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

Labeled as discuss in General Domain Discussion, started by GreatBrand.in, Feb 26, 2021

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Most important quality that differentiate successful (millionaire) domainers & common domainers?

Poll closed Mar 5, 2021.
  1. Knowledge

    90 votes
    33.5%
  2. Creativity

    18 votes
    6.7%
  3. Patience

    81 votes
    30.1%
  4. Money

    80 votes
    29.7%
Total: 269 vote(s)
  1. Maximinus

    Maximinus Established Member

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    • 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.
     
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  2. Mister Funsky

    Mister Funsky Top Contributor VIP

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    I would rank as follows:

    1. Knowledge
    2. Money
    3. Patience
    4. Creativity
     
  3. johnn

    johnn WeSellName.com PRO VIP ★★★★★★★★★★

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  4. HotKey

    HotKey Made in Canada VIP

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    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.
     
  5. oldtimer

    oldtimer Do some good for humanity and the environment VIP ★★★★★★★★★★

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    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
     
    Last edited: Feb 27, 2021
  6. CraigD

    CraigD Top Contributor VIP

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    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.
     
  7. lock

    lock DomainUsed.com VIP

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    The abillity to sell. Doesn't matter what it is.
     
  8. GreatBrand.in

    GreatBrand.in Established Member

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    Ability to sale for profit or loss or what would be better margin?

    On the contrary seasoned domainers believe that success is decided at the time of buying: what you are buying and at what price you are buying.

    If you have acquired best of the best 3L or dictionary word domain say Voice . com & paid enduser price, now in this case certainly you need to wait for a decade or so to even get your breakeven else you may "SALE" and book loss.

    Anyway, Thank you so much for bring another good perspective that ignite our thought process & decision making ability 🙏
     
    Last edited: Feb 27, 2021
  9. domainventure

    domainventure Top Contributor VIP

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    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!
     
  10. Nour Saber

    Nour Saber Entrepreneur Gold Account

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    "Mindset & Discipline"
    The way you think. the way you manage your time, prioritize your tasks and eliminate wastes. The way you handle failure and learn from it. the way you keep improving and not giving up
     
  11. NicTraders

    NicTraders Top Contributor VIP Gold Account

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    I reckon experience and practice are possibly the most important. Which is probably a mix of knowledge and patience to an extent (so I voted knowledge), but certainly there are plenty of other important aspects.
     
  12. domainflipper1000

    domainflipper1000 Established Member

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    Like others said it's a combination of multiple factors.

    #1. Pre-existing knowledge. For someone who already has a general concept of Seo/marking/Computers, they start off with good foundations.

    #2. The ability to pick domain names.

    #3. Money to afford domain names.

    #4. A way to market domains. Establishing some sort of platform to sell your domains with a reliable stream of traffic is the next important. Listing on godaddy auctions alone etc. doesn't seem to be good enough. However, if you could generate your own traffic to your listings then that is how you are more likely to convert.

    #5 Patience of course, especially if you haven't established a consistent way of domaining.

    #6 Passion. One of the things I like about getting into domain flipping is that inspiration seems to be everywhere. Sure flipping domains is the act itself, but just by looking at different domain names, it seems to spark creativity and interest.

    #7 Luck. If you get success early on, it's easier to stick around to see where things go. But if you have a 5 star domain name that you can't sell. Then it's easy to give up.
     
  13. griff

    griff Top Contributor VIP

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    knowledge & enough funds to act on that knowledge.
     
  14. Castello Brothers

    Castello Brothers VIP Member VIP

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    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.
     
  15. theinvestor

    theinvestor Established Member ★★★★★★★★★★

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    Well out of the 4 to choose from in the poll I would have to say you need knowledge first.

    Being creative doesn’t make you a good domainer. It doesn’t matter how much money or patience you have. If you are buying the wrong domains you won’t be successful.
     
  16. NameBuyer.com

    NameBuyer.com Top Member PRO VIP Gold Account ★★★★★★★★★★

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    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.
     
    Last edited: Feb 28, 2021
  17. Bravo Mod Team

    Bravo Mod Team Moderator, NamePros Moderator PRO VIP Gold Account

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    Money and patience won't help without knowledge.

    Creativity without knowledge may be unviable.

    More important than all four is wisdom, which comes from experience.
     
  18. VadimK Iberica

    VadimK Iberica Established Member

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    The most important thing is patience to get knowledge. And along the way you will show creativity and will spend some money.
     
  19. Leopard

    Leopard Named 150 + Companies . Brand Consultant

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    Need all 4 equally. Lacking in even one can be disastrous :)
     
  20. Vinod R

    Vinod R Established Member ★★★★★★★★★★

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    Knowledge and Patience brings in the Money.
     
  21. Brian L.

    Brian L. Top Contributor VIP ICA Member

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    The luck of the draw is a big factor. You have to look at the what the chances are, that someone with money, is desperately seeking the exact domain you own.
     
    Last edited: Mar 1, 2021
  22. DuDD

    DuDD Established Member

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    I vote for patience
     
  23. Domain Search

    Domain Search Established Member

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    I think money is the top factor.

    For domain investing we need a handsome amount to purchase good domains.
     
  24. Future Sensors

    Future Sensors 78% of human domainers will be replaced by robots Gold Account

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    Know when not to run after the crowd. Learn how to get ahead of the crowd in a smart way.

    On a great forum like this, it's easy to get tempted into all kinds of purchases, which won't always make sense afterwards. Realize that on every forum there are always multiple views and that people use different strategies to achieve their goals. These goals do not necessarily correspond to your purpose in life, or in domaining. When in doubt, ask people to explain further on their way of thinking, as it will help you to create a strategy for yourself.

    Some of the most successful domainers have become successful because they failed to do what others did en masse, at the right time - and vice versa. Obviously, you need some financial resources and some independence for this and it is not wise to immediately quit your permanent job. But in domaining it's perfectly possible to earn a good income with making the right choices. You have to work hard for it though.
     
  25. Akhilesh.Kumar

    Akhilesh.Kumar Restricted (Market)

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    Once you have "knowledge" about how to be "creative" and before you keep "patience" for the right buyer, you need "MONEY" to buy those names from naked dance auctions.

    Cos knowledge fully creative names are no more free available. And keeping patience waiting for Sex.Com to be available for hand regging is not the game about.

    Money is a magnet. It attracts more Money.

    IMO...
    No offences.
     

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