The first thing that most people do when they have an amazing business idea in their minds is, buy a domain name. However, the sad part is that not many domain names turn out to be a website. And that amazing business idea remains an idea.
This is not the only reason why many people own useless domains. Sometimes, someone closes their business, or stops posting on a blog can also be one of the reasons behind dormant domain names registered on one’s account. Most domain names, after being purchased, remain useless for months and years.
What should one do with these useless domain names?
The answer is simple: sell them out. Who knows this useless domain name that you own is an ideal match for someone else’s business. You can actually make a very good profit by selling your domain name. But to make a great deal, you better know How To Sell A Domain Name First.
The Ultimate Guide To Selling Your Domain Name
Know Your Domain Value
First thing first, not all domains are the same. Some are better than others based on different factors that you must know. Before putting up your domain name for sale, you better know its value. Most domain owners overpriced their domain names and end up getting no buyers.
Here are some factors that would help you evaluate the value of your domain name.
- What TLD does your domain have? There are many suffixes such as .com, .net, .edu, .Org, etc. If your domain is registered with .com TLD it would have a higher value.
- Is your domain name long or short? Shorter domains are likely to attract more buyers.
- Is your domain name easily spelled? Domain names that contain common words are mostly priced higher.
- Does your domain include hyphens? Using hyphens and other such elements can reduce the value of your domain.
Above mentioned factors can help you determine your domain value and understand its potential to attract more buyers.
Set Realistic Goals
Understanding the value of your domain would help you set more realistic goals. Yes, there are examples of domain names that sold out for millions of dollars. But not every domain is worth millions. You have to make an effort to sell your domain with good profit. You should advertise your domain, choose the right ways to sell it, and price it correctly. So, instead of selling unrealistic expectations with your domain, you must get a reality check and be honest with yourself. It would help you avoid overstating it.
Different Ways To Sell Your Domain
Once you have evaluated the value of your domain and set realistic goals, it’s time to sell it. You have to wisely choose the best way to sell your domain. Following are three different ways you can sell your domain. You can choose one of them or try all of these to sell your domain name.
Sell It Privately
With some technical knowledge and guidance, you can easily sell your domain on your own. The best scenario is when the customer is already looking for your domain. All you have to do is make it easier for them to find you.
Most people search online for the domain name they are looking for. To make your domain name visible online, you can hire someone to design a rudimentary web page for you. This will make it easier for the customers to search your domain. Make sure you have made your contact information accessible, so your customers can easily contact you.
Register On A Website
This is the easiest and most common way of selling your domain name by registering on an established domain website. The best thing about this method is that you can access wider buyer traffic, who are looking for domain names for their websites. These websites have user-friendly interfaces and also provide escrow services. Registering your domain on a website might be more convenient; however, they would charge a fee and not give you the full value for the domain.
Contact A Domain Broker
Another option to sell your domain is by contacting a domain broker who would not just give you maximum domain value but also offer a lot of other services, such as domain value evaluation, pricing, finding buyers, and negotiating with them. Your domain broker would get a commission once the deal is closed with the buyer. Professional brokers might get higher commissions but they will help you get more value for your domain.
Advertise The Best Features Of Your Domain
Most sites only allow you to post the domain name with prices. There is no need to market the domain; however, putting some extra effort can increase the worth of your domain. You should provide valuable information about your domain that demonstrates the true value of your domain to the visitors.
The content that you provide with your domain name should contain popular keywords that help you rank on search engines. You should also focus on the best attributes of your domain like it is a memorable and short domain that uses .com TLD. Adding such information would make your domain marketable and more attractive to the buyer. So, advertising the relevant elements of your domain would enhance its sales portfolio and help you get maximum value from the buyer.
Choose A Pricing Method
Selling your domain is not like any other product or service, its marketplace is also very different. The following are three popular pricing methods used to sell domains.
It is the simplest pricing method, in which you post your domain name with a price. Any buyer, who is interested in buying, can instantly purchase your domain. In case you want an easy way to sell your domain, especially when your prices are also non-negotiable, this is the best pricing method for you.
Make An Offer
This is not as simple as the above one, and you have to do some work on it. In this case, you don’t really put on a price with your domain. Instead, the buyer would contact you and suggest a price that they feel does justice to the value of your domain. If you think the price is reasonable, you can close a deal; otherwise, you can reject the offer or negotiate with the buyer. If you are going to choose this pricing method, you better be ready to invest more time and effort in selling the domain.
In this pricing method, your domain is put up for sale in an auction where different buyers can bid on it. All you do is set the starting pricing of the domain and the buyers will bid their offers on it. In the end, the buyer who bid the highest price wins and buys the domain. If you really believe that your domain has a great value and people will be willing to buy high prices for it, you can choose this option, and there is no need for negotiation.
Now it is up to your choice which pricing method you want to choose. If you don’t have any previous experience in selling a domain then you can go for the “buy now” method because of its ease and convenience.
Create A Landing Page
Your online domain visibility can make a huge difference in attracting more potential buyers. When your buyer types your domain name in Google, they must be able to contact you. For this, the best way is to create a for-sale landing page. That not only gives a clear message that the domain is for sale but also makes it easier for buyers to contact you.
In case you have an existing website, you can redirect the domain name to the landing pages. You can also create a for-sale landing page from the domain marketplace website. However, you have to give these sites a commission for every domain sale.
Get Escrow Services
You have to be extra cautious when making any online sale, especially if it’s your domain. You better use an escrow service to protect your domain sale. This will help you keep the scammers away and make an honest deal online.
The escrow company acts as a neutral third party that makes a legal agreement with you. The company keeps your domain name on hold unless it gets funds from the other party. Escrow prevents your domain and ensures that both parties get what they are agreed on.
Make Your Contact Info Public
Lastly, it is important to keep your contact information public and easily accessible to your buyers. For instance, if a buyer wants to purchase your domain name, they must be able to find your contact information from the WHOIS directory. Buyers should find the domain owner easily, so they can contact them directly to buy the domain. Most buyers search online to find the domain names, making your domain information easily accessible makes things easier for both buyers and domain owners.
It is not that easy to sell your domain online, only having the right knowledge and making the wise decision can help you make a good deal. This article discusses how to sell a domain name online. The tips and guidelines provided in this blog would be helpful for you to sell your domain. Understanding your domain worth, setting realistic goals, choosing the right pricing and selling method, and securing your domain name with escrow services is significant to have a overall good online domain selling experience.