Every new year brings along new exciting prospects, on a personal and professional level.
Domain investors are empowered by the calendar's switch to a new year, 2020, and are looking forward to establishing new alliances and relationships.
Domain names are the gateway to every new product or service. The calendar change is a reminder of being part of an industry that thrives more every year.
'Tis the time to also go through your domain name portfolio, looking for those that aren't worth keeping. This process requires an objective assessment of what makes your domain names worthy or not.
Don't let your ego hold you back!
Think for a second: every domain that has no potential, either as a developed site for a hypothetical product or service or as a resold asset, is burning a hole in your pocket. Letting these hole-pokers survive for another year is not part of a savvy domain investor's strategy.
What can you do about those dead anchors that keep your budget down?
There are some options.
You can outright drop them, by removing any automatic renewal options at your registrar. At Uniregistry, that's an easy click on the first icon next to the Nameservers.
You can also try to sell them at discounted prices or auction them. Every penny counts when it comes down to domains that you won't be keeping anyway.
Pro tip: Once you let go of these domains, they will become available for registration to others, so make sure that you aren't solely focusing on the domain's renewal cost. If a domain was part of your brand or project, ensure you absolutely won't be needing it in the future.
Don't rush the process of domain "weeding," particularly if you have a lot of domain names. If it takes you 10 days at 200 domains per day, that's better than rushing the process or leaving it incomplete.
Once you're done with this part of your new year's resolution as it relates to domains, it's time to evaluate and reprice them.
Most of the time, repricing your domain portfolio will mean increasing prices. Unless you went really overboard with your previous valuation, increasing a domain's asking price takes into account how domain names appreciate over time.
As time passes, more companies are looking for a brandable domain to use, a generic or a short domain name, or a two-word compound. Informing your potential buyers that the time to buy is "now," allows you to hint that prices are going up in the future.
How do you approach repricing your domain names?
You can set a fixed price increase across the board, for example, 10% for every domain in your portfolio. This, however, is the "lazy" approach and while it'll save you time, it can cost you money.
Spend time to examine each domain's potential at this time, and price them accordingly. Were there a lot of inquiries during the past year, and what was the general response to your quoted price?
It's a natural expectation for potential buyers to hope you'll lower prices as the year changes. Don't do it! Your assets are to be appreciated using a formula that over time maximizes your profits. You want to achieve sales that sustain the entire portfolio of domains, not just the domain you sell.
Is the domain you're repricing part of a new technology that emerged recently, or has its traffic increased for some reason? Examine all these metrics to ensure you won't be leaving money on the negotiation table.
Is price the only factor you should consider?
Absolutely not. It's not always about the money, it's also about the relationships. Even if you don't increase your asking price, you might want to revisit inquiries that looked promising but did not complete. What made them fail? Was there a miscommunication, or pressure by the buyer to sell? Even if you pulled out of a sale, you can initiate contact again—particularly since the New Year is a magical time to greet people and strangers!
Conclusion: With some strategic dropping of unwanted domain assets, the repricing of your domain portfolio, and the revisiting of communications that failed to complete, you should be able to get on a great start for 2020.
Happy New Year!