I try to live the Sharpie lifestyle. You can’t erase the mistakes you made but you keep writing in bold and try to make less of them. You read the blog, you know my personality. I’m not afraid to boast and I’m not afraid to admit mistakes. It’s part of the modern open journey. It’s how you get better. As long as you’re moving forward you’re going to eventually get there. But some people don’t get it. They’re either blinded by stubbornness, laziness, or financial constraints. While I’m not saying I do everything perfect or even close. I certainly go against my own rules on occasion but at least I have a game plan. I’m saying that I’ll do better than most because of these ten reasons.
1. I know why people buy domains and that’s what I stick to. End users want domains to promote their business or wares and need a name that will provide them an advantage, either through perfect keywords or memorability. SHJYDH.com doesn’t. To invest in names that don’t will move you into the hope and pray method of selling. To sell to other domainers I prey on their generic keyword likes. As a business owner I realize that many of these domains are not the type of name that a real business would use but as long as another domainer thinks that it would and pays me more than I paid, I’m good. Like this morning’s bookdealer.com. Sounds like a great name but very limiting on end user sales. A book buyer is not searching for that term on Google either. Domainers on the other hand will bite.
2. More money, Less Domains. It only took 7 years to figure it out. Rather than buy 10 names for $100, I now wait and buy one good one for $1000. Don’t get me wrong. I still add lower value 5 letter dot coms and a few hand regs here and there, but my portfolio is built around names that I buy and sell for more than $1K. Domain buying is addicting and it’s hard not to constantly buy. I’ve gotten much better and holding back. I think it’s the key to bankroll management in today’s domain economy.
3. I never really got outside the dot coms. I always have thought dot com was the best risk reward scenario in domains. I didn’t and won’t get caught up in the other tlds. Sure I bought some and will continue to dabble but dabble is the key word. I understand the value of bathrooms.net, but I only would buy it if I thought I was getting tremendous value on the purchase. I may have left some opportunity on the table over the years by shying away but I also have saved some money.
4. I am known for something. You want to get the first shot at something? Get people emailing you offers? Become known for a certain type of domain. I get 5 letter dot coms , plant domains. and 4 number dot coms emailed to me almost every day. I get a lot of good buys because people know if they need quick cash they can sell them to me. Most emails are terrible names but I appreciate them because it gives me an opportunity to find domains that I can make money on because I understand the value better than most.
5. I put down the shotgun. What I mean by shotgun is the method that some people build their business or domain portfolio. They shoot a scatter shot shotgun and hope that it hits something. It kind of gets back to number one and keeping the portfolio to quality but it applies to all aspects of domaining. Trying to build 10 different sites at once is a recipe for 10 bad sites. Building one will most likely lead you towards better results.
6. I stick to what I know but I’m not afraid to be uncomfortable. Comfortable is often confused with cocky. I get called cocky all the time but in reality it’s because I stay inside my comfort zone. I am always moving into the uncomfortable zone (it’s how you get better at things) but it’s a little push each day rather than jumping all in. If I have no clue how to monetize a domain I don’t buy it. I may never ever monetize it but I want to have that ability if I do. I don’t buy lawyer domains because unless I flip it or get good typeins, I have no idea how to make money off it. I could learn but I only have so much time to learn. For the most part I’d rather expand on what I know rather than open a new can of learning.
7. I have the ability to liquidate at almost any time. I am fortunate to have the ability to put any of my names up for auction at several different auction houses in a timely manner. That ability gives me some security and cash flow that I need to build my portfolio. Building the relationships to be able to do this was important. Having the quality portfolio is the second key. The auction houses aren’t charities, they are in it to make money. You need to give them product to sell. I am working on providing them better product through the above.
8. I realize nothing is free. I am constantly amazed how may people want free stuff. Free advice. Spamming their domains in the comment sections. Jumping on other people’s ideas. They want results without giving up anything to achieve them. I realize when people help me I owe them a favor. Many times the repayment can be a simple “Thank You”. I enjoy helping others but I don’t enjoy the leeches. If I spend all day combing the woods for morel mushrooms I really don’t want to give them up. I spent a long time hunting for them. I might share one or two with friends but if you want some, buy them or go hunt them for yourself.
9. I am realistic. I always am an unmotivated seller. I will NEVER sell a domain under $500 that isn’t at auction but I also like to make money. It’s easy to play hardball when you have a category killer but milking $10K out of a mediocre name? That takes skill. I feel I do a pretty good job getting a fair to good price out of the names I have. If I think it’s worth more I don’t sell. I also don’t ask for $20K for a $1000 name. Elliot is probably one of the best at this. He’s known for being cheap (no criticism meant) but fair on his offers but high and fair on his asking price. And that’s how you make money without scaring people away.
10. I will outsmart the dumb ones and outwork the smart ones. A mantra. Something my Grandfather always use to say.