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Then figure out ...
[edited by: Webwork at 11:51 am (utc) on Apr 9, 2018]
the curse of link rotMaintenance is everything. You can't just compile a directory and leave it for the ages, or even keep adding new content but disregard the old stuff.* When I find a bad link on {my directory of choice} and report it, I know it will be acted on within 24 hours. Human users of the directory may not formally know that reporting bad links is a thing--they may well think the whole thing was created invisibly by the Directory Fairies--but they know that if they find something listed, it probably exists.
If they returned a 404 it was hidden. I would give it a week to return before deleting the link.Sure, it would be nice if every page 301-redirected to the current version of the content. And sure, it would be nice if everyone listed on a directory took the trouble to keep the directory informed of changes. But hunting down bad links and updating them manually is also part of the directory maintainer's job. At least if you think of the directory as a service for human users, not a service for websites.
Link rot . . yes . . I hear a communal sigh . .
Out links:
Are my recommendations. I am saying 'if you like my stuff you'll enjoy this as well'. My reputation is riding on each and every one. So link rot is a serious matter. If gone the link must be removed asap and a replacement discovered if appropriate (and surrounding, anchor text adjusted as necessary). If resource has changed (1) for the worse, the link must also be immediately stayed and re-pointed or replaced , (2) for the same or better the anchor and surrounding text may need adjustment.
The easy if irritating time consuming side is removal/replacement. However, adjustment may be almost as important so that leaving my site and arriving on the other is a smooth transition. A bumpy landing isn't professional. I want return visitors. And that means being the best in niche from arrival to after leaving.
* 50% of the URLs within United States Supreme Court opinions do not link to the originally cited information.That is indeed scary--and it again illustrates why entities like the Wayback Machine need to exist. Once it's there, it will remain there, and nobody can come back and decide “that’s not what I meant to say” or--less sinisterly but equally destructively--“nobody cares about this any more so let’s do some housecleaning”.
* 70% of the URLs within the Harvard Law Review and other law journals published between 1999 and 2011 do not link to the originally cited information.