Godaddy Is Not The Only Kingpin When It Comes To Domain Registration
Indeed, GoDaddy is perhaps the cheapest and biggest domain registrar in the world of domain flipping so much so that people use the term GoDaddy with domain registrar interchangeably. This is because they run massive marketing and advertising campaigns that pique the interest of buyers.
However, GoDaddy is not the only kingpin when it comes to the domain registration business. There are many other great places for buying domains with excellent customer service and security support like Namecheap, Domain.com, Name.com, etc.
Focus On Local Domain Names
It is mind boggling how local search engine optimization has grown from a tiny market to a mammoth industry within a span of ten years or so. This is also one of the reasons why focusing majorly on local names is profitable. From doctors to pizza parlors to salons, everyone wants to see their business thrive on the first page of Google Search results with the help of target keywords.
The best way to pick winning local domain names is to search for them at places like GoDaddy and Namecheap.
Run Your Business As A Business
While you might not think of domain flipping as a business, it certainly is. And for that reason, you’ll want to run it just like any other business keeping track of your income and expenses.
As you acquire more and more domain names, your expenses will start to rise and you might start becoming less profitable. Try to keep your expenses low and cash flow positive to grow your business.
If you are working your business as a side hustle and don’t have a significant amount of time, you might consider hiring a VA to help you find valuable domain names.
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Coms Dont Always Rank Higher Than Other Domain Extensions
There is a misconception that good .COM domain names are hard to find and so they are more expensive to buy. But once again, this statement holds no water. You can easily check out the .COM domain names that are on sale at highly affordable prices. However, the only downside to flipping .COM domain names is that you will have to discover them at different places like Flippa.com or private seller portfolios.
How Will I Know When Somebody Is Interested In Buying My Domain
When you put your domain up for sale, you’ll be able to specify a contact email address for yourself. If anybody is interested in buying or enquiring about your domain name, they’ll be prompted to fill in a simple contact form with their details, which will then be passed straight on to you via email. Your email address will not be publicly visible, and we’ll even vet any enquiries to make sure they’re not spam.
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Find New Untapped Domains
Another great way to find a domain to flip is by searching whats available. Sometimes you might land on a goldmine of domains. Recently, I purchased the domain savecashfast.com. While I havent sold it quite yet, I do believe it might be worth a nice chunk of change considering I paid less than $10 for it.
Sometimes you just have to get lucky when you flip a domain. By purchasing a domain name that has no current value, you might be surprised how much it can increase as domain names become rarer.
What If I Don’t Have Any Domain Names To Sell
If you don’t currently have any domain names, but want to start investing in domain names, you can register new domains you think might increase in value using our domain search. Domains are becoming increasingly valuable, as more of the sought after domain names become registered. For example, viewit.com recently sold for $40,000! You can register domain names from as little as £1 per year through GetDotted.com, and put them up for sale absolutely free of charge.
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Transfer Your Domain To The New Owner
Now that youve chosen an escrow service and payment has been made, its time to transfer your domain to the new owner.
The domain transfer process changes depending on where your domain is registered. Different domain registrars may require other steps.
However, there are always three main steps in any transfer. They are:
After the domain is transferred, the new owner will need to verify their ownership. If youre using WHOIS privacy, then you need to disable it. Otherwise, you can skip this step.
You will need the account administrator to provide authorization during the domain transfer process. So, before you initiate a transfer, make sure that the admin is up to date.
Check with the domain registrar to see which email address is listed and change it if necessary.
If you need to update the admin email, your registrar might place an anti-transfer lock on your account for up to 60 days. The transfer lock prevents fraudulent activity, but it can also delay the transfer process.
Most domain registrars place a transfer lock on domains to prevent fraud or mistakes. If your domain has a lock on it, contact your registrar to unlock it before moving on with the transfer process.
Once the domain is unlocked, youll need the transfer authorization code from your registrar. Your registrar might also refer to this code as the auth code, EPP code, or secret code.
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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!
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Determine The Value Before You Sell The Domain
One of the most common pitfalls that we run into when trying to sell a domain name is believing it is more valuable than it actually is. Reading about those million-dollar sales can lead us to believe were sitting on a goldmine when our domain may only be worth the cost of a nice dinner.
But hey, at least getting the cost of a nice dinner is something. If we dont temper our expectations, its likely well wind up with nothing. Listing a domain for more than its worth rarely leads to a sale.
There are sites and services out there that will provide you with an estimate of a domains value. Those are only estimates though, based on algorithms. And like all algorithms, they are generic, not specific.
I prefer to look at comparable sales. It isnt like selling on eBay where you can see what the exact same product sold for. Domain names are unique, so you have to look for roughly comparable names.
Sites like DNJournal, estibot, DNPric.es, and NameBio provide information on what domains are actually selling for, so they are a good place to start.
There are also rules of thumb you can apply. Like if ggexample.net sold for $100, you can assume that you could reasonably ask for 5 to 10 times more for ggexample.com.
Those multiples work the other way too. If you own a .net or .org version of a .com that sold for $100, you can expect to get 5 to 10 times less than the .com sales price for your domain.
Choose A Profitable Niche
Selecting a profitable niche is very important when it comes to domain flipping. Having adequate knowledge in searching domain names is critical. It will help you with fishing as well as parking domain names. Carving out a niche for yourself will enable you to seek out prospective buyers actively who would be interested in the domain names you are offering.
An example niche you could select would be insurance domain names.
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Designing A Domain Listing
If you have chosen a platform where you want to advertise the available domain, create an entry there. Like with other sales, there are a few rules to keep in mind: If you state your domain name and price, you probably wont attract too many customers. The platform entry might not be attractive enough. However, those who provide additional information are more likely to encourage prospective buyers to make a purchase.
While it might seem silly at first, you can also add a product description to a domain. For example, you can enter information about the domains previous ranking and provide information about what kind of areas the URL is appropriate for. Even adding a picture is possible: a graphic reworking of the domain name or a screenshot of the former website encourages marketplace visitors to consider your advertisement. If possible, you can also comment on the existing or expected future value of the domain, justifying a required price.
Not all marketplaces offer you the opportunity to store extensive information. However, in those cases, no-one can take advantage of this, so it doesnt necessarily have to become a disadvantage for your listing. Instead, many platforms allow you to promote your domain for a fee. So, if you assume that your domain name will fetch a decent price, it can be worth investing in the additional advertising.
How To Buy Domain Names
The first thing you need to understand is how to get a domain registered. Back in the day, .com and .net were extremely popular as extensions. If you got in early and purchased some domains, you are sitting on a pile of cash because some of these domain names are worth a lot today.
Go to websites like Domain.com and GoDaddy.com. Search for the keywords or the exact name you want your domain to be. This search tells you whether the domain name is available or not. In case the domain name is available, you have the option of adding it to the shopping cart. If you plan to purchase the domain, you need to see for how long do you want to register. This time is generally in years. You also get the option of purchasing add-ons like domain privacy.
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After Youve Priced It Lets Sell The Domain
Okay, I know, that was a lot of information. But properly pricing your domain is arguably the most important part of the sale.
If youre overpriced, nothing were going to talk about from here on out will matter because your domain wont attract buyers.
So lets get your domain ready to sell. Here are six steps to sell a domain today.
1. Let the World Know That the Domain Name Is for Sale Using the Domain Name Itself
Youll need a website for any domain name that you want to sell . This is one place you can gain an advantage over a large domain seller. Where they will have generic pages on the domains, you can create something more attractive.
You dont need anything fancy, just a single page with contact information, or better yet, a contact form. Make the page as unique as the domain name. Incorporate color or imagery that lines up with the name whenever possible. Make it personal, let potential buyers know there are dealing with an individual, not a corporation.
If youre selling multiple domains you can keep your hosting costs down by using multi-domain reseller accounts.
2. Make Your Contact Information Public in the WHOIS Database
This is a key point if you can do it. Ive sold domains I never intended to sell simply because someone contacted me using WHOIS information and made an offer.
Check with your registrar and see if you can expose at least an email address in the public WHOIS database. If not, your registrar may offer email forwarding from WHOIS records.
Is The Venue Trusted And Well Known
Its important to feel confident that you will get paid and that the buyer will get the domain name they paid for.
Pick a place that has good ratings with recognized bodies such as the Better Business Bureau or licensing from a trusted government source.
This will make it easier for the buyer to pull the trigger on the domain purchase as well knowing they can trust the brand that is selling the domain.
A trusted brand is vital when selling a domain.
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Put The Domain Name Up For Sale
With pricing all sorted out, the next step in how to sell your domain name is to put it up for sale. To do so, especially if youre interested in how to sell a domain name fast, you need to create a For Sale landing page.
Why? Its simple. When someone is looking for a domain name to buy, they usually type it into their browser to see if its available. If you have a large message saying This domain name is for sale along with your contact info, the potential buyer will know its available and be able to reach out to you.
It may not necessarily be the best way to sell a domain name as you might have better luck listing it with the domain marketplaces like Sedo or Afternic, but in situations like this, it could keep you from losing out on a great selling opportunity.
There are a number of ways to create a For Sale landing page. You can create your own using any landing page builder software, or you could use one of the For Sale landing pages available at Sedo, Afternic, or one of the other domain marketplaces.
Just know, if you go the latter route, youll have to pay a 10-30 percent commission on the sale price of the domain, even if you acquired the buyer directly from the landing page and not the marketplace.
Another option is to use Efty or another commission-free domain selling platform. The landing pages on these platforms are specifically optimized to sell domains.