How little can I spend when buying a domain name?
I receive a few domain name inquiries a week. Quite often, most inquiries are tire kickers, yet there are a few that do turn into nice 4-figure sales.
All in all, most domain name inquiries I receive are asking the same question from the same point of view and the question is: how little can I spend to buy a domain name?
I’m not sure of the identity of most inquirers although I do take the liberty to research most emails and names via the internet.
There are those who are *real* people and quite easy to research to see if their story checks out while others play a game of incognito.
Either way, the domain name will cost them. How much it costs is only a matter of who I perceive is telling the truth.
And that know, allow me to share with you how I determine the good, bad and ugly when assessing domain inquiries.
The tire kicker or fake domain name buyer
Generally speaking, this domain name buyer is never going to buy your domain name, period.
They are nothing more than time wasters, if anything.
I receive domain name inquiries on a regular from those arriving at a domain name landing page or are sophisticated enough to use WHOIS to see that I own the domain name.
Tire kickers and fake domain name buyers pretend that they are going to buy the domain name for themselves or they are representing a buyer of theirs.
Either way, most only send a domain name inquiry without an offer price only to inquire about the asking price of your domain name.
Sometimes they only inquire so that you help them set their price for a related domain name.
In addition, I typically respond to these types of buyers with a can response of either “No thanks, domain name only for lease” or “The domain name is for sale, and please make your best offer”.
Then there’s the domain name broker or domainer
This crew is definitely one of the hardest to please because domain name pricing tends to be wholesale and not retail (not always though).
Again, most brokers and domainers are very savy when contacting other domainers about purchasing domain names they are interested in.
Typically, when I’m contacted by a domainer or broker, my asking prices for domain names are set at the ceiling and I don’t budge.
If either party wants the domain name bad enough, I suggest attempting one of the following actions:
- Use a domain name broker or brokering service
- Wait 5-10 years and try to catch it on a drop if it is allowed to drop by not re-registering it
- Try the old barter domain names of the same value, if not more
- Try renting or leasing the domain name when you don’t have the money to buy
- Simply pay the premium asking price for the domain name
Most of the domains that fall into the domain name broker and domainer inquiry don’t have pricing listed.
I respond to such inquiries with make your best offer or ignore the initial inquiry altogether.
Again, when you want a domain name bad enough and the value of having that domain name can drastically change your business, then you won’t be up for playing games or lowball offers.
You will make a reasonable market offer as you don’t have time to waste playing cat and mouse games.
The uninformed domain name buyer
This domain buyer is by far the best type of buyer I like to deal with due to the nature of our exchange to finalize a realistically priced domain name transaction.
In most cases, uniformed domain name buyers typically have the financial resources, and are willing to make the investment, especially after being educated about domain name pricing and values in general.
This type of buyer is often a legitimate person that you can check and validate via social media networks or simply running a quick search across major search engines.
Most of the time, this person emails from their company email address and aren’t afraid to do so should they email using a personal address.
Sometimes, they may send you a lowball offer for your domain name but it’s not to offend you. But don’t fret, just take the liberty to explain your asking price based on legitimate value and pricing factors.
For instance, your domain name may be the exact match domain for their industry with an exponential number of searches performed in a given month.
Or it could be a very attractive brandable domain name that is rare in comparison to other domain names that fall into the brandable domain name category.
In any case, they are more than willing to purchase your domain name at an affordable and reasonable price, seeing your domain name’s value warrants such value.
Tips and tricks to buy a domain name
In closing, you get what you pay for when it comes to domain names.
Sure, you can always try to go register a domain name like the domain name that is taken by a domainer or another business.
You can add hyphens, verbs, adjectives, numbers or even misspell the domain name, but it will never be the equivalent of the premium domain name your heart yearns for.
And that’s my two cents on domain name buying, and what to look for when purchasing domain names or being contacted in regards to someone purchasing your domains.