One of the processes of building a website is the need for a Domain name. This is an identification string that is used for the administration autonomy, control or authority within the internet. The formation of Domain names are covered by the rules and regulations of the DNS (Domain Name Services) and any names registered here are Domain Names.
A Domain Name, in general, is the representation of an Internet Protocol(IP) resource which is by the means of someone using a personal computer for getting access to the internet. In 2015 there were 294 million Domain Names which had been registered.
There are ways online that you can both buy and sell Domain Names to make yourself money. I am going to cover some of the ways available to us to do this.
Buying Domain Names
Already millions of domain names are registered to people but there is still an endless combination of domains that are available to be registered, as well as the hundreds of new extensions of domain names such as .xzy and .club. If you are planning on buying a domain which you then intend to sell, you should really start by narrowing your focus.
The more knowledge you have about this can make it easier and consider some of the things you are most familiar with is a good place to start, such as education, pets, healthcare or even car or home sales.
Domain names are better to be short as people are more likely to discover a website with a name that is shorter and easier to remember even if they have found it by accident. Businesses tend to use common words as they are popular, easy to remember and able to provide chances for creative marketing. A one-word name might work out to be the most valuable.
Sticking to names that are Top-Level Domain (TLD) such are .org, .net or .com are a good idea. Other domain names such as .biz, .me or even .tv are out there but are less common when people are searching, making them cheaper to buy but you have to put in extra marketing to get any value from them.
Domain names that are best to be avoided, are ones like intentional misspellings which mean there is less chance of someone searching for them. Names with extra symbols such as hyphens added prefixes and suffixes like “e” or “my” should also be avoided. Out with a few notable exceptions such as places like eBay which are very strong brands, the value of the additions can be hurt.
By joining different auction sites for domains such as Sedo.com and GoDaddy.com which are some of the largest, there are many smaller sites as well and these domain auction sites can tell you what is available and on sale for your market. Some of the sites that are available may help how you want to make your domains.
As many names have already been bought, it could be possible that the owner is undervaluing. Purchasing other people’s names or at the least asking to see what the price is, even if you think what they have has been undervalued and making an offer is nothing to be scared of so always look for existing domains.
Once you narrow the names down that you should probably be getting, where do you go to search them out? Before you decide to purchase it is always an idea to check to see if the names are available for new registrations.
Always check your Domains at all times.
Above is a video of someone showing how to sell and buy domains for profit.
Selling Domain Names
We all have that one time in life when the ownership of our domains must change hands and having a reason to sell a domain can greatly vary, sometimes the company can go out of business or bulk buying of a domain which was then never used. If you are intending of getting rid of your extra domains to get spare money or you have a premium domain name that is worth a lot of money then check below and learn how you can sell it.
One of the things you do not want to do is target prospective buyers with regards to their economic status especially if you have no insight into the type of industry you’re set on. You may think to yourself that Lawyers appear to do well, so maybe I’ll start selling them names, then after rushing out and buying a bunch of names that you think will appeal to the law firms which you have decided to identify as your buyers, having no knowledge of the space, you will probably not know that there are rules are set to govern some features of legal advertising, these are set by the American Bar Association and other organisations that are industry-specific. You will then have domain names that you are not going to be able to sell which are no use to your target buyers.
By understanding the audience you have, you will get the sales to follow.
Finding out the value of your domain
Taking note of the value of your domain before listing it or taking any offers means that you can come up with info, a good price for it. When you are trying to determine a domain’s worth you have to consider a lot of different factors and if you are at all unsure it would probably be wiser to contact a company that carries out the assessments. A few of the major factors would include:
- Traffic – A key influence of a domain’s value. The amount of visits to a domain that is from users who are looking or typing the URL, and from links are going to have a large impact on the worth if the users are monetized.
- Top Level Domains – The “.com” websites are the best-valued websites and are far better and have more value than other top level Domains such as (.net, .biz and .info etc.)
- Length and Readability – English names that have one and two words make the most worthy commodities if they are directly connected to a specific industry such as (hotels.com, biking.com, etc.) and they read well and memorable, they are very valuable.
Being realistic about the price
It is very rare if a Domain sells for thousands of dollars. You may not get a large amount for your domain unless you have one that is highly sought after, it should help you when you are pricing with intent to selling them to be realistic.
Hanging up a “For Sale” sign
Putting up a “For Sale” message on your site is one of the best ways to receive offers for your domain. It lets visitors know immediately that the domain is available for sale and your contact details. There are some of the ways in how you can do this below.
- Free simple websites are provided from some domain registrars and you can use the tools that are provided to create a page that is basic which lets people know the domain is for sale. You can include your information or include a link so you can be contacted but you need to beware of spam.
- Add a page to any of your existing websites then redirect to that sales page all of your domains that are for sale.
- Show your domain is for sale by altering the information on your WHOIS. To reflect the fact that the domain is available for sale you can change the registration information. You can for example put at the end of the owners name “Domain For Sale”.
Parking your domain
Not sure that your domain is going to sell soon, then you can use a domain parking service where you can register it. There are sites with landing pages for your domains which contain links to adverts and while you are waiting for a buyer these can still earn you some money. “For Sale” signs and services are included in most domain parking services.
List your domain with a selling service
Here is a list of selling services who will list your site for you:
You can have much more exposure to the domain but the services take a cut from the sale. Some others will allow for you to add extra comments and descriptions on the domain and this can help to boost sales.
Hiring a domain broker
Many brokerage sites are available that will try actively to sell your site which will normally cost you more than a standard listing service but it may get you better results.
- Do research before signing any contracts with the brokerage service and find out that they are fair with their pricing and that they are effective.
Use an auction service
As well as using listings and brokerages, you also have the option of auction sites such as eBay which is one of the most popular for domain names as well as others too. Auction services are also offered by many listing services.
Leaving it more than 24 hours may cause you to lose a buyer so if an offer is made to you it is better to respond sooner so you don’t miss out.
Use charm pricing
After deciding on the final price for your domain it is advisable to use a system called charm pricing which is the act of reducing the price by £1 which makes it look more attractive (e.g. £299 vs. £300), this is helpful in enticing buyers.
Negotiating your price
Make sure that if you know your domain’s worth is a particular price that you don’t take less. Make sure that you have all the detailed information about the cost of the domain and let the buyer know why the price is what it is.
For direct sales use Escrow Services
Always make sure any money transferred is put through Escrow Services if you are dealing directly with the buyer as this will make sure that any cheques will clear rather than bounce and then you are left with no domain. The Escrow Services may include a few days for a sale and charge you a percentage but it is better than having a lot of heartaches. The Escrow Services may not be worthwhile when you are selling your domains for a smaller amount.
Sites for Buying and Selling
While doing research into this subject it was apparent that there are a lot of different sites who are willing to either just sell or buy or actually do both. A lot of information on them all seemed to be the same so it would be easy to get help for whatever you intend to do. A couple of the sites were
- www.one.com/en/domain (this is a free site).
I just want to sum this up by saying that if you are looking to make money and have a domain to buy or sell this seems a good way in which to do it.
If you have any comments or feedback, please leave them in the comment section below or contact me at WealthyAffiliate.com.