Buying and selling domain names (commonly referred to as domain flipping) is a great way of making money online. There are many stories of domains that were bought for a few dollars, and then sold several months or years later for millions. According to GoDaddy, these are some of the most expensive domain names ever sold:
While investing in domain names can be a very lucrative venture, it also comes with several risks including:
So, how do you go about buying and selling domain names for a profit?
The first step in domain flipping is finding a valuable domain name. Here are some of the characteristics of a great domain name:
The good news is that you don’t have to spend sleepless nights thinking of a great domain name. Instead, you can use domain name generators like Name Mesh, Domain Wheel, Name Boy, and Shopify to get ideas. Alternatively, you could also use a Domain Buy Service like Saw.com to find a valuable domain name in any industry. Buying from domain auction sites like Sedo.com, Flippa.com, and AfterNic.com and GoDaddy Auctions is another option worth considering.
Once you’ve narrowed down some domain names which are potentially profitable, you need to check if the names are available to purchase. You can check the availability of domains using sites like GoDaddy, Square Space, Name.com, and Domain.com. If a name is taken, you could choose to buy it from the person who owns it. Alternatively, start the search process again and look for a different domain name.
So you’ve found a great domain name and it’s available. How do you set a reasonable price? Domain appraisal tools like Estibot, Valuate and Free Valuator will give you an idea of what your domain name could be worth. You could also use Namebio.com to compare the domain name you want to buy with similar domain names that have been sold.
Once the price is set, it’s time to get your domain name in front of as many potential buyers as possible. You could choose to create landing pages for advertising your domain names for sale. Relevant social media groups or online forums would also be great places to promote your domain names.
However, one of the best ways of making a quick sale is by getting listed on the previously-mentioned auction sites. Though this will mean paying a fee, you will reach more potential buyers and boost your chances of making a sale.
Many people believe that all the good domain names are taken. The truth is that the possibilities are limitless when it comes to domain flipping. However, to succeed in this business, you need to learn everything you can about buying and selling domains before venturing out. Initially, you might make mistakes like choosing useless domains or negotiating poorly. With time, you will become a pro and enjoy a good return on investment.
Author Bio: Charles Mburugu is a HubSpot-certified content writer/marketer for B2B, B2C, and SaaS companies. He has worked with brands such as GetResponse, Neil Patel, Shopify, 99 Designs, Oberlo, Salesforce and Condor. Check out his portfolio and connect on LinkedIn.
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