Virtual real estate, a high-valued asset
The market is hungry for good readable and easily remembered domain names. For six months I have been searching to build on the right name and I found the market takes domain names as premium real estate. Many believe that buying the domain now is an unnecessary investment and wait until they develop the site (or product) and are ready to sail the cyber-wave.
According to Ron Jackson, editor and publisher of Domain Name Journal, there is a handful of people (between 1000 and 2000 individuals, most of them remaining anonymous to avoid competition) that make a living out of domain names but these are people spending six figures to snap up domains left and right and build an empire on domains.
I’m writing for the rest of us but if you’re bitten by the domaining bug, I suggest waiting for Page Howe’s Domain Name Investing: How to Make Money in Internet Real Estate. If that is your business, there is a community out there for you.
I was mostly looking to get the right domain name for my idea. I already had bynapse.com, a domain that gave me much joy to own but, as most of us, I had a name for my idea and found that people out there are looking for someone else’s good idea. You may hear that ideas are cheap and abundant .. not when it comes to domain names !
I recently had a customer for which I’ve built a simple site for a good cause. He’s trying to convince people to volunteer to help a school in Nepal. So we’re chatting about the idea and he’s searching at night for domain names and finds the name he always had in mind is available.
A few days later he contacts me so we can start setting things up just to find that the domain has been registered, is parked and offered for sale. Here is a nice article about some less ethical practices on DomainName News and if this isn’t something a domainer usually does, its one more thing you have to consider when shopping.
In the end, he had his way and found both the English and French version of the new domain names I helped him to come up with, but this time, he searched and bought them right away and the site came up pretty fast afterwards. Check it out at VolunteerToNepal.org.
As a note, all searches leave a trace and there are always people on the lookout for a nice idea. Well, in this business, ideas don’t come cheap and may end up as consistent checks to bring to the bank.