Set A Price For Your Domain
Now that youve arrived at a fair market value for your domain name, the next step is to work on a pricing strategy. Although most domain names, especially aftermarket domain names, sell in the three to four-figure range, if you have a premium domain name, you can often price below fair market value in an effort to drum up interest. With this type of domain name, its often advisable to set an asking price straight up. Another benefit of using a fixed-price Buy Now or Priced to Sell pricing strategy is to create a sense that makes people think they could lose the opportunity to grab a great domain name at any time because the buying market is often fast and furious, especially if your price is below where it should be. This can also be a good strategy to use if youre looking for fast sales.
However, if you have a premium domain name that is a domain name that you know can command six or even seven figures, youre in a good position to set a price well below fair market value in an effort to drum up interest. If your domain name is really high in demand, you can create a bidding war that pushes your selling price closer to, or even over, fair market value, creating the potential to make a massive profit!
How To Sell Domain Names
The first step to sell a domain is to prepare a list of the domains you possess. Now shortlist the ones you need to sell. Next, . Though it’s not mandatory , having a base price in mind makes it easy with the selling process.
Now, you need to list your domain for sale. You can visit websites like GoDaddy which provide the option of putting up domains for sale. Once your domain is listed, now watch how people place absurd bids to purchase your domain. If you’re thinking so, you’re wrong. It takes time for a sale to happen unless you have an extremely visible and profitable domain name. It will take weeks or even months to receive that first purchase offer.
Some Final Words About Making Money With Domain Names:
The domain name market is still active. There are multiple ways to make money with domain names. I have been able to use the methods I have described to earn money with them. It is my deepest wish that you too will be able to use the information from this guide to cash in on the domain market & improve your life.
Hang in there and dont give up. It took me months of searching to figure out how domain names worked & how to make money with them. On my very first domain transaction, I listed one domain for sale on an auction site. It didnt sell. I almost gave up on the whole idea completely. I decided to re-list the domain.
It sold the next time around for a profit. After learning the information I needed, it took only 2 weeks to earn my first domain profit. Since then, I have dealt with numerous domain transactions. I have also used the other techniques I described other than selling them to earn additional money.
My best advice would be to simply start slowly. If you are completely new to domains, start with just one & build up your experience & confidence. After you are successful with one method, then you can slowly grow & expand. Then you can work your way into using other methods. Things may not go perfectly the first time. It doesnt necessarily mean it doesnt work. It may just take time, more effort, or a different strategy.
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Embrace Fixed Pricing If You Really Want To Move Your Domains
Regarding fixed pricing, this is always a hotly-debated topic in the domain investor community because some people feel that putting a fixed-price on a domain means that you risk leaving money on the table.
While that may be true, at least you sold the domain name! As I like to remind people:
He who dies with the most toys still dies.
Most buyers are intimidated by the whole make offer thing and just want to be able to browse by price and buy instantly if they see something they like and can afford. Frankly, Id rather have sellers remorse than go to my grave still holding an unsold domain name, but the decision to go fixed-price or not is all yours.
One thing to keep in mind: if someone contacts you directly about buying one of your fixed-price domain names, you can always ask them to make an offer and/or you can always quote them a higher amount than your fixed-price. It is very unlikely that they have seen the list price elsewhere. Most buyers are not that sophisticated.
Set Up Your Domain Name Auction Listing
Once you confirm your email address, Flippa will redirect you to a four-step listing wizard to set up your domain name auction for the URL you entered before completing the signup form. On the first screen, start by writing a tagline and description for your domain:
This is much like writing a product description. Its important to mention any key benefits your domain brings with it in order to convince buyers its a sound investment.
Next, scroll down to specify how you want to sell your domain. In this case, weve selected Auction:
Youll also need to supply the following information:
- How long you want the auction to run. The default is 14 days and the maximum is 30 days.
- The starting price to be listed for your domain.
- The reserve price, which is the minimum amount youre willing to sell for. If the top bidder does not meet this price, the sale will be canceled.
- A Buy It Now price if you wish to let buyers purchase the domain before the auction is over.
You can also choose whether to show or hide the reserve price on the listing. When youre ready, click on the Next button.
Here you can select whether youd like to upgrade your listing to include promotions for your domain name auction, such as a featured spot on the site or inclusion in the next email newsletter:
Otherwise, the listing fee is $10. Enter your credit card or PayPal details, then click on Pay Now.
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Determine The Value Of Your Domain
The first thing youll need to do is properly price your domain. A lot of people end up overpricing their domains and wonder why they never have any interest. Just because youve owned a domain for a while doesnt mean that it has any inherent value.
- Is your domain a .com, or does it have some other random suffix? A .com domain will carry a higher price.
- Is your domain name short? Or does it contain a lot of words? Shorter domains tend to sell for a lot more.
- Is your domain easy to spell? Or have a common abbreviation? Domain names that include common words or regular abbreviations will fetch a higher price.
- Do you have hyphens or other elements in your domain? Domains that contain fewer words , and dont include hyphens will sell for much more.
Spend time researching what other related domains have sold for. You can use the tool Namebio to determine what other similar domains have sold for.
There are a variety of online estimation tools you can use, but these dont tend to give very accurate quotes. You can use them as a general indicator, but not as a true measure of value.
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Use Charm Pricing To Increase The Likelihood Of A Sale
Theres a reason a lot of products on store shelves have prices that end in 99 or 98. This is called charm pricing and it has to do with retail psychology.
You can and should apply this best practice to your domain name pricing. For example, even though a domain name priced at $1,999 is only $1 less than a domain name priced at $2,000, the $1,999 domain will feel like a much better deal to many potential buyers.
Domains, like most products with charm pricing, have been statistically proven to sell much faster. I know this may sound crazy, but it works!
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Sell Your Domains On Flippa
Although Flippa is best known as the leading platform for buying and selling websites, the domain name marketplace has grown quickly and is now a leading product for selling domains names.
Flippa attracts a different audience than the typical domain name marketplace, and sometimes a domain name that would not get much attention in the more crowded and traditional domain name marketplaces will find a seller on Flippa.
This happened to me with one of my own domain names, a two-word, technology-oriented .com. I had it listed just about everywhere for a year or two, even had it in auction on GoDaddy a few times, but I could never get this domain name to sell.
Figuring I had nothing to lose, and always game to try new things, I listed it on Flippa. To my pleasant surprise, the domain sold for several thousand dollars and I made a tidy little profit.
From my observation, the domain names that sell best on Flippa are those that appeal to buyers who will want to develop them into full-blown websites.
If you do try to sell a domain name on Flippa, take advantage of the fact you can include a detailed description of the domain name in your listing, which is something that the traditional domain marketplaces dont offer.
Beware New Tld Promises
Every time new TLD extensions are released, there tends to be a feeding frenzy of buying new domain names.
TLD refers to the back part of the web address like .com, .net, or .org.
While there are often going to be some winners with every new batch, many people drastically overestimate how much a new TLD domains worth will actually be worth.
This is a case of since there are so many different extensions now, theyre really worth less and less. After so much time, the .com is the gold standard with some sites cutting out a .net or .org reputation.
Although even those last two are far less common now than they were even ten or fifteen years ago.
Most people dont care about owning a domain name of their brand with .xyz or .increasinglyobscurelocation.
Unless you have dibs on a really unusual one that you know there might be interest in, its best to stay away from these. Theres way more hype with these than there is actual value to follow up.
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Share Your Contact Information
Why learn how to sell a domain name if potential buyers cant contact you?
Its important that potential buyers can quickly get in touch with you. So, make sure your contact information is available on all listings and landing pages .
You dont need to provide extensive contact details, but at the very least, you should have an email or phone number that buyers can use to reach you.
In addition to updating your listings, you want to check that your WHOIS listing is up to date. A WHOIS record identifies the domain owner and provides their contact information.
If you used a private registration service or a proxy service when you purchased your domain, then you should register the domain under your contact information before you sell it.
Four: Actions On The Buyers Part
After that is done, the buyer begins to fulfill their role in the transaction. They will need to log into the account they have with their registrar and submit a domain transfer request. This step is a relatively easy one since it is a common operation and registrars will usually put it in an easily-accessible area of their website. Basically, the buyer will just type in the name of the domain that they would like to request a transfer for and submit it. Oftentimes, you may be required to purchase the next leg of the subscription before the current one is finished, but this is simply a precautionary requirement to make sure that payment continues and all problems are ironed out in the interim.
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Got Any Tips On Finding A Good Domain Name
You bet. While it’s really easy to register a domain, having a good domain strategy helps you register the best domain name possible. Here are some hints:Make it easy to remember. This is why many businesses get domains with their business names in them. Some people even choose their business name only after they have a domain they like.Don’t register one that’s trademarked, copyrighted, or being used by another company. This can lead to losing the domain and legal problems.Shorter is usually better because they’re easier for customers to remember. It’s also easier to get matching usernames for Facebook, Twitter and any other social media accounts you have.Got a local business? Include your neighborhood, city or country in your domain so local customers can quickly see where you are. Check the list of geographic domain extensions .berlin .nyc to see if there’s one for your area.Avoid numbers or hyphens. Anyone who hears your web address won’t know if you’re using a numeral 5 or “five”. If your business name has a number in it, register both versions with the number and with the number spelled out .Get more than one. As traffic to your website increases, you may attract then attention of copycats who’ll snatch up similar domain names in hopes of drawing traffic away from you. Register similar or misspelled domains early so this won’t be an issue later.
Domain Acronyms Homophones Phrases Misspellings & Hacks
Also, dont forget that domain names are sometimes considered valuable if they consist of acronyms, homophones, unique phrases, & misspellings.
Hacked Domain Word Spelled Inter.net, Cabi.net, Del.icio.us
These hacked domains are sometimes considered extremely valuable because they are very easy to remember, consist of fewer letters & make a lasting impression.
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Its Highly Important To Choose The Right Place To Sell
Although there are so many different places online to sell domain names, its important to stick to the best ones always.
One of my favorites is Flippa. Once you list your domain on Flippa, you may buy some targeted traffic to advertise your domain listing page.
Read Where Should You Start Your Domain Flipping Business?
The above article describes some of the best online platforms to sell a domain name. Hopefully you would make a profitable sale.
But still you should remember to write a great description that focuses on the value of your domain and why someone should purchase it.
Write a description that answers all the questions that an interested buyer might have in mind. Be realistic and dont make false promises.
Visit Flippa and read the descriptions of some of the recently sold domains.
This will help you write your own descriptions.
Selling domain names? Heres a few more domain marketplaces for you.
List Your Domain on a Domain Marketplace
Many domain marketplaces attract repeat buyers who search through domain listings each and every day looking to find new domains to add to their domain portfolio. Several marketplaces also utilize domain name distribution networks, allowing them to partner with registrars and increase the visibility of your domain listing around the world.
Sell it at Auction
Similar to eBay, these sites let you create a domain listing, minimum opening bid, and reserve price. Some even allow you to set a buy-now price.