This past week was very exciting for me. I received an email asking if I was willing to sell one of my domains/website. I was very excited and I immediately went on Google to figure out a process and how to analyze or get an appraisal for my domain. Well since I was very excited I really didn't know anything about domain selling. I have read several articles about it but I have not really 'enjoyed' selling or flipping domain names.
The email really got me more excited that I emailed the person back stating what his price range would be. He came back with an amount lower than all the appraisals I received. But I was in the mood to sell the domain without even thinking. I was thinking to myself it would be a great experience to sell a domain. At least I would have some knowledge of how to do so.
My mistake that I did was asking for his price range when I should have given him a straight price range. He is purchasing it from me, so I should have provided him a price.
Well I thought about it and decided not to sell the domain because of price. I was reading other blogs about domain selling and pricing and it says to take into affect traffic and conversion. Well I had other ideas for ClickBankViews and I recently just adjusted its theme and the whole aspect of the website. ClickBankViews was an article directory where users' inputted reviews or their views on specific ClickBank Products.
After a good 2 days of back and forth with the buyer I decided not to sell the domain. I know my negotiating was very poor as I acted in desperation to sell the domain because I was excited. Not until I have done some reading and research that I learned some key values.
Negotiation skills come across every part of our life, negotiating with your kids, spouse, business, at work with your peers, your boss, you name it. But many fail to handle the conversation well. Here are ten tips to help you with your negotiating skills.
- Always go for 'win-win' negotiation, keeping everything neutral (emotions, egoism etc.)
- Understand your fair interest and the interest of the person you are with negotiation
- If you are a buyer and in negotiation with a seller on an offer/point of a discussion, always support with some benchmark or reference, it's easy for the negotiation
- If both parties are not comfortable with the negotiation, take a time to come back later as it leaves both parties time to think
- Avoid confrontation at any stage of negotiation
- A good negotiation leaves a future merit for a business relationship, or even a good friendship
- Keep your negotiation not more than half-an hour to an hour at a stretch, take a break, it gives some time to think through it before you reopen the discussion
- Show your interest to open for new ideas
- Treat everyone involved in the negotiation with great respect
- Thank every one at the end of the negotiation, no matter if you made a deal or not
Source: Chai Times
You can really negotiate about anything; I negotiate with myself everyday; "This topic is better to write about than this topic." In our world compromising for anything is practically negotiating. You can negotiate the price on just about any item today. We need to remember some simple rules of negotiation.
First never negotiate the price of an item that you do not intend on buying (my mistake). It is unfair to the seller and to other shoppers who are serious about a purchase. Secondly, be reasonable and not greedy (my other mistake). The seller needs to make a profit to stay in business so don't make outrageous price reduction demands. He will be easier to work with if he believes that you are being fair and not just trying to cheat him. Thirdly, please be patient and courteous at all times. Remember that your goal is to get the best deal you can, so go slow enough that the seller believes that you really care about the item in question.
In the end I have thanked him for the opportunity and the experience. I apologized to him that I am unable to sell the domain to him at the price he suggested; since the appraisals state X amount of the domain base on traffic etc. My big mistake was becoming greedy and just wanting to sell it. Being a vital skill to learn I will definitely read more about domain selling and especially 'haggling'.