People know Rick Schwartz as “the Domain King” as he has a legendary status within the international domain investor community. Rick has made many high profile .com sales totalling over $25million some of which include:
In Rick Schwartz’s latest blog post he sets out ten steps to being a better sales person, we thought we would share it with our readers, here is an extract from the blog
Lesson 1: If you give a price, YOU LOSE!! Ask a question don’t give a price.
Lesson 2: If you give a counter-offer just because they made an offer, YOU LOSE!! You only give a counter-offer when they give you an offer inside your realm of value. Other than that, NO WAY!! They can keep making offers. NEVER counter until they are in the realm. If you have a $1 Million home and someone offers you $75,000, you don’t counter. Not at $100k, not at $500k. Not at $750k. You counter when you get a TRULY BONA-FIDE offer! PERIOD! Or YOU LOSE! Why dance to their tune?? YOU set the parameters!
Lesson 3: Don’t negotiate. That’s when you turn it into a conversation. Ask a question. Ask another question. Probe. Discuss. Tell them your own profitable plans. You did buy the domain for a reason. Right?? If not, you are not buying the right names. I buy focus on domains I have an idea for and I can build a future if that was the only name I owned.
Lesson 4: Don’t do REASONABLE, Don’t do CURIOUS. How to handle “Curious” inquiries “I am curious about the price” 2 responses: 1. Toss it 2. Ask “Why?” That’s your opportunity to get info w/o wasting your time. “Reasonable” IS a total waste of time and usually another domainer. If you are selling to other domainers, you are far from getting maximum value. Actually, you are getting minimum value. Reasonable is for losers!
Lesson 5: Don’t wet your pants. So you got an inquiry. Big deal. Don’t get too excited. Don’t jump up and down, calm down. Now is the moment to do the research on your own domain names to find the current value. I’m not going to tell you how to do that. Figure it out! A domain’s value can go from Zilch to millions with new products, news, or events. Pre-pricing domains are not the best approach. The day smart glasses came to be in the news, I snapped up smartglasses.com for $3500. I rest my case.
Lesson 6: Don’t be sucked in by BS and shiny object chasers. Let an email marinate!! You don’t need/want a “Hot” lead. You want a strong one! Strong ones don’t lose interest in 24hrs Weak ones do! When you waste time w/ weak, you lose time & opportunity.
Lesson 7. A Domains value is Fluid. Do the research at the time of inquiry. Put your own value on it and stick to it. Assign a value worthy of the domain name. Don’t price it out $1200 cuz the mortgage is due. Want to be a millionaire? Think/act like one.
Lesson 8: Sales is about buying. Buy shit, get shit. Most success or failure happens at the beginning. The end is simply when you find out about it but don’t necessarily figure it out. So the beginning of a sale is the purchase of the domain name itself. Choose wisely. Stop buying crap. If you buy crap, what the hell do you expect?
Lesson #9 Invest in dotcom. You invest in dotcom, you gamble (and lose) on .whatever. Stop reinventing the wheel. Stop spitting in the wind. Start smarter. The internet starts and ends with .com domains so give up the .crap and you will live well.
Lesson 10 Domain Names that are easy to spell are easier to sell. Spelling test = Can an 8th grader spell it right? Radio test = Are there multiple ways to spell or even hear wrong? Hair/Hear/Here Must be easy to remember & pass on (word of mouth advertising is key)