Many people shared their domain acquisitions in the comment section of an article I posted yesterday where I shared some of my recent domain acquisitions. I think posting is a good way to give some further insight into my business and it may also be a good way for others to share and learn as well.
In response to some of the domain names that commenters listed, someone named Ze shared some good advice about buying domain names. I am not sure if Ze is someone’s name or if it’s a pseudonym, but the advice is good and well worth a review, especially for people who may not be making significant sums of money or to those who are just starting out.
This information was poached from his more extensive comment, but I think this is the most beneficial insight from the comment.
A few things to think about when you buy a domain:
- How much do you know about the industry on the domain you’re buying?
- Do you have a clear plan for the domain you are buying?
- Sell or develop?
- Sell to another domainer or to a end-user?
- Do you have a strategy to find end-users?
- Do you have a strategy for reaching out to end-users?
- Are you familiar with other end-user sales in the same industry to help you gage the value on your domain and ask for the right price?
- Are end-users in that industry even interested or understand what domains are, as an SEO asset?
- Will you need to educate the end-user?
- Do you know enough to do it?
- How and where do you get the supporting data?
- Is the domain a brandable or a searched for, single or set of keywords?
- Is it spelled absolutely correctly? (not backwards, sideways, with extra ‘S’s” “I’s” or “X’s”) – Is it plural when singular is best, or singular when plural works best?
- Do you have domains on similar categories?
- Is it a .com, or at least a TLD in which the domain fits well?
- Have you defined your investment niches and does the domain fit on any?
- Are you familiar with the stats on the keywords (if any)?
- Do you really believe someone out there will come out of the woods in this stage of the economy, and give you many times over what you paid for your brandable domain name? – the news about these sales are exceptions – not the rule.
- How many of these bets on brandables are you making? – if it’s the majority of your portfolio – get ready to loose some cash.
- For how long are you willing to hold on to your domain before you let it drop?
- How long does it take you to research, find and reach a list of potential buyers?
- Is your time on that specific domain worth it?
— i could go on and on.. and on…… and on… and don’t get me going on a check list for domain developing… It get’s technical, extensive and somewhat expensive.
Doing the research and finding the hidden gems, or participating on the right auction at the right time, with just the right amount and type of bidders, takes a lot of experience. Not luck. Are you investing on luck alone??
WAKE UP!! Do your homework on every domain you buy and stop buying crap.