Phew – this series has been exhilarating and exhausting! This is by far the most commented series I’ve ever had on my blog and I think it comes from the fact that all of us use different metrics for buying, selling, and dropping domains. Remember there is no right or wrong answer here, I can only tell you what’s worked for me. Since this is MorganLinton.com you can always expect to hear my side of the story 🙂
Okay, now onto Part Three. This one you might have not predicted and I didn’t either but sometimes things just work-out like magic! Rick did a great post in 2009 about the top 20 questions he asks when buying a domain name. I’ve been reading Rick’s blog since 2007 and this post has always been a favorite of mine. The timing for this could not have been better as it ties directly into the third part of my series.
Please don’t get this confused with me saying that Rick uses the same criteria that I do for dropping domains – his is probably different, but the questions he listed in his post are a GREAT way to evaluate your portfolio and filter-out the junk. I really look up to Rick and have for years and learn from him every day (or at least every day he posts on his blog) and these 20 questions are absolute Gold! Originally I was going to list a set of my own ten criteria at the end but after seeing Rick’s post today I thought that his would be much more appropriate and well, better than mine since he’s been in the game since the beginning and he is the Domain King! So here it is, the last step:
Step 3: Take the names you have left and run them through Rick’s list of the 20 questions he asks when buying a domain name. If you can make it all the way to the bottom of the list without your domain meeting any of the criteria…it’s time to drop it!
So in the end I did cheat a bit since step three really has 20 parts to it…but at the end of the day don’t you want to really drill-down and find-0ut which names to keep and which to drop? I can promise you this was not coordinated by Rick and I at all and I did not mention to him that I would be using his 20 questions for buying names in my guide. Also this does not mean that Rick endorses my methodology – only that I do endorse his and I would like to thank Rick for helping to shape me into the Domainer I am today.
Of course as Rick says in his post, you need a gut instinct that Rick and Frank and many other legendary Domainers have and have had for a long time. My gut instinct is nowhere near these guys but with each name I drop and each name I buy I feel it gets a little better and the same should be true for you.
For me I don’t buy anything but .com’s if I’m thinking of reselling, everything else is for development. Maybe you love selling .net’s or .org’s, we’re all different. I don’t really want to sell anything for under $1,000, just not interesting enough for me. Maybe you don’t mind selling lots of names for $50-$100. We’re all different and it doesn’t make anyone right or wrong…as long as you’re making the kind of money you want to make in this industry then what you’re doing is working for you!
If however, and this is the big IF – you’re not making the kind of money you want to in this industry and you don’t know why your names aren’t selling or aren’t making money…then it’s time to drop the junk and put your money into some good domains that will allow you to reach your goals. We’re only halfway into the first month of 2011 – you have the whole year ahead of you…are you ready to take the next step?