Lessons learned from Rick Schwartz – buying a domain with the “perfect” entity to sell it to in mind is probably a big mistake

While Rick Schwartz might not be blogging anymore, he is tweeting more than ever and I’ve been finding some great nuggets in his tweets. This particular nugget is one that I’ve learned the hard way more than once, okay, it probably took me at least five times to really learn my lesson here. Here’s Rick’s tweet that inspired this post:

rick-schwartz-domain-advice

It’s a common mistake, especially when you’re just getting started in the domain world, and it goes something like this. You spot a name that is expiring and think, “I bet [blank] company would buy this name in a heartbeat.” So you buy the domain, and maybe even spend a little more than you usually would because you are so sure that the company you have in mind is going to buy it the moment you reach out.

So you reach out, spend a bunch of time trying to get in contact with the right person and then find out they aren’t interested, at all, period. Now you’re sitting on a domain name that likely isn’t of much interest to anyone else but you, except you weren’t even interested in it to begin with.

Thanks for sharing Rick and for those reading make sure to heed Rick’s advice here and remember, just because you think someone would love to buy a domain name, doesn’t mean they actually would.

{ 4 comments… add one }

  • JR April 30, 2017, 7:42 am

    I saved that tidbit from Rick as well, but I didn’t interpret the same as Morgan. I think Rick was saying that they would love to buy the domain, and that your instincts were right about the end user, but they they will feign no interest because they didn’t think of the idea themselves. Yes, this would be irrational, but humans are more emotional than logical. Hence, many times, Sears could have saved itself buy buying 10-15 premium keyword dot-Coms like Shoes.com but they didn’t, even though many domainers reached out to certain decision makers in the past about such opportunities.

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  • Eric Lyon April 30, 2017, 3:00 pm

    Sadly, this strategy seems to have been adopted years ago and bloggers from all over promoted it as a viable investment technique. Just goes to show that you can’t believe everything you read and that one should always do their own due diligence and not follow blindly without in-depth research.

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  • Snoopy April 30, 2017, 6:22 pm

    Sadly, this strategy seems to have been adopted years ago and bloggers from all over promoted it as a viable investment technique.

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    I think this spread from people like AD and other domain brokers. Have never heard of a successful domainer recommending outbound marketing. It is a quick flip method at best. To sell a domain it need a significant quantity of people on genuinely weaker domains, then you have a chance of getting a sale but it will typically take years or decade to happen.

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  • Igor Mironyuk May 13, 2017, 2:00 pm

    It is right. I have seen thread on NamePros in Domains Wanted section about one word .com, .net .org and registered one .net domain (autobahns(dot)net) Posted there and received reply “No thanks”.

    Reply

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