If everything seems to “feel right” for both the buyer and seller and you see that this could be a possible transaction, there are just a few more steps you need to conduct before the deal is struck. These include the negotiation process, drafting a sales agreement, options for transacting funds, and finally, transferring the domain/website. Let’s take a closer look at each step in completing a successful transaction.
Negotiating for Success
The first step in closing a deal is the negotiation process. Auctions, it’s not so tedious but sometimes certain elements need to be worked out before money is exchanged. Unfortunately, negotiation is an area that can make
you nervous, especially if you’re not experienced. Before I discuss a few tips, you may not realize it but as individuals, we negotiate every day. Interacting with your kids, co-workers, fellow drivers, and other adults are, in essence, part of negotiating in our everyday lives.
However, it seems to be a whole different ball game when it comes to buying or selling something that is very important to you. To take out some of the “stings,” here are a few tips to help you get the most.
1. Always be courteous and respectful. It doesn’t take a rocket scientist to figure out this one. Being cocky or arrogant is a known deal breaker. Always treat the other party with respect and dignity. Not only does this present you
in a professional manner, it is will take some stress off the negotiation process.
2. Remove emotions. For sellers, you could still be sentimental and for buyers, you could be excited about scoring a great deal but emotions tend to cloud your judgement and can sometimes get in your way. Take your emotions off the table and wait until the deal is signed, sealed, and delivered.
3. Flexibility. If you hold the attitude of “it’s my way or the highway,” then you may be losing before you even start. One of the keys to the negotiation process is giving and taking, hence the reason why it’s called negotiating. Having flexibility is one of the keys.
4. Listen or read communications very carefully. If there is something you don’t understand or you need clarification, just ask. It’s the best way to learn about the other party and could be to your advantage.
5. Always try to develop a win-win deal. Another key to the successful negotiation process is understanding the other party’s perspective. You may not totally agree with it but, nonetheless, it’s an important consideration. If
sticking points arise where neither party can agree, move on to another element of the deal or take a breather and come back to that issue at another time. When it’s time to return “to the table,” and if both parties still have a sticking point, maybe you want to concede one element and the other party can concede the other. In this scenario, you’re both not getting everything you want but you’re both willing to work with the other to close the deal.
6. Never be rushed into closing a deal. Sometimes there are reasons a seller or buyer may have to close without always disclosing the full reason. If you feel you’re being “strong-armed” into a deal and don’t feel comfortable, then ask to take a few hours or break for the day. If the other party is insistent, ask why? If their response doesn’t sit well with you, then this may not be the deal you originally thought. (On a personal note, ultimatums have never sat well with me and can be an instant turn-off for others so you’ll have to judge the situation carefully if it arises). If everything works out to both parties’ satisfaction, the next step in closing the transaction process is developing a written agreement.