You’ve Got an Offer, Now Don’t Blow the Deal!

Discussion in 'Resources' started by domainking131, Sep 13, 2016.

  1. domainking131

    domainking131 India Forum Leader Staff Member

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    Here’s a few of her negotiation principles and how I’ve applied them in my domain negotiations over the past few years.

    Meticulous Preparation – First thing I do when I get an inquiry is to try to figure out who is making the offer. I search the web for the email address, the email handle and the website that the email address originates from. I continue to search until I know who the person is and where they work and what their interests are. If I can’t find any information about the person and the email is generic (like Stan659@yahoo.com) then I’m suspicious that they are hiding something. I will often say politely that I get lots of email offers and I can’t take their offer seriously until they email me from their business address. This gives me more info and allows me to take the lead in the negotiation process.

    Set Goals in Advance – I decide on a realistic asking price for the domain. I also decide on the lowest price that I could accept and still feel good about the deal. I write these prices on a piece of paper and tape it to the wall next to my desk. This keeps me consistent through the entire negotiation.

    Even Temperament – I make sure the tone of every communication I have with the potential buyer is authoritative but also very friendly and very respectful. I don’t get offended even if they are unreasonable or rude.

    Identify the Buyer’s Needs – I try to make my communications conversational and I say something personal about myself. I also ask casual questions about them and their business. I try to find out what is the most important aspect of the deal for them.

    Email Benefits the Weaker Party – If you don’t have strong negotiation skills don’t initiate a phone conversation. Stick with email unless they insist on a phone call. Conversely, if you are an experienced deal maker than pick up the phone and advance the deal in that way.

    Take a Break or Walk Away – If things get intense I slow down my responses and the amount of time between interactions. If it looks like they are not going to attain or surpass my lowest feel-good-price then I will let them know that I can’t continue the negotiation and that I wish them well in their continued search for the ideal domain or brand.

    It’s a Relationship not a Deal – The best deals are those where both parties walk away happy. I ask for what I want and I’m firm but I also show flexibility. I keep the negotiations friendly and personal at all times. If we make a deal I make triple sure the entire transaction is smooth and easy at every step of the way. I send them a thank you email a few days after the transaction is complete and ask if there is anything else I can do for them.


    This informative article was published on DNGeek
     
  2. oportosanto

    oportosanto Portugal Member

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    Thanks for sharing this! Negotiation is the base of any good deal and we need to have in mind that we need to prepare for it or else we won't get the best out of it.
     
  3. larryl332

    larryl332 United States New Member

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    I have never really thought about it too much, but I bet that there is an art form out there when it comes to being able to negotiate via email. When you think about all the dedication there is to people being able to negotiate in person, you might think this would get a little more attention.
     
  4. oportosanto

    oportosanto Portugal Member

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    The best basis for negotiating is to have several people interested in what we have to offer, in that case if can make the price suit us better.
     
  5. larryl332

    larryl332 United States New Member

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    Seems like whenever things are on the line and I am required to step up, that is when the pressure is there. Of course this is nothing new, but it helps to know when it is coming. Thanks for the little tip and the advice to be aware.
     
  6. oportosanto

    oportosanto Portugal Member

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    Yep, pressure is always there, but when the pressure is high is when the deals are about to happen.