KeywordDomains

My mistakes in domaining by blowing over $30,000...

Discussion in 'General Domain Discussion' started by Arpit131, Oct 5, 2017.

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  1. Arpit131

    Arpit131 Active Member VIP

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    Looking backwards into my domaining journey, I realized that there were mistakes that I made.
    Here are some of them:

    1) I always knew the potential of hand registrations. However, I failed to classify my investments into short term liquidity investments, medium term investments and long term holds. As a result, I ended up selling some of my best names for very very cheap and some of normal ones were held only to end up expiring.

    Lesson Learnt: Classify your investment. It will help you hold onto good investments.

    2) I did not fix the proper amount of money I would reinvest from the profits that I make on my investments. As a result, a lot of it was spent unnecessarily without being reinvested properly.

    Lesson Learnt: Plan a proper reinvestment strategy otherwise you wouldn't know where you blew the profits.

    3) Maintaining an excel sheet of all the domain names that you own, their date of registration, acquisition price, renewal date and classifying it as short, medium or long term investment is important. I lost a lot of good domain names because I forgot to renew it in time.

    Lesson Learnt: Maintain an excel sheet of your portfolio with expiration date. This way, you know when and what to renew, what to hold and make an informed decision.

    4) A strict track of your investment, returns, profits, losses is very very necessary. I made over $30,000 in 2 years of domaining only to realize later that all that money was spent without reinvestment, having no track of where I blew up the whole $30,000 - $40,000 living a good lifestyle, partying and so on.

    Lesson Learnt: Keeping a track of your cash flow is necessary. It helps you plan better, maintain a budget and strategize your future.

    What are your domaining mistakes and what did you learn from it?
     
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  2. biggie

    biggie Top Member VIP ★★★★★★★★★★

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    in domain world

    i learned that..... if it's too good to be true, then it is.

    and i should walk away

    that type of bait is still being used today,
    so when it presents itself... better get to steppin,

    cuz you're about to get played

    imo....
     
  3. deez007

    deez007 The More I Learn The Less I "Know" VIP

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  4. rivey001

    rivey001 Active Member VIP

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    @Arpit131

    I can relate. I don't distinguish my names for short term sale(the more average names that keep money flowing) so I end up waiting for incoming offers on the better names. By that time.. I am in debt. I then make a good sale and have to use that money to pay off the debt. Not getting to truly enjoy the sale.

    In some cases I make money and I invest in a bunch of things online.. and don't have much money left and nothing to show. I need to organize and plan and invest with a purpose.

    There is also the risk to sell great names at cheap prices out of desperation in order to create some cash flow.
     
  5. Jahe

    Jahe Established Member

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    Thought I was the only one that made that sucka mistake:xf.frown:
     
  6. alcy

    alcy Active Member VIP

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    mistakes are part of the learnign process. think of your losses as paying for a course or class to learn domaining :) of course you don't wanna pay too much for a course.. but.. in most cases, the classes won't be free :)
     
  7. oswin_mb

    oswin_mb Business Member Business Account

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    Don't be in hurry to sell even if you get 10x the offer. Try to research who the buyer is and to what use the domain is been bought. I have sold 2 domain in Low xxxx where as I could have got xxxxx.
     
  8. Cannuck

    Cannuck 420friendly.domains Business Account

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    Time is of the essence. I spent too much $$ up front while leaving good domains on hold while life got in the way. Like a garden, it takes time to grow - to research, generate stats and understand the investment potential. Definitely a learning curve in the world of domaining.
     
    Last edited: Oct 7, 2017
  9. platey

    platey Active Member VIP

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    Domain in while tired isn't good either pressing different keys while falling asleep
     
  10. pokainc

    pokainc NameGalaxy.com NamePros Supporter VIP ★★★★★★★★★★

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    When receiving decent offers, wait 1 day at least to think it over before accepting or countering.
    Often countering is always the instinct, but more and more some buyers are not interested in negotiations these days.

    Lost quite a few potential sales due to this.

    Also imagine the physical cash in front of you, sometimes $1000 will have a different impression.

    Also you may turn down a 500-1k offer for a name, but waiting 1-2 days, if you get another $500 offer for some other names, then you just look at the total and it's worth accepting all the offers in a cumulative sense. Hindsight....
     
    Last edited: Oct 7, 2017
  11. Jahe

    Jahe Established Member

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    You make a great point.

    I lost a sell on a two word domain in June 2017. I GoDaddy.com broker contacted me on behalf of the client. I value the domain at $5-10K, turned down the $1K. I countered with $5K, broker said the buyer wasn't interested. We ended negotiations, I refused to sale for $1K but had I been in a more desperate financial situation I'd have taken $1K. Though I wouldn't be surprised if the buyer returns before the end of December. Too often, I don't hear/see domain speculators telling newbies to fully assess their financial leverage/bankroll before turning down less than ideal offers on low-demand domains.

    ...be careful with counter-offers.
     
  12. Arpit131

    Arpit131 Active Member VIP

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    Well said Biggie!

    Lol.. Very very true!! I once registered like 20 domains getting high on whisky. All pigeon sh*t!!
     
  13. Arpit131

    Arpit131 Active Member VIP

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    If you are settling debts that are not from domaining, it is kind of investment. Or using the money wisely.
    As per investments online, those can be considered as what I call "Experiment Money". Unless you invest and experiment with stuff, you wouldn't know what works for you. So, I would say you are, to some extent using the money properly. There are always avenues for improvement and better management though.

    Lol no.. I was there too. However, lesson learnt. If we repeat it again, then it would be blunder. Otherwise, it happens!! Take it easy.
     
  14. Arpit131

    Arpit131 Active Member VIP

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    Well, that is another way of saying "Grapes are sour". But since I did not manage the money properly, I now know how to spend it properly. If you learnt something without paying too much for the lessons, it should be used as a plus and to your advantage to shorten the curve and try more things.

    Happens every time. Everytime I make a sale where I quote the price and the buyer agrees, it feels like I left some money on the table. It is only psychological. However, who doesn't like more moeny ;) :p
     
  15. Arpit131

    Arpit131 Active Member VIP

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    Point noted!! But to extract the full potential out of a name and when the other party may be desperate or have deep pockets, it may pay off big time as well..

    Worth the risk sometimes, isn't it?
     
  16. talking.domains

    talking.domains Established Member

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    Back in 2002 I wanted to develop Banner Exchange Network (they were popular) so I end up with domain B a n E x .Net (also when I was checking com, it was free to register).
    I never developed that site. In 2006 I was offered $5k for that domain and refuse (wasn't in domaining back then) with impression that domain will worth more in the future.
    Fortunately, I sold it 2 months ago for 1200$ (com is listed for 15k)
    My regrets are not registering com extension back then, and refusing 5k offer

    :(
     
    Last edited: Oct 8, 2017
  17. Marshall999

    Marshall999 Established Member

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    Drinking brings regrets and remorse
    but
    It also may be the only thing that helps to survive 'em.

    -Marshall (Drunk) Quotes

    Peace! ✌
     
  18. Jahe

    Jahe Established Member

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    Like you said, "its worth the risk." It all boils down to bankroll, leverage, and personal balance sheet. Too often newbies base their negotiations on general 101 rules that apply to those with lots of experience and capital. Before turning down legitimate offers, you should always assess your risk aversion and know your buyer to the extent that you can.
     
  19. 888domainsale

    888domainsale Business Member Business Account

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    Great insights @Arpit131 . Thanks for sharing your experiences.
     
  20. obocar

    obocar Established Member

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    Thanks for sharing.
     
  21. Arpit131

    Arpit131 Active Member VIP

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    Glad it helped. :)
     
  22. dordomai

    dordomai Active Member VIP

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    No mistake here.
     
  23. Naveenraju

    Naveenraju Established Member

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    "don't spray and pray"
    - Don't invest on the things that you don't know.
    "don't sell for cheap"
    - every domain suits to an ass in the world. do research and find out the right ass for your domain
    "invest some money on liquidable domains"
    -liquidate the domains if you need money rather than selling quality domains for cheap.

    thanks to all for sharing your experiences
     
  24. frank-germany

    frank-germany Business Member Business Account VIP

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    don't domain when being sick -really sick like having a flue
     
  25. WatchDogue

    WatchDogue Active Member VIP

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    The OP asked:

    " What are your domaining mistakes and what did you learn from it?"

    Declining several perfectly reasonable mid/upper " four figures " offers to purchase several of our domains some years ago while holding out - maybe a bit greedily - for retrospectively too high
    five figure purchase offers.

    All of the five figure offers must have been lost in the mail as I didn't see 'em arrive.

    Lesson learned re reasonableness of offers in hand, frequency of solid offers, seller ( me ) stubbornness and, over valuing names.

    And how quickly decent offers can evaporate.

    Learned To - Sell when the road is paved with silver as you might not get to the intersection of
    domain names and gold.
     

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