advice A new member asks....

[Kenny]

Hello Mems,

I received a PM this morning from a new member asking for general suggestions.
I checked the Post History and saw that this person was serious about wanting to learn.

This is my response. Take it for what it's worth.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
First and foremost, the best advice anyone could give would be read, read, read.
And when you think you're getting it, stop, leave the credit card in your wallet, and read some more.
Almost every question has been asked here before. Use the search feature and review past threads to get an idea who knows what they are talking about, and who is just commenting to raise their post count.

Try to do as much research as you can first, and then ask well thought out, specific questions on the board. (I have reviewed your post history and I see you are on the right track.)
You will get better responses, and senior members will appreciate that you have tried to find some answers on your own.
There are many members with different skillsets (domainers, webmasters, site designers, seo, etc.) ready, willing, and able to help those that would help themselves.

Always have an exit strategy before buying or regging a name.
Know its history. Check to see prior sales in the same niche or keyword.
Determine what specific need does this name fulfill. Who are the possible endusers before you buy.

Due diligence is top priority in this industry, both in the buying / selling part, and the human part as well. Know who you are doing business with. I know this is hard in an industry that uses nics as much as domainers on forums, but you can research Post History to get an idea of what a member is about.
Check who they follow, and who follows them.
Post count, join date, likes received, these are not always a reliable indication of knowledge. Trader Rating can be.

Good luck and Welcome to NamePros.

Peace,
Cyberian
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


Please feel free to add your suggestions / comments as well.

Peace,
Cyberian

 

[Kate]

Couldn't say it better myself.

 

[Wesley S]

yes

 

[briguy]

Where was this advice when I first started out? Great answer @Cyberian

 

[PULKIT]

Is that Me @PULKIT

 

[DU]

Post count, join date, likes received, these are not always a reliable indication of knowledge. Trader Rating can be.

Seriously.
100%

Also, for whatever reason, many people lie. Find the ones you trust and keep them close.

 

[Pierre Barnard]

Well said indeed.

 

[aramyus]

I totally agree. I'll try to summarize a bit more synthetically

a) Learn how to estimate correctly the value (selling price) of a domain
Read, Read and read again will help, but read what ? Let's be honest: there is a lot of noise and non productive suggestions on NP and other forums.

I have nether found any rational method to valuate a domain and I remain puzzled by some extravagant prices I encounter whether they are asking prices or actual transactions.

Keep also in mind there are two almost independant markets (wholesale between domainers and sales to end users)

The best tip I'd give would be to create a fake portfolio or create your own quizz (you pick up a domain randomly from a list of sold AND unsold domains, you valuate and you compare your results with the known transaction.

May be one day someone will come with something more rational and straightforward.

b) Before investing, know whom you are going to sell your domain to (and at what kind of price)
It's the most important.


c) Getting exposure and networking
It's not sufficient to know to whom you are going to sell. You must also know how to reach the buyers: market places, direct contacts, former clients, peers, brokers...

d) Learn basic negotiation tricks (control your stress)
If you are confident in your valuation, you should simply say 'no' to any offer below your valuation. But you have to do so diplomatically so that the buyer does not look bad if he buys at 10x or 100x his initial offer.


e) Some business commonsense
Understand that you will not make a profit from all domains you have invested in. For example, if you make enough profit with one sale out of 10 and you need cash, you can sell the 9 other domains at a distressed price.

 

[WatchDogue]

Well articulated and well summarized post and, created several subsequent worthy replies.

 

[vivaldi]

All true with your post but I have two things that worked well for me to filter out the noise:

• Don't listen to anyone that wants to make a profit out of you.

• Don't take any advice serious when someone gets emotional about a topic, it means they are probably biased. It does not mean these people can have great insight in other stuff though.

 

[Aamsra]

Brief enough.

Research, research and research. And I completely agree with all especially this:

Post count, join date, likes received, these are not always a reliable indication of knowledge. Trader Rating can be.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


Cyberian

 

[Manik]

And they say you can't impart wisdom..

 

[doubleU]

Buy low sell High !

If you can figure out how to do the above then your winning !

 

[Sulabh Sharma]

And here's another great advise to start with. Thank you @Cyberian

 

[usernamex]

This is brilliant, @Cyberian - I'l be sending all new members here for their first post to read. If they listen they will have a much better chance of success.

Also, I will read for MYSELF daily this section in particular - names that are funny, clever or cute may be all that, and not actually be practical for an enduser, or the type of enduser it would attract is not the profit I would hope for.

Always have an exit strategy before buying or regging a name.
Know its history. Check to see prior sales in the same niche or keyword.
Determine what specific need does this name fulfill. Who are the possible endusers before you buy

 

[Esraa]

Briefly,find your niche and then go ahead!