Here are ten things I’d do if I were just joining the domain name industry.
I’ve been in the domain industry for a decade, so I’m stuck with my legacy portfolio to build from. But if I were just entering the industry, here are 10 things I’d do:
1. Focus on quality, not quantity. It used to be everyone had a pissing contest about how many domains they owned. “You only have 5,000? Well I have 10,000”. But the guy or gal holding 1,000 domains may be better off than either of these people. Focus on quality domains that might be developed one day, rather than thousands of money losing domains.
2. Don’t doubt yourself. Many times I’ve passed on a domain name acquisition because I was afraid I was overpaying, only to see the domain sell for twice as much 6 months later.
3. Stay away from the message boards. OK, I say this somewhat in jest, but if you find yourself on the domain message boards 4 hours a day, ask yourself if there’s something better you could be doing with your time. Like developing domains.
4. Go to a domain conference. If you’re just starting out I wouldn’t go to all of the conferences, but I’d go to at least one a year. It’s not for the panels, but to meet other people, and make connections.
5. Optimize the important stuff. If you’re making $10 a day on domain parking, does it really make sense to tweak all of the keywords on your domains or keep switching between parking companies? Probably not. Just put them on auto-pilot for now.
6. Use a domain management tool — from the start. Like many people, I didn’t keep track of the domains I owned when I started. Then I migrated to a clunky spreadsheet before finding Watch My Domains Pro. Go ahead and track your domains the right way from the start.
7. Negotiate for lower registration fees. Consolidate your domains at one registrar, and ask them for price breaks if you hit certain volume.
8. List domains on both Sedo and Afternic. Both offer bulk uploading tools. You won’t get an offer everyday, but you will get them over time. Some people balk at paying Afternic a measly $19.95 membership fee to list domains. That’s like jumping over a quarter to pick up a dime. You’ll make your money back on one domain sale.
9. Get to know domain brokers. Make the effort. You’ll often meet them at domain conferences (see #4). They’ll call you when they have interested buyers on the line and you’ll be thankful.
10. Read Domain Name Wire everyday 🙂