The domain name is the online identity of the business, and for this reason, individuals are ready to pay insane sums of money for the right business domain. An excellent example of this is VacationRentals.com, which was sold for $35 million in 2007. Domains, which were purchased for a few dollars are now sold for millions of dollars. This indicates that domain flipping can be highly profitable, but only if practiced correctly. So, if you wish to make money online by buying and selling domain names, then here are some of the best ways to go about it.
Buying Domain Names
The fact is that before you sell anything, you have to own it first. This holds true even in the domain flipping business. First, buy some good domains, and you can buy thousands of them in just one go. But, if you are a newbie, then it is wise to buy few domains on an initial basis and then increase the number gradually. The best bet is to buy domain names that have already gained some reputation.
Build a Rich Domain Portfolio for Selling
A rich domain portfolio is one that comprises varieties of domain names under one shell. Some of the popular types of domain names that you must include in your portfolio are – timely names, referring to a specific time or an event; business names, mainly referring to the profession or business you are offering; geographical names, referring to the country or region of your operation and generic names, simply referring to a product or service.
Buy Quality Domains for Cheap
In order to get the maximum profits at the time of selling, it is essential to buy quality domains at low prices. You can buy good domains from:
• Directly from Buyers / Owners
• Expired Domains
• Recently Registered New Domains
Register the Domain Names
For confirming your ownership of the domain names, it is essential to get them registered with the Internet Corporation for Assigned Numbers and Names. For this, you need to seek the assistance of a domain name registrar. Some of the reputed registrars online are – GoDaddy, BigRock, NameCheap, iPage, 1and1, and Bluehost. The registration price varies depending on the registrar you have selected. The average fee for registering one domain name is around $15.
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Listing the Domain Names
Once you have registered the domain names, it is now time to list them on trending portals and earn money. There are innumerable sites that enable you to list the domain names. These sites offer a reliable platform to exhibit your domain names to the interested audience. Sedo, Ebay, and Flippa are few common sites that offer such services for free or at very nominal prices. Be sure to go through a website’s guidelines before you list the domain names.
Setting the Price
The premium way to set the price for a domain name is to follow the ‘modus operandi approach.’ According to this, you can simply set a specific price for all your domain names. Make sure that you don’t set the price too high or too low. There are numerous rich online resources available that can offer you with updates and top stories about the domain flipping business. The DN Journal is one among them that covers the latest public sales on a weekly basis.
Planning an Auction
If you think that your domain name is seriously powerful and can be of great interest to the buyer, then you can plan an auction for the same. This is the best way to fetch the highest value for your domain name according to the prevailing market prices.
Making an Offer
If you own a business-specific domain name, then there are possibilities that it would not be able to capture the attention of the masses. In such situation, you can announce an offer, which might help you sell your domain name for your preferred exit value.
All these tips can help you make good amount of money by buying and selling domain names. Some of the top places online where you can buy and sell domain names are – Sedo, Flippa, 4.cn, Cax.com, Aftermarket.com, Hunting Moon, Brand Bucket, and your own website.
Like any other business, even domain flipping business involves few risks related to the subjectivity, legality, and liquidation. So, keep all such risks in check and enjoy buying and selling domain names online to earn high sums of money.