This is an old adage in real estate that you make your money when you buy. In other words, an astute purchaser is basically guaranteed (all things being equal) to lock in a future profit if they make a sound buying decision.
Selling just represents the conclusion to a wise purchase.
And so it is with domain name purchases in my opinion. The principles remain the same. Buy well today – & you can almost count on making a profit in the future.
Yesterday, I invested in several domain names. I spent quite a bit of money, but I went to bed really happy. Why? Because I knew that the domains I bought will reap me good returns in time to come. That’s not meant to be a brash or arrogant statement – it is simply my belief based on experience. Plus a good gut feel!
Don’t Be Afraid To Pay!
12 months ago, I wrote this article on Domainer. It’s worth highlighting the main message:
If you really want a good domain name, and it’s available for sale, then don’t be afraid to pay a realistic amount for it.
Because if you don’t, chances are excellent that someone else will! And for the sake of a few hundred bucks – or maybe even a few thousand dollars – you’ll never have to live with the feeling of a missed opportunity.
This applies equally to a domainer like me – or to an end user.
Now I’m not suggesting that you suddenly go mad and start spending up big without any rhyme or reason! Obviously do your homework first. What I am saying is that you should perhaps take a different mindset to the table.
I’ll conclude by simply reinforcing this attitude of “not being afraid to pay”. Yesterday, I wrote about a domain investor in the USA who spent just over $US100k on a 3 letter dot com domain – and then sold it three months later for 7 figures. Of course, most of us will never do this in our lifetime – but it is the principle of what he did that we should all look at.
Best wishes for your online success.
Ned O’Meara – 4th June 2016