Rick Schwartz summarized his domain name strategy in just a few tweets.
Rick Schwartz can still find a lot of valuable domain names selling for $500 or $700 and never answers inquiries from domainers.
Here are some of his tweets from Monday:
Domain name classification:
“.Com = Major League. ccTLD’s, .Net, .Org = Minor League .TV, .ME = Semipro. .Biz, .Info = College.
#GTLD= Little League.”
Buying domain names:
“Let’s clarify something. It isn’t when u started in
#Domains, it’s what #Domains u buy! Lots of guys from 90’s bought CRAP & r GONE!”
“I went frm $1800 budget – $18k budget – $180k budget 2 $750K budget. But I buy
#Domains 2 this day like I only have $1800.”
“But I keep starting over again with less money and PUT myself in that position. $700 domains. $500 names. They still buy SHIT for MUCH MORE!”
Selling domain names:
“80% of my domain inquiries come from domainers. I NEVER answer those emails. Waste of time!”
“Everyone running around trying 2 sell everything as fast as they can. My goal is to do 2-3 MEANINGFUL deals a year.”
“REAL domain inquiries come from END USERS & are 1 NEED & 1 PROJECT at a time. PERIOD! It won’t change in future.”
#Domains u either wait 4 the guy with the “Highest and best use” or u sell 2CHEAP to another domainer & he does! PATIENCE is KEY!”
“If u have a GREAT domain that u BELIEVE needs 2 be with a certain company, get your ass in front of the BOARD & make a sale!”
“6 or 7. (figures) I don’t do 5 figures without a CHUNK of the new business. PERIOD! No discussion whatsoever.”
“Understood. People have more power than they realize. It’s ok 2 sell shit 2 catfish. ie worst domains to domainers. But NEVER anything good.”