Being a Successful Domain Investor

What sets successful people apart in the domain investment business?
Sure, it helps to have money coming into the industry, but I don’t think this is what determines whether or not someone will be successful. I see people spending lots of money on poor names (in my opinion), and I know that it can be easy to go broke quickly if names are purchased without a solid plan or reason for buying. A buying, selling and monetizing strategy is necessary to have success in this business, and successful people have been able to implement such a strategy – whether on paper or in the person’s head.
I heard from an acquaintance yesterday who has had great success in the domain investment industry, and aside for being very happy for him, I was thinking about what made him successful. Is he the smartest person I know? Definitely not (no offense). Was he wealthy when he got started in the business? Not at all – in fact, he started investing with under $1,000.
So what do I think it is that has made him successful so far? He listened to everyone that offered him advice about the domain business. Instead of talking, he was listening. He knew others had spent months and years learning, and he was able to flatten the learning curve quite a bit. He never gets caught up in the fray of some forums, and he always comes across as professional. He maintains a low profile and doesn’t like the limelight. I would also bet he could name half of DNJournal’s YTD Sales Chart with a low margin of error. He knows his $hit in the business because he never stopped learning. There are tons of great resources out there for people just starting out, and thee are many people willing to mentor.
The purpose of this post is to let the people just starting out in the business know it isn’t difficult to become a successful domain investor. If you keep focused, listen, and learn as much as you can, you will be successful in this business. If you have a chip on your shoulder or take short cuts, you won’t be happy with the results. Sure, it may take a while to really “get it,” but once you’ve got it, you will be happy with the results.