Domain buying and selling are very lucrative today
Domain buying and selling are very lucrative today, just like speculation or finding hidden treasures. There are many domain names that were brought for 10 bucks 10 years ago now worth millions in sales. So now, you may be wondering “Cool, how can I do that?”
Domain buying and selling are very lucrative
In this huge puzzle, you are going to waste lots of time as well as money for searching those treasures. What can save you from wasting those is guidance or a predefined map.
Here is some guidance that will help you to solve these puzzles quickly and help you to understand the process of buying and selling domain names for more profit.
1. Focus determination
The Internet is quite big with millions of domain already registered and other millions combination available to register, by considering these new domain extensions like .TOP, .XYZ, .STORE, and .CLUB which are becoming quite popular these days.
To be honest, you can’t just grab all of them. If you are going to make it a good business, then first narrow down your focus.
Sticking to your prior experience is a good option when you are going to buy and sell domain names. Try to find some familiar topics you’ve already known like sports or home & garden and maybe laptop sales.
Always try to find potential domain names which would be valuable in a particular industry.
Don’t be over speculative on an industry or a business by their economic status. Without knowing much about them, jumping right in front of them is not good practice. You can’t just identify anyone as a potential buyer and sell them your picked domain names; maybe they have some rules regulations. So the point is just to try to understand your audience. This is one of the key factors in the domain buying and selling business. If you don’t know anything about them, then how can you make profitable sells to them?
2. The real value lies in the name
Always see your domain names as a valuable asset for buyers. A domain name will be the first thing a customer will notice, so it is much more important for buyers. Before buying any domain name, put yourself in a buyer’s shoe and try to figure out honestly why you want to buy that domain, and what are the pros and cons of it?
What type of impact will it create on your business? Will it become beneficial in the long run? By answering all these activities, you will know, at least, an insight from costumer’s preservative.
So let’s take a simple example. Say you know well about the real-estate market in Phoenix, Arizona and you get an opportunity to buy a domain phoenixapartments.com for $100. A major university is there so it’s a much competitive market for rental properties.
Now let’s have some questions.
- How much profit a property manager, landlord or other potential domain buyer pockets in a month?
- What is about the yearly profit?
- What about your opinion as a customer? Would you like to buy this domain name?
- What is the current trend in domain names that are used by potential buyers?
- What is their budget on advertising?
- Is the domain creating authority for their business?
By knowing the competitions and their business niche, you will gain a sound knowledge and you can make good deals by preparing demonstration that how can this domain help them in long term?
3. Picking right domain names
So now that you have a clear vision about what domain names you should pick, let’s find them.
Firstly, check here to see if the domain names are available for the registration. If the names are already registered, go straight to the aftermarket to buy them from owners who don’t use them anymore. There’re many domain markets for buying these domain name, you guys can visit here to see more: Top 10 Best Domain Marketplaces
The advanced search option is really a helpful feature, by using it, you can filter your search results by extension (like .com, .net, .xyz, or .store, etc.), keyword or price. By this, you will be able to pick a desirable domain that suits you quickly from millions of domains in the aftermarket.
4. Price consideration
After selecting a domain name, then coming to a very general but a useful question, how much should you spend on it? For this, you can use the website namebio.com to compare with other similar sold domains. Don’t forget to use the advanced search option to see similar domains and their selling price.
Also, make sure to check the current domain sales on GoDaddy Auction and Afternic. DN Journal weekly report issued by Ron Jackson covers the top public sales of the week. You have to utilize all the resources to find a perfect domain name correctly.
5. Setting up the marketplace
Many venues offer to get your domain in this selling process but before you rush there, here are few things to consider.
Is that venue trusted? How many people know them?
Here the important factor is the protection for both the seller and buyer. You should have a confident feeling that you will get paid and the buyer will get that domain they are paying for.
A Better Business Bureau recognized or licensed from a trusted government source makes a market reputed. Make sure to pick a venue that ticks all the above points with good ratings.
A trusted brand is the key point to consider when selling a domain name. See the best marketplaces to sell your domain name.
6. How about their distribution network?
Seller representation in front of potential buyers is an important factor to sell your domains fast. Get listed them in a distribution network such as Afternic. It will introduce you to in front of millions of potential buyers.
The whole point of this article is to buy a great domain at a reasonable price, put it in front of potential buyers and then pocket the profit. If you just brought it and sits in your living room daydreaming then my friend you’re wasting a huge opportunity.
7. More resources to learn
If you want to cross the learning curve then never hesitate to clear your doubts or ask a lot of questions to those who are already in business. Forums like namepros.com and dnforum.com are great places to start all the discussions. Don’t miss the industry trends, keep visiting domaining.com.
If you need any further information or help feel free to contact Afternic and GoDaddy aftermarket support teams.
Good luck to you,