Hiren Patel sold iBlock.com for $50,000. He posted it on Twitter a few weeks ago, he had a lesson to go with the sale that I thought was interesting. I did not write about at the time because I did not know if he wanted it out there. He has now published it on Namepros so for those that don’t read Namepros, here you go.
I think all the details make a sale much more meaningful.
Some background story:
- I received $50000 offer via Dan
- I checked Country IP not looking promising
- I did not check person’s name via Google who they may be
- It was early morning when I checked because the offer came late-night.
- I accepted offer thinking if the offer is fake Dan will ban the buyer and he won’t submit fake offers to someone in future.
- Next day I got email about Dan sent buyer a payment reminder. This is very normal.
- Suddenly after 48 hours I got email from Dan that they received payment from buyer.
- I couldn’t believed initially because I thought it was fake offer. I realized what did I do?? I made a mistake because I always try to negotiate with someone. I converted many $500 to $2500 opening offers into High $XXXXX to Low $XXXXXX successful deal.
- Couple people / friend suggested me to cancel the deal. But I said nope I am not going to do that. Knowingly / Unknowingly I agreed to the deal and I always honor my commitment. We need to have ethics, morality, and good intentions in life. I give high importance to those qualities in life and I do practice that by improving slowly and gradually in life.
- I transferred name to Dan’s Godadddy’s account and completed the deal
Why I accepted the offer & Why I think I undersold it:
- Since sometimes been getting many odd offers via Dan which can be the case anywhere regardless of any type of landing pages we can use. So I do not think it’s Dan’s fault but yes I do think they need to improve something for sure.
- The main issue of getting these unrealistic offers of Seven to Eight figure because many times the buyer thinking they are submitting offers in their local currency. If we convert those figure from those countries to USD then conversion may end up around $XXX to $XXXX.
- So I got many real offers as well as many fake offers. When someone submitting offer whose country does not look promising then I accept their unrealistic offer and unclick the “Sold” checkbox under my settings at DAN. This way if they pay we have a deal and if not then Dan will ban them from future offer submission, but at same time our name is listed for sale instead of waiting for days to figure out if the offer was real or fake.
- I did received many fake and real offers recently. It was early morning and I didn’t realized $50000 offer was not near my expectation because my expectation was low Six fig. iBlock was one of the best brandable Blockchain name in the market after BlockChain / Block / Chain etc. All of these names already sold for Deep Seven figure recently which leaves iBlock the available best Blockchain name in market.
- I did received many Low $XXXXX offers regularly on iBlock. So I knew we need to have patience to hold until someone knock the door with proper budget range.
- I accepted offer even the offer was not close to my expectation
- I accepted offer without some background study about who the buyer can be
- I love negotiation in general to improve my negotiation skill. But for some reason I accepted offer due to early morning unconsciousness.
- I had $50K minimum set at DAN & $100K minimum set at Afternic. It had no Bin. So in short I did not check I had 2 different minimum at 2 different platform.
- Always learn about who the potential buyer can be
- Always counter offer to taste the water
- Do not participate in negotiation unless you are fully conscious of what you are doing. LOL
- Negotiate with facts and data to bring the best possible results.
I hope this story may be useful to some friends here.
Congrats to Hiren