A couple of weeks ago, I started a thread on NamePros asking members to submit some of their own mistakes, or listing very common mistakes that some investors make early on in their domaining careers. I'm posting this article not to poke fun at individuals for making mistakes but rather to emphasize the fact that we all make mistakes every now and then. It's how we learn from those mistakes that can determine our success. 1. Registering Trademarks Registering trademarked domain names is something that many new investors do, but it's something that definitely should be avoided. Trademark holders can defend their rights by filing a UDRP against any domain name they feel is infringing upon their mark. In the United States, legal action can be taken against cybersquatters according to the Anticybersquatting Consumer Protection Act, where plaintiffs may elect statutory damages ranging from $1,000 to $100,000 per domain name. 2. Selling in a Hurry @sam roy shared his own experience of selling too quickly: "I sold a domain like QSSG.com last year for a mere low $XX. Now I am learning to be more patient." 3. The Lottery Mentality This is something that I've done myself and have also heard from other domain investors. Registering hundreds of domain names in the hope of selling one domain to cover the cost of every other name whilst leaving you with a profit is a strategy that has very rarely worked. 4. Not Setting Realistic Prices Again, something that I've been guilty of along with many others. Owning a mediocre domain name and listing it for sale at a ridiculously high price will decrease the chances of selling it at a fair price. 5. Buying Typo Domain Names @Ms Domainer shared her own experience of this: "Years ago, buying vvebbooks.com at Pool, when I thought I was buying webbooks.com. I keep it as a reminder." Another one to look out for is a capital i appearing like a 1 or lowercase L (Iook.com vs. look.com - the former is iook.com). 6. Impulse Purchases Impulsiveness and domain names should never mix. Domain name acquisitions require research, knowledge, and time to assess the domain. Impulsiveness typically leads to losing money. 7. Forgetting Auction Lock You may have read my article Trust Your Instincts, Part Two about Omar's latest sale. What you may not know is that his five-day flip had to be put on hold due to forgetting about eNom's Auction Lock for NameJet PreRelease domain names. 8. Failing to Renew Domains Ouch! This member was the owner of community.com in the late 90s and let the domain name expire instead of paying to renew it. Today, the name is owned by SalesForce and must surely be valued in the six-figure range. 9. Paying for Domain Name Appraisals You should never be paying for a domain name appraisal. They're largely worthless and are never required by a serious buyer. If you want feedback on your names, domain appraisals are free on NamePros. 10. Forming Emotional Attachments to Domain Names Getting emotionally attached to a domain name means that you won't let it expire or sell it for a reasonable price. No matter how poor the name is - whether it receives traffic or not, there are occasions when we get too attached to a domain name. This usually results in renewing said domain name for years with no prospects of selling or turning down fair offers for it. 11. Bidding Wars We've all been there. We set a budget for the domain name - a firm limit on how much we will spend to acquire the domain. Then, another bidder enters the fray and that budget is quickly forgotten as we engage in a bidding war! This can lead to paying over the odds for a domain name, reducing your potential ROI (Return on Investment) by quite a way. 12. Getting Scammed This is my own personal confession. Before I had found NamePros, before I'd found any online domain name resources, I owned some terrible domain names that I hoped would sell for a crazy amount. I fell for the domain appraisal scam. As I mentioned earlier, these mistakes aren't here for you to ridicule. It's an honest, open account from our fantastic community of NamePros members, which I hope will help some of you avoid making some of these common mistakes. If you have any of your own stories, feel free to add them in the comments section below.
I never do impulse purchases (#6). I do just the opposite: I wait too long! From time to time I find a good domain name, but I'm not sure if it really is that good since I don't have much experience... so I wait and think about it for 1 or 2 days and then, when I'm ready to register/buy ... it's gone. This happens to me quite often.
Don't think you are bidding for a .com when it's not it. Always be aware of the marketability of the domain name before spending too much money.
Great blog James. Thanks for sharing this. I think another mistake for newbies is buying extensions other than dot com. I made this mistake and thought the keywords alone would make them worth $$$. For example I bought the keyword 'tool' on a co.com thinking it would be worth mega bucks. Wrong ! Stick with dot com if you are new to this game. Best, Paul
Really one of the best articles. Thank you for publishing it. Registering trademark domain name and spelling mistake domain has been the most common mistakes by domainers.
The first name I bought was crappy but, I wanted to sell it for nothing less than 1500 usd... I needed a kick to wake up from that dream. Funny, I'm dreaming again
A worthy hand reg should come from trending niche and must be considerably priced to make sale. Cheers.
I can add some the biggest mistake of domainer is they don't do "research" when they regging or acquired a domain name.
Great list! The great thing about this is that even after you've put in the work and learn a lot you can still find yourself making these common mistakes. Having this list can help in staying focus and avoiding these mistakes. The key is learn as you go along and understand things won't go 100% smooth but the most you know and the more you start to implement the better results you will have. Thanks for sharing! The only mistake I would add based on my own experience is to treat your domain business as a hobby. All of us at one point or another are guilty of it, by not putting in the necessary time an or being as dedicated as we would be if it was a job and we had a boss breathing down our neck to get it done. The key is to set tasks/goals to get done and make sure you make it happen Start with small doable ones and slowly keep adding more to do. - Will
I have done many above mentioned mistakes in start but the time is a great teacher.i never regreat for my mistakes. I learn from them and i know it's best way to learn which i will never forget. With me everything started with a mistake. Even enterence in domainer's world.
If you fail to regrett and learn from your mistakes; you are bound to reoeat the same mistakes again and again. Cheers.
