- Impact
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Lesson One:
You should not “count your chickens before they are hatched” don’t assume a domain sale is in the bag until payment is received.
Lesson Two:
Don’t assume that because you spend $X,XXX for a domain name that it is worth that to a business. A domain is only worth what the market will bear. A good point to note is that not all end-users will pay high for a domain name.
Lesson Three:
Just because you pay $10-$20 for a domain name there is no guarantee it will sell for $XXX. Don’t let your purchase price determine your asking price. You should start at a high price then be open to negotiation. Sometimes, there is good luck with buying domain for $10-$20 (bargain bin type prices) then reselling them for mid to high 3 figures. However, don’t assume that will happen each time.
Lesson Four:
The point of this domain name game is not to collect domains it is to turn a profit. What other industry can you get something for xxx and and in less than 2 weeks sell it for mid to high x,xxx? You might sell a domain for $1,000 that you purchased for $300, although that may be lower than what you wanted you didn’t lose $$$’s. An option would be wait and wait for a higher offer, but can you afford to do that (wouldn’t that be like collecting domains)? I know I can’t. If you have a huge portfolio of extraordinary domain names and are getting offers regularly, then yes, wait. But 99% of us are not Mike Mann or Frank Schilling.
Lesson Five:
You should develop your strategy to sell domains. What works for you? Perhaps, listing at auction on GD or Dynadot works well for you or, maybe you are a quick flipper and prefer to sell to other domainers.
Lesson Six:
You should check your email often for possible offers from domainers or end-users. You should do your research before reply. Think what other domains do they own (if any)? Then you should decide to follow-up with either a phone call or email reply or in some cases a text.
Final Lesson:
Always be closing deals. If you are not closing deals consider the following.
What marketing are you doing (if any)?
Are your prices way above what anyone (even end-user) would pay?
Are the domains quality too low (perhaps that is why they aren’t selling).
Consider investing in liquid domains as well such as LLLL .com or CCC .com’s. Or do you have a domain niche that works for you?
You should not “count your chickens before they are hatched” don’t assume a domain sale is in the bag until payment is received.
Lesson Two:
Don’t assume that because you spend $X,XXX for a domain name that it is worth that to a business. A domain is only worth what the market will bear. A good point to note is that not all end-users will pay high for a domain name.
Lesson Three:
Just because you pay $10-$20 for a domain name there is no guarantee it will sell for $XXX. Don’t let your purchase price determine your asking price. You should start at a high price then be open to negotiation. Sometimes, there is good luck with buying domain for $10-$20 (bargain bin type prices) then reselling them for mid to high 3 figures. However, don’t assume that will happen each time.
Lesson Four:
The point of this domain name game is not to collect domains it is to turn a profit. What other industry can you get something for xxx and and in less than 2 weeks sell it for mid to high x,xxx? You might sell a domain for $1,000 that you purchased for $300, although that may be lower than what you wanted you didn’t lose $$$’s. An option would be wait and wait for a higher offer, but can you afford to do that (wouldn’t that be like collecting domains)? I know I can’t. If you have a huge portfolio of extraordinary domain names and are getting offers regularly, then yes, wait. But 99% of us are not Mike Mann or Frank Schilling.
Lesson Five:
You should develop your strategy to sell domains. What works for you? Perhaps, listing at auction on GD or Dynadot works well for you or, maybe you are a quick flipper and prefer to sell to other domainers.
Lesson Six:
You should check your email often for possible offers from domainers or end-users. You should do your research before reply. Think what other domains do they own (if any)? Then you should decide to follow-up with either a phone call or email reply or in some cases a text.
Final Lesson:
Always be closing deals. If you are not closing deals consider the following.
What marketing are you doing (if any)?
Are your prices way above what anyone (even end-user) would pay?
Are the domains quality too low (perhaps that is why they aren’t selling).
Consider investing in liquid domains as well such as LLLL .com or CCC .com’s. Or do you have a domain niche that works for you?
