We are business people. The job of a business person is to make money. To make lots of money. To become wealthy. That's the point, and that's the goal. That's why we go to work in the first place so eventually, we don't have to work. The mortgage on our SOUL gets paid off. Losers and those that think they are morally superior will always tell you otherwise. Not only are they wrong, but they are also lying to cover up THEIR short-comings! Don't swallow their poop!
When we are young, we are basically all idealistic. It comes with the territory. We all go thru that phase, and some get stuck in it. Reality is the day you get your ass kicked and realized there is no safety net. It's all on me, and you and the rent
I even recall when it happened. It was in stages. The first stage was the eve of my 21st birthday. But the final booster rocket came many years later, around 1993. I had a very successful home business. It was on "Cruise Control." So, I started playing "Duke Nukem" which was the #1 game of the day and at the same time blew my brains out playing options on the stock market. I got upset at myself. I never lost $65,000 in a day at that time. But that was the day I learned to lose money. Losing money is almost as important as making money. Now I have 7 figure swings in either direction as a common event. It still upsets me when I lose or when I am down. But we need to know the foul lines, and we need to know the pain of failure as well as the good feeling of success.
I listened to 4 Tony Robbins cassette tapes and everything in life changed from that moment on. Until then I was an underachiever. I still am to a large degree. But that was the day I became a man of action.
Today, I could really be out there doing things. I don't want to, I don't need to. I don't have the desire to. But few know the difference better than me between being mediocre and excelling whether applied or not. Domaining was my perfect fit,
The incredible opportunity that domains offer is still mind-boggling to me. But domaining is a slow track. It evolves slowly. But so many are frustrated cuz they are out of sync and dancing too fast! I watch and what I see is foolish. Maybe folks are financially prematurely into domaining, to begin with. Maybe think about it as an annual contribution to your 401k. Let's say you can contribute $15,000. I would simply buy and HOLD. But buy GREAT domains. They are all over the place because some domainers need to sell right now. That's called opportunity.
Most people don't auction their homes, they sell them. The reason being is you would get killed in most markets and maybe only walk with 20-50 cents on the dollar. So auctions don't bring in the most premium prices. It brings a fire sale price. How can you be in this business and not know or understad the difference?
The day you strictly focus on buying is the day that sales will not only take care of themselves, but you will make more money than ever. Just keep picking good domains. Good fruit. Fruit with juice. Not rotten vegetables with mold.
But gee, there are so many ways to make money with domains. You can also just buy one domain that you really believe has a 6 figure value and spend your year focusing strickly on that domain. Chances are if you did that, you could sell it in 8-12 weeks and repeat it 4 more times this year. Slow dance. Don't try to sell 100 domains, buy ONE damn good domain and focus until you sell it. If you are a good juggler, maybe 2 domains at a time. Then 3. But it takes focus and a SLOW dance.
Need, want, desire, value, and now there is upgrading. There are natural "Step-ups." Companies that can easily upgrade and switch to a higher jetstream. That's the group to focus on and watch. Those are the rising stars that you want to match up with. Be in front of.
My job since I got online was simply to earn at least $1 million per year and do it each and every year. But it was a slow dance. It was a 365-day marathon made up of 365 heats. My focus was just moving forward and achieving specific small goals each and every day, week, month, quarter and year. One foot in front of the other with a sense of urgency but also doing it in a relaxed and enjoyable manner as if it was a full-time vocation vacation, intertwined with life and working to fill in the gaps. Amazing how productive one can be by working calm.
The same domain that you are hawking all over the place and end up selling for $400 or $4000 may be worth $400,000 to somebody that actually wants to buy it and has a need. So dance fast and make $400 or $4000 or learn to dance slow and understand that, that same domain is worth much more when you learn to dance slow.
Fast dancing is excellent, but you are in the wrong club, and you are on the wrong dance floor. The rewards in domaining go to those that are patient and truly understand value. The slow dance to becoming a millionaire in domaining is not selling, it's targeting and understanding sprinkled with some sales ability. Targeting in advance, the need, the want, and the desire. Demand will take care of itself when you have quality and demand will put you out of business when you don't. Value only counts in 4 eyes. The eyes of the buyer and the eyes of the seller. And when those eyes meet, the value is set.
Rick, thanks for the swift kick in the status quo..i appreciate your posts. Truly. Folks Rick has no reason to keep doing this, just helping out an industry he thinks can be so much better, i can feel it. Thanks Rick.
So True. i miss the internet interviews of Rick Schwartz, Page Howe and Mike Berkens, i got my P.H.D in Domain Names from those interviews. Thanks Guys and thank you Rick your knowledge and time is very much appreciated.
Now somehow you are telling the truth. That “slow dance” you are referring to is what I consider to be as gambling/lottery, and why?
Because all good domain names, premium domain names have been taken already. And even if you buy them cheaply from a domainer who is desperate to sell or you hand register them you will most likely lose as very few domain names get sold to end-users. Most get sold to other domain speculators. This is the reality on the ground, and the main reason for this is well know: the vast majority of end-uses avoid domain names that are being speculated either because they don’t want to enrich someone for just registering the domain names that they need or they don’t have the money that the speculator wants, so you must be very very luck to get an end-user who has the money and who does not care or another domainer, a newbie one with excessive hope to make lots of money/profit doing almost nothing, to buy your domain for the price you want and make a very good profit that can make you a millionaire. Yes, this is the slow dance of a millionaire that you are referring to. And how this is different to gambling/lottery? People can become millionaire playing lottery. It is not for no reason why in many places in the United States or in the world gambling is an illegal activity as they think is an unproductive and immoral activity.
Yes “”The job of a business person is to make money. To make lots of money. To become wealthy. That’s the point, and that’s the goal. That’s why we go to work in the first place so eventually, we don’t have to work”” but you have to do all this responsibly, in way that can be sustainable economically, morally and ethically, taking into account the economic and social stability and progress of of the country where you live. You can’t do this selling teens for sex, selling slaves, holding workers captive and order them to produce more than they can.
Sometimes governments fail to see what policies are wrong or need to be there and individual people take this into their own hands by acting morally/ethically and responsibly.
By the way, did you guys see how the top of Namebio daily sales report page looks? All, but all domains sold at a loss, and who told you end-users would not need these domains???
CONCLUSION: Domain names somehow they are selling, but the vast majority are selling to other domain speculators, not to end-users, and most are selling at a loss. This is a very risk business to invest in if you have to buy the domain names from another domainer as most likely you will sell it at a loss. You need to be very lucky to sell it with profit as end-users who pay good money may never come by or it may take decades to come by. Please take your age into account as you can’t cheat age. If you were there when this thing started and registered or bought great domain names for a couple of Dollars then you are fine as you mostly will sell with a profit. Even if great domain name devalue, as is the case today, they will not devalue to the extent that you would lose even if you sell them on auction, but be careful with adult domain names, they almost are no longer in demand, and remember that the internet as we know it will not be here forever. Things evolve.
Trust Rick more than you trust yourself right now. What you say about him being early and it being easy for him is foolish.
We can readily supply you with us as a counterexample. We buy domain names every week where we are the only bidders at DropCatch, SnapNames, NameJet, and Park.io auctions, paying only $69 to $99 for each name and then selling them for $2,000+ and even $10,000+ within one to two years.
For example, we paid $69 for SmartMonday.com, sold it three months later for $14,500. We hand registered SmartConveyance.com for $8.88, sold it for $4,375 exactly two years later. We paid up for SmartInfrastructure.com, paying $666 at a GoDaddy auction, and sold it for $11,200 only 18 months later. Check all these at NameBio.com. Anyway, you get the picture. All of these names we purchase after 2016. None went to a domain investor — all purchased by end-users who did not even question the BIN prices on offer. They just clicked “Buy It Now” and grabbed the domain names away from us. We did not get lucky. We purchased smart domain names (figuratively and literally). There are numerous other valuable keyword-based domain name themes out there for anyone to mine (“media”, “capital”, “good”, “top”, “services”, “solutions”, “group”, etc.). Pick a few and go out there and compete.
You can’t just throw your hands up in the air and give up because some old former adult phone line guy in Florida made millions from buying domain names early on in the mid-1990s (and still has more to sell for even more). You’ve gotta figure out what large companies want to buy consistently and you gotta understand why they would want to pay top dollar for them. Find some themes. Work those themes.
We gross nearly $100,000 per year in domain names sales from a portfolio of only 1,250 names by buying A- to B+ quality names for low prices (hand regs and auctions) and then just waiting for buyers to come to us. We do zero outbound. It all comes down to the quality and marketability of the domain names you are buying.
The important part: you could be doing the same thing as us if you simply trusted Rick more than you trusted yourself at this point in time of your domain investing journey.
Logan, I was going to reply, but no need after your post.
It would appear that even companies and organizations that have a lot of money are opting for getting a domain name on the cheap by registering some diluted combination of their name by either lengthening or shortening some part of their name. For Example:
OAPEC (Organization of Arab Petroleum Exporting Countries) has oapecorg.org as its domain name instead of oapec.org
That’s always been the case, it is about selling to the minority who don’t think like that.
“”Maybe folks are financially prematurely into domaining, to begin with.”” The main reason of such hasten.
Reuben the millennial. So your here to warn everyone about the dangers of domain names and you have no alternative motive!???
Did Rick turn you down one of your low ball offers. Now your mad mad mad!
The onion network is hiring. You would do extremely well writing for them. You have a unique talent to put fear into people and the ability to discredit multi-millionaires who don’t know anything about business. LOL.
Too many in domaining do not appear to have the slightest clue or what I call end user “empathy” about properly assessing the real value of domain names. In fact, that’s one of the reasons why Estibot and things like it both exist are not widely condemned every day. They want it to be like “appraising” residential real estate, and they want the real estate analogy to apply perfectly – residential only.
Ironically, recently in the blogs I saw a guy comment who actually does have a clue about how to consider domain value, aside from people like Rick posting. Ironically again, it was about a .us and not a .com:
thedomains . com/2019/01/31/who-got-a-deal-and-who-overpaid-at-the-namescon-live-auction/#comment-229353
And of course, that’s just the beginning of having such a clue.
useless jibberish. we are not here to give away domains to end users. we have empathy for our bank accounts and our families. you must not be in the domaining industry and own any domain names.
You are so clueless. “Empathy” in this context means understanding from their point of view – of the real, real world HIGH value of good domain names. Domainers do not do this at all, that is the problem. It has nothing to do with how the word “empathy” is more commonly used when talking about suffering.
LOL, you’ve obviously never seen me commenting on the value of domain names before and condemning things like Estibot and people’s complicity in shooting both themselves and everyone else in the foot…too funny…
name one domain name you have sold in the last five years. You can’t because you are not a domainer.
LOL, you for real, dude? That’s not even a weak attempt at getting someone to jump through a hoop. :D If you’ve even been in the blogs the last five years (and I certainly haven’t really seen you around before), you would know that it’s well known enough that I comment anonymously like so many others do. I’m all about the substance over form, and I say things that often need to be said that others often don’t – because they are not anonymous. Each kind has its place.
Troll me again though. ;)
you are in your stepfathers muffler shop in brooklyn selling shoddy parts from china and wishing you had atleast one premium domain name.but since you do not you just troll on blog sites.
I’m crying laughing at this retort. You’re probably 100% correct, judging from “John’s” response. He’s probably trying to figure out how the hell you knew his plight so accurately.
You nailed it again,Rick.
Long term and buying a good name is it.People really sell names for $,$$$ that is definitely worth $$$,$$$ and when you tell them they undersold they get mad and say they made profit .Those profit could have been 6 figures.There is a big difference between top sellers and those I call “rush sellers”.Selling when you are suppose to sell right and not undersell.
Thank you Rick.I am always pumped up when I read the truth from you unlike some who get jealous at your success.I am motivated.
Presently negotiating a 5 figure sale where buyer is trying to tell me what I know when I know they can afford my price.I am waiting long term.
Such wise words from a sage domain investor. Every point is spot on…thanks for sharing!
Rick ,I reckon you are a lot more believable and have more experience in life that Tony Robbins and all the other spruikers together ..Cant stand that robbins guy ”do what you have to do ” WOW!!Why not put all your life experience in a book so young people can read everything in the one place ,better then a weekly blog .