When you are in the process of buying domain names, or you are just becoming a domain investor, a great deal of research, knowledge and business savvy are required.
It’s critical that you spend time learning about where to buy a domain name, the best way to buy it and how to register it. There are domain deals out there, but it takes time and patience to find them. Consider the value of your time and how much of it you are spending each month on your domain name investing effort.
Here are some tips:
First on the list is research, research, research. It is the most important element in domain name investing. You must know what you are looking for, your price range and how to find names that are on an expired domain name list. It’s important to determine how much time you can spend each month in your research and acquisition of a domain name to make it worth your while.
After you find the domain name that suits your business or personal site, or a domain name you are thinking about flipping, consider how much time you are going to need to negotiate the price. Once you have determined who owns the domain name, contact that person to see if they are interested in selling it. According to online reports, most owners are motivated to sell at a reasonable price.
You’ll probably have to set aside time for more than one conversation to reach a negotiated price that is satisfactory for both you and the seller, so, figure that into your monthly “expenditure” of time. If you are satisfied that the time spent is worth the deal for that name, then you are ready to close a successful domain deal.
The best method of paying for your domain name investment is to use an escrow service, according to most experts. There are many options for escrow services. So, look around and see which one best suits your needs. Using an escrow service ensures that the deal goes through according to the negotiations and that the transaction is carried out efficiently and securely. This is the preferred transaction method for both buyer and seller when closing a domain name deal.
Finally, add up all of the hours you have spent in a month devoted to your domain name investing effort. Have you spent so many hours that your investment is perhaps more costly than you had figured? Or, have you spent just the right amount of time doing your research and properly handling your negotiations to secure a great price for your preferred domain name? If so, you have come out ahead, and you are well on your way to becoming a savvy domain investor.
