You will be surprised to know that the domain you are registering for $10 can be sold for millions. Many people have done in the past and made good money selling domain names. However, you need to learn the basics, if you want to make decent money as a domain seller. For instance, you should be careful while picking the domains that you want to sell later. Otherwise, you will have a hard time finding the buyers for that domain. There are so many things to consider while choosing the right domain for flipping purposes. This post explains in detail how to sell domain names for profit.
What to consider while buying a domain for flipping?
You might have heard stories of domains selling from a few hundred to millions. Why is there so much difference in price? What makes a domain more valuable in comparison to others?
The following factors determine the actual value of a domain name:
- Length of the domain: Generally shorter domains are more valuable than domains that are larger in length. This is usually because shorter domains can be easily typed in and are also easy to remember. Many short domains had been sold for very high prices in the past like sex.com and calm.com. However, sometimes large domains can also give good prices as if they are a combination of two or more valuable keywords.
- Keywords in the domain: If your domain has some valuable keywords, it can usually be sold for a higher price. Some of the valuable keywords are health, casino, crypto, and so on. You can also follow the recent trends and choose keywords based on those trends. Like currently, crypto is in good demand and thus any domain with available crypto keywords will be sold quickly.
- Extension of the domain: Generally, domains with .com extension is always in higher demand. If you see the domains sold for the highest prices in past, most of them will be .com domains only. .Com domain is also more brandable as most of the big companies prefer to use .com domains for their projects only. However, this trend might change with time. For instance, these days, domains with .io extension are also in good demand. These are being used especially by startups all over the world.
How to sell domain names for profit?
There are few things to consider before selling domain names for profit. Here are some steps to follow while selling a domain name:
- Get your domain appraised: Domain appraisal is the process of finding the right price or value for your domain. There are two ways to achieve this. You can either get it appraised from professionals or do it yourself.
However, self-appraisal is free, but you will need some experience for it. The simple trick to do self-appraisal is to check the prices of similar domains sold recently. For instance, suppose you have a .com domain in the crypto niche. To find a suitable price for this domain, look at recent sales of similar crypto domains. There are also sites that will present to you this information with specific and minute details. One such site is Namebio. On Namebio, you can see recent sales for all extensions. You can also sort by price or date and choose to see the sales on a specific platform like GoDaddy.
If you get the domain appraised from a professional, they will charge you some money. Though money is spent, they will give an accurate appraisal. They are experienced in this field and have knowledge about recent trends.
- Set price for your domain: Now there are different types of auctions for domains. Like you can make is “Buy it now” with a fixed price and if someone is really interested in the domain, he can pay that money and buy the domain. Another option is to let people bid on the domain. This can be useful in case you have a unique premium domain name that can be in good demand.
- Make a landing page showing domain available for sale: Once you have decided the price, you can create a landing page telling that the domain is available for sale. There are services for this as well like dan.com. It will create a landing page for your domain for free. If someone types your domain on the search bar, it will show them the landing page mentioning that the domain name is available for sale. There will also be an option for contacting you through a form where interested people will communicate with you. Keep your communication professional with the people contacting you as this is very important in closing a deal. If you use a site like dan.com, they will also help in completing the deal and take some commission from the overall sale price.
- Choosing the platform for selling domain name: If you want to sell your domain name quicker, you may consider listing it on various domain selling platforms. Some of the common domain selling platforms are Sedo, GoDaddy, afternic, and others. Most of these platforms charge you money only when the domain gets sold. However, there are many advantages of listing the domain for sales on these sites. First, there are a lot of buyers on these sites and thus you will not have a hard time reaching interested parties. You will be able to sell your domains faster. This can be helpful in a number of situations like if you are reselling the domain. Another advantage is that these platforms will also allow you to receive payments with security. On the other hand, if you deal with the buyer individually, there are a lot of chances of getting cheated. Especially people who are new to the field of domain flipping must make use of these sites. Once you have got used to the process of selling, you may start selling on your own to save the commissions as well.
- Make use of escrow to get payment for domain: It is advised to make use of escrow service for receiving the payment for your domain. If you are dealing individually, it is a must to safeguard the transaction. On the other hand, if you are selling through another platform, they all have escrow options on their own.