So today, we’re going to try something a little different. One of the best ways to learn about a topic is to get information straight from someone who is an expert at the field.
That made us think…could we interview successful people, ask them critical questions nearly all of us may ask ourselves at one time or another and post their responses on our website? Guess what, we did just that! For now, well call this “Interview With The Experts, Volume #1“. With our special guest, Abdul Basit from AbdulBasit.com
If you ever wanted to learn more about domain names, I suggest you READ ON.
We were able to ask Abdul a few questions and here are his responses. Hopefully, you gain a little more knowledge from his advice when it comes to domain names.
1. How did you find out about domaining? Was it something you were looking for to make extra money or something you stumbled upon by accident?
First up, thanks for giving me the opportunity to present your platform to share whatever I know with your audience.
I came to knew about domains from my father many years back and he always wanted me to get into domain business but I never showed interest until 2004 when I first bought my domain Traders.cc which I still own it. I think I installed phpBB forum with the help of my father and placed some Google Adsense and started making money. Later started buying .cc domains with no intention of selling it to endusers but slowly got over 20 .cc names under my belt.
2. What was the dumbest thing you’ve ever done when it comes to domains?
Unlike others, who spent thousands of dollars in buying domains at the start of their domaining career, I was never in the same boat. I always used to read, read and just read before buying domains. However, I may have done many more crazy things in the past but as of now I remember one thing and that was the purchase of TenTopManagementQuestions.com for ($59 I think so) through SnapNames.
At that time, there was lot of craze about Google PR and it was PR7. Not sure whether it was fake or real but I think it was fake one. Dropped next year and never bought such type of names.
3. How many hours a day do you put into your domain business?
I feel I am almost settled in domain business so I spend very little time compare to other domainers. Most probably 4-6 hours a day. But one can find me online most of the time.
4. Is this your full time or part time business?
It used to be part time until may be 2011 but now it’s full time business and I am very happy with it. Although it took too long to convert into full time.
5. What has been your greatest domain sale to date? Can you disclose the name?
I would put Symphony.com as my greatest domain sale to date which was sold in 2014 for $375,000 (Read more about his sale here)
6. What extensions do you focus on primarily?
I currently have 1,000 domains and surely over 900 domains are .com names.
7. What are your thoughts on the new GTLDs? Potential or hype?
People make money in every extension no matter it’s popular or a crappy one. Just need to choose the right name which fits with the extension. For me, most of the new gTLDs are worthless unless it make any sense like play.football, play.games, skin.care, buy.property, etc.
Such domains are expensive to buy and I feel to invest that sort of money into .com which is already up and running and most of the time I don’t need to explain to an enduser about the value of it.
8. Everyone wants to learn how to sell their domain. What’s your advice for someone who has a good name and wants to sell it? Should they do outbound sales (contact potential buyers) wait for offers to come to them, list them on auction websites such as Godaddy, Flippa etc. What works for you?
It really depends on the situation of the person. Let’s say I have a domain like ArtMagazine.com and I wanted to sell. If I wanted quick cash, I would definitely contact potential buyers and try to make a deal. One can also park at DomainNameSales.com and list at other venues like Sedo.com, Afternic.com, Flippa.com. On the contrary, if I am not in hurry, I would really not bother contacting endusers and simply play the waiting game and wait for the right buyer to knock my door.
Until 2013, I used to contact potential endusers in order to sell my domains. But since the beginning of 2014, I changed the strategy by not contacting endusers at first and let them to get in touch with me at first. It’s really tough to play the waiting game and need some reserve funds with yourself because the number of inquiries are low.
Although mostly it depends on the quality of domains. Still I am getting 50+ direct inquiries every month on all my domains. Personally I feel these are good number of inquiries considering the number of domains I have right now.
9. What’s your best piece of advice for someone getting involved in this industry?
Like other businesses, every person trying to get involved in domaining must read a lot about domain market before investing. There is plenty to read and easily be found at domain forums like NamePros.com, DnForum.com and domain blogs at Domaining.com. I have learnt a lot from NamePros.com and reading interviews of great domainers which can easily be found at DomainSherpa.com.
Also going through DnJournal.com/domainsales.htm gives you plenty of ideas about the current domain sales market.
To all newbies, don’t simply see the recent domain sales and start buying domains. One must read a lot, do research and slowly start buying domains. Decide which niche is easy and understandable for you to invest.
10. Where can the audience find you if they would like to learn more about you?
Anyone can reach me through AbdulBasit.com or shoot me an email at abm@AbdulBasit.com. Also I am available at Skype “abdulbasituae“. Feel free to get in touch with me through any of the following ways for tips and advice or anything else related to domains.
That wraps up our Interview With The Expert | Volume #1 With Abdul Basit.
Thank you Abdul for taking the time out of your day to share your knowledge of domains and business with the rest of us.
Questions, suggestions? Let Abdul know your thoughts or further questions you may have for him below.
Looking for a domain broker? Maybe we can help. Find out more here.