Domain names are hot commodities in today’s tech-centric world. If you choose the right domain name, it can be worth a lot of money. It doesn’t matter what kind of website you have published at the web address. If you own a domain that others are keen to claim, you could even make a fortune with it. But how? What do you need to do to sell a domain?
In theory, you don’t even need a website to start actively domain trading, because the address is what matters. This has provided investors with a unique opportunity to invest in domain names that can be sold for a profit in the future.
Let’s define what a domain name is before we get down to work. A domain or domain name is the location of a website when referring to an Internet address or name. The domain name “google.com,” for example, points to the IP address “216.58.216.164,” and it’s easier to remember a name than a long string of numbers.
Here are the step by step guide to buying and reselling domain names profitably;
Set a budget: You must settle on a precise budget. This includes inquiries such as how much you wish to spend on a domain name. Depending on the type of Top Level Domain(TLD), fees range from $1 to millions of dollars
Finding a niche: There are numerous industries to choose from, including banking, real estate, fitness, health, gaming, sports, and leisure. When picking a market, it’s best to choose an industry, research the market, and ask questions like, “What industry are you in?” Who is the buyer? How much money are they willing to part with?
Let’s imagine you own a web address like Bussinessday.com or mtnonline.com. These names represent a lot to these companies, and it’s their brand, so if you already hold it, they’ll have to pay a lot of money to get it back, and that’s how the business works. You should constantly aim to grasp your market by selecting a niche because these names will bring them a lot of traffic and money.
Finding valuable Names /Domains: You should inquire about the amount of traffic it generates, and you should look for names that are Search Engine Optimization (SEO) optimized, contain keywords, are always searchable online, and generate a lot of traffic for the person who owns the Domain.
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You must determine why the buyer wants the domain, how much it benefits them, and how much it is worth. You must be able to persuade the buyer that obtaining the domain will assist them in increasing sales in their businesses.
Availability: Look into what’s going on in your local and what that particular industry would require. To see if a domain is available or taken, most people go to Godaddy.com. For instance, you can look up lekkirealestate.com and sell it to someone looking to sell real estate in Lekki and its vicinity.
In most cases, the domain name is not available; if you can’t discover the domain keyword, look for a related domain. As an example is if you cant find simpletech.com, you can search for easytech.com if your preferred niche is the technology industry.
Make sure it’s similar and contains high keyword volume. Also, TLD like .com can cost hundreds of thousands of dollars, so instead of buying that with so much money, you can consider other TLDs like net, co, etc. You must also limit the number of characters to less than 17 in order to create something basic and concise that is easy to market, sell, and type for the user.
Determining the value of the domain: To be successful in domain trading, you must first determine the value of specific domains. The URL provides the first indicator of domain value. The well-known TLDs like .com or .co .uk are much more in demand than new TLDs like .beauty. Short succinct domains are also better than longer, multi-word domains.
To get a better idea of the market, you can use online tools like Namebio, and Godaddy appraisal which shows the sales price of similar domain names. It allows you to determine roughly what price you can charge for your domain.
Domains are also traded as SEO aspects. If the domain name already contains an important search term, the web address will most likely get a higher price.
Sales path: There are different ways to sell a domain. For example, you can place a visible advertisement on the domain’s home page – a “for sale” sign. Interested parties can then contact you directly to discuss the sale. Platforms like Godaddy, Sedo, flippa, igloo, name jet are sites where you can sell or auction your domain.
Announcing the information: Each domain should register in the whois entry, you can also mention that the domain is for sale in the entry. If you want to sell your domain for as big a profit as possible, you should make your contact details available. This allows interested buyers, e.g. professional dealers, to contact you easily.
Domain listing: Create an entry on the platform where you want to advertise the accessible domain if you’ve picked one. It is critical to provide additional information in order to entice potential buyers. Such information may include the domain’s historical rating, visual rearrangement of the domain name, and, if possible, a statement on the domain’s current or predicted future value, justifying a required payment.
Preparing payment: For many marketplaces, you have the option of setting a fixed price or holding an auction. Both have benefits: Many purchasers choose a fixed price since they know exactly what kind of financial commitment they are making. Others love auctions because they believe they can obtain a good deal.
