Deal Making Skills...

[Dien Rice]

Originally Posted by Ankesh

Excellent question Dien.

I routinely register and sell domain names for 3-4 figures. My process of domain selling is easy. But can't be automated or outsourced. Let me see if I can write a short report on it quickly.

Anyways, I've made / tried to make quite a few deals. Some went well. Others went bust.

Some rules I tend to follow:

1. Before putting deals together, you need to know what you can do and how much resources you can spare.

2. Always find buyers first. Sellers are easy to find. Buyers are not. So you need to have a strategy in place that attracts the buyers to you.

3. ASK.

4. If possible, don't make the first offer. Let the other party make the offer to you. You'll be surprised how often it'll be more than you would have asked.

5. The 10% upgrade rule. Always ask "whats the best you can do" when discussing price. Most of the time, if you get an offer for $500 - you can easily make a counter offer of $550 and get it. People don't think a lot if they have to pay 10% more.

6. Always leave the other party satisfied.

7. Take care of your downside and the upside will take care of itself. First and foremost - minimize / spread the risk.

Thanks Ankesh,

Those are great tips!

I'd also love to see your report on selling domain names...

(I have a ton of them.)

Cheers, Dien