I want to share a piece of advice with you that can benefit you in two ways. When responding to an inquiry on one of your domain names, always set a deadline on your price quote.
The first reason for doing this is because your financial situation may change from the time you price a domain name until the time a buyer agrees to buy it. For instance, you might be more motivated to sell a name today and would give a better price than you will be in 6 months. Why create a potential problem with rescinding an offer that was given months prior.
The second reason you should set s deadline is because it creates a greater sense of urgency for the buyer. Much like those infomercials that encourage viewers to act now, your deadline will create more urgency. It may also help hasten a decision when multiple domain names are being considered.
I don’t really see a disadvantage to doing this aside from potentially putting off a buyer who isn’t ready to transact. Even if the buyer comes back after the deadline, you can always agree to sell the name for that price if you want.
I like to use either a week or until the end of the present week when I set a deadline, depending on circumstances related to that particular negotiation.
Do you give buyers deadlines when they ask for pricing, and if you do, what amount of time do you typically give.
Good advice, I had someone reply after 3 years for an app name that maybe wasn’t understood in 2010, but a lot more apparent, and valuable today. Just because they don’t reply in a week doesn’t they mean they never will, businesses has cash flow issues also.
If I quote a price I say 24 hours if I am firm. Sometimes I’ll say 24 hours but if you need more time, let me know.
A week is way too long to be obligated to a potential buyer unless they are VERY serious and have proven their interest and answered a lot of questions already.
I don’t think a week is too long. For some people, buying an expensive domain name is an irregular event and it may take a bit of time to decide. Another consideration is the red tape some companies need to go through to authorize a large expense.
I give one week.
Less time seems a bit rushed and rude.
I give max one week time. It’s always good to give time limit for the quoted price.
Another reason why setting a BIN price across every domain of one’s listed portfolio, is a bad idea. Trends change; unless you want to tweak pricing daily, seeking an offer is the best approach.
I’ve found that most of my offers are made via response to sales emails, Whois inquiries, and landing page inquiries, so having the ability to price names based on the situation is critical. I don’t love BIN pricing.
My portfolio has 500 or fewer names, so it’s more manageable for me than it would be for people with many more names.
Great article. I was just himhawin’a deadline over last night. Had put all my domains really low to get up some tax$$$ but honestly once I raise the taxes I’d like to change back what remains. Man, it hurts, but ya gotta do what ya gotta do. Any ideas how to word a open deadline that could be at any time?
Maybe something like “This offer is valid until next week. Should you not agree before then, the price may change.”
Good blog post. Urgency works. I started doing this last week and potential buyer respond to the emails very quickly. It also makes you seem less desperate and subconciously infers that other parties are interested. People like fighting over valuable stuff – whether it’s money, domains or women!