Welcome to the ninth post in our Behind the Sale series on the Efty blog. In this series, I talk with domain name investors who share all the details behind a recent sale. You will learn how they bought low and sold high, how the negotiations went down and much more.
Today, I am chatting with Dan Prather a full-time domainer and businessman located in Columbia, South Carolina, USA.
Dan, tell me a little bit about yourself.
I am a businessman that has been investing in domains since 1998. I currently own and manage a little over 1000 domain names primarily for business purposes with emphasis on Ad-Tech, Wireless, and Faith-Based industries.
What is the domain name that you’ve sold?
I recently sold a 4-letter domain: myBK.com after receiving a $5,000 opening offer through its Efty landing page. The For-Sale landing page had a minimum offer of $5,000 and was using the Kiffer theme.
How much did you pay for the domain and how much did it sell for?
I acquired the domain in 2010 for a client project for $535. The client did not want to use the domain and defaulted on moving forward with the project so I just kept the domain due to its potential to fit with many different corporate and brandable efforts. The domain sold for $14,000 on February 7th, 2018.
Can you share how the negotiations for this domain name went down?
On February 2nd, the buyer submitted an offer for the minimum inquiry amount of $5,000 to which I responded with a $17,500 asking price and offering to make myself available for a phone or skype call to answer any questions. The buyer replied the same day stating that his budget was only $4,000 to which I politely responded that we were too far apart to make a deal but that I would be open to considering a lease-to-own construction. We then exchanged a couple more emails during which I explained that the minimum offer amount was for inquiries and not necessarily a price I would sell the domain for and the buyer told me he had to speak to his CEO. Three days later he came back with a $14,000 offer which I accepted. We used Escrow.com to complete the process and they did an excellent job facilitating. Payment to me was completed within two business days.
Thanks for sharing Dan, is there anything else you like to add?
I’ve received several inquiries for my domains through the Efty platform. The SSL layer provides trust in the landing page and the ability to brand yourself makes it easy for buyers to look into the seller. Efty provides the capability for a transparent experience between the buyer and seller.