Domain Valuation Tools Are Missing One Critical Thing

I just wrapped up some work and spent a few minutes playing with some domain name generators.  It’s always fun to spend a short amount and see what they come up with.  I recently cancelled my subscription to Estibot which I had for years.  I love the tool but anyone who has bought or sold a domain knows that any valuation tool is really not very accurate.  It can only factor in so many things.  There are an infinite amount of elements to consider.

Regardless, as I was popping available names out of these generator tools faster than I could think of them, I started to miss my Estibot subscription.  It would have been nice to see what sort of appraisal these names would get.  Then I decided to pump them through the GoDaddy appraiser which is still listed as “beta.”   Literally every name but one that I dropped in showed a value of over $1,000.  These are names that I would never pay close to $1,000 for on my happiest day.   This is when I discovered the one thing missing from any domain appraisal tool…  The offer to buy the name you are appraising at the value they are providing.

Think about it.  Lets say there is a solid formula that could really tell you what any domain was worth.  Wouldn’t be in the interest of the appraiser to make an offer on the name?  If I enter a domain and the tool thinks it’s worth $1,000 then why not offer to buy it from me at $750, or whatever number you want to set and still leave room for your own profitability.  You’ll never see that from an automated tool because it just can’t be done.  The companies backing the tools don’t trust them enough because the tools can’t determine if a domain can be sold.  It can have all the formulaic qualities to put a dollar value next to it, but it just can’t tell you if the domain is good or not.

Here are a few of the available names generated and the values GoDaddy tossed at me.

Actually, this first one is not a bad name for a gun holster site.  

I Googled this and there is actually a magic trick called “Fire Wallet” or “Flame Wallet”.

I could see some use for this one if you spend some time in the water, I guess?

Whaaaaaaaaaaaat?

You never know when it comes to diets.  There is a active site at thedietseed.com.

Not sure what anyone would do with this one.

Enjoy your favorite estimator / appraisal / valuation tool but just remember it’s for entertainment value only.  If you do come across a tool that will buy the names you are feeding into it, let me know.  I could play that game all day.

There’s a New Podcast in Town

I used to watch this?

A couple of months back, I was out with two of my old friends.  While tipping back a few beers and munching on the delicious bar food, we got into the topic of old TV shows.  You, know, old.  Like from the 70s and 80s.  One friend, who also happens to be named Mike, half-joking, mentioned on how the conversation we were having would be an interesting podcast.  As the conversation deepened and the beers flowed, we committed to making a podcast about these old shows just for fun.   My other friend, let’s call him “Scott”…   well, that actually is his name, had no idea what a podcast is and offered to do some dance moves in the background.  We played along.

Unlike most ideas, we didn’t let this one drop.  While it’s not a business venture and we’re not expecting to profit from it, it was a great reason to stay connected an get together more frequently.   We threw together a website, gave ourselves a crash course on podcasting, and recorded and released our first episode on iTunes today.  Making that first episode was a lot of fun and a great learning experience.  Looking forward to the rest of them.

While it’s not a domaining related podcast, I invite you to check it out “I Used to Watch This?” on iTunes or where ever you happen to get your podcasts.  Give us a rating if you like it and stay tuned for the next episode where we talk about one of my favorite childhood shows.  I’m not the youngest domainer on the block so some of these may be hidden treasures younger people should check out to see how good/bad TV used to be.

NamePros Videos Coming to SullysBlog.com

NamePros

You may not realize it, but NamePros has a nice library of domain related videos.  They have done a lot of hard work producing these and they contain great information and dialog from seasoned pros in the industry.  I’ll be working with NamePros going forward to transcribe any new videos and post them here on SullysBlog.com as they become available.

In addition, I’ll be working through the backlog of videos from the library and transcribing them as well, posting them directly to the video section.  I will publish some of the most recent from the past few months as new posts, so look for those start as soon as later today.

I’m looking forward to this new addition to the blog and I hope you are as well.  Would love to hear your thoughts and comments as you have an opportunity to review them.

The Domain Sales Email that Caught my Eye

domain sales email

My email inbox certainly could have gone without seeing this email come through and still lived a clean and happy life.  But life isn’t fair and sometimes we can’t protect the ones we love from the harsh reality of the world.  Alright, I’m getting carried away, I don’t love my inbox.  I mean, I like it a lot, but love is a strong word.

Yesterday, I received an email offering a domain for sale.  I’m not easily offended, but lets keep it clean here.  The TLD was dot io, which is popular among some startups.  In this case, the the domain name was #ocks.io and let’s say it rhymes with socks.  Roosters are often referred to by this name… among other things.

The point of this post is not the domain name itself, but the email that represented it.  The email wasn’t particularly well written.  In fact, the salutation stated “Dear Paul King.”  Clearly all recipients were referred to as Paul King (sorry Paul).  What caught my eye was what I consider to be the most important aspect of a sales email.  The title.

I opened my inbox to find about 20 new emails.  When I quickly scanned the list, one jumped out at me.  “Here’s How to Acquire #ocks.io”

I wasn’t actively looking to purchase this name and I don’t even own any dot io names.  But it did get my interest.  Looking back I tried to analyze why that caught my attention.  Obviously one reason is because I am a domainer.  But beyond that, it had me thinking… this email is about to tell me something.

If I were an end user, I would be more likely to open this email than if it simply stated the domain name as the title, or even the key words as the title.  This title presupposes that I am already interested in the name. That I want to acquire it.  I’m no psychologist or marketing guru, but I would bet that framing the title in this way introduces some sort of bias toward wanting the name.  Not some magical hypnosis that tricks you into purchasing the name, but a subtle hint that would convince an end user to at least open the email, which is more than half the battle.

Getting your email read is difficult.  Probably 80% of the email I get I don’t even open. Maybe more.  It’s not even all spam.  Some of it is from legit things I sign up for and still never read, so getting to the top of the heap of mail isn’t easy.  I do plan to give this title a shot, with a more well thought out body text than what I received.    I’ll let you know if I see any noticeable results.

Don’t Do This On Twitter

I really like using Twitter.  Recently more than I have in the past.  I like engaging with other people and bantering about domains.  I also feel like there have been better discussions recently, even just to silently observe.   I like to retweet blog articles I enjoy and I’ll also throw up the occasional non-domaining post.  One thing I don’t do is post domains for sale on Twitter.  In my opinion, it’s just not the right tool for this.

It’s one thing if you’re the @DomainKing and you are asking people to post domain names for your review on Million Dollar Wednesday but it’s another to constantly post names and spam up your followers’ feed.   I respect the fact that people are out there hustling and trying to make a sale, so don’t get me wrong, I am not domain shaming anyone (DomainShaming.com – feel free to hand reg it).

It got me thinking… what better place to ask this as a question than Twitter.  Who better to ask than domainers?  I gave it 24 hours and received 28 votes.  When the results were in, 11% claimed to have posted a domain on Twitter and made a sale while 89% claimed not to.

TwitterDomaining

Keep in mind that this is not a scientific, double blind, university sponsored, study supervised by an accounting firm.  But those numbers aren’t promising and they don’t tell the whole story.  How many domains did those sellers have to post to get one sale?    How many of those did you and I need to scroll through and see as we checked our feed for the latest news and information?  I think the name and the seller lose a little credibility when this is seen as Twitter spam.

I’d like to hear from those of you who actually have made a sale and if it was of significant value.  My guess is going to be that you’ve had better luck with other tools and methods.

 

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