The one thing about advice in the domain industry is that often it’s not universally applicable. As much as you want to be like Rick Schwartz, without a time machine you can’t. You can be successful but you will not be picking up NNN.com names for $100.
You can read about Mike Berkens turning down $350,000 for 345.com and eventually selling for $800,000. Unless you have the financial wherewithal to be able to turn down $350,000 you probably cannot copy that strategy. Unlike the Rick example this one is at least possible but would take an unbelievable resolve and might even be financially irresponsible if you or your family needs the money.
Whenever anyone gives you advice, you should ask them the following questions:
What do you own ?
What have you sold ?
Can you share any insight into how certain sales came about ?
If they are also claiming to be a developer, ask them for examples of what they have developed.
Too many times, there are anonymous people telling other people “I have regged X and sold it for four figures.” Four figures huh ? $1,000 or $9,999 ? Because that makes a big difference.
If they claim they cannot tell you about one sale, every single one had an nda, I would place their words of wisdom at the back of the list. Most people buying names for $1,000 or $2,000 are not requesting an nda.
When someone writes or talks to you offline at a conference for instance, do your homework on the lastest niche that they told you is poised to take off and see if you can actually find out names in that niche that they hold. (whois history, whoisology).
There are always outliers, but you don’t get rich fast in this business, maybe someone gets lucky like that, but you could also win the lottery.
I believe you should read a lot in this industry, but do not act until you have done some deeper analysis into the advice you received.
Remember, all domain investing is highly speculative, you may never sell a domain you purchase. A mention here is not a recommendation or solicitation to purchase, do your own research and stick to a budget.
Yes, your observations are very right and to the point.
There are many people who brag about the sales without giving specifics of the deal when people hear about these kinds of stories they just become attracted to Domaining thinking that it’s some kind of “Quick rich scheme”. Unfortunately, there are many people who do gives an impression to the outside world that domaining is a quick rich scheme.
good article, it’s hard to sort out all the bs in the business. I never trusted people like Elliot Silver because he does not list any sales. For me it’s a red flag, berkens, schwartz, mann are all bigger than him and they post sales. What is he hiding ?
Domains are like stocks, what was hot, might not be anymore.
Most times when you hear big sales in a certain domain niche, it’s already too late.
Buy domains that you feel comfortable buying. Use common sense and keep it simple.
You also have to filter out the noise with some domain news and sales.
Unfortunately, domaining is still a boy’s club. If you don’t have a lot of money to spend, you don’t get invited to join.