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I always thought I was getting good prices for my domains, but now I wonder. A recent study contains interesting lessons for domain name professionals and anyone who sells products with negotiable prices. It turns out that most people don't bargain very well, and don't get the best possible price, whether they are buying or selling.
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Very informative! If anyone is serious about buying and selling anything, they should buy a book on negotiation. It costs less than $50 but you will earn every bit of it back everytime you negotiate, whether you are buying a car, a house or a domain name.
One rule I have always followed is to have rapport with the other party. That is the very basic. Once good rapport is established, try to negotiate to a win-win price. Some people think that negotiation is a zero-sum game, where one party wins and the other lose. This type is very confrontational and will make or break the deal fast.
All over the world, different cultures or individuals negotiate differently and the best negotiators in the world are actually the most flexible. They can adapt well to suit different negotiation styles.
But nothing beats this...RESEARCH! Do your due diligence in researching prices, the history of the other party (by trolling the forums) to find out what type of negotiator the/she is.
The best part of it all is that if the other party thinks he/she has got a great deal (even though you have slaughtered him/her) you will get more in the end. Imagine a repeat customer or somebody who keeps offering you great domains at good prices because you are such a nice guy and you let him win so often (thats what he/she is supposed to think)
Hope this helps!
Al.
Is there a particular book on negotiating that you would recommend?
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The first ever book I read on negotiation was "An Idiot's Guide to Negotiation". This gave me the very basic of the skill and after reading that, my skill sky-rocketed and I was much more confident to negotiate.
After that, I wanted more and bought a book by Roger Dawson. That was almost 10 years ago. That was an excellent book but the general idea is almost the same as the Idiot's guide. Roger advocates lots of rapport building.
The most importatnt thing is to do your research, practice, build rapport and be flexible. Thats it!
Al