A LOT of it is being in the right place at the right time or knowing the right people. In addition, if you do settle for less… make sure the person you are dealing with understands that in your eyes they are getting a great deal. And request that they refer your domains to other customers or clients for sale. “Word of mouth” is often times the best advertising available.

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I suggest letting them make an offer. Suppose you have a domain name that you feel is worth about $2,000, and you ask the buyer to make an offer. There are three types of possible responses you can get:

1. “Two thousand dollars, are you kidding? You probably registered this for $10. We were going to offer you $50.” In this case you know the buyer is not serious or doesn’t understand domain name valuations and there’s no need to waste your time further.

2. “How about $1,000?” This is a serious buyer, someone you can work with. It’s probably another domainer, though it could be a business owner or even a corporate buyer trying not to give away their budget. You could reply with a counter-offer of, say, $4,500, and shoot for a final price in the $3,000 range.

3. “We are prepared to pay $20,000.” Yes, this kind of thing happens. This is a corporate buyer who wants this domain name badly and doesn’t want to mess around. You have two options here. You can thank God and accept the offer, or you can hold out for more money. The first option gets you a guaranteed payday. The second option puts the deal at risk, but on the other hand you could end up with much more money. It’s your call.

A recent study contains some interesting lessons for domain name professionals and anyone else 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 b…