Domain Auctions - Get the premium domains for the best price

Thursday, June 4, 2020
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Do you know what a domain is? If so, do you know how some people are using them to generate significant amounts of money?

If you are even mildly interested in the subject, it doesn’t take long to be overloaded by internet gurus telling you how to make money online. Some of the ideas proposed are good, some are not. This article isn’t about get rich quick schemes. Instead it's about a digital industry that has generated multiple millions of dollars for people who know what to look out for.

This article is about domain auctions. It will go into detail about what a domain is, how they are auctioned, and how to get the best deals. So if you’re just starting out on your journey into buying and selling domains, or want to find out more about the subject, read on below.

What are domains?

Before we delve into the nitty gritty, it’s important to make sure we understand what a domain is. Most simply, in the digital, online context, a domain name is the name of your website. It is the address people use to find your site.

Considering the number of websites online these days, it might make more sense to some people for a website’s address to be a series of numbers. However, people don’t remember strings of numbers as well as they do words.

A domain name can be made up of any combination of numbers and letters. It is essential that it is completely unique when paired with a domain name extension like .com and .net. When setting up your website, it can’t go live without a domain name.

This means that businesses and website owners all compete over different names that are popular and related to their business. Most people want relevant, topical phrases that will be remembered easily. Because of this, domain auctions were created.

What are domain auctions?

Because there can only be one domain with a certain phrase, spelling, or word, it becomes a limited commodity. If enough people what this domain name, it becomes valuable. Domain auctions were created as a way for people to find domain names that they want and for people who own domains to sell them.

How do domain auctions work?

Auctions are not unique to the internet and selling domains, they have been part of society for thousands of years. Internet domain auctions work on the exact same premise to what you might have already seen, heard, or read about in another place.

Essentially, a seller will list a domain they have and people will bid money to buy it. The highest one wins. There is some variation depending on where the auction is hosted, but most have a minimal reserve and offers as part of their system.

If you’ve decided you want to try to buy a domain at an auction, the first step is to visit a domain auction website. You can either browse what’s on offer, or if you have a particular name in mind, you can search for it.

How to find great domain names at a cheap price

1. Keep to a target

We’ve all done it, started out with one thing in mind, then when confronted by the huge amount of choice out there, we’ve widened our search and begin looking at everything. If this happens to you when looking for a domain, there is a chance you could get lucky, but probably not. Know the area and niche you need a name for and keep to that.

2. Look for expiring domains

People buy domains for a set period of time, if this is not renewed then it will go back to auction. For example, on GoDaddy’s site, they state that an expired domain that was registered with them after May 2 2005, will automatically go to auction 25 days after its expiry.

This presents an opportunity to bid on a domain that could potentially have less competition, meaning buying it for a lower price. Keep an eye on what domains will soon be expiring to find opportunities to buy.

For people looking to buy and sell domain names, there are a lot of techniques and places to look for the best deals. It is important that any purchase is done through a reputable site, or with a person that can be completely trusted. Following this rule and the tips above will protect you from malicious internet users and help you find the best domain names at a cheap price.