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It's time to renew. What should I do? 5 questions to ask first.

Labeled as advice in General Domain Discussion, started by HotKey, Jun 29, 2016

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997

  1. HotKey

    HotKey Made in Canada VIP

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    When it comes time for renewal on my names, in many case it involves a lot of humming and hawing, should I or shouldn't I. The decision to renew really comes down to affordability and sensibility. These are the key factors I look for when it comes time for renewal:

    1) Is the domain making money in it's current state? If not, is there good reason to believe it will make money in the future?

    2) Do I want to keep the name as part of my collection/portfolio?

    3) If this was a fresh registration, is this a name I would register? Am I as excited with this name as I was when I first got it?

    4) Would I purchase this name from another seller if it was theirs?

    5) Is it worth my time to move this domain elsewhere for a cheaper renewal?

    If you answered "yes" to Question 1, it should be a no-brainer. But if your name isn't turning a profit, yet you think it might someday, that really isn;t a valid enough reason to keep the name. I think if you can answer a solid "yes" to at least two more of thos questions, then go ahead, bulk up and renew away.

    When you're managing in the hundreds or thousands of names in your collection, it might seem overwhelming to think about criticizing each and every one of your names in this manner. But if you set aside a couple days each month, filter out your expiring domains and focus on renewals, it doesn't have to be so tasking. Scan through the list and factor in your "yes" parameters. There! All done, you're good for another month.

    Chances are you already have a system that works, but I wanted to share what I use; it's easy to fall into a trap of just blindly renewing away on a whim. I used to grind myself into a frizzy trying to make the "right" decision. Setting yourself some boundaries can soften the blow.

    So what about you? Are there more factors one should consider when deciding to renew? Please feel free to give your thoughts.

    - Hotkey
     
    The views expressed on this page by users and staff are their own, not those of NamePros.
  2. catchmesleeping

    catchmesleeping Established Member

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    Good topic. Other criteria:

    1. Did the name have any inquiries in the last couple of years. Even 1 would make me think twice about dropping it.

    2. Have I sold similar sorts of names recently (or are there reports of similar types of names selling on Namebio)? For instance, if HowToxxxxxxx.com names are heating up, I'll be sure to renew any similar types of names in my portfolio.

    I really like to try to stay ahead of my renewals as possible and I think it's healthy to re-evaluate names yearly, to keep the portfolio lean.
     
  3. TampaDomains

    TampaDomains Established Member

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    Something I won't face in big quantities until next year but I am sure it will be stressful each month. lol
     
  4. HotKey

    HotKey Made in Canada VIP

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    Good points to consider. Staying on top of results and indicators for your names that have been geared towards certain trends/markets have to be factored into their continuation.

    A yearly cull of your names is a smart thing to do, to keep your portfolio as lean and mean as possible rather than being burgeoned with dying fads or dead-end roads.

    I generally keep about 4 or 5 different portfolios, categorized by things like futures, developments, short-term outlooks, personal favorites, etc. For names I view as real keepers I like to keep at 10 year renewals, I don't even have to look at them!
     
  5. JayT

    JayT Restricted (85-100%)

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    I think the best thing to determine value is figure out how many domains in that niche are actually better. If a potential buyer has a dozen better options then it's probably not worth keeping.
     
  6. HotKey

    HotKey Made in Canada VIP

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    Thats ok...quality over quantity. If you can focus more on that while building your portfolio it's much more manageable come renewal time. I know though, with some of the cheap registrations out there right now, it's easy to get carried away.
     

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