The Gambler by Kenny Rogers speaks volumes with its lyrics: “You've got to know when to hold 'em, know when to fold 'em, know when to walk away, and know when to run” which also relates to domain name sales, not just poker.
Consider this: you get a good offer to purchase your domain name. The ROI would be nice at the current level but it’s common practice to try and get the most out of every sale, so you counter offer shooting for a home run. With each counter offer you make, the risk becomes greater that the other party can walk away.
You wait. Maybe 2, 3, 4 years later. Nobody else comes knocking. No more real interest. You keep paying renewals, and there are no other inquiries coming in to purchase the domain. Nothing.
Here's what you need to consider in advance:
- “You've got to know when to hold 'em” ~ Pass on the current offer, you’re certain several more parties will have interest to purchase the domain.
- “Know when to fold 'em” ~ Sell, sell, sell! You’ve got to know when to sell.
You have to be realistic with yourself. Do the research. How many truly qualified buyers are there for your domain at your asking price, who are willing to pay a premium price? Understand the value in domain names. Pay real cash money, now! Most of the time it’s actually a pretty small number, maybe even 1 or 2 at best.
Hindsight is 20/20 and with domain names, sometimes you only get that one good shot at selling to the perfect buyer at a good price.
The less you kick yourself for not taking an offer you later determine was the one, the better. Easier said than done but this is something you have to get good at. You’ve got to know when to sell ‘em!
No two domains are the same, so “comparing” other reported sales is of little real help. The buyer matters! Just because “this” happened doesn’t mean “that” will happen in your situation.
Be true to yourself and be certain that you are making a decision you will be happy with each step you take. Sometimes, you only get one good shot.
Things change - sometimes for the better, sometimes for the worse. Companies get acquired, brands are dissolved, and some rebrand. Some go out of business. Finances change. People change their minds.
The next time you get a good offer to purchase your domain name, really consider the situation because you’ve got to know when to hold ‘em and know when to sell! It may be your only real good chance.