Domains may only cost an annual fee of $10, but they can also be very valuable assets. People can sometimes become complacent with them and in this case, very costly.
The owner of investmentproperty.com.au failed to renew the domain and it subsequently “dropped” and was then put up for sale at an auction. The domain ended up selling for AUD$125,000! Ouch.
Domain registers typically send several email reminders when domains are about to expire. The problem is that sometimes the email account may no longer be active or the emails just go unnoticed.
I recommend anyone to set their domains to renew automatically and keep your credit card tied to your domain account so you will automatically get charged. If your credit card expires or you get a new card, you have to remember to update your credit card details with your register.
Get your account set up right and you can avoid this costly mistake!