There is an art to negotiation, a risk taken by turning down an offer and countering for more. You may end up turning down an offer you believe is fair for the prospect of a better price.
I kept most of my names at Sedo and over the years I have had my fair share of negotiations go the way I wanted. There have also been deals that didn’t happen.
I currently have one now that is a no go. The min offer I had set was $500 for a brandable that for whatever reason has gotten a lot of offers over the years, but all low ball
So I counter the $500 at $2,000 nothing crazy, this name doesn’t mean a lot to me, acquired cheap for $5 in 2012 as a closeout at GoDaddy auctions.
Sedo gives you that tiny picture of info about the seller, from that I saw they joined back in 2017 and were from Germany.
I wasn’t thrilled by that, I was hoping I would see they just joined, with the thought being they were a company that was interested in the name, parked at Sedo and had to join to make their offer.
So after the $2,000 offer expired, I went back just to play around because as I said, I really don’t care about this name.
I sent them a new offer at $500 what they offered, I was confident they wouldn’t accept. They didn’t.
But now I read a thread on Namepros about GoDaddy and negotiating on their platform.
It seems MapleDots made an offer on GoDaddy which was an offer/counter offer listing.
He really didn’t want the name after realizing it was a typo, he stated he would have honored the bid.
But then the seller countered, and MapleDots thought woohoo, I am off the hook, the same way my potential buyer at Sedo was off the hook when I countered.
But after getting different info from all areas of GoDaddy, each contradicting the other, it seems that the seller can accept his original offer and he is bound to commit to that purchase.
I have it officially…..
Thank you to all members who responded.
GoDaddy differs from services like Sedo:
When you make a bid on GoDaddy and the seller counters it does NOT cancel the original bid. If you make a bid it is binding for 7 days. So if you offer 1k and the seller comes back at 1.5k it does not void your original bid. If you do not answer the seller he can decide at any time in those 7 days to accept your offer.
I must say that I find that whole process a bit strange but I guess it is what it is. Kinda like I go to the butcher and offer 60 bucks for the steaks and he says 80. You say no thank you and the butcher says… too bad I’ll hold you to the 60.
In this case I prefer the Sedo way where the latest bid or counter bid becomes the binding one.
It was clear from the thread that everyone did not know this was how offer/counter offer listings work at GoDaddy.
This changes the art of negotiation, it gives you a free shot to counter, and then accept the lower amount, so it makes negotiating better for the seller. You get to make your counter because maybe the buyer is Google, a well funded start up, etc… When you get no reply you can still accept the first offer and get your name sold.
That is a big difference to negotiating on Sedo, I can say in the past I turned down bigger offers on Sedo, countered and the buyer disappeared, where I actually said to myself, “I should have sold at that first offer, that was a good price.”
I buy on GoDaddy, some premium listings sure, but never spent a lot of time listing names offer/counter offer. Time to shift strategy because there is a real advantage at GoDaddy providing they don’t change the rule.