In our previous piece, we talked about how you can find out the domain owner and its details. Today we’re going to talk about how you can buy and sell domain names for profit.
Buying and selling domain names is a thrilling experience that seems to summon up visions of discovering secret pirate treasure on the next Powerball, or guessing the winning combination on it.
What if we say that domain names that were purchased for just $8 and after ten to fifteen years, the same domain names were ready to be sold for millions of dollars? Isn’t that amazing? Today, we’re going to discuss the same mythology.
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Okay, this is a major ocean. Your chance of trying to cash in on the golden nugget is minimal and you will be bound to spend a lot of time and resources chasing after the wrong boats. You need a graph to lead you to the enticing booty, or some other benefit.
Read on for five tried-and-true techniques will help you to become a specialist for buying and selling domain names for a profit.
5 tips for buying and selling domain names for profit
If you’re looking to get some profit by selling or buying a domain name then, you must follow these simple tips in order to achieve effective results.
- Your focus should be lessened down
- Find real useful titles or names
- Check availability of domain
- Price Evaluation should be done
- Get the domain front and center
Narrow your focus
You’d find millions and trillions of domains that have been registered already by xyz person and also there are countless combinations of available domains to get them registered on your name. If you consider the .app and .club extensions, you’d find hundreds of opportunities.
“If you’re looking to purchase a domain name and then resell it for profit, then you must start by narrowing down your focus.”
- Is there anything else you already know and it will make it easier?
- Are you fond of animals? Attempt to get a domain name like .dog or.pet etc.
- Are you selling in your car or home? Consider a.car or .realestate extension of the domain.
- Are you in educational or medical profession? See the choices for .education and .doctoral.
Find some of the areas for which you are best acquainted and launch your domain name quest based on the corresponding keywords.
“It is a lot easier to sell a domain that you know would be extremely useful for someone in a particular field or sector.”
Through using tools like Google Trends and Keyword Planner you can check the power and reach of a keyword.
What shouldn’t be done?
Here’s what you should avoid doing: Approach potential buyers on the basis of their supposed market standing, without any research into the industry. “Lawyers seem to be doing well,” you think, “perhaps I should begin selling them names.”
In this way, you will end up buying all the potential domain names that are potentially attractive for law firms and you believe that they’re going to buy it from you.
By understanding the region, you may not know that the American Bar Association and other industries have rules regulating legal ads. So it is pretty obvious that you won’t get any potential profit if your buyers can’t use the domain names you have already purchased.
“Sales will follow soon if you try and understand your audience.”
For 10 years, you can retain a domain and still sell it at a substantial benefit. You can also monetize the domain and bring in some SEO that will justify the buyer’s costs in turn, while you’re waiting for it to be sold.
Well, it is also a well known fact that some of the domains end up paying for themselves and your portfolio won’t cost you money out of your pocket.
You should always keep one thing in mind. Research the areas that you know very well about. In this way, you will become much more successful than buying and selling domains you think would be profitable for someone in the market that you hardly know.
Find names that offer real value
Think about how domain purchases can benefit the purchaser as a valued asset.
Imagine someone who will be able to buy the domain in a region you know very well. Could it be good for you if it were you and someone wanted to sell the name to you? Ask yourself these questions and be completely honest about it.
To improve your names quest, use these answers.
Let us give you an example to make sure you understand it clearly. E.g. there’s someone you know who lives in Auckland, New Zealand and he/she is an real estate business as well. How about buying a Aucklandapartments.com for $200? We believe it is a really good deal.
Auckland is also known as the city of Sails so you can try something related to the sea and boats as well. You should ask yourself these questions:
- How much does a landlord, land manager or other prospective domain buyer benefit from one month of rent? How about a rental income worth a year?
- If you’re sitting in Auckland and you’re in the real estate business then would you buy this domain name?
- What sorts of domains are being used by the landlords, property managers and other related people?
- What is their advertisement expenditure?
- Will this domain help them become authoritative in their field?
If you are comfortable in answering these questions and understanding this area well, you probably already have an idea of who to approach and how to make a convincing case as to how this area could help their company grow.
Check the availability of domain name
Now, the next step is to find the domain names that you have been thinking about and you have got them listed.
Perhaps you’d find most of the names already registered then what should you do? You can go ahead to the aftermarket and inquire about the people who had purchased them. Also, you can look for people who are the owners of those names but they don’t plan on using them anymore and are leaving them for expiry.
You can narrow down the results by going through the advanced search method to quickly refine your interest in the form of names. You can also narrow down the results by using filters such as by size, top-level domain (i.e…Com,.net,.org,.club, etc.
With this function, you can easily filter the millions of domains in the aftermarket and find the domain names that best suit your final objective
Evaluate the price
Can you name a fairer price for the domain that you have already chosen?
You can take help from offshorededicated.com to compare the domain you’re thinking about purchasing with almost similar kind of domains that have been sold. You can also check through the keywords along with some advanced searching functions to gain access to the names that are similar to those wandering around in your mind. You can also check how were they sold and for what price?
You can also take help for news and events that are happening around the world. E.g. Ron Jackson has published a report on DN Journal that has the details of top public sales throughout the week. You can check and use these kinds of sources to set a fairer and a balanced price for your domain.
If you feel there is a certain domain name that you must acquire, then go ahead for it and grab it as soon as possible. Because you must also avoid a bidding war and try to get the domain name in the budget that you have got. It might feel a bit awkward and silly at times but you must trust your instinct.
Also, if you’re selling a domain name then stand firm on your desired price and also look for other higher prices that you might get during the auction. You must investigate about the businesses that are looking for a domain name and try to get into their psychology. You never know which firm gets attractive to your domain name just because your idea or your domain name simply reflects their business plan.
If you bid them to holders of the .org, .net and .info, you find substantial opportunities to sell .com domains.
“The secret to acquiring and selling domain names is patience and determination.”
You can check the estimated value of a domain name by applying an algorithm that works on both machine learning and real market sales. The best thing is that these tricks are absolutely free of cost to use.
Get your domains front and center
There are plenty of outlets for getting your domains out to the average consumer. There are several things you might want to understand:
Is the location well-trusted and known to general public?
When you’re trying to sell your domain name then you must feel confident and sure that you’re going to get compensated and the customer gets the domain name they paid for.
“Select a location that has strong rankings with accredited organizations such as the Better Business Bureau or a reliable source of government licensing.”
This should make it easier for the customer to take the shot on the purchase of a domain as well as realizing that they can trust the brand that sells the domain. It is of course very important to build the trust in order to grow longer and go further in this business. You always need a trusted brand when you’re out there to sell a domain name.
Is the Network of Distribution strong enough?
The chances of getting your domain name before the right buyer is vitally significant.
It is also important to understand whether you have any potential buyer in front of you for the particular domain name that you have purchased earlier. You can directly contact them and ask them if they’re interested.
If the area and space of the domain is in your reach, you must be able to convey your message and the value proposition of the domain name to the potential purchaser.
“Also, it doesn’t really mean that you should start contacting almost everybody in the potential market. Be calm and composed in your approach towards the people that you think are interested in buying your domain.”
We are very sure that you wouldn’t want yourself to be called as a spam or hoax person. You will always love to have genuine people around you and those who be pleased about your hard work.
If you have bought a great potentially purchasable domain name then it is very necessary to take it to the right person who’d not think even once before buying it.
Tools for learning more
In all of this, you will go through a great learning patch and if you’re looking to buy domains and then resell them for profit then you must keep yourself busy in the space all the time. You can contact people who have done this before and seek help.
You must attend a conference as well
This is an extremely useful way of acquiring knowledge about your favorite subject. In a conference that is based on domain names, you’d meet a lot of people that are professionally trained and will give you a lot of things to ponder upon. You will also witness firsthand resources and services that are being offered by different vendors in the market.
Such things will only improve your knowledge about the game you’re playing and you will start making better decisions after following these steps. Also, by following these instructions, you will become a clever investor and you will surely try and make the most out of your experience and money.
Trading in domain names is an art you can specialize in. You’ll soon be on your way to making money in the domain name world with these five tried-and-true tips.