How can you avoid costly mistakes as a domain name investor?
DomainCn
When you are involved in domain name transactions as a domain name investor, it is crucial to avoid expensive mistakes. Even small mistakes can result in loss of money or opportunity. Fortunately, with some simple habits and extra attention, you can effectively avoid most potential risks.
1. Unexpected domain name renewal
Automatically renewing domain names that you plan to clean up or abandon may consume a lot of funds before you realize it. Although the renewal fee of $10 is not too high, it can be a significant expense for high-end domain names or extensions with high-cost renewals. I personally recommend turning off the automatic renewal setting as soon as you receive the domain name. Although some domain names may need automatic renewal, I prefer to re-evaluate the necessity of renewal and the best renewal plan every year.
When considering renewal, the renewal price of the same domain name by different registrars may vary significantly. To ensure that you do not pay too high a renewal fee, it is recommended to use tools such as TLD-List or DomComp to compare prices of different registrars. Another reason to turn off automatic renewal is that some registrars may renew the domain name 30 days before it actually expires, which may not be in line with your optimal strategy.
2. Pay attention to the total cost of domain name transactions
On many auction or fixed-price websites, you may need to pay for the domain name as well as registration or transfer fees. Make sure you understand the total cost before confirming the transaction to avoid unnecessary high renewal fees.
3. Domain names expire unexpectedly and lose valuable assets
It is recommended to set up a spreadsheet or equivalent document to record all domain names and their expiration dates in detail and check them at least once a month. Most registrars can easily arrange your domain names by expiration date, and will also remind you of domain names that are about to expire by email. For particularly valuable domain names, using an electronic calendar to set reminders is also a good choice.
4. Don't be fooled by the superficial similarity of letters
In domain name auctions, many investors may make mistakes because of similar but actually different names, such as mistaking "INSTRUCT" for "LNSTRUCT". Pay special attention to the uppercase "I" and lowercase "L" which look almost the same in some fonts. Before bidding or buying, it is recommended to copy and paste the name and do a Google search to avoid such mistakes.
5. Make sure the domain name is spelled correctly
Although misspelled domain names may still have some value, they are usually not as attractive as correctly spelled domain names. It is a good habit to copy and paste the domain name into an online dictionary such as Merriam-Webster or Collins to check it before participating in an auction bid or registration.
In summary, as a domain name investor, by avoiding some of the common mistakes listed above and taking appropriate precautions, you can minimize unnecessary costs and risks, thereby managing your domain name investment more effectively.
Domaincn.com Committed to providing fair and transparent reports. This article aims to provide accurate and timely information, but should not be construed as financial or investment advice. Due to the rapidly changing market conditions, we recommend that you verify the information yourself and consult a professional before making any decisions based on this information.