There are a few key elements of a website. Graphics. Content. Links. But do you know what about the most important element of all? Your domain name. Often, domains are a foregone conclusion when we start to talk about the value of a particular website and how to make it work for us. But, in reality, if you don’t have a strong domain name, you don’t have much of a website.
But there’s even better news.
If you have a great domain name, you don’t have to have a great website. In fact, you may not need a website at all. In domain flipping, you have to buy domain names for sale and it is the art of buying great domains and then selling them to those who really want them and who plan to build a company website. The concept is rather simple. You start by finding a domain name to buy that seems like it will be worth more than you are about to pay. Then, you sit on the site for a bit, perhaps even doing some work on the domain to increase its profitability, before selling it to someone who will pay you more for the site than you paid yourself.
Buy low, sell high. It is simple.
How Can We Make Money with Domain Flipping?
If making online money with domains was truly that simple, everyone would already be making money in the $600 million aftermarkets for domains. There is a skill and certainly an art to finding the domains that will be profitable.
There is also a serious element of patience in domain flipping – these are not going to be bought and sold again in the space of an hour. Domains are actually an investment to your business. So how do you develop the skills to find, hold and sell the right domains to make you a profit? The infographic below will give you your first big lesson in domain name flipping.
How to Find Valued Domains?
The domain flipping allows you to make money selling domains. The domain plays a major role in the growth of any business. while searching for the domains, it is very important for you to understand the mindsets of your customers and what they can pay you for your domain. Here are some of the qualities of domains that sold for millions of dollars: they are brandable, short, very relevant and easy to remember. It is suggested to find a short domain name (as short as one word), it would be easier to type, share, say, and remember.
The .com extension always an ideal option for a domain name. Other than .com extension there are many other options available for you – for example, Alphabet’s. xyz. If you are not using .com currently, you can move to it later when your business extends internationally. If you really want to make money from domain flipping, as can go for .com extensions because they are a more familiar, easily available extension in the tech world. Cognitive ease motivates us to go with something already known by the people, and whether you like it or not. If .com are not available, it is suggested to either use .net, .co, or some recognized ccTLD like .pt for Portugal, or .us for USA.
Businesses are just going to make a profit from domain to get new clients. Premium domains names are exact, or near to exact, the popular terms match that people search in search engines, for example, Bing, Google, and Yahoo. An outstanding way to measure the volume of search is done via Google’s Keyword Tool. There is another factor known as domain name age, as the search engines consider the domain age in their ranking. So, you can say that the older, the better.
Avoid the Risks
You have to keep in mind a few things to avoid any risk or disaster. There is something that can ruin your domains and also stops them to be memorable and brandable as possible. For example, a domain name like Organic-Fruits.com, or OrganicFruits048.com, are worse as compared to OrganicFruits.com. The use of numbers and hyphens should be avoided in the domain because it will reduce the readability of your domains.
You may think that a good domain name could be linked to a famous company, for example, find a domain name that Coca-Cola variations. In this case, you can flip a domain that infringes some other company, this could lead to a legal battle. If you have any doubt about it, it is recommended to you to go to a legal professional or an attorney to avoid any issues in the future.
Flipping domains is not completely risk-free. There are three risks’ types linked with domain flipping as far as, legality, subjectivity and liquidity is a concern. Three types of the major risks associated with the domain name flipping are as follow:
- Domains can also cause legal problems. This typically happens when the names are very analogous to domains already trademarked this is also the main reasons why you should be very careful about choosing your domains.
- Subjectivity states to the fact that it is very difficult to understand the domain name value as linked with the stocks. It is not very easy to identify any domain value but you can measure domain value and understand the worth of your domain.
- As far as the liquidity is a concern, you may have to wait for some months or years before making a money-making sale.
Knowing all the risks involving in choosing the domain name, now you will better select your domains for selling purpose. Before making this thing your actual business, you should learn some trade tricks and invest a little money before moving further.
How to sell the Domains?
Once you have brought a valuable domain, it is also very important for you to sell your domain to the right customer, to get maximum profit. There are numerous websites let you list your domains and make them easily accessible to the customers. Temok.com is a good example, as it is a well-known domain marketplace, offering a wide range of domain to well-established businesses and startups.
Domain flipping is not a way to generate quick cash and make money overnight. You may have to spend a lot of time researching before making a potential sale. It is also possible that you have to wait for numerous months or years to sell a domain to get a good profit, rather than settling for normal profit. You may better call domain flipping a good investment.
Some Selling Strategies
The first tip to sell your domains is to make realistic expectations. There are many first-rate domains sold for just a few thousand dollars – sufficient enough to pay your bills, even if you are not selling that frequently. There are many strategies you can adopt to successfully do the domains flipping. Three commonly used strategies are set price, domain name auction, and make a deal.
- You have to set a price for your domain, offer your desirable price and don’t be very quick to sell it. there are many companies with huge portfolio use this strategy.
- Some companies also adopt the domain auction strategy for selling their domain, you can also follow them. Sell your domain to the buyer who bid highest.
- As far as the niche domain is a concern, you can offer to numerous prospective buyers who may buy your domain.
You can also flip websites just like flipping the domains. Developing a website has a huge potential as it has SEO value and much more to offer to its potential clients.
Now that you have seen the basics of domain flipping business, the process should be simple, right? Well, that depends on how well you know the markets, the online climate as well as your knowledge of how to go about buying and selling domains.
Fortunately, you don’t have to invest much to give domain flipping a try – you can buy domains for just a few dollars. But before you start researching and snatching up domains, do some more thinking and planning. Check out emerging markets. Investigate popular niches. See what’s up and coming in your area. Work in areas where you have the most knowledge – your own niche, your market segment or perhaps your neighbourhood.
By starting with what you know, you’ll be in a great place to put your existing knowledge to work on a new skill set. But over time, as you see just how profitable domain flipping can be, it will be easy to start researching new markets, looking into what is coming next and perhaps even capitalize on future popularity. After all, nobody can create a killer website for that new company without a killer domain. Wouldn’t you like to be the one selling it to them?