advice 90% of domainers should start over

[equity78]

Rick Schwartz made a pretty interesting tweet yesterday that I think will bring about a great deal of conversation. Rick stated that 90% of all domain investors should look to reboot. Drop everything and start over again. 90% of every domainer should drop ALL their #Domains and start again! They are so far off the path that it is sad to see. #gtld #Startups — @Rick Schwartz … [Read more...]

 

[platey]

Yeah, if you don't you may not move forward. I did this twice.

Now I only buy domains that pass my stress tests.

For the new entrants:

• Don't overpay for a domain, there will be a cheaper one tommorow. Cash flow is everything in this business.
• Domaining is very similar to two industries: the stock market and the real estate market. You want to study 'academically' concepts, principles and frameworks in these markets.

Somebooks and scholarly papers you should read:

1. The intelligent investor - Chapter 1, and the commentary. (basic principles) - Here you learn the difference between and investor vs speculator.
2. Markets in profile - James Dalton
3. Research papers on domains by Thies Lidenthal of Sedo
4. Psychology of the stockmarket - Selden

You need to develop a habit for research and reading. It has helped me the most and it is the best advise I can offer.

Isn't the intelligent investor one of Warren buffetts favourite books? He being one of the world's best investors

 

[platey]

Much of what Rick says is spot on but he is an investor in premium dot Coms and can afford to be choosy and be able to buy the best domains in the industry etc

But domain name investing strategies vary from one investor to another etc and each investor will over time find and develop a domain name investing strategy that works for them

Each to their own

The best domain investing strategy is the only e that generated your last sale

 

[Casey L]

I did something similar a couple months into my domaining journey - I stopped wasting money on new extensions, dropped everything, and started over with realistic expectations. Best decision I've ever made as it has paid off handsomely over the last two years.

If you looked at all of the domains for sale on namepros then 90% might actually seem generous

 

[Robert G]

Don't overpay for a domain, there will be a cheaper one tommorow. = BAD ADVICE

tell that to the guy/girl buying nnnn.coms and nnnnn.coms a few years ago.

 

[Premiums]

He's got a blue check mark

 

[JayT]

I think it's at LEAST 90% domainers need to drop their domains. Most them shouldn't even keep trying :P He does act like a 15 year old on an internet chat room 15 years ago though.

 

[Premiums]

Hello @Rick Schwartz

, not using your own domain name for blogging is like building content and links for someone else...

twitter

 

[Abdel]

Ok Rick!!! I will start with dropping all my of 4L.Com's.

 

[creataweb]

Ok Rick!!! I will start with dropping all my of 4L.Com's.

I'll save you the trouble, just transfer to me I'll take your burden.

 

[korganian]

I would guess it's more like:

90% of domainers would be better off dropping at least 20% of their domains

50% of domainers would be better off dropping at least 50% of their domains

30% of domainers would be better off dropping at least 70% of their domains

 

[Mister Funsky]

he wants us to drop names so he can cherry pick them.

BINGO!!!

 

[guilty]

More like 90% of the reg fee domains should be dropped. All you can do is visit the thread " Your reg. of the day" and you'll see some great examples.

Unfortunately, some people who are new to domaining see the big domainers' large domain portfolios and think that to succeed in domaining, you have to have a large portfolio. They think if they reg many domains and have a large portfolio, there is a higher chance that an end-user will contact them about a domain at least once a month. If the ones who reg domains like there is no tomorrow pause for a second and calculate how much money they're spending on worthless domains, they'll find out that instead of making money, they're losing money.

 

[wot]

I guess being in the right place at the right time helps.

Perhaps Rick could drop his and try again and see how he gets on perhaps?

 

[lock]

Well if you only ever going to sell 10% of your inventory then it is technically right.
You get a statistic and use it that is the job of the salesperson.
He doesn't clarify that the remaining 10% will sell all their entire portfolio.
The idea is to be able to sell 10% of what you have Rick stays on top of the game by spruiking it in a more controversial way.

 

[frank-germany]

yesterday I recieved the first inquiry on a .de I registered more then 10 years ago

 

[Kate]

Notwithstanding the foul language, he is only stating the obvious. The majority of domainers are not profitable, 90% seems generous to me. It's not controversy, just reality.
The sad thing is that they are fooling themselves.
And how many are paying tax on domain revenue ? If you're not paying tax it's not a real business...

And it's not like he got a chance that we didn't get, many of us were already adults in 1993. We simply were not paying attention. I missed the boat too. But you can always make money, even as a latecomer. Some successful domainers are latecomers (eg Schilling).

 

[JoeE]

Rick is great and he has an eye for great domains and has proven himself through the years. BUT although I'm a big fan of his, I think he went overboard in his comments and responses to legitimate questions and comments regarding his tweet. I think he can and should be better than that. It does not take much to trigger his anger, and he doesn't hold back nor measure his responses. It's was sad and disappointed to watch. I hope he can rise above this petty exchange and tune down his super inflated ego just a little. Calling someone an a$$hol3 and cursing everyone who questions his statements is just too much!

 

[Smiles76]

I'll only add that Rick didn't know years ago how things would turn out. He continues to make educated bets every day. I have sold/dropped domains only to get offers later. Depends a lot on the budget.

I will also add that selling a domain name for $1 is better than just dropping it. Even giving it away is better. Drops are fine, but if you can make $1 it's better.

I disagree. He was in sales before becoming a domainer. He clearly knew that buying up all of the premium domains would create artificial scarcity thus driving up the asking price.

 

[Marshall]

”90℅ of domainers should drop their names"

Yeah Yeah, 90℅ of domainers should drop everything,
then start again,
all the hassle and hustle,
Again.

And the rest of the 10℅ including him will watch the show,
getting the best view of the chaos from their VIP seats.

 

[frank-germany]

Notwithstanding the foul language, he is only stating the obvious. The majority of domainers are not profitable, 90% seems generous to me. It's not controversy, just reality.
The sad thing is that they are fooling themselves.
And how many are paying tax on domain revenue ? If you're not paying tax it's not a real business...

And it's not like he got a chance that we didn't get, many of us were already adults in 1993. We simply were not paying attention. I missed the boat too. But you can always make money, even as a latecomer. Some successful domainers are latecomers (eg Schilling).

Rick Schwartz‏Verified account @DomainKing 20h20 hours ago
They said: "He got in early" in 1998/1999/2000/2001/2002/2003/2004/2005/2006/2007/2008/2009/2010/2011/2012/2013/2014/2015/2016 #Domains

 

[Kuffy]

I'm starting over again, but I'm keeping my old names. I don't want to drop them for Rick "the Black" to pick up for reg fee.

 

[MapleDots]

And how many are paying tax on domain revenue ? If you're not paying tax it's not a real business...

Been saying that for years.
Also paying tax you can write off your losses and expenses.
With Paypal and the likes now reporting to IRS and Canada Revenue there is really no hiding anything.

 

[frank-germany]

today guys I officially announce my new favorite Rick Schwartz quote:

Rick Schwartz‏ @DomainKing 5h5 hours ago
Some guys can't get laid at a whorehouse with a fist full of $100 bills. Some #domainers can't pick #Domains with wallet full of $$$ either!

 

[1Darko]

I'll only add that Rick didn't know years ago how things would turn out. He continues to make educated bets every day. I have sold/dropped domains only to get offers later. Depends a lot on the budget.

I will also add that selling a domain name for $1 is better than just dropping it. Even giving it away is better. Drops are fine, but if you can make $1 it's better.

I agree 110%

 

[Lox]

The difference is:
While our (90%) primary focus is normally on “Price Range", his primary focus is "Let's focus on the big picture here."

He adjusted the focus on the lenses so he can spot the Eagle looking straight up into the sunny sky.
By contrast, with most of us living in these vast domainhoods where we can sometimes see sparks.

(5cents)