for my domain names very quickly. I know that some people prefer to wait and/or respond slowly, but for my purposes, I like to respond quickly and keep an open line of communication with the prospective buyer. Before replying, I try to find out as much information about the buyer and why they want my domain name, and I do this quickly.
I want to share a few reasons for why I tend to respond quickly, and I invite you to share other reasons why a speedy reply is beneficial. I also invite you to share reasons for why it might be beneficial to respond slowly (or not at all perhaps) to offers and inquiries. I certainly could be wrong about my negotiation strategy, and I am interested in reading your thoughts on the topic, too.
- Looking at other domain names – If a buyer is considering several domain name options, I want to make sure that I get him a price rapidly. In many situations, I am happy to sell a domain name for a fair price, and I wouldn’t want the prospect to choose another domain name while awaiting my price.
- Project that fails or gets killed – I would imagine that the failure rate is high with most startups and corporate projects. I wouldn’t want a prospect to decide to go with an alternative domain name or use something temporarily before buying my domain name only to learn that the project was not successful. They could also have a higher than expected burn rate and not have the capital to buy my domain name in the future.
- Fleeting ideas – I frequently have great flash in the pan ideas, and I try to buy a perfect domain name for the project. Sometimes these projects fizzle out (lose interest, decide it’s not worth the time…etc), and the extra time may cause a prospect to opt against purchasing the domain name.
- May have money right now but the situation changes – Over time, the financial situation of a buyer might change. They might be flush with cash due to a great quarter, tax refund, or some other reason. Delays in response can mean the prospect spent the allocated budget elsewhere.
- Time constraints -The prospect may have a specific need for a domain name at the time the inquiry is made, and the need dissipates after a period of time. Why take the chance that the needs have changed.