Thursday , August 11 2022

Turning Down a Big Opening Offer

A few weeks ago, I received a $500k opening offer for one of my one word .com domain names via Dan.com. This was a strong offer well above the $100k minimum offer I had set for this unpriced domain name. I declined the offer and tried to negotiate a deal, but unfortunately a deal was not reached.

When I received the offer, my first thought was the offer wasn’t genuine. Even though someone needs to confirm the offer by entering a verification code sent by Dan.com via email, I felt that it wasn’t legit. Put simply, in my experience, nearly all opening offers I have received have been pretty close to the minimum offer amount. People, myself included, tend to try and find the minimum offer and work from there.

Aside from the thought that the offer was not genuine, I was also concerned that immediately accepting an offer would make the prospective buyer think he was overpaying for the domain name. If I agree to the opening offer without countering, I thought, the buyer may get cold feet and simply not complete the deal. Sure, I could try and enforce an agreement because the IP indicated the buyer is in the same country as me, but that can be time consuming, expensive, and there’s no guarantee of success.

I opted to decline the $500k offer and make a counter offer a little above $600k. The offer was declined, and subsequent offers were also declined. I went back and offered the name for the original $500k offer and was ultimately rebuffed. I figured a buyer who is legitimately interested in buying a domain name at that level will stay engaged and try to work out a deal. That did not happen here.

I asked my account manager at Dan.com if he thought the initial offer was legit, and he said it looked legitimate to him based on the information he could see. That doesn’t always mean a deal will go through, as I learned when a nearly $200k deal didn’t get completed with a very legitimate buyer earlier this year on a different domain name.

I probably should have accepted the opening offer, but I imagine I would be in the same position of second guessing myself had I done that and the deal defaulted.


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