Day 6 – Take stock of your inventoryMike Sullivan
Week 2 and going strong on 21 Days to Becoming a Better Domainer. Today you’re going to want to pull up a list of all your domain names. If you are using multiple registrars, it would be helpful to export them into an Excel sheet so you have a consolidated list. If you only have a few, this exercise will be easier, but no less satisfying.
It’s difficult to actually give advice on domain names. I mean there are names out there that I would never buy that others would pay top dollar for. Sure there are formulas, theories and algorithms that will estimate the worth of your domains. While I don’t think any of those can be depended upon in every situation, they can lend some insight regarding some of the aspects of your domain such as length, number of searches, ppc costs, etc. But what it boils down to is the value of a domain becomes what someone is willing to pay for it, granted the seller is willing to part with it. So take any advice I am giving you here with a grain of salt and make your own decision on what’s valuable.
Now that you have your list of domains, print it out and throw it away. You heard me, right into the trash. Just kidding, don’t do that. Look at the domains individually and ask yourself some questions.
1. Is this name easy to remember?
2. Is it a dot com?
3. When was it first registered?
4. How was it used in the past if someone else owned it?
5. Would I develop a business on this name?
6. Is this a hand reg?
7. What is the lowest amount I would accept for this name?
8. If I don’t sell this name in the next 10 years, would I still continue to pay for renewing it?
9. Does it contain a trade marked word or phrase?
10. Can I think of 10 companies or individuals that could be interested in this name?
These are just some example questions to run through in your head. I have dozens more that I think about when looking to buy a name. I’m not going to say that they have right or wrong answers, but they are things to think about. Sure, you can run your list through Valuate.com or Estibot.com and see what it returns, but in reality, there is a human aspect to domaining that hasn’t yet been coded and compiled… and never will be.
You’ve heard me say this plenty of times before. When I first started domaining, I went nuts hand registering everything I could think of. The vast majority of my domains were not worth the price of the registration fee. There were a few that paid off quite well compared to the $10 registration fee, but not something that would allow me to quit my day job. I wish that I had heard the advice, given to me by seasoned domainers some time later, to balance my select hand registered domains with some higher value names on the market. I do think this is a good strategy for anyone starting out and highly recommend it.
No one wants you to send them your list of names and ask if they’re any good, so spare yourself the trouble. Do your research, do the math, and trust your gut. Put some effort into it. There is money to be made.