With the host of people making millions merely by buying and selling the domain names, many folks have been attracted and inspired to walk the same path. Mike Mann, the founder of an ISP called Internet Interstate, got an offer of $25,000 for the domain name Menus.com, which he purchased merely for $70. It was succeeded by an offer of $50,000 the following day. But this happened way back in 1998. So, does this money-making business present an opportunity to dig the treasure that lies underneath, even now?
Well, it is undoubtedly still a profit-making business. With the right knowledge and right domain name, you can become rich. But it is neither a fairytale nor do we live in 1998 anymore, where a person becomes wealthy overnight. It requires patience and the right buyer. Here are some tips that will serve you as a map to the treasure island you are curiously looking for.
1. Stay Clear on Your Niche
If you are new to buying and selling a domain name, the first thing you need to focus your attention is on selecting the appropriate domain name. There are way too many domain names that have already been registered and much more can be created using the same name with different combinations of domain extensions like .xzy, .shop, etc. You must narrow down your search to land on the profitable domain names that will help you gain the potential buyers.
But what to focus upon? Well, here you must use your knowledge to your strength. Choose the niche that you are well aware of. If you know about chocolates, pet, hospitality business, etc; then start your search in that category. There are certain restrictions in some professions like doctors, lawyers, advertisers, etc. So, make sure you undertake a thorough research before jumping to a name.
2. Start Your Quest for Valuable Names
The domain name should be competitive and must create a value for the buyer. You have to keep in mind your buyer’s perspective and then finalize the domain name. For instance, if you buy a domain name for women’s accessories, then selling it in the male-dominated area is not a wise choice. You have to stay informed on everything and this is the sole reason why you must select the niche that you are well-versed with.
You must make sure that your domain name becomes a valuable asset to the buyer. It must be catchy, simple and crisp. You can search for the popular keywords and include it in your domain name. Imagine yourself as a buyer and then think about the effect of a particular domain name on your business. Would you pay the amount a seller asks, for this domain name? Apart from this, make sure you do a good research about the similar businesses domain names. In the end, you must be able to create a compelling case explaining why your domain name will benefit the clients.
3. What after You have finalized the Name?
There is a lot more to do after finding good names. Once finalized, check for the availability of the names. You can check it by searching in the search box of domain flipping websites. If they are available, then register your domain names before anyone else with the domain name registration services provider. Chances are, that the domain name you think of must be taken because people have been registering since long time and approximately 143.6 million domain names have been registered in the first quarter alone of 2017. You are lucky if you get a good name available for registration. But if they aren’t, don’t get disheartened. You can always try buying them from the people owning it, from aftermarket, who either wish to sell it or wait for it to expire as it is no longer useful to them.
4. What is it Worth?
Just like an offline seller knows the value of his products and services, you must find the worth of your domain names to prevent the event of overpricing or underpricing. You can use different online tools and websites available for valuing it. Additionally, you can also check competitor’s websites and search keywords similar to your name to see their worth. This will help you to determine the value of your domain name.
5. Find a trusted venue
Today, there are many places to buy and sell domains. But the real question is are they all trusted? And do they offer premium domain deals and auctions? Find a place which will help you to reach maximum potential buyers and has a robust distribution channel. You can also choose multifarious networks to display your deal so that you can reach a larger audience.
Buying and selling of domain name is a business that majority of people are trying their luck in. But its success ultimately depends upon finding the right buyer. And hence, selecting the right platform to reach the audience is unquestionably important. This is the reason why you should select a platform like Domain brothers, which has a remarkable brand reputation and provides cost-effective services to help you reach large number of prospective buyers.