Morning Folks!!
Last post this morning before I get distracted. The one question I hear more than any other and sometimes the question comes with an accusatory tone. Like I am supposed to apologize for recognizing the value of domains in 1995 when others did not. Like I have something to be ashamed of. Try they may, but it will never work. So back to the question. 'If you were to start today how would you do it?' Of course the underlying tone is 'You could not do it.' which is of course nonsense.
First I always say....Stop buying WORTHLESS domain names. But few pay attention. They still buy garbage and in many cases pay for crap what I pay for a domain that can be a business standing by itself.
So look at the list of domains I bought this week. Nothing over $10k. The best domains cost me the least. There were a dozen others I could have won as well but at this stage of things I am looking to fortify what I have which is different than somebody starting out today.
Rick Latona Auction:
1. Rickshaws.com $5500
2. NetMarketers.com $1250
3. BreakfastBars.com $1300
4. AsianFlu.com $3000
Moniker Auction:
1. HotProducts.com $9000
2. ReTrain.com 4500
3. Bribes.com $3000
4. AffiliateAdvertising.com $5000
5. Wager.co.uk $5000
6. Exhibiting.com $5000
Now some of these domains are not the way I would START a domain collection....but domains like breakfastbars.com that is a multi billion dollar industry is an example of how to start. $1300 to go into business?? Insane! If I had nothing in life to do, I could make a living with this single domain name. Same with RickShaws.com. Same with AffiliateAdvertising.com. Same with HotProducts.com.
So while others are buying qzy.com for $20,000 and dgrhyd.com for $1000, I do it differently. I look for meaning. I look for a domain name standing alone to be a business. I don't expect anything less. So I will say to folks, it is time to raise your game. Liquidate the CRAP and buy prime. There are sooooo many GREAT domains coming to market that you have ONE LAST CHANCE to make it in domaining. This is going to be your very last chance of buying great domain names. The window of opportunity is open. I am not smart enough to tell you how long that opportunity will last. Months maybe, a year. That's about it. So if you pay a lot in renewals and your domains don't do it, get rid of 160 worthless domains that are a liability and trade it in for one breakfastbars.com or thousands of other domains that actually mean something. Turn your liabilities into assets. Quality rules now and rules always.
Have a GREAT Day!
Rick Schwartz
Robin M. Holy
Hey Rick,
I’ll trade ya 160 worthless names from http://www.Dotty.biz for that breakfastbars, o’K :/)
Michael Castello
You are correct Rick. This may be the last time to pick up quality names for cheap. If a name is obvious and in everyone’s memory, it is worth something.
Most people have about 2000 words in their vocabulary and maybe 200 of them are used often. Take the ones that are action words or relate to a vertical and you have winner. Global distribution is now possible using “memory words” dot com. If they can think it, they can find it via direct navigation. That is unheard of; to have global reach with the ability to distribute your content using a memory dot com word.
The incubator sites like Facebook and MySpace are creating and educating millions who will soon need domain names to start their own businesses and enhance their livelihoods. The economy will move them toward new ways of using the internet to make money. These are entryway channels for owning and controlling their own businesses and the quality names will bought up. Ad.com was a steal just as BreakfastBars.com was a steal. I think we are going to see a much greater need for good, quality domain names in the very near future.
BTW, TRAFFIC Silicon Valley was a great conference.
Rob Sequin
Great advice, buy quality not quantity.
You should see some of the crap coming across my desk that people are trying to sell.
I would like to give them your advice but then I’m just the bad guy giving them bad news.
I simply say now that I can’t help you with those domains.
I feel like saying”Let every single one of those drop you idiot”.
PS Good comment Michael.
Kevin
Agree!
High quality Internet Domains with keywords that mean something are the best investment right now.
Get out of cash. The dollar is going to be worth crap when the recovery starts and hyper inflation begins. Buy one of kind assets such as domains, antiques, fine art, collector cars, rare gold coins, etc. that will rise in value as the dollar tanks.
Duong Trung
Like your thought onLiability and Asset’ domains. I have this: http://www.ePostel.com and want to develop to a real asset but don’t know how. When will you post some hints on that?
Best to you.
Michael Berkens
Rick
Nice pick up’s as usual.
Like breakfastbars.com, exhibiting.com and hotproducts.com (which I was bidding against you on) the most.
I picked up:
campingequipment.com for $16K, think that its a category killer, reminds me of sportinggoods.com which sold for $450K or so at a previous auction, it was my #1 going in.
imageconsultants.com for $9,500, huge business, and they have their own site for the trade at:
http://www.aici.org/
PhotoDeveloping.com for $3K, yes people still use this shutterbug.com for example,
Redistribution.com for $3K in honor of our President and what he hopes to do with your money.
GlutenFreeRecipes.com for $6K, definitely not your kind of domain but a huge fast growing segment of the food industry, especially after Elisabeth Hasselbeck started pimping her’s on The View.
Got my eye on a few more in the silent
Elena Tatar
Hi Rick,
Congratulations for your purchase of BreakfastBars.com
I watched both auctions at the Traffic and I was surprised that SteakKnives.com sold for $18,000 and BreakfastBars.com for only $1,300. Between the 2 is easy to figure out which one is bigger industry.If the domain had been listed with Traffic it would have sold for a much higher price.
Now that so many people missed the opportunity to bid on BreakfastBars.com is anyone interested in getting BreakfastBar.com ?
Elena
KD
I just read an article and here is a little bit from it.By producing biogas from animal manure as substitute for fossil fuels, any additional greenhouse gas emissions are avoided.So I picked up AnimalManure.Com Was it a good move.I don’t know but my gut told me so.Cheers.
Duane
Well said and to the point. Also, today I found out how small this world really is. Today I had a meeting with a really nice guy and we are planning on getting into business. We also got to talking about online business. I mentioned a few names which are major players.
As I mentioned Rick Schwartz, he knew who I was talking about and seemed like he knew you personally Rick. Me owning and running the generic dot com for the specific service and market he wants to enter in Europe brought all this together. I don’t want to mention the name of this major and global investor of different markets. But today i found out how unbelievable small this world really is and how quick the INTERNET can change life and business. At the end all I can say is quality names rule.
Adam
Not so sure about billion dollar business but still a good domain.
Plenty of good Geo domains for sale too. . .
http://www.domaintools.com/domain-auctions/live/GeoExpo2009
There’s some really good things about geo/city domains to note : Cities don’t go anywhere and typically they keep growing.
We also have a few killer names like Reserve.com at NO Reserve . Longhorn.com , Miss.com etc
Hope to see you bidding Rick
Lisa
I would have paid $1300 for breakfastbars.com but I must have been sleeping!
All of your posts are an inspiration. Some of the cheapest names are usually the best.
Morgan
Great post Rick! I’m sick as well of hearing people get angry at you for having incredible business insight in 1995 – seems to be jealousy in most of these cases.
Great point here and one that I think not enough Domainers think about. It doesn’t take a huge investment to buy a category-defining domain name, but people still seem to want the $10 domain that changes the world.
With so much opportunity right now I hope more Domainers read your blog and understand the importance of buying quality domain names.
As always I am inspired by your post and will be sharing this with my readers!
Frank Michlick
@Michael: GlutenFreeRecipes.com was listed by Fabulous earlier last year for about $2,800 ;-) It’s a great name though.
@Rick:Great choice of names at a price point that makes sense. I like”BreakfastBars.com”. Even though I am sitting at one right now in our kitchen, I can’t help but wonder how you can make a business of selling those online, since they usually are part of the kitchen counter, like in my case.
But then again, there are also the”breakfast bars” that are cereal bars, which sounds a bit healthier than your candy.com and still seems like a category kill, even though a little more specific.
Looking forward to seeing what you’re going to do with those names :)
williamhite
Hi Rick what are your thoughts on the Whypark buy. Will things really change and how many domains do you think are in the cash parking world making pennies on the dollar. who’s really making the money if anyone!
Ozie Jackson
Thanks for this post Rick. I am going to start getting more into the auctions since some good domains can be had at reasonable prices. I am another who doesn’t get paying 5 and 6 figures for a .com simply because it has three meaningless letters.
Altaf
Congratulations Rick, for the great inspirations. We learned a lot from you,but still remained as students! When will we be like to think alike?
Hope to see how & what are you going to do with those great names. Can we go for terms with high search in G? Will those gems get exposures? Will it bring organic T one day??-:)
Have a great day!:)
Alexander Teo
Rick,”I pay for a domain that can be a business standing by itself.” This is worth a highlight here. Many investors will find this helpful.
Thank you.