The business of buying and selling domain names have been around for a while now. Since the early 2000s, a lot of people have made money from buying and selling of domain names. Another name for buying and selling of domain names is online real estate. Unlike what most people think, the business of domain name buying and selling is not as saturated as most people think. And the business is not dead too. You can easily start the domain name flipping business today and make good money. A good number of people have made millions of dollars from selling domain names alone.
This post will outline all you need to start buying and selling domain names like a pro. Some of the subtopics to be covered in this post includes
- What is Domain Name Trading
- Why you need to starting buying and selling domain names
- What you need to start buying and selling domain names
- How to start the business of buying and selling domain names
- How to know a valuable domain name
- Best places to sell domain names
What is Domain Name Trading?
Domain name trading simply has to do with the buying and selling of domain names. You buy domain names for a low price and sell for a higher price. As long as you know how to find valuable domain names, you can make study profits from buying and selling domain names.
Why You Need to Start Domain Name Buying and Selling Business
There are many reasons why you need to start the domain name flipping business. There are so many other businesses you can start online, but the domain name trading business starts out for the following reasons
a. Potentials to Make Massive Money:
Domain name trading business is one of the very few businesses where you can make massive profits from very little capital. There have been countless occasions in which domain names bought for just a couple of hundreds were sold for thousands of dollars. Personally, I have flipped handpicked domain names I bought for just $8 for $2370.
b. Easy to Start:
It is very easy to start buying and selling domain names. You don’t need a college degree or a technical knowledge to start. All you need to know is master how to find valuable domain names.
c. Run as a part-time business
It is possible to run a domain flipping business as a part-time business. A couple of hours a day is all you need to run this business. That means that you can engage in domain flipping business while maintaining a fulltime job.
d. Not Capital Intensive
Unlike many other businesses that you require a huge capital base to start, you don’t need much capital to start a domain name flipping business. $500 or less is more than enough to start this business.
What You Need To Start Buying and Selling Domain Names
We’ve mentioned earlier that it is quite easy to start a domain name selling business. To become a successful domain name flipper, there are some things you need to know and have. Some of the things you need to start a domain name buying and selling business include the following:
Just like any other form of business, you need capital to start domain name flipping business. The good news is that the capital requirement for this business is on the low side. With just $500 or less you can start this business. Personally, I started this business with just $100. The reason I recommend a higher capital for you is that it will give you room to make mistakes. You are most likely to pick worthless domain names a couple of times before you get it right.
One other important thing you need to start a domain flipping business is enough information. This post provides enough information for starters but you have to read up more information to keep up with happenings in the domain world. A good place to source for this information is on Namepros.
Namepros is the largest domain name forum on the internet. They have hundreds of thousands of threads for domain flippers of any stage. You need to create an account on Namepros and start reading up. Don’t be shy to ask questions when you don’t understand because their thousands of professional domain name flippers there that are ready to help you out.
Mentorship is very important in the domain flipping business. You need a mentor with vast experience in finding and selling valuable domain names to put you through. The importance of having a domain name is that it saves you from making son expensive mistakes as a newbie. Where can you find a domain name mentor? The forum I mentioned earlier is a good place to find a mentor. You can substitute the need for a mentor by sending enough time reading and asking questions on the forum.
Patience is very important in the domain name flipping business. The reason why most newbies quit this business is that they didn’t have the patience to see it through. There may be instances when you have to hold a valuable domain name for more than a year. This is why patience is very important.
How to Start Buying and Selling Domain Name
Step 1: Spend Time To Learn
We’ve talked about the importance of information in the domain flipping business. It is best to mention it again that you need to take time out to learn everything there is to know about the business. Don’t be in a hurry to buy your first domain names. You are going to make mistakes if you do so. So spend the next couple of weeks learning as many things as you can about the domain name flipping business.
Step 2: Find Valuable Domain Names
There are no laid down rules or finding valuable domain names. Finding valuable domains names is an act you get to master as you continue to learn and practice. It takes a while to master this very act.
How To Find Valuable Domain Names
These are some of the tips that will help you develop the skills of finding valuable domains.
a. Need for the End User:
For a domain name to be valuable, it must be useful or serve a purpose to the end user. Ask yourself, can this domain name be used by an end user? What kind of business can one start with this domain name? For instance, the name texasrealtors.com can serve as a domain name for a realtor based on Texas.
b. End User
There must be an end user for a domain name. A mistake most newbies make is to buy a domain name without confirming if there are end users for the domain name. Before you pay for a domain name, always ensure that there are at least 5 possible end uses for the domain name. A good place to find possible domain end users is via Google search. We will talk more about finding end users when we get to the selling of domain names.
c. Easy to remember
A valuable domain name must be very easy to remember. Easy to remember means that the domain name must be in English, and not too long.
Where to Find Valuable Domain Names
I prefer to register and sell expired domain names. I’ve found out it is easier to find valuable domains from expired domains than trying to coin a new domain name. Some of the places to find valuable expired domain names are:
Places to Buy Domain Name
Some of the platforms to buy domain names include
Step 3. Sell Your Domain Names
There are two ways to sell domain names. You either list them on domain marketplace for sale or you find end users yourself. We will talk about these two ways to sell domain names in details now.
How to Sell Domain Names to End Users
One of the fastest ways to sell your domain names is to find and sell to end users. The process of finding end users for your domain is fairly and you get to master it with time. It is best to carry out research for end users even before buying a domain name. This way, you can easily pitch to your end users. One good way to find end users is via Google platform. Simply type in the keywords of the domain name into the Google search space. For instance, for texasrealtors, simply type in Texas realtors into the Google search space. You will see a lot of businesses for end users. Visit the various websites and get the email address of the business owners, write them an email pitching your domain name. The pitch email must short and straight to the point. It can be something like this
I am ‘your name’ the owner of ‘xyz’ domain name. I am sending you this mail because I think you have a need for this domain name. I am willing to sell the domain name for $0000 which is slightly negotiable. I will be waiting to hear from you soon. You can reach me through this mail.
How to Sell a Domain Name on Marketplace
The second option when it comes to selling domains is to list the domain names of listing platforms. There are many platforms to list your domain names. The disadvantage of selling via listing on the marketplace is that you may have to wait for a long time for the right buyer to come. Simply visit any of these websites below, create an account and follow the instruction to list your domain names
This is the process of buying and selling a domain name in a nutshell.