I get weekly offers on my domains over at Sedo. Most of the offers are for my 5 letter names and usually start with a bid of $200. My counter usually lies in the range of $2000 to $10,000 depending on my feelings of the quality of the name and of course my original investment. Nine times out of ten I’ll get a “canceled negotiation” email or “no response” email back from Sedo but every once in a while like today, I’ll get a nice counter with “Please justify your price”
As a domainer owner your first response is “it’s mine that’s why” but as a salesman you immediately turn to why you think it’s worth the price. You can take several routes. You can go the past sales route. You can take the poor route of “I have more than that in it”. An answer that tells the owner nothing of the value. You can take the overused “I’ve received bids higher than this in the past” which looks silly when the name has never had a bid before. You can tell them the value of that type of name to a company and other companies that have been successful with that type of name. I always choose to use this response if I really like the name.
This is a fantastic 5 letter dot com that is both easy to pronounce and easy to spell. I make a living helping start-ups find names and this meets all the requirement I look for in a solid name . It makes a great visual and audible presentation and will stick in the minds of your first time and eventual frequent visitors. The most important part of my price justification is it’s mine and I think it’s worth more
While I will admit “make a living” may be a stretch but I did make an extra $12,000 dollars selling 5 letter domains in the last few years that certainly added towards my living so it’s only a little stretch. This response is not one I give on every name because some of them aren’t exactly “fantastic” and I think I have a pretty good handle on poor vs good vs great.
The hardest part in this negotiation is not to get caught up in your investment. I have names that I bought for $50 that are as strong of names as my recent $800 purchases. It all comes down to luck and timing. A bad name is a bad name regardless of what price you paid and vice versa. This particular name is one I purchased at a very reasonable price but I knew when I bought it I had a steal. I knew it was a $3-4 k name. You may ask how a 5 letter meaningless dot com can be worth that much but then again you would be saying “please justify your price” and to that I would answer.
It’s mine and I can ask whatever the hell I want……..that’s why