Buy Domains, Sell and Trade Guide
The internet is big business. People make money online in countless ways that most people would never have even realised existed. This article doesn’t have the scope to go into all of the different ways to create an online business, but it will discuss one in more detail - buying and selling domains.
Read on below to find out what this is and how it’s done.
What is a domain?
A domain name is the website address that a person puts into their browser’s search bar to visit a website.
When the domain is put into the browser, the browser sends a request to the Domain Name System (DNS). This is a network association that will then tell the servers containing the website information, that a person wants to visit a website. The server will then provide the correct data to the internet user’s browser to load the webpage.
So the domain is the unique identifier for a website, it’s internet address. When a website is being created, it has to have a domain name in order to go live, this must be completely unique.
What is domain trading?
Because each domain must be unique, once one is taken it can’t be used by someone else or another organisation. This creates a level of competition that means some people and companies are willing to pay large amounts of money for particular domain names. The most expensive publicly reported domain name was carinsurance.com at $49.7 million. However, there are others that have not been publicly reported on that could have gone for more money.
There are stories of people buying a domain name for a couple of dollars, then selling them 15 years later for millions. While this has happened, it’s definitely the exception and not the rule. However people do make a profit buying and selling domain names, but the approach has to be focused and disciplined.
Below are 5 tips for making domain trading more successful.
Concentrate on specific areas you know about
The internet is huge and there are millions of variations of domain names out there. With the huge number of variations out there, it is easy for someone new to the field to get lost and overwhelmed. Narrow your focus and stick to what you know..
Understand the areas you know the most about and start looking for domain names in that area based on trending keywords. Use a keyword research tool to find variations on terms people are already searching for, but there is no exact match domain.
Choose domain names that would be an asset for a buyer
Put yourself in a potential buyer’s shoes. How would owning this domain name help their business? Would you buy this domain name for your business? Be completely honest with yourself and buy only domains that you can see value in.
Check Domain Availability
Working through the points above, you should create a list of potential domain names that you might want to buy. With this list, you then need to check if the domains are actually available. There are a couple approaches to this, first check if the domain names can be bought as new registrations. If that’s the case, no one will own them and you can buy straight away.
A lot of the time, you will find that the domains will have already been bought, if this happens you can look into the aftermarket to buy from people who already own the domains.
Consider The Cost
If you want to make money from buying and selling domains, you have to make sure you buy at the right price. Understanding the value of a domain name is key to making a profit from it. Use comparison sites that will give you the price similar domains to your own have sold for. This will let you understand how much you could sell your own for.
Sell in the Right Places
Once you have brought a domain, you then need to try and sell it for a profit. To do this, you have to get it in front of the buyers. This means using a vendor that is trusted and secure. You want to get paid and the buyer wants their domain name, make sure a dodgy third party doesn’t ruin the transaction.
The distribution network you choose will also decide who and how many people see your domain for sale, so make sure it’s an effective center for your target market. You can also approach people directly who you think might want the domain, this cuts out a third party and is more direct.
Buying and selling domains is a profitable business for the people who know what they are doing. As with all forms of business and trading, there is potential to lose money on an initial investment so think long and carefully before getting started. For those that have a methodical, well thought out strategy, there can be big money to be made.
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