GDPR has been in force for about a week now. Several major domain registrars have removed Whois information for domain names registered there, but some of the largest domain registrars are still showing Whois information. As has been discussed extensively, GDPR may be problematic for domain name investors, especially those who use Whois information to buy or sell domain names.
With GDPR in force for a week now, I would ask how it is impacting your domain investment business so far:
Today’s daily poll question is very specific. I have heard a few people mention to me that they upgraded their account to a paid account on LinkedIn in order to connect with decision makers to sell domain names. I have had a free LinkedIn account, and I have been curious about upgrading to allow me to send email messages about domain names (buying and selling). I would be interested in knowing if you think it is worth the price.
I have tried to sell domain names via LinkedIn advertising, but that didn’t work. I have no idea if it were the names (unlikely), my targeting, my messaging, or a combination of all three. I think it might be beneficial to message people directly on LinkedIn rather than trying to find an email address and then getting through the clutter (or the admin) to get an answer.
If you have or had an upgraded LinkedIn account to buy or sell domain names, I would like to know if you think the upgrade is worth the cost.
There are many schools of thought on how quickly to respond to an inbound offer or inquiry. Some people like to respond while the offer is fresh so the prospect doesn’t find something else or have second thoughts. Others prefer to hold out on their response so the prospect doesn’t think the seller is desperate. Some people don’t even respond to offers and may only respond after the prospect makes multiple offers. This can show just how desperate a prospective buyer is.
I would not consider myself an expert negotiator, but I typically respond quickly. I want to make sure the buyer doesn’t lose interest in the domain name and I like a strong deal flow. If the offer isn’t strong enough, my response time may slow down.
How quickly do you respond to offers and inquiries? What is your rationale for your response time?
For many people who are involved in domain investing for a hobby, owning and/or operating a company many not be of critical importance. They can be expensive to maintain depending on the location, and if investing in domain names is not producing results, it can be more challenging to keep thorough business records, maintain separate banking accounts and financial records, and it may even be tough to pay the annual fees for operating the business. On the other hand, owning or operating a company can provide many befits, including liability and tax benefits.
I really have no idea how many investors who read my blog own, operate, or co-operate their own domain investment company. Do you?
Since I started my company, I have worked alone. I’ve never really even considered teaming up with anyone else, although there are benefits to having at least one partner. Sometimes I wish I had someone to bounce ideas off of and to get an opinion from another vested party.
That said, I am very glad to not have to deal with a partner. Things may run smoothly, but it could be difficult if you’re not on the same page or don’t agree on a critical business decision. For instance, if you and a partner disagree about an investment opportunity or sale, it could cause issues, especially if this happens regularly.
Like everything else, I think there are advantages and disadvantages to both. There are also some risks for both.
If you’re a domain investor, do you work with a partner or group of partners, or do you work alone?
I’ve sold my fair share of domain names, but I don’t recall seeing one turn into a major website before. There are many domain names that have websites on them – some of them are pretty popular in their markets, but I don’t know of a sale that has turned into a major recognizable website that others would recognize. I know of a major website on a deal I just missed out on, but that’s all I can think of this morning.
Have you sold a domain name that was turned into a major website people would know about? You are welcome to share the domain name if you would like.
