Determine What You Are Willing To Pay For A Domain Before You Make Your First Bid
Below is a MRR and PLR article in category Internet Business -> subcategory Web Hosting.
Know Your Budget Before Bidding on a Domain
Summary:
When purchasing a domain name, it's crucial to determine your maximum budget before entering negotiations. This fundamental step can prevent overspending and ensures a strategic approach to acquiring the desired domain.Article:
Before you start bidding on a domain name, it's essential to decide what you're willing to pay. While this might seem obvious, it's a rule worth emphasizing every time I embark on acquiring a new domain.
Just yesterday, I encountered two domain names perfect for a client’s business website. Both were available on Sedo, listed with a "minimum bid." One was a .com, the other a .biz?"each with distinct names.
I placed a bid for the .com domain at the minimum suggested price. The seller accepted promptly, and the transaction is underway. Could the seller have held out for more? Possibly, but they secured a guaranteed sale today, rather than waiting indefinitely for another potential buyer.
Conversely, my bid for the .biz domain at its minimum price resulted in a counter-offer 15 times higher than expected. Despite offering a slightly increased, fair price based on current .biz values, the seller’s demand seemed excessive. If they want a high price, they should set it upfront rather than enticing buyers only to surprise them later.
The takeaway? Research the value of a domain by examining recent sales of similar names. Set a firm maximum you're willing to pay. If a seller employs tactics like baiting, it's often best to walk away and seek other opportunities.
For more insights into domain sales and trends, visit my post on Domain Sales Year-to-Date Data: [Link](http://www.domainphilosophy.com/domain_philosophy/2006/06/domain_sales_ye.html).
By being prepared and informed, you can make smart decisions and secure the right domain at a fair price.
You can find the original non-AI version of this article here: Determine What You Are Willing To Pay For A Domain Before You Make Your First Bid.
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