How to buy a domain name from someone.
Are you looking to buy a domain name that is already taken or owned by someone else?
The reality is that every GREAT domain name has already been registered.
What this means is that someone else owns the domain name.
Now the mechanics of transfer a domain name are fairly simple.
But….
What keeps most people from getting their perfect domain name is NOT the technical side but the negotiating side.
In order to negotiate and acquire your domain name you need to know the three different owner types.
Our Five step process to buy a domain name from someone.
Before I go into these owner types it is important to look at the macro level process we use to buying a domain name from someone.
Here are our five steps:
- Decide on a domain name
- Determine the type of owner
- Determine the value for the domain name
- Negotiate
- Transfer
If you have a domain picked out that means you are already past step number one. We also work with startups to narrow down a list of domain names to determine the top domain name that will allow them to go viral.
You can access a three part video series here for more info on that process – HERE
If you are wondering about domain name values, make sure you check out this blog post. I go into details about how to price your domain name and the fundamentals of pricing.
The Three Different Types of Owners:
If you are looking to buy a domain name from someone, it is critical that you understand the type of owner.
Why?
Because depending upon who owns the domain name you will need to approach them differently.
Each group will have a different perceptive with risks and rewards.
Here are the three different types of owners:
- Business owner
- Personal owner
- Investor
Make sure you watch the video above and here to get an in depth description of each type of owner.
What do I mean by risks?
In many instances money does not move the business owner. For example, an offer of $50,000 to a business that has a $B billion dollars in cash in the bank does not move the needle. This does not get them excited.
They are more worried about the risk of a competitor acquiring the domain name.
If you can show them this is not the case they are more open to selling you the domain name.
Now….
The goal for the domain investor is to maximize their return on investment. If they know you can pay 2x or 3x the current price they will increase the price. It is about making money after all.
The personal owner has an entirely different perspective.
They typically can have a personal attachment with the domain name because they have used it for years for email.
Getting the deal done
This video and blog is going over the psychology of getting a deal done.
When you understand the type of owner it will help you to negotiate a deal with better terms.
For example, sometimes with the personal owner we will allow them to forward their email for 12 months. This allows them to slowly get their contacts using their new email address. This can often get the deal done.
Conclusion
In most cases you only have one opportunity to make a first impression when buying a domain name.
If you go about buying a domain name from someone the wrong way you could end up paying 2 or 3x more for the domain name.
Or…
Worse you could be told no this domain name is NOT for sale.
When you understand the type of domain owner it will help you enter the negotiation with a better understanding of the risks and rewards.
The three different type of owners are: Business owner, Personal owner, and Investor.
Reach out to me if you have any questions or if we can help in any way.
You can also view more info on our domain broker process here.
