Biggest Mistake MADE

[JamesDavid]

I thought it would be informative if some people wanted to share the biggest mistake they MADE. NOT the biggest mistake they didn't do. People wont learn from your mistake "I thought of facebook but never developed it".

What will be informative is if people just say a mistake they MADE.

I will go first..


I can say the biggest mistake I have MADE would be buying into the gTLD hype and registering 5 .asia domains.. I want to say that at the time I pre-ordered them they were like almost $200 a piece..

I secured 5... and let the 5 drop after the first 2 years...

It was a costly mistake as the $1000 could have been used elsewhere..

I will NEVER buy into the gTLD hype again..

 

[kotan]

I regret not being aware of domain name values despite being online in the 90's and building webpages back then. I was still in my pre-teen years that time btw =))

But setting the stupid fact aside, I entered domain investing just last year and like any newbie, I went domain crazy. Now I realize it takes more than just sounding good. A domain that sounds nice and looks valuable to me might be how it is only to my eyes.

Another regret is a rejected offer for a domain that I bought during those 'domain crazy' seasons. Should've taken and ran. Greedy me.

Still continuously learning though!

Nice thread! I hope this helps out a bunch of us to avoid common mistakes.

 

[alien51]

If you think about it, we "regret" a lot of our mistakes in domaining based on "hindsight". Because if you went back in time, you would most likely commit the same mistakes again simply because the "facts" and "realizations" were not available or not well defined to you at that time.

Domain prices were very expensive, domain parking not yet invented, what the heck is the internet, etc, ... come to think of all the uncertainties. A lot of people who struck gold on domaining early on either was a genius visionary, or simply someone who took a leap of faith and won.

But for many of us common mortals, it's all just hindsight regret.

 

[kotan]

but yes, mistakes have built us better on how we are right now (hopefully). more mistakes will come in the future and it only leaves a lot more room for improvement upon ourselves :D

 

[KingDon]

Everyone makes mistakes, and everyone has pinched their nose a few times while going into their portfolios over the years, it's a learning process.

My mistake in the beginning, was buying quantity, lots of domains, instead of buying one quality domain name. If you're going to spend $10K on renewals each year, buy one name worth $10K instead and develop it.

There are some really nice names out there in that price range, and you could change your life with the right combination of incoming producing names.

Now for the most part, I only buy names that I'm going to develop, a name that services a niche market; at least that's the new direction I've taken over the last few years, and it's worked better than expected.

Mistakes, they go hand in hand with success. Those who do this and can think like Spak when buying, will live long and prosper; those who think like Captain Kirk, well they're too emotional and will loose their shirts to the Spaks of this business.

 

[Joe Abraham]

The biggest mistake I've made is to buy domain names with very long word, these domain names are not easy to remember and easy to forget. I should try something shorter.

 

[gemstar]

Ok here we go. I had a magazine,
Income Opportunities.It was 1993.Saying internet is future. I was looking into this market as I have been involved in mail order opportunities back then.Had removed myself from this because of other distractions (girl friends) and cut it off. Was going to reg one character domains. Well that is history.:bah:

 

[Archangel]

Very true. With what I posted earlier, assuming I bought those 100 L-L.com's, I'd had to have paid to renew them all for a few years before they matured enough to pull a profit. Otherwise, I'd had to have relied on faith to blow a total of $3,000 or so on something that, at the initial time, didn't look promising. I highly doubt I'd have one it different with a do-over unless I knew what the issue was.

If you think about it, we "regret" a lot of our mistakes in domaining based on "hindsight". Because if you went back in time, you would most likely commit the same mistakes again simply because the "facts" and "realizations" were not available or not well defined to you at that time.

Domain prices were very expensive, domain parking not yet invented, what the heck is the internet, etc, ... come to think of all the uncertainties. A lot of people who struck gold on domaining early on either was a genius visionary, or simply someone who took a leap of faith and won.

But for many of us common mortals, it's all just hindsight regret.

 

[MadAboutDomains]

Buying the domain of the gym that I go to, then putting something inappropriate on to it.

I got letters from their solicitors to my house and I didn't have a leg to stand on.

Not only did it get me in to trouble, but I nearly lost my gym membership too

To be old and wise - you have to be young and stupid!

I'm going to be really wise then !

Luke

OOH and selling LLL.co.uk for £2,400. Oh how I wish I had my favourite domain back!

 

[SlimPickins]

wowsers.... some of these are GREAT (sorry) mistakes!! I haven't made a "doozy" (yet) but, as of now, my mistakes as such would be starting out hand-regging (crap) domains at.... 1&1:ghost: ... and not finding NP soon enough to prevent some of the brainless "gosh! THIS is still available?!" hand-regs early on.

 

[Semtex]

My biggest mistake was being asked about a domain that I paid $60 for, and was asked 2 or 3 times for a price on the domain. I shot out a $1200 price and they countered with $300. I let him stew on the name for about a month and then I contacted him back. They went ahead and changed their business name and would no longer be needing the domain.

I have since learned the lesson to sell for a decent profit no matter what the counter offer is. Most people don't want to keep counter offering you over and over. Their first counter offer is usually their only counter offer. Take the money and reinvest in something better.

 

[Coopey]

OOH and selling LLL.co.uk for £2,400. Oh how I wish I had my favourite domain back!

I thought you weren't going to sell that one?!

 

[verbster]

Got techsupport.mobi in the landrush. Got an immediate offer of $2K for it, but turned it down hoping mobi would be somewhat successful. Had more offers as time went by, but they got lower and lower. Finally sold it through Bido for a little over $500, but the buyer bailed. Now I just renew it to remind myself that one in the hand is definitely worth two in the bush.

 

[GoneWalkabout]

Biggest mistake was listening to naysayers and getting a little scared of the investments I made in .TV and TV.com names - Decisions I had originally made after a lot of research and thought.

I was so anxious I sold some of my best .TV names very cheaply and dropped a great many TV.coms it had taken me quite some time to collect.

Only later (when endusers started buying these names for many many times the price I had paid and more - and all the TV.coms I dropped had been picked up) did I realise I had thrown away a lot of good stuff in the mistaken belief that people who hadn't actually really studied the market at all were some kind of experts.

I now ignore naysayers as keenly as I do hype merchants.

Yes, in the wrong hands, and with the wrong attitude, every extension can be described, quite plausibly as crap/unprofitable/failing.

It is better to listen to endusers and your own sales/earnings about the strength of any market. The buyers money or lack of it tells no lies.



I also made the classic mistake of buying a hundred 'dull' names at reg fee each when I would have been better buying one truly great aftermarket name for the same amount.


A final mistake was leaving renewals until the last minute. Now I take advantage of any offers/coupons.


Another mistake - and one that not many will admit to, is spending too much time on Namepros and other domain forums!!!! (although it is now one of my most enjoyable guilty pleasures)

 

[clarew]

Buying .mobi and wasting thousands.

 

[opalxx]

Registering a couple of dozen 3d names perhaps?

Not sure if this is going to be a big mistake or a smart move!! Some coming up for renewal so crunch time is near. I'm still in two minds if i should renew or not, especially with 3d getting a boost with the 3dsmartphones hitting the retail sector soon. I did sell one 3d dot info on sedo which partly paid for the registrations of the others.

 

[devTastic]

Buying something with the intention of building a website for it, but never getting around to it... follow through is very important

 

[DU]

Another mistake - and one that not many will admit to, is spending too much time on Namepros and other domain forums!!!! (although it is now one of my most enjoyable guilty pleasures)

As you keep telling me through PM at Namepros and Allthings... lol

You still have an awesome set of .TV and TV.com so don't worry

Your time here has served me well and I will say out in public I appreciate it AND that I spend too much time here.

 

[Sam]

Sold RJ US.CC for $1,623.00 . He flips it for $7k. Back then 1.6k was a LOT of money for me.

 

[tetrapak]

Not buying a continent / a country .com at the time I had a chance for really good prices. Still banging my head if I think about it, and the development potential.

 

[kev]

Loosing $1000 to a web design scam
http://www.namepros.com/warnings-and-alerts/455069-michael-mann-scammed-me-out-1000-a.html

25,000 views that thread has had!

That's been my only real mistake!

 

[fleaking]

I spent $5,500 to purchase a gTLD domain in 2005,
it then was offered $10,000 USD through Sedo but I didn't accept,
instead, I swapped it for a ccTLD from a member here in 2006,
then the one I got was cancelled by the registry with an unknown reason,
I wanted my gTLD domain back but the member said "deal is deal",
he rejected to give the domain back to me but gave me 3 much worse names as compensation.
and my original gTLD domain was then sold by the member for more than $33,000 (based on DNJournal report) .

Finally I got nothing left but experience.

 

[JamesDavid]

I spent $5,500 to purchase a gTLD domain in 2005,
it then was offered $10,000 USD through Sedo but I didn't accept,
instead, I swapped it for a ccTLD from a member here in 2006,
then the one I got was cancelled by the registry with an unknown reason,
I wanted my gTLD domain back but the member said "deal is deal",
he rejected to give the domain back to me but gave me 3 much worse names as compensation.
and my original gTLD domain was then sold by the member for more than $33,000 (based on DNJournal report) .

Finally I got nothing left but experience.

Did you ever find out why it got cancelled? Was th previous owner at fault? Have they rereleased the name since?

 

[fleaking]

Honestly speaking,
I had posted it when that happened,
search pets.tv and you will read the whole story.

 

[Weber]

I regret not claiming that I invented the internet before Al Gore did.

 

[BeautifulDomainNames]

I spent $5,500 to purchase a gTLD domain in 2005,
it then was offered $10,000 USD through Sedo but I didn't accept,
instead, I swapped it for a ccTLD from a member here in 2006,
then the one I got was cancelled by the registry with an unknown reason,
I wanted my gTLD domain back but the member said "deal is deal",
he rejected to give the domain back to me but gave me 3 much worse names as compensation.
and my original gTLD domain was then sold by the member for more than $33,000 (based on DNJournal report) .

Finally I got nothing left but experience.

That might be the worst story I have heard. Gosh, I feel so badly for you.

Another regret is a rejected offer for a domain that I bought during those 'domain crazy' seasons. Should've taken and ran. Greedy me.

I once registered a pronounceable 5 letter .com that I thought was worth around $50, I got a $500 off within a week on Sedo and returned a counter for $1,200 to see if I could get anywhere with it. I COULDN'T.

Never heard anything back. I still have that name, years later.

I regret not claiming that I invented the internet before Al Gore did.

Nobody would have believed you either.:hehe:


- Dar