I'll appreciate your ideas

[Infoproliferati]

I got a $60 offer for one of my domains priced at $500 at sedo. Curious, I decided to do some research on the subject of my domain and discovered that there is a growing multibillion dollar industry.

This domain, I believe, defines the industry quite well. I only believe this since the name is brandable and anyone who works within the industry would get it right away. As it is an abbreviation it could also have multiple meanings that would suit different contexts.

I have a feeling this domain could be worth a lot more than even my asking price. As such I'm not so keen on selling. I wouldn't mind hanging on to it for a few years. Is it better to cancel negotiations right away? I wish to communicate with the bidder that after consideration I'm no longer interested in putting the name on the market. There is no way of doing that on sedo without making a counter offer. My counter offer would be higher than my asking price if I were to give one. That's just idiocy and unprofessional.

What would you do?

[randomo]

Cancel negotiations, then either remove this domain from sale on sedo or adjust your asking price far upward. (You can set it as a fixed price if you don't want to bother with lowball offers.)

[Infoproliferati]

Thanks Randomo. I'd forgotten about the fixed price option

[katherine]

You can also choose not react and let the bid thread die.

[randomo]

You can also choose not react and let the bid thread die.

True, although if you cancel negotiations I think the buyer could come right back with a larger offer, while if you just ignore the bid a lot of time will pass and the buyer may lose interest. (That only matters if you want to sell the domain now.)

[katherine]

You're right, but ignoring the bid is a way of saying the offer does not even warrant a reply. Sometimes end users get it, and a revised bid may follow - provided they are motivated enough of course

[randomo]

If I submitted a bid and didn't get an answer (apart from an eventual "Your bid has expired" notice), I'd figure that there was nobody home, not that they were using some cagey strategy on me. YMMV.

[Infoproliferati]

Thanks for your input Katherine and Randomo. I canceled negotiations and took off the price tag. I hope the bidder gets the idea that I'm not in a rush to sell, thereby prompting a better offer.