Would you like to prevent a ₦200,000 mistake? Here’s how
A domain name, in website hosting, is like a house situated somewhere on a street. All websites online have an address that is actually a series of numbers called an IP address. A domain name is just a string of text that is translated to that IP address.
Recently, a construction company made the mistake of letting their domain name drop and it was picked up by someone else. The new registrant was only willing to sell it back to the construction company at a premium, almost Two Hundred Thousand Naira (₦200,000)! It’s certainly not a situation that anyone wants to be in, but let me point out that this could easily have been avoided had the company been paying attention and not let their domain name expire, go through the redemption period, and ultimately drop for someone else to register.
If you miss your renewal and let your domain pass the redemption period, it will drop from the registry and either go to auction or become available to anyone else that would like to register your name. If you’ve let your domain name drop through the redemption period, don’t count on being able to renew it. Often times if it’s a good name, people will backorder the domain name.
The lesson here is to pay attention to your domain names and their expiration dates. It’s costly to let them expire and the consequences can be irreversible. With the busy lives we live today, it is easy to let a yearly bill slip through the cracks, but it is important to treat your domain name registration as important as any other bills you may have.