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Clean out the domain garage
What tends to work best for letting the domains go?
C7Mike




msg:4070116
 11:30 pm on Jan 28, 2010 (gmt 0)

I've done internet marketing and consulting for a wide range of niches over the years and have collected a few domains along the way and I'm now trying to convince myself that it's okay to let them go.

I don't buy and sell domains, but I tend to think that maybe someday the ones I have will be worth something. Plus I have a lot of good memories associated with work I've done on those domains, which is the main reason why I can't seem to part with them. But they cost me the annual renewal fee and since they're not bringing in any money, I should just get rid of them. It's not like I'm actually going to develop them - if I haven't done it already I probably won't.

So how do you lose the emotional attachment to domain names that really ought to be sold?

[I never thought I'd ever post a domain-therapy question... :) ]

C7Mike

 

creeking




msg:4070138
 1:00 am on Jan 29, 2010 (gmt 0)

rationalize. :)

improve your holdings by registering a shiny new (better) domain for every one you let go.

HuskyPup




msg:4070155
 1:19 am on Jan 29, 2010 (gmt 0)

Ask DailyPress from where he got the balls to do it...I know precisely what you are writing...is it the fear of releasing the name and seeing someone else having a success with it?

I have a lot of what I would describe as obvious niche trade keyword names. I bought them with the intention of developing them into real sites, as an investment for what I believed I would have time to do, not merely as speculation.

The reality is, now kick self up a$$, I shall NEVER get round to doing this because I have been so successful with my primary domains I do not really need them any more...however there is still that emotional attachment to them...OBVIOUSLY I am not a banker!

SUGGESTION

Let's start a domain selling site with realistic prices and get the crazy head speculators to comprehend that all they have is an ever-shrinking South Sea Bubble as real businesses circumvent "their supposed entrapment".

dailypress




msg:4070766
 10:51 pm on Jan 29, 2010 (gmt 0)

I don't buy and sell domains
Let me rephrase that! You buy but CANT sell domains!
Its no personal attack just talking from my own experience!

improve your holdings by registering a shiny new (better) domain for every one you let go.
That will keep you with the same number of domains! So let me rephrase that: Buy a shiny new (better) one for every dozen you let go.

Ask DailyPress from where he got the balls to do it...

haha :)

* remember older is not always better! I got rid of many domains that I bought ~5 years ago!

well heres all I can say and hope it helps:

#1) I had thought each of my domains were worth hundreds if not thousands of $USD. After doing some research and asking around for appraisals I realized I was wrong!

Domain owners like myself tend to put irrational $ value on their domains. First reason being if they didnt like the name or think it would be worth something they wouldnt have purchased it in the first place!

Your domains are only worth what the buyers are willing to pay! So if you dont have any buyers is probably worth $0. To YOU it may be worth more because it was a gift from your grandmother OR you lost your domain virginity, IT being the first one, and etc..., but were talking business here! So lets put away emotions!

#2) Keeping a domain year after year and paying all those renewal and privacy fees you start thinking of your domain as an investment where the more you 'so called invest' and put in more money, the more valuable it becomes!

Wrong!

Think of it as putting your money down the toilet, flushing it once a year. You feel good for a while after you've flushed it. But it's still the same toilet.
;)Now did I have too many drinks?

I remember those nights where I would renew 20 domains at a time with privacy for a year, and then celebrate going out to a bar with my friends spending even more money! That was a mistake and after a while I realized I was paying around 1,000 dollars on renewal of 50 domains/year. Each domain costing me roughly 20 bucks. [$10/renewal + $10 privacy]

#3) The sooner you get rid of lost the less you lose, right?
Similar to the stock market. People tend to hold on stocks that go below their purchase price hoping that one day it will go back up to its original price. They promise themselves and God, that they will sell the stock as long as it reaches its original price realizing that they made a mistake. As long is it reaches its original price, not 1 cent less!
And when/IF the stock actually reaches the original price, they get greedy and hold on to it even longer to hope the value goes a little higher, until one day it crashes so hard that it hits the floor and reaches 1 cent/share. Do they then let go? The answer is NO!

Its difficult for most of us to admit defeat or loss!

But there are also the smart ones who minimize the damage and turn a loss into a gain! By learning from their mistakes and turning that into something valuable.

#4) Since I know how some people love their domains and are obsessed with it let me give another example:

Letting go of your domain is like a breakup between 2 couples. When have you ever benefited from a 'on and off' relationship? It is either going to work or it was never meant to be! Paying for renewals knowing that the domain is worthless or holding on to a domain without any plans of development or resale is similar to the on and off relationship.

You hold on to it! You're 50-50! But you think you have something, some emotions at least, some memories, so you still hold on to it! You hold on to it cause you worry you might not find something better!

Let go of the emotions and try to approach it more rationally. Youre in the web business to make money! Lower your cost to increase profit!

A penny saved is a penny earned

So, cut your loss and move on! You'll be happy about your decision.

Wish you all the best :)

-DP

p.s.> and sorry about your near future breakup ;) think it thru, then do the right thing! whatever that is...

reprint




msg:4070830
 1:58 am on Jan 30, 2010 (gmt 0)

I know exactly what you are talking about. I have a self imposed rule where once or twice a year I rank all my domains. My goal is to turnover 10-20%. The bottom of the list get dropped or sold cheap and the top of the list are candidates for development or serious sales. I keep some "failures" under my own name for experiments/test sites. I do admit to hold a small "long term play" group of domains. This has worked well for me for a few years now and forces me to make the hard decisions.

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