Mike Mann wrote an EPIC comment on my post about him dropping 50,000. The comment covers several different subjects including buying and selling domain names.
To get some context you should first read these 3 posts before reading Mike Mann’s comment.
- Mike Mann drops 50,000 domains
- Complete list of the 50,000 domains Mike Mann dropped
- Mike Mann: 2 lists of 28,923 available domains
You can read the complete comment here:
Please see MikeMann.com which has links to my charitable work, books, companies, videos, and best practices.
The reason it is extra difficult to make money on selling domains is because the system is a huge scam, and some of the people. Some are a lot like Wall Street scammers (they have suits), but from a more tiny and opaque industry; and with more of a DC and Boston connection than New York and San Francisco.
Even if the system were not a scam, it would be very hard to make a profit, as in any evolving high-tech business. Most people quit or retired, or sold out super cheap due to monopolistic and illegal practices of others. (Which leaves me in a great position to dominate the future; weak competition and the most skilled team)
This article explains the situation pretty well http://www.circleid.com/posts/president_of_buydomainscom_responds_to_wls_issue
Also, this video: https://vimeo.com/311805335
The contracts for Verisign/NSI, and the auctions are no competition monopolies; the auctions are fraudulent on their face, and then some of the employees and customers in them have done shill bidding and other scams for ages unhindered, and not prosecuted (yet).
Everyone is being taxed exorbitantly on .Com and other traditional domains by monopolies with uncontrollable prices, and NO COMPETITION.
Friends in DC long ago got campaign donations, along with other insider scams. NTIA/Sen. Warner/DoC/ICANN, etc.
I visited and spoke to the Justice Department and various congresspeople to lobby about it with Paul Stahura (before he went to the dark side of gTLDs).
ICANN is an enormous scam that was supposed to help domain owners, not take mega-millions for themselves.
.Org seems to have gone south in a similar manner, but the CA attorney general is stepping in apparently.
Trump people, what happened to draining the swamp? How did you miss this? How did every other tax get deferred and scam get exposed except domains? Those big companies want you to lose the best domains and not get paid anything, so they can auction them, or just steal and sell them. They work together on it.
Suffice to say nobody is happy about me talking about it, and none of the other “domain press” want to go there because: A. They are too nice, and see the players at fancy conventions constantly B. They need the advertising dollars and financial relationships.
If you know me, you’ll know that I don’t play any games.
Speaking of not playing games, don’t be like weak competitors. If you want to play follow these concepts, and let me know what I’m missing.
Only buy .Com, it’s hard enough to make money here. The gTLD system was a big lie, never going to gain traction; you wasted your money. Some are good and may sell, but there are so few, and they are controlled by insiders, I can’t imagine how an amateur could make any traction.
There over 100 million .Com already registered. There is no point in registering more unless you know something I don’t know. The object is to buy the best ones that exist already at the lowest prices possible, and sell them at the highest.
So make filters; and use software, programmers, existing web services, and consultants, etc.
MAIN TRAITS TO LOOK FOR BUYING:
-Make sure many companies could benefit from its exact spelling usage; study it in Google; always use Boolean operators to make sure you filtered for the correct best stuff. + – “ “ etc.
-No trademarks or porn or typos, or bitcoin
-If other companies have other domains with the exact string it implies the domain is better
-If it’s medical, finance, high-tech related, may be better
The more qualifications it has simultaneously the better.
The good news is they are way underpriced in general for the best stuff. Other stuff is worth $0 given the maintenance cost, so it’s overpriced out of the gate.
A great domain could be worth $5,000, or $50,0000, or once in a while $500,000 for example, but extremely hard to sell at any fair price regardless of its intrinsic worth to a company; because premium domain names are an illiquid marketspace; the potential buyers have been told domains aren’t worth much and they have no way to distinguish between a great and useless domain, nor do they care on average.
So, this sucks, except you can usually buy those same domains for less than a thousand dollars, sometimes $10. If you have a lot of money and time and filters and programmers; and buy enough of the very best .Com domains at the very lowest prices like I do, then you will likely build an extremely valuable domain portfolio (Google: Frank Shilling, Mike Berkens, Yun Yi, Kevin Ham to see what they did) …..unless you screw up.
Even if you do perfectly, it will be very expensive to maintain the portfolio; or sell your company at a fair price given all the scammers and taxes; keeping in mind traditional investors or lenders have no interest in domain names.
My competitors have mostly been offshore, and not hiring US employees or paying US taxes, or other US laws, so it has been a financial competitive disadvantage for me and other law-abiding Americans.
-The trick to selling domains at a decent price is leaving the correct appraised price listed publicly for a long time, so the potential customer knows they weren’t singled out; and if they negotiate a discount they’ll think they are kings.
-Make sure to use the popular brokerage services, keeping in mind the who owns them though.
-Make sure you have the right price by using my service AccurateAppraisals.com, because if it’s priced too high it will never sell (but you still have to pay for renewals and other expenses); and if it’s too low you’d end up losing your potentially large upside.
-Set up your own web site and sales process;
-Make sure every domain has an SSL landing page with some good information about domains, and the subject matter of that domain too.
-Set up social media sites and make some noise like me
-Delete domains that don’t show any demand from potential buyers, or traffic, or enough Boolean based matches in Google
-And read my book, MakeMillions.com for the best sales practices all around for any growing business.
That’s about it. Follow me on Social and LMK if you have any questions. Be safe. Peace. -MM