Greed Cost Me a $250 Domain Sale and 3025% Return on My Money


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A week ago I hand registered a domain that I found while randomly surfing the web that I thought had some good potential end users. So the cost was a little less than $8 using a coupon code at godaddy.

I had not done anything with it untill yesterday when early in the morning I sent out 3 emails to businesses that I thought might have interest in the name. Two hours later I returned to my computer and I had no replies from the emails I sent out but there was an email from the Network Solutions Certified Offer System. I had never had any experience with the Network Solutions Certified Offer System so I googled it and quickly skimmed over the details.

In the email I had sent out  listed an Buy It Now price for the domain for $350 which I thought was a fair price considering the number of possible end users. The email from Network Solutions Certified Offer System stated the offer was for $250. I thought about accepting the price which would have been a return of 3025% on my $8 investment, but I decided to counter with $325 and a few seconds later I got the dreaded email that states the buyer refuses your offer this negoiation is over.

Well I lost out but I learned a good lesson. For me there are plenty of names to sell for $250-$750 to small end users it is better to take the $250 then sit on a name for a few years waiting. Where else can you take $8 and turn it into $250 in less than a week?

Another note I did not love Network Solutions Certified Offer System I like to talk directly to the buyers but if they wanted to remain anonymous it is a good way to do so. And after they refused my $325 there is no way to go back and contact them.

Have a great weekend!

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Comments

13 Responses to “Greed Cost Me a $250 Domain Sale and 3025% Return on My Money”

  1. Deke
    August 21st, 2010 @ 8:11 am

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    I disagree with you. You did not make a mistake.

    This deal has “speculator” written all over it.

    That guy/gal pulled the bid intentionally. Either they got cold feet (very small chance), or they did this as a psychological ploy. The latter more likely.

    Just wait a couple months, or maybe more or less, and you’ll get another offer on it for probably a little less or a little more than the $250. This is a standard tactic.

    I’ve walked away from so many of these just to have the person come back with another offer. Many times if you just hold your ground or come down a little they’ll buy anyhow.

    Also, if you don’t go for the bigger numbers sometimes then you will NEVER get the big numbers. Don’t ask, don’t get principle. One $750 gets you three of the $250 sales.

    Another thought, if the buyer can’t afford the measly $350 then they were not “your buyer”, so to speak. They were more likely a speculator just like you and I. :)

    Most domains trade much higher than $250. At least mine do, I make sure of that. There is also perceived value when domains are sold for higher amounts. At $250 it feels, as a buyer, your not really getting much.

    These are just my thoughts on your “non-sale”, I’m not trying to come across as a know-it-all. :)

  2. Leonard Britt
    August 21st, 2010 @ 9:26 am

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    It depends on the quality of domain and as you mention the number of potential end users for this type of name, but your time has a value and $250 for a company really isn’t that much. Domainers do often get greedy with asking prices but you’ll never make a $1500 sale without turning down the $250 offer.

  3. Domain Sales
    August 21st, 2010 @ 9:52 am

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    You probably have a list of other domains you want to buy. I would take the quick profit, buy a nice lunch, replace the domain with 5 more. 5x$250 is much more than one sale for $750.

  4. TeenDomainer
    August 21st, 2010 @ 11:09 am

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    @Deke the Offer was via Network Solutions so it was binding so they could not really back out. I have found that when I sell my domains to end users I hand register most of them that the 250 to 500 range is much easier to sell to smaller end users. But I am going to wait for the next offer and go from there.

    @Leonard Britt Great point but if you make 6 250 sales before you make the one 1500 sale your still in the same place :) It all really depends on the names and situations.

  5. Jamie
    August 21st, 2010 @ 11:23 am

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    Considering it cost about $20 to send the offer via NSI, it is pretty crazy the person didn’t accept your counter offer. The problem with the NSI offer that I am aware of is the buyer puts in a “range” of what the buyer “would pay”. If your counter offer is in that range, your email back would have been that they “accept” your counter. That is why you got the denied email so quickly.

    It very likely could be that the buyer using NSI didn’t understand how the process worked and only put in the $250 and no range.

    It takes 30 days to get money from the NSI offer system anyway and it comes in the form a check.

    Put a Contact Form on the domain and they will likely contact you.

    Jamie

  6. Ace
    August 21st, 2010 @ 1:18 pm

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    @TeenDomainer, IMHO @Leonard Britt is correct about a 1500 sell has opposed to your idea of 6×250 sell.

    Thing about it. Time is money. you have to put almost the same effort to get one sell as opposed each of the six sells. Moreover if you are going through SEDO that’s $50.00 per domain under $500.

  7. WeBuyThe.Com
    August 21st, 2010 @ 10:27 pm

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    You forgot to mention what name it was. Maybe you’ll find a new buyer tonight!!

  8. Jason
    August 22nd, 2010 @ 8:36 am

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    I wouldn’t worry about losing this one… considering the time it takes to find the name available, estimate its value, find coupons, register the name, list it for sale, research potential buyers, send off emails and respond to an offer… wow! It’s a LOT of work… and worth more than $350.

    It’s very hard to resist selling for a fast buck… I know that feeling. You gotta just hold your ground be confident about your 20K counter-offers… =D

  9. Verno
    August 22nd, 2010 @ 9:15 am

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    Hey, what’s up? I’ve been “domaining” for nearly 3 years now. I’ve turned down offers before (example: $300 for FingerWorld.com, only to end up selling it for $10 a few months later) and it’s extremely frustrating not knowing what you have and what to sell it for. I still don’t know how to profit more from my finds and still find myself selling on ebay. Is there a better site out there? (sedo doesn’t seem to work)

  10. Jerry
    August 22nd, 2010 @ 9:25 pm

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    @Verno: It comes down to confidence. You have to treat your domains less like hot potatoes and more like assets. Any domain name can be developed into the realm of value, but some require way more work than others. Keep this mentality in mind when buying, registering and selling. Seek purpose in each domain acquisition. The average sedo user will move less than 2% of inventory in any given year without aggressive outside promotion. If you question yourself when it’s time to renew, enlist the opinions of others. There are consultants that offer professional insight on your portfolio and tell you if your acquiring good domains or pissing away your resources – and if the latter, tell you why so you can avoid these mistakes in the future. At the end of the day, profit is profit and the size of it is determined by the individual.

    @Teen D: Keep the faith! Your next offer may make you happy that this one fizzled out ;)

  11. Soud
    August 23rd, 2010 @ 9:05 am

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    I can imagine how much frustrated I can be if I were in your shoes, better luck next time.

  12. Stephen Douglas_Successclick
    August 23rd, 2010 @ 9:08 am

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    @Verno,

    Buy an ebook on domaining. There’s several, but I recommend “Domain Graduate”.

    It’s worth the investment, but if you have a little to spend, hire a personal domain consultant. Total cost to learn the whole program that takes a normal person about 2 years to learn: $1500 paid in installments.

    Teenie, as far as not going for the sale at $250, you have to ask yourself this: “Do I have the ability to nab OOTB domains at $8 whenever I can?” If you say “yes”, then flip it and move on.

    It’s hard when you come across systems like Net Sol’s lame “certified buyer” bullsh*t. My blog and several others covered Net Sol’s idiotic bidding system last year or early this year. This subject about Net Sol has mystified domain sellers for several years. They’re losing money, but since they’re so big, they don’t see that, because they’re charging that fee up front and that’s okay with them.

    If you get a Net Sol offer in the future, remember, if you counterbid, you could be saying goodbye to the sale, so think hard if you want the cash or you think your domain is a sleeper.

    cheers

  13. Ken
    September 13th, 2010 @ 7:15 pm

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    Nice entry. I can feel the frustration of almost making that sale that could’ve given great ROI but lost it.

    But hey, if you think that your domain’s worth more than that, then sell your domain at that value. An interest in a domain is a good sign that your domain might be that good in terms of quality and chances are there will be another potential buyer willing to make a hopefully better offer.

    Good luck TD! :)

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