advice The Truth About Domaining

I have been domaining for awhile now. Buying and selling domain names can certainly be fun. It's a thrill when you scan a list for hours to find 1-2 domain names that show "promise" and then you're able to acquire them through an auction or you successfully drop catch them straight into your account.

However, this article is not about all the great aspects of domaining, but rather, to focus on some of the things that are often left out. Some people need a slight wake-up call as to what they should expect when getting into this business or any business for that matter.

I have seen too many eBooks making false claims about how you can get "rich" off of domaining; how everybody can do it; and how all you need to do is buy their eBook or pay them for their domain course so that you too can sell a domain name that only cost you $10 for a 100,000,000% return on your investment, they say.

Come on. Let's stop trying to find an easy way out. There is no easy way. If it sounds too good to be true, then it probably is.

Since we've started making videos on YouTube regarding the domain name space, we've received several emails from people who enjoy what we’re doing and how "real" we are with the information we provide. In the spirit of being real, let's talk more about what you can actually expect working in this business.


Scanning

A lot of time will be spent scanning lists of domain names in search of the best domains to buy. No, these lists will not be pretty. Actually, there will be tons of garbage domains to go through that will make you scratch your head as to why they were ever registered in the first place. You'll see everything from random characters, which look like the registrants pressed random keys on their keyboard, to outright bad domain names that make us wonder what the registrants were thinking when they registered them.

Combing through lists of domain names every single day isn't the most glamorous thing to do, but it could prove to be very rewarding. If someone asks you what you are doing and you reply, "Looking through some expired domains," you're most likely not going to get the same response from them as somebody else who instead replied, "Traveling to Hawaii for business." Domaining is hard work that most people aren't willing to do.


Consistency

We should strive to be consistent in everything we do where consistency is important, and that's especially true when it comes to scanning lists for domains. It requires that we be consistent and persistent. You never know which great domain name(s) you might miss if you don't scan and filter domains each day. One day of being lazy could result in someone else’s fortune. We can't afford to lack consistency.

Personally, this is something I still battle with from time to time. This business is a constant grind.

It's a good idea to set reminders of drop times, ending auction times, days scanned, etc. Get organized. Develop a system. Start writing things down, set alarms, and make it happen. No excuses.


Rejection

For the most part, people don't like being solicited to buy things, especially when they aren't actively looking to buy. When you begin to partake in outbound marketing to try to find potential suitors for your domain names, you will get plenty of responses that will make you scratch your head.

You will get emails from people calling you a cybersquatter, telling you to get a real job or how much of a piece of "poop" you are, etc. It's all part of the game. Many of the top people in this industry and other industries in the world deal with rejection on a continual basis.

Why should we be any different? It may take 100 no's to get to 1 yes, but that's the name of the game in outbound sales and why consistency is so important.


Risk of Losing Money

If you’re scared to lose your money, don't enter this business. It’s as simple as that. You're going to need to shell out some of your hard-earned cash to see if you can successfully make money with domain names. No, I am not talking about $10 or $20 bucks either. It will take more than that just to learn what does and does not work. Every buy is a risk, and as a domain investor, the goal is to make sure that your reward far outweighs your risk. Calculated risks are an important part of every business.

That's the thing with starting a business online: most people seem to forget how much money it takes in the offline world to get started in a business. It often costs hundreds of thousands of dollars in loans for a business to get off the ground in the physical world with a storefront, proper licensing, and much more.

The great thing about the Internet is that you may not need hundreds of thousands of dollars in loans to get started. However, expecting that you'll be able to see if this business works for you with only a few bucks is unrealistic. That mentality isn't going to get you anywhere, and it's probably best to quit while you’re ahead.


The Long Haul

I've been involved in some way, shape, or form on the Internet since 2008. It's 2016 now, and I am still grinding away. I've made great money and lost a lot too. You have to learn to enjoy the journey. It may sound cheesy, but nothing in any endeavor that’s worthwhile is going to be easy or come quickly.

I remember when I first heard about buying and selling domains: I wanted to look into it but for some reason I didn't. In 2013, @Willox Perez and I decided to give it a shot. We read a lot on it and still do today. We bought some worthless domains, but we also kept following and learning about the top people in the industry, occasionally bothering them with questions regarding the industry via email and private messages.


So what’s the point?

It's all a process. Enjoy it. Learn from it. Grow from it. Get better at it. Find people who are better than you, and instead of resenting them, let it motivate you to become the best domainer or whatever it is in life that you want to become.

Is there anything else that I missed when it comes to the truth about domaining? Let us know!

Check out the supplementary video of this article:

Note: This video contains profanity in the beginning; you may skip past it.​

Which of these points are most important to know about domaining?

Share your thoughts in the comments.

 

[Dondomainer]

good!!

 

[pokainc]

I hand reg 99% of my names, go through expiring lists almost 7 days a week (putting some parameters help weed out some of the garbage names).

If you're not passionate about it, you'll drive yourself crazy.

And a quick note, one of my best friends yesterday who's very successful in another field in business, he gave me advice which I had thought of but never fully committed too in the past (especially applies to brandables) : If you get an offer that is decent, even if you believe you can get more, JUST SELL IT and move on. Major fortunes are done through volume! If you have 75% of the asking price you have in mind offered to you, most of the time, don't risk that 75% to get 25% more. SELL IT AND MOVE ON. (If I would've I can say in the last 2 months I would've made easily another 2 to 2.5k).

You'll be surprised how sometimes a 300-400$ sale can motivate you once the sale is finalized, even if you thought you could get 1k from that name.

 

[Omar Negron]

the one key thing I found to be an important ingredient in the recipe for success is you need to spend money to make money.

Some of you will argue that handregging domains is still a profitable tactic for domaining and I will agree it can be for certain niches or for domains that have dropped.

On average I have found that a $1000 investment in a single name can yield a quick flip for $4,000 - $10,000. By "quick flip" I mean within one month. Sure you can register 100 names for the thousand dollars, but the likelihood of being able to flip even one of those for a 3k - 9k profit within 30 days is very slim. I don't know how many times I have said it and how many times I have seen folks on here say it, but it is better imo to save up and buy 1-2 really good domains than it is to go and spend thousands of dollars on domains that may or may not sell. Trust me I know, my first year I spent $1200 registering domains and sold $300 worth, the other domains I let drop and started building up a portfolio of good domains.

Thanks!

Makes a lot of sense. Appreciate the tips.

good!!

Thanks! =)

I hand reg 99% of my names, go through expiring lists almost 7 days a week (putting some parameters help weed out some of the garbage names).

If you're not passionate about it, you'll drive yourself crazy.

And a quick note, one of my best friends yesterday who's very successful in another field in business, he gave me advice which I had thought of but never fully committed too in the past (especially applies to brandables) : If you get an offer that is decent, even if you believe you can get more, JUST SELL IT and move on. Major fortunes are done through volume! If you have 75% of the asking price you have in mind offered to you, most of the time, don't risk that 75% to get 25% more. SELL IT AND MOVE ON. (If I would've I can say in the last 2 months I would've made easily another 2 to 2.5k).

You'll be surprised how sometimes a 300-400$ sale can motivate you once the sale is finalized, even if you thought you could get 1k from that name.

Yes, agreed. When a respectable offer comes along and you are looking for cash flow, sell it and re up on better names that you could sell for possibly higher multiples.

Thanks for the advice!

 

[Templr]

Omar, in your vid, you mentioned mentoring and not getting replies.

It's interesting as a few years a go, I connected with a very well known domainer (No, not Dicker, lol) and he offered to mentor me. I was stoked! With cash to invest, I was ready to start a new venture.

But, all I received was an little email piece of advice and then loss of communication? I know the domainer was busy with other ventures, but I was gutted and demoralised by it all. So, I gritted up and kept going.


As, with non-sales messages sent to domainers regarding positive feedback or otherwise, that receive a non-reply; is just plain bad manners.

The one that I found the most amusing, was sent last year to blogger regarding his website's blog posts not supporting any social media sharing. All done pleasantly and for his benefit! I received a no-reply, and lo and behold his site soon had social media shares! voila!

So I became even more critical of these so called 'hub of experts' in the domain industry.

Communication is a powerful tool. With my part-time job as a nurse, communication is the pillar of my work.


Omar, I know things will work out differently for you with Abdul, he seems like a real genuine guy. Good luck!

 

[Omar Negron]

Omar, in your vid, you mentioned mentoring and not getting replies.

It's interesting as a few years a go, I connected with a very well known domainer (No, not Dicker, lol) and he offered to mentor me. I was stoked! With cash to invest, I was ready to start a new venture.

But, all I received was an little email piece of advice and then loss of communication? I know the domainer was busy with other ventures, but I was gutted and demoralised by it all. So, I gritted up and kept going.


As, with non-sales messages sent to domainers regarding positive feedback or otherwise, that receive a non-reply; is just plain bad manners.

The one that I found the most amusing, was sent last year to blogger regarding his website's blog posts not supporting any social media sharing. All done pleasantly and for his benefit! I received a no-reply, and lo and behold his site soon had social media shares! voila!

So I became even more critical of these so called 'hub of experts' in the domain industry.

Communication is a powerful tool. With my part-time job as a nurse, communication is the pillar of my work.


Omar, I know things will work out differently for you with Abdul, he seems like a real genuine guy. Good luck!

Hey Howie,

Yep, I know what you mean. Sometimes it sucks when you write someone even to thank them and they don't get back to you. But that's how the internet works. Not everyone needs to reply to their emails but the ones who do and seem genuine, a good relationship could be built there.

I could be guilty of this also (but I DO try my best to answer every question, email, private message within reasonable time).

Thanks for the comment!

 

[elevator]

Thank you very much Omar, you have said the facts about the business and nothing but the facts.
But however domaining is adictive and not easy for any one to just quit so easy; if you are addicted and deep into it.
Cheers.

 

[heartland]

thanks for sharing!

 

[kaz2]

Good post. I still think it's possible to find some great and overlooked domains by "getting your hands dirty." Most domainers used various methods of filtering out lists so they won't have so many names to pick through. Every filter used means some good names are eliminated, and sometimes you will find excellent names that have fallen through almost everyone's filter.

Unless you get lucky, though, the only way to find these names is to spend hours combing unfiltered or lightly filtered lists. But since a lot of beginning domainers have more time than money, this is a good way to spend it.

This is so true. Finding diamonds in the Rough is hard work so do not use too many filters.

 

[kaz2]

I hand reg 99% of my names, go through expiring lists almost 7 days a week (putting some parameters help weed out some of the garbage names).

If you're not passionate about it, you'll drive yourself crazy.

And a quick note, one of my best friends yesterday who's very successful in another field in business, he gave me advice which I had thought of but never fully committed too in the past (especially applies to brandables) : If you get an offer that is decent, even if you believe you can get more, JUST SELL IT and move on. Major fortunes are done through volume! If you have 75% of the asking price you have in mind offered to you, most of the time, don't risk that 75% to get 25% more. SELL IT AND MOVE ON. (If I would've I can say in the last 2 months I would've made easily another 2 to 2.5k).

You'll be surprised how sometimes a 300-400$ sale can motivate you once the sale is finalized, even if you thought you could get 1k from that name.

This is great advice. Sometimes domainers can be a little too ambitious in their pricing. As the post says just try and keep your inventory moving as this will motivate you when looking for new names.

 

[GetBigDomains]

This is very candid and helpful post for new domainers - I've bought many and sold few. And you will be stuck with the renewal fees and also responsible for maintaining website and traffic unless you are a known seller and you can sell the domains quick. I also think it's harder as the new extensions are coming out.
I personally think it's really important to stay with a project and if something comes to mind go for it.
Trial and error and keep those top domains/ideas and keep at it. We are not here to quit but to learn and make a successful business. I listed in free ads and usually register business domains that will be of interest.
Then we have the issue of parking and this can decrease the value of a business domain.
I have never been the amazing sales person that some people have the nack for it, so ask yourself also if you have the ability to sell OR to develop your ideas to fruition. Unless you let domains go cheap and view it as profit it's hard to let go of your babies -but you have to look at it as a business. And reserve the oldest domains and the ones you can personally work with. Or as previously stated buy and sell for net profit only.

 

[Omar Negron]

Thank you very much Omar, you have said the facts about the business and nothing but the facts.
But however domaining is adictive and not easy for any one to just quit so easy; if you are addicted and deep into it.
Cheers.

Your welcome. Yes, I tried to share my experiences that I've learned throughout time.

thanks for sharing!

And thank you for reading!

This is great advice. Sometimes domainers can be a little too ambitious in their pricing. As the post says just try and keep your inventory moving as this will motivate you when looking for new names.

Very true. I've turned down some offers I probably should have just accepted but it's a learning experience.

This is very candid and helpful post for new domainers - I've bought many and sold few. And you will be stuck with the renewal fees and also responsible for maintaining website and traffic unless you are a known seller and you can sell the domains quick. I also think it's harder as the new extensions are coming out.
I personally think it's really important to stay with a project and if something comes to mind go for it.
Trial and error and keep those top domains/ideas and keep at it. We are not here to quit but to learn and make a successful business. I listed in free ads and usually register business domains that will be of interest.
Then we have the issue of parking and this can decrease the value of a business domain.
I have never been the amazing sales person that some people have the nack for it, so ask yourself also if you have the ability to sell OR to develop your ideas to fruition. Unless you let domains go cheap and view it as profit it's hard to let go of your babies -but you have to look at it as a business. And reserve the oldest domains and the ones you can personally work with. Or as previously stated buy and sell for net profit only.

Good advice. Thank you for sharing.

 

[AuctionBio]

This is very good article and information specially for new domineers. I being here not more than 5 to 6 months, and I admit that what ever you said is true, I had some bad names, but now starting to learn this art a little more day by day. I know it is a very long learning curve and it always is in every field of life if you really want success.
Three main things that I find is,
1. Searching for Good Name, (needs lot of attention and searching)
2. Marketing, Marketing and marketing..... (Social media, auction and bidding websites, searching for end users)
3. Be patient and stick to, what you are doing with motivation and learn learn and learn...

 

[adamson791]

Thanks Omar - great advice. Ive recently started domaining and can agree to everything you've said.

 

[AuctionBio]

I expect more posts like this from you, it is really a good information.

 

[WilsonM]

Great advice.

 

[The Durfer]

thank you, informative, remember, you have to own it to change it.

 

[Ross Murray]

The best article one can find on domaining. Keep posting

 

[Issac Mcdonald]

Helpful post, could help in opening a career stream for many.

 

[Omar Negron]

This is very good article and information specially for new domineers. I being here not more than 5 to 6 months, and I admit that what ever you said is true, I had some bad names, but now starting to learn this art a little more day by day. I know it is a very long learning curve and it always is in every field of life if you really want success.
Three main things that I find is,
1. Searching for Good Name, (needs lot of attention and searching)
2. Marketing, Marketing and marketing..... (Social media, auction and bidding websites, searching for end users)
3. Be patient and stick to, what you are doing with motivation and learn learn and learn...

Thanks! And thank you for sharing those 3 tips!

Thanks Omar - great advice. Ive recently started domaining and can agree to everything you've said.

=) Thanks!

Great advice.

Much appreciated, thank you.

thank you, informative, remember, you have to own it to change it.

True!

The best article one can find on domaining. Keep posting

Wow, thanks for the kind words. Glad you liked it!

Helpful post, could help in opening a career stream for many.

Thanks!

 

[tjl92]

However, this article is not about all the great aspects of domaining, but rather, to focus on some of the things that are often left out...

Thanks @Omar Negron !
Definitely have come across this time and time again where I ended up asking myself, "What am I missing?"
Great article and thanks for filling in the gaps!

 

[Omar Negron]

Thanks @Omar Negron !
Definitely have come across this time and time again where I ended up asking myself, "What am I missing?"
Great article and thanks for filling in the gaps!

Thanks for checking out the article!

 

[tjl92]

I hand reg 99% of my names, go through expiring lists almost 7 days a week (putting some parameters help weed out some of the garbage names).

If you're not passionate about it, you'll drive yourself crazy.

And a quick note, one of my best friends yesterday who's very successful in another field in business, he gave me advice which I had thought of but never fully committed too in the past (especially applies to brandables) : If you get an offer that is decent, even if you believe you can get more, JUST SELL IT and move on. Major fortunes are done through volume! If you have 75% of the asking price you have in mind offered to you, most of the time, don't risk that 75% to get 25% more. SELL IT AND MOVE ON. (If I would've I can say in the last 2 months I would've made easily another 2 to 2.5k).

You'll be surprised how sometimes a 300-400$ sale can motivate you once the sale is finalized, even if you thought you could get 1k from that name.

I agree @pokainc ! Esp. for those leaning towards flipping like myself, but something to keep in mind no matter what your strategy may be.

 

[rmsdomainer]

Wow long game truth. Thank you for the post.

 

[BrandPlease]

Thanks Much. It is important that more and more of us talk about what we do as a real business. Too many a lured by the get rich quick nonsense. There is no get rich quick in anything - without tremendous luck, for a very few.

Thanks guys, you are real contributors to the community, & whether or not someone agrees with something in any of your posts - I dont think anyone would not recognize the work, time, and effort it takes to offer quality content and info, as you are doing.

 

[vravis9]

Thanks @Omar Negron for your insights...

Found it very lately...but worth reading at any time..

The article stated facts to keep in mind before starting..

Thanks.