A short rant and some advice from a domain broker and a commissioned salesman of 43 years.
The customer is not always right. And the customer does not always know what something is worth, especially in the domain business. In fact, they almost never
have a good grip of even a ballpark value. That’s why the first words out of their mouths are: “What are they asking for it?” It is at this point where the battle for hearts and minds is either won or lost.
Although this dated reference originally applied to war, it has relevance in any sale situation. A domain broker must win the heart and mind of a prospective buyer as a consultant, not an adversary. Anyone looking to purchase something has a pretty easy time discovering the price. Even car dealers have the asking price glued to the windows of their vehicles. They do this because they always want to be the first party to the table. The final negotiated sale price may end up right there at MSRP or a vastly different figure. But that car dealer is going to tell you right out of the box where they would like
As domain name sellers, we should take a tip from them and get an asking price back to the interested buyer as quickly as possible. Just like cars, we may end up at the ask or we may end up at a discounted price. We may have to dispatch a paramedic if the buyer goes into a panic attack. But that’s what we do to earn the commission we are paid. We start handling the situation through empathy, listening, and education. A very good friend of mine gave me some advice a long time ago that still rings true. We are not in the domain selling business, we are in the domain education business.
However, many of the domain owners who have listed the name on our Uni platform do not have a posted asking price. That’s OK. That’s not my beef. I use the initial interaction with the buyer to ask about the project and qualify the lead. But I need to tell them right off that I will have an asking price back to them shortly. This eliminates the price objection, for now, and allows me to get on to the business of educating and building rapport. Remember the “hearts and minds” thing.
When we do not get back to the prospective buyer in a prudent amount of time, nothing positive comes from this.
My complaint here is not offered from some wet-behind-the-ears green pea. I spent 33 years in the retail car business arm-wrestling buyers over free window tint to make a deal. I have toiled in the domain business for over 10 years. I have a pretty good grasp of how buyers operate. They need an asking price, as soon as possible, so they can start wrapping their brain around it or get on about their domain name search.
When we do get back to the prospective buyer quickly, positive things happen, especially for the domain owner.
We have to assume the prospective buyer has an interest in securing the name. They went to some effort to look it up and fill in their contact information. When a Uniregistry Broker reaches out to you, the seller, for an asking price, they have told the interested party an asking price is coming. Please help them make that next step to a sale by responding to their request with a price or your thinking on where we need to be. Either option is immensely appreciated and can make good things happen quickly!