Podcast Summary
Persistence and creativity lead to personal victories and savings: Staying focused on goals and finding creative solutions can lead to significant savings on insurance and valuable acquisitions in the digital world
Persistence and creativity can lead to personal victories and savings, whether it's through bundling insurance plans with State Farm or pursuing a long-held goal like acquiring a valuable domain name. In the case of State Farm, customers can save by bundling and benefiting from personalized pricing plans. Meanwhile, in the digital world, Max Linsky and Aaron Lamer's determination to acquire longform.com paid off after years of making offers from fake email addresses. However, even they made a mistake when Aaron used his real email address, leading to a successful negotiation. Both scenarios illustrate the importance of staying focused on goals and finding creative solutions to achieve them. Whether it's saving on insurance or acquiring a valuable domain name, the journey may be long, but the reward can be worth it.
Domain name negotiations can be manipulative: Be cautious when dealing with domain transactions and be aware of potential scams or manipulative tactics in the industry.
The domain name market can be a complex and manipulative industry. In the case of Max and Aaron, they received a lowball offer for longform.org, which they suspected was a ploy by Michael Birkins Esquire, who owned longform.com. Birkins is known for his negotiating skills and frequent activity in the domain industry. After receiving the suspicious offer, Birkins contacted Max and Aaron, pretending to be interested in selling longform.com to them. A bidding war ensued, with Birkins raising the price each time. Max and Aaron were unsure if they were being scammed or not, but the uncertainty was distressing. This experience highlights the potential risks and uncertainties in the domain name market and the importance of being cautious and informed when dealing with domain transactions. Additionally, the incident underscores the potential consequences of losing control of a valuable domain name, which could lead to confusion and potential harm to a business.
Domain sale investigation uncovers truth: Journalists found domain was legitimately sold on Afternic for a high price, possibly due to their own interest.
The sale of the domain longform.com was not a scam as initially suspected, but had actually taken place days earlier for a significant price. The journalists' investigation led them to discover the domain was listed for sale on Afternic for a minimum bid of $10,000, and they speculated that their interest in the domain may have inflated its value in the seller's market. The journalists considered seeking out a former domain reseller for insight into the industry, but ultimately decided to call the number listed on Afternic to inquire about the sale.
Surprisingly great customer service from Afternic: Exceptional customer service can create memorable experiences and build trust, even during routine interactions.
Exceptional customer service can turn a seemingly mundane interaction into a memorable experience. During a recorded phone call with a representative from Afternic, a domain name brokerage company, I was pleasantly surprised by the knowledgeable and patient assistance of Dave Higgins. Instead of just providing a straightforward answer to my question about domain ownership, Dave went above and beyond by educating us about the domain resale market and addressing our concerns with honesty and transparency. Although our specific query about the value of longform.com remained unanswered, the encounter left a positive impression on us and highlighted the importance of excellent customer service in building trust and establishing a strong business relationship.
Investing in valuable digital real estate: A look into the domain market: Successful domain investors like Michael Birkins make significant profits by buying and selling long-term, memorable, and brandable domains. These valuable digital assets can attract corporations looking to protect their brands online.
The domain market is a diverse and thriving ecosystem, populated by full-time investors, hobbyists, corporations, and everyone in between. Michael Birkins, a successful domain investor, makes over $1,000,000 a year buying and selling a few hundred domains. His success comes from his ability to spot valuable domains among the thousands that become available daily. He operates on instinct and looks for names that are long-term, memorable, and brandable, like "longform.com," which he saw as having infinite possibilities. The domain was eventually sold to MarkMonitor, a company that manages portfolios of domains for corporations to protect their brands online. Despite suspicions, Birkins did not create or employ Cameron Gordon to artificially inflate the price of the domain. Instead, the value came from its inherent desirability. The domain market is a unique space where individuals and corporations alike can invest in valuable digital real estate.
Bidding war for longform.com: Domain names can hold significant value and unpredictable bidding wars can occur among interested parties.
The domain name market can be unpredictable, with bidding wars for desirable names sometimes occurring coincidentally among various interested parties. This was the case with longform.com, which was likely sold to a Fortune 500 or Fortune 1000 company following a competitive bidding process. The identity of the buyer remains undisclosed due to nondisclosure agreements. However, the positive side of this story is that the domain name was brokered by a well-respected industry expert, making the transaction significant regardless of who ended up as the new owner. This goes to show that the potential value of a domain name can be substantial and that even if you don't secure the one you want, the market continues to offer opportunities.
