What's the most important thing you have learned domaining?

[south]

Change is inevitable.

 

[katherine]

Resistance is futile

 

[jasdon11]

One good domain is worth more than millions of bad ones - as a domain friend liked to say, 'the righter we do the wrong thing, the wronger we become'. Shame he didn't heed his own advice as he ended up reg'ing and eventually dropping several thousand domains around a (doomed) theme against the advice of all around him.

One good domain will always have a value, even if it turns out you overpaid, you'll always be able to recoup something from it and move on. Bad domains are a total loss, and they always will be.

And as someone else said, 'patience' is key.

 

[Nick]

I have learned English I even understand now people from UK when I'm talking with them by phone

Seriously. The most important thing I learned: use your own brains, find your own niche. You don't need to sell jets to be profitable, you could sell matches

 

[chipmeade]

Forgot one of the most important things to remember.....

CHECK YOUR SPELLING BEFORE YOU HIT THE BUY BUTTON!

Check twice, three times even.

 

[Ridge]

Takes money to make money.

 

[draggar]

Forgot one of the most important things to remember.....

CHECK YOUR SPELLING BEFORE YOU HIT THE BUY BUTTON!

Check twice, three times even.

I've been known to type the domain name / phrase in MS Word first.

 

[urlurl]

1. Buy Low Sell High (it may seem logical - but ive seen many times people buying off of auction they overpaid for and end up taking a hair cut when they sell)

2. Find a Niche that works for you

3. Always be learning - trends and values are always changing

4. Avoid time sensitive industreis (CD, tapes, DVD, etc)

5. Start small and grow - dont go out and buy every name you can find (unless they are mine) spread your purchases over a longer period of time - patience is key

6. Have an exit strategy with the names you buy, ask your self "if i can't sell the name in 1-3 years, will i be able to liquidate the name quickly?"

7. don't fall in love with a name - if the name is junk, hasen't sold and you can't liquidate it. just drop it.

8. don't buy more names than you can afford to renew.

9. Consider developing (not just parking) some names

10. Avoid; TM, copyright and celeb names.

11. A dollar today is worth more than a dollar tomorrow

 

[Deleted member 70408]

Don't register TM domain names, and only buy names that really make sense. If you have to explain what a domain name means, it's likely not going to be easy to sell.

 

[DN BROKER]

Domains loose value!

 

[rr4111]

Have some form of regular cash flow (outside of domaining). Once you don't have to sell names often, you can take real offers and ignore the low-ballers. Also, you can invest in quality names and build a valuable portfolio.

 

[Deleted member 70408]

Domains loose value!

Along those same lines... not all domain names have value.

 

[xkabirx]

"Stay Hungary, Stay Foolish"

-follow your heart, grab every single opportunity

-Make Mistakes and learn from them

Finally,
when you make some money, do something good for this beautiful world...

 

[mediawizard]

The most important thing I learnt in domain investing is that you should approach it as an investor, ready to cash out when returns are good, not a collector in love with your domains.

 

[ninjadomain]

Learn what NOT to buy.

 

[Mazkel]

Take your time...don't rush.

Don't buy on impulse.

 

[vinsdomains.com]

Bump
Thanks all for the great advice!

 

[ecomindia]

good thread.. great learning (flashbacked certain things i did wrongly) and things i am happy with doing from learning it on from forums and experiences. most of the things have already been said in this thread and has been like revising for the examination

like to add few things:
most of the times, a domain costing $1-$5 first year becomes too tempting for many of us.. control that feel for few minutes
i changed my approach looking at domain as not $.99 / yr but $42 for 5 years.. that changed my portfolio outlook!

have pateince but be ready to drop or sell them at acceptable prices. know your financial commitments and capability for financial risk.

you made mistake once - ok & accept it but avoid repeating it!
dont love your portfolio, love your family!

 

[BostonDomainer]

Due diligence on small but especially large purchases. KNOW your niche. Learn how to negotiate; when to play hard ball and when not to and when to simply walk away whether buying or selling.

 

[Vincent]

Change is inevitable.

Sounds like a philosopher talking. LOL