discuss Most important quality that differentiate successful domainers among other common domainers?

[GreatBrand.in]

Domaining is a serious business which needs time, energy and serious efforts. It required at most level of dedication and sincerity like any other professions. In spite of all these dedication and efforts still the success rate in this profession is very low. There are very few successful domainers who are performing consistently over many years and decades and then we have list of domainers who are struggling to get even their first sales.

The average industry sale through rate is very low 2-3% and thus out of 100 domains only 2-3 gets customers either in the form of end-user or resell investors.

Anyway, I personally believe this sector needs some special quality and the domainer who posses those attributes succeed here and believe me money is not in my top three list. These are
1. Knowledge,
2. Creativity
3. Patience

and if you have more money along with these above qualities your learning curve and struggle duration would be shorter but if you only have money and not the other three qualities than I don't think anyone would be able to save you from bankruptcy

What is your view, out of all these four deciding factors (including money) which one is the most important main deciding factor mainly shaping career of a domainer and defining whether he is successful or not.

Other than poll your candid views and thought provoking arguments/ justification are most welcome to make this discussion engaging, entertaining and inspiring.

Best wishes!

 

[bmugford]

A mix of all. Timing is another one.

You can't replicate the type of domains you could register or easily acquire in the mid to late 90's and early 2000's.

That aside, I would say the number one trait is the realization that you don't know it all, and are always open to learning.

Brad

 

[Future Sensors]

 

[NameBuyer.com]

In my opinion, one quality will help you achieve the best possible domain investor success, or even overall business success: Dedicating Yourself to Continuous Improvement

The continuous improvement cycle for domain investing would be something like this:

1. Learn the basics (ex. DN academy or take the time to learn from different sources)
2. Read/Watch Rick Schwartz's content. (Twitter Videos starting in 2019 and his Blog)
3. Be willing to make mistakes and try new things.
4. Learn from those mistakes.
5. Use tools & data to your advantage so you make less mistakes - (ex. Look at comparable sales on NameBio. Example: If you are considering a name that ends in "bridals", but the highest price a domain ending in "bridals" has ever sold for is under $550, don't do it. Sometimes the addition or removal of a trailing "s" can have huge impacts to the potential sales price)
6. Realize there's an objective price and a subjective price. At the beginning, price your domains by the perceived objective price, then learn how to extract value based on the subjective price. The domains fitbit.com and vivint.com both sold for $5,000 each. Fitbit was acquired by Google for $2.1 Billion and Vivint was acquired by Blackstone Group for $2 Billion and the domain sellers couldn't even figure out how to get $1 million. Can you? Rick talks of equity deals and other methods to extract value, even at a future time when the company is acquired by a larger company. Buyers may be very willing to negotiate on the success of something that has little chance of happening and it can be a windfall for the domain investor. Within x years put yourself in a position to correctly deal with this situation so you are not one of these domain sellers who made catastrophic mistakes.
7. Identify the worst domains you own. When they come due for renewal let them expire and use that $100 or $300 to buy one or more great domains for your portfolio. Now your portfolio will always look better than the year before, and so will your sales stats.
8. Learn how to negotiate and not be a victim to what great negotiators will do to you. (On Audible "Negotiation Genius" by Deepak Malhotra. "The Secrets of Power Negotiating" by Roger Dawson.)
9. Learn how to sell. (On Audible: "The Secrets of Closing the Sale" by Zig Ziglar. Also, the following 2 have good, more modern info but are somewhat gimmicky: "Sell or Be Sold: Hot to get Your Way in Business and in Life" by Grant Cardone - I didn't like the first few chapters, but after that it was worth it. On Youtube: Free Dan Lok videos like "Accurate Thinking" & "7 Legit Ways to Make Money Online" and many other videos. About 2-5% of his videos are outstanding, the rest are filler content in my opinion. Maybe sort by the most popular and go from there.)
10. Watch this premium logo services video and apply it to domains.
11. Read/Watch Rick Schwartz's content again.

For 10 years I pretty much had things on autopilot until about 2018 or so. My Average Sell Price was around $1,450, which was okay, but I was having no big sales and wasn't on an upward trajectory other than portfolio size. After rethinking many things about my domain investing and analyzing what others were doing I gradually changed this in 2019 & 2020. Now my Average Sell Price is up to about $4,650 (lower conversion rate of course), got my first $25k sale, and I have improved plans for 2021 & 2022. So my main advice is don't be complacent. Figure out how to achieve the next level in whatever you are doing. First figure out what that level really looks like, then figure out a plan to get there and act on that plan each week.

 

[bmugford]

The people who do the best basically want to learn and understand.

Many of the people that fail have the same traits. They are stubborn, think they know it all, and are not open to learning.

You see it often in threads like under appraisals where they just won't accept that their domain is not good, then become abrasive and hostile about it.

We all start somewhere. The people who realize they don't know it all tend to have better outcomes.

Brad

 

[johnn]

Missing one item:
Wife

 

[Castello Brothers]

Domaining is a serious business which needs time, energy and serious efforts. It required at most level of dedication and sincerity like any other professions. In spite of all these dedication and efforts still the success rate in this profession is very low. There are very few successful domainers who are performing consistently over many years and decades and then we have list of domainers who are struggling to get even their first sales.

The average industry sale through rate is very low 2-3% and thus out of 100 domains only 2-3 gets customers either in the form of end-user or resell investors.

Anyway, I personally believe this sector needs some special quality and the domainer who posses those attributes succeed here and believe me money is not in my top three list. These are
1. Knowledge,
2. Creativity
3. Patience

and if you have more money along with these above qualities your learning curve and struggle duration would be shorter but if you only have money and not the other three qualities than I don't think anyone would be able to save you from bankruptcy

What is your view, out of all these four deciding factors (including money) which one is the most important main deciding factor mainly shaping career of a domainer and defining whether he is successful or not.

Other than poll your candid views and thought provoking arguments/ justification are most welcome to make this discussion engaging, entertaining and inspiring.

Best wishes!

Our methodology has always been simple: focus on what domain names would intuitively attract the public and not names that what would attract other domainers. Domainers are too caught up in their own bubble buying names between each other and the money is terrible. On the other hand, the public is more pragmatic and that's where you will find the almighty enduser who will pay millions. You can see the same strategy in the music business between those who have their pulse on the public and can write hit songs and those who write songs to impress other musicians.

 

[pb]

perseverance

I chose patience in the poll but it's not quite the same.

 

[bmugford]

True and this question is complex. I voted money because its easier for any domainer to gain the knowledge if determined enough. Not any domainer can recognize a great name and have the funds to bid it up to 25K at auction.

It is true because money brings opportunities. The more bankroll the more opportunities you have.

It is why rich people tend to get richer in general, not just in the domain world.

If you think a stock is going to triple and you only bought $100 stock the gains are almost irrelevant in the grand scheme of things. You do the same thing with $1M and now you have serious gains.

Brad

 

[TheBaldOne]

Something not on the list is:

'Ability to walk away'

By this I mean all good domainers know when to stop investing money, time, effort, etc. into an attempted purchase, an attempted sale, or indeed a potential development with a third party. When it is obvious that things will not work out a good domainer has to know when to cut his/her losses in effort, time, money - otherwise you just get run around in circles by the other party and not for your benefit. (You soon learn who's word or hand shake you can trust - and this is a very precious commodity in your arsenal on the way to success.)

 

[Revisiting]

You have to remember the dynamics of making money from selling domains has changed immensely. When people like myself and a good many others here on NPs started - Even the businesses that became our customers didn't, in the most part know or realize they would be looking for or buying a domain. Yes we are going back to that description of a 'Internet thingy' days

We at the time just had to be conceptually ahead, Now today you have to be streets ahead of fellow domainers, The marketers', Individual businessmen, the conglomerates you name it. The skill set is built into your provenance.

My advice these days if your just starting out. Is don't go searching for domains - you'll only end up buying the best of the Rubbish - but, it will still be rubbish. So What's the answer, Well if you don't have a background in Marketing, Product placement/development or Advertising there probably isn't one. You can't invent a skill set for yourself just because you like Domains

 

[HotKey]

All great words of wisdom here.

To add, successful domainers understand timing and preparation. Common domainers stare at the clock and are surprised when it strikes midnight.

I probably fall into the latter. And I don't even wear a watch.

 

[TauseefKhan]

I think vision or lets say knowledge is important. People who bought domains (good ones) 20 years before were having a vision of an online world booming with users and businesses.

 

[Devanos]

All of these elements are very important, but we have to arrange them according to priority, as knowledge is the origin of learning in any field, and after we learn and master something, we begin to innovate, Creativity, seriousness and Patience, and if some Money is available on our journey, it will be something that will bear fruit for our efforts and experience that we have gained in long-term investment.

 

[bmugford]

This is one of those chicken or egg questions. I voted money but all the money in the world won’t help if you don’t have the knowledge to know great names versus bad ones and why.

Money certainly helps, but money without knowledge and experience is also the quickest way to lose money.

Brad

 

[bmugford]

Agree. And, having some money in the bank will give you freedom & time to focus on domaining full-time.

It also helps with negotiation when you don't need a sale to pay bills. It gives you more leverage.

Brad

 

[bmugford]

Something not on the list is:

'Ability to walk away'

By this I mean all good domainers know when to stop investing money, time, effort, etc. into an attempted purchase, an attempted sale, or indeed a potential development with a third party. When it is obvious that things will not work out a good domainer has to know when to cut his/her losses in effort, time, money - otherwise you just get run around in circles by the other party and not for your benefit. (You soon learn who's word or hand shake you can trust - and this is a very precious commodity in your arsenal on the way to success.)

That is certainly true. Having the right temperament can really help.

It allows you to use your time and resources more effectively and walk away when something doesn't make sense. Walking away from overpaying at auction, because of emotional reasons, is also an important trait to have.

This also helps cutting the cord on loser domains. Every domain doesn't have to be a winner. Sometimes you just cut your losses and move on.

Brad

 

[bmugford]

Pessimism is a good quality for Domainers to start with.
New Domainers should start with a lot of pessimism about their Domaining skills.

With pessimism, you ask more questions, seek more knowledge, seek Gurus, guides etc before
buying any domains.
With pessimism, you are not over-buying useless domains without solid grounds.

With optimism, you have a periodic "feel good" moments when you are too happy and buy wrong domains.
Why, because, you were in just a good mood. And add to that, you felt you had extra cash..

The cure for pessimism should be in knowledge.
But knowing what is right knowledge is key.
One may have a lot of knowledge, but it could be all useless too.

Being pessimistic about one's knowledge is important.
That will force you to keep refining it.
Knowledge encompasses patience too.
That patience is required, itself is knowledge.

I agree completely.

Being optimistic has its place, but so does being pessimistic.

Some of the most successful investors in any field are the pessimistic or some would say realistic people.

It allows you to see and plan for potential pitfalls and problems in the future. If you are too pessimistic though, it can lead to becoming toxic and an inability to act.

So really, the right balance is a key.

Brad

 

[GreatBrand.in]

I choose money.

You need money to gain knowledge ( DN Academy)

After the training you need money to start investing properly.

After Investing you also need money to stay afloat in the business and still if you got money you will automactically have patience as there wouldn't be any need to sale in a hurry.

Money Money Money

Wow amazing points

I think you are confusing knowledge with the education. Knowledge is not a fast food that you ordered and get it. It is years of experience based on your personal inclination, nature, observation, succcess and failure.

Also do you think every one who trained from the Academy are successful domainer ? On the contrary those who are successful for more than decades never got such trainings

Anyway, thanks for bringing a new perspective.

 

[noneisnone]

The patience of Ayoub

 

[karmaco]

This is one of those chicken or egg questions. I voted money but all the money in the world won’t help if you don’t have the knowledge to know great names versus bad ones and why.

 

[Maximinus]

• Drive
• Self-relience
• Willpower
• Patience
• Integrity
• Confidence
• Communication
  
• Passion
• Connections
• Optimism
• Money have no importance. The more you invest - the more you're going to loose at the begining.

 

[oldtimer]

I say that taking care of and keeping your brain in top working condition by providing it with the right food and nutrients and giving it enough exercise by keeping it engaged at all times is the most important factor.

You might not be the sharpest person in the World right now, but as you exercise your brain and help it create more synapses you will be able to increase your mental abilities and creativity over time the same as if you started a body building program to develop more muscles.

And then everything else will come to you once your brain is well exercised and developed.

IMO

 

[CraigD]

It is true because money brings opportunities. The more bankroll the more opportunities you have.

It is why rich people tend to get richer in general, not just in the domain world.

This made me think of the stories we read about average people who strike it rich in the lottery. Many of them are flat broke within a decade, claiming the sudden wealth ruined their lives.

Successful people develop the mindset early on that they need to continue working to sustain and grow their wealth.

 

[domainventure]

I would think, IMO, your mindset is the most important thing. A person could have a million bucks but feel they only have a few pennies. A person could have only a few pennies but feels he/she has a million bucks. So how do you shape your mindset? To start with, have the confidence in yourself, If you don't invest in yourself, no one else would! However, that should not be overconfidence or arrogance, which is not a good trait. A good mindset provides the balance to look at each opportunity with perspective (which is again shaped by experience). In the domaining context, it would tell us what type of domain to go for, whether an EMD or brandable, what niche, what trend and so on. When you see things with clarity, you find opportunities. When you find opportunities, you find the way and are able to become a better.....It could be anything a successful domainer, a successful business person and so on.

On another note back in the early 2000s I read a good book. The Millionaire Mindset by Harv. T. Ecker. It's a good read. It says how everyone has a millionaire mindset but it's how we approach it. does it make us a successful person or otherwise!