discuss New domainers are super optimistic

[abstractdomainer]

While scrolling through a number of Fb and other domaining groups that I am a part of, I have come to conclude that newbie domainers are super duper optimistic about the domains that they own.

They might have seen some VacationRentals sale or something, and I even saw some posts of 2/3 words domains for $50,000,000.
Yes, I am not kidding.

A lot of new domainers mistakenly take the domainers as end users and put up a price tag of $10000 or so on their domains, while even in best case scenario, an end user may end up paying less than $500 for same names.

And that I believe, turns into the disappointment of not being able to get-rich-quick, that causes them to churn from investing in domain names or leaving the industry altogether.
And a lesson for all the new folks to read and understand the industry and the business before investing.

 

[ecomslice]

although the technical term for the opposite is pessimistic, in domaining its just called realistic.

with experience comes the reality that most domains don't sell, and nearly all noob hand reg's never sell.

been there, done that, got the t-shirt.

However ..... any millionaire will say they learned from their mistakes. So its actually the reason for many people's success to be so unrealistic and optimistic in the beginning, hard lessons come with great discipline to avoid in the future and keep on track.

 

[bmugford]

Instead of optimistic, I would use the term unrealistic. This is true in most fields with new investors.
They often enter with wildly unrealistic expectations, thinking it will be an easy shortcut to riches.

People new in a field don't know what they don't know.

You put in the time, effort, and are willing to learn and you have a chance.
It is not easy. If it was easy everyone would do it.

Brad

 

[bmugford]

However ..... any millionaire will say they learned from their mistakes. So its actually the reason for many people's success to be so unrealistic and optimistic in the beginning, hard lessons come with great discipline to avoid in the future and keep on track.

There is a saying that goes something like -

“Smart people learn from their mistakes. But the real sharp ones learn from the mistakes of others.”

This chart shows the Dunning-Kruger effect. Often people new at something think they are far more competent than they are. Over time they realize how much they need to learn and their views become more realistic and practical.

 

[Lox]

 

[tonyk2000]

Where is that np poll "how much $$$ did you gain/lost in domaining?" Cannot find it. Should be an eye opener for newbie domainers. Nothing personal, but entering this market at this time is simply irrational. Most such plans are doomed to failure. Not only because there are too many suppliers (all of us, lol), but mostly because new investors would not know where and how they will be cheated, and by whom.

Oh, there are domaining classes and academies where newbies are welcomed? Lol, give me a break. These businesses (not charities!) would charge $$$, and provide some basic info which is mostly available for free to those who are able to search and learn... They would not disclose real secrets, nor would they tell "guys, you are doomed to failure". Instead, they would promptly charge for the course and/or do their best to ensure more students spending in future with affiliated service providers. Again, nobody in their sane mind would share real secrets and technologies etc.

Being a profitable domainer means a lot. Advanced technical knowledge (dns, servers, internet etc) - as it where domains do exist. Sales knowledge. Some legal stuff (TM laws, udrp, etc.). Extra languages (not to limit yourself to just 1 language). Common sense. Ethics. Good understanding of marketing and branding. Money to start. And many more.... Long story short - domaining was not for all even 20 years ago, nor is it now. Somebody who enters domaining in "I will join all open expired auctions with bids, beat them all and will become rich" mode is not a domainer, and will never become one.

 

[Kuffy]

One mistake I see is a failure to appreciate that word sequences are important. To take your example, "vacation rentals" is obviously a great name, but "rental vacation" is a very negative concept, and thus has little value in my opinion, although GD values it at over $2,200.

 

[Jimmysun]

There is a saying that goes something like -

“Smart people learn from their mistakes. But the real sharp ones learn from the mistakes of others.”

This chart shows the Dunning-Kruger effect. Often people new at something think they are far more competent than they are. Over time they realize how much they need to learn and their views become more realistic and practical.

 

[dombastic]

 

[lock]

Lot of delusional domainers which are lowering the professional atmosphere poor advice influencing in numbers poor decisions.

 

[egoist]

Strongly contributes "Check domain value websites". Especially Go Daddy, where domain value is always 1000 USD +

 

[abstractdomainer]

although the technical term for the opposite is pessimistic, in domaining its just called realistic.

with experience comes the reality that most domains don't sell, and nearly all noob hand reg's never sell.

been there, done that, got the t-shirt.

However ..... any millionaire will say they learned from their mistakes. So its actually the reason for many people's success to be so unrealistic and optimistic in the beginning, hard lessons come with great discipline to avoid in the future and keep on track.

Agreed! But I think if they are realistic, the learning curve could be shortened!

Instead of optimistic, I would use the term unrealistic. This is true in most fields with new investors.
They often enter with wildly unrealistic expectations, thinking it will be an easy shortcut to riches.

People new in a field don't know what they don't know.

You put in the time, effort, and are willing to learn and you have a chance.
It is not easy. If it was easy everyone would do it.

Brad

Correct. And being one of them myself, who entered with unrealistic expectation, I know what it feels to be there.

One mistake I see is a failure to appreciate that word sequences are important. To take your example, "vacation rentals" is obviously a great name, but "rental vacation" is a very negative concept, and thus has little value in my opinion, although GD values it at over $2,200.

ya and a lot of people fall for that trap and end up investing in such names.

 

[AEProgram]

Many groups are run by people selling books and other snakeoil to help you become a domaining millionaire. They delete most posts that do not help with their sales.

 

[tonyk2000]

In other words, many newcomers do not yet see the following unfortunate truth of our industry: