In January of 2012 I hand-registered a few vodka-related domain names, one of them being DreamVodka.com. Like most people I like Vodka, can’t say I drink it every day, or even every week, but I do love a good vodka martini (medium dirty) from time to time. I also thought that someday if I were to start a vodka company Dream Vodka would be a great name for it.
Fast forward to this year and I noticed an influx of offers coming in for the domain with two separate people emailing last week both with a strong interest in the domain. I hopped on the phone with one of the interested buyers and after a few minutes had them at $10,000, they said they would think about it over the weekend and get back to me.
Then this morning I woke-up to find an email from Afternic, DreamVodka.com had sold. Normally I’m excited when I see this but this was a bit different…what price had I listed it for sale for? As it turns out I listed it for $2,500 last year – doh! Yes, anytime you make over 300x your investment, it’s a good thing, but it’s also a good reminder of why it’s important to update your pricing on listing services.
So while I really can’t complain about this sale, I can tell you it was a great reminder of a valuable lesson I’ve learned time and time again. While I could have written a post about how genius it was that I bought a domain for $8.19 and sold it for $2,500 – I thought it would be more important to share the full story so that others can learn from my mistake.
Here are a few lessons I hope anyone reading this can take-away from this experience:
- Always hop on the phone with a potential buyer whenever possible
- Always remember to update your listing prices across the domain marketplaces you are using
- Never get too upset about making 300x your initial investment
Elliot did a great post this morning about why he doesn’t generally share his domain sales and I’m in a very similar situation to him. I only share about 10% of my sales and I felt it was important to share this sale because there’s a good lesson to be learned from it, even if I have learned it a few times before.