Domain flipping or buying and selling domain names for profit is no more an amateurish trick to earn money. Some have even made a career out of it, while others are taking it as a good source of passive income.
What is Domain Flipping?
Before entering into the core process of money making out of domain flipping, let’s understand what the thing is? Domain flipping is nothing but a simple process of buying and selling domain names to earn money.
Let us suppose, Mr. X is searching for a domain name of his company which you have already purchased with an intention to resell it to the needy person (here Mr. X). And ultimately you sell it to Mr. X at a price higher than the cost you incurred to acquire it.
How To Make Money By Buying and Selling Domain Names?
If you are an internet geek and aspire to make money online then domain flipping can be a fascinating thing for you. Today, the internet is a huge market place for businesses and start-ups. There is a huge rise of startup culture over the internet. And if you are smart enough, then you can easily slip thousands of bucks in your pocket. In my previous blog on money making ideas, I mention a few profitable online earning opportunities and domain flipping is one of them.
Presence over the internet is a crucial marketing strategy for any business. And an internet domain is the first thing that they need. This is where you can cash on over their necessity. What you have to do is just offer the thing that they require; that is an internet domain possessing a name they want. Let’s understand the core process of buying and selling domain names to earn a good profit.
Specifications Of High Resell Value Internet Domains:
- The domain name should contain a popular term which has the potential to be used for a start-up
- The domain name having the word should be a highly searched term over google.com
- The domain name should face low competition over internet searches.
To fulfill all the above requirements, you just have to be a little smart. For example “jobsfromhome.co.in”, “pizzafeaver.com”, “sizzlingburger.com” are some of the domains having terms which are highly searched and follows less competition over the internet. You can refer to Google’s keyword planner in order to look for similar words.
Step 1: Buying An Internet Domain
Now once you have a list of names for your domain, you have to buy it before someone else does. And when buying domains, Godaddy.com is one of the highly trusted and cheap. One important thing to keep in mind is that domains ending with “.com” or “.net” are considered most valuable when it comes to the business of reselling.
Now you can either buy a fresh domain from Godaddy.com or you can search an expiring domain and then buy it from Godaddy.com. You must make your registration after you’ve entered your account and choose the particular domain you’re interested in. Then the site will take you to the CART section and then you can buy it over there.
Step 2: Use Promo Codes To Buy Domains For Less Money
Groupon.com provides the best promo codes to ensure that you can buy a domain for cheap. Generally, “.com” and “.net” domains are a bit costly. And to make a good profit online, we must make sure that the cost price is much lower than that of the selling price.
Groupon.com is building the daily habit in local commerce, offering a vast mobile and online marketplace where people discover and save on amazing things to do. By enabling real-time commerce across local businesses, consumer products, and live events, shoppers can always find the best. So simply log onto groupon.com and avail your domain coupon.
Step 3: Sell Domain Name/Domain Name Auction
There are a few good websites where you can sell a domain name at a predefined rate or go for domain name auction. I personally find the following sites very useful for the purpose.
Bido.com lets you post a particular domain which other users see. If they like it they can vote for it, thus it would go into the auction stages. There you can make a pretty buck if you get lucky. The other way is if you choose to post it after you buy credits from the site and post the domain directly for selling, then you can skip the auction, without credits as I mentioned above users must vote for the domain for you to sell it.
Namepros.com is the best option that I would always prefer to go for domain selling. Here you can do all your selling for free. There are a lot of users on these forums and they tend to be honest customers but to be extra sure visit their profile and check their Trade Reviews – this will show you how many deals a particular user has made in the past and how they’ve gone down.
Sedo.com is undoubtedly one of the biggest sites to sell domain names. After you have made your registration and enter your account you can put up your domains up for sale, the system is very user-friendly and easy to use – when you have a sell, a Sedo.com advisor will help you carry out the deal, but you have to pay them a small fee. You can check their prices here
Email marketing has always been the best way to approach the potential buyers of your domain. What you have to do is just finding out a needy customer. Usually, you will receive a price enquiry for every 20-30 emails that you sent.
For example, if I registered the domain sizzlingburger.com, I’d look on Google for companies that include the words sizzling food, burger or sizzling burger and I’d write them the following e-mail letter:
I am contacting you regarding the domain name SizzlingBurger.com (your domain) as I have been commissioned to sell this premium asset and felt it could be an excellent addition to the online properties already held by your company. The domain name receives a healthy amount of unique type-ins a day. Please let me know if you are interested in the acquisition of the domain name or have any questions. Thank you for your time and I look forward to your feedback.
Step 4: Determining The Selling Price Of Domain
This is maybe the most delicate moment – determining the price of a particular domain. Sometimes you can sell it cheap, other times expensive. It all depends on several marks, how unique it is and how much the client wants it and needs it.
Usually, I buy a domain for $1-$2 and sell it around $7-$10. In most cases I let the client himself determine the price and in most of the times, I’m satisfied with the price they offer me. With time you will be able to pinpoint the price by yourself, you will be following the market, the most interesting part is bargaining with your potential clients.
At the end of the day, Internet Entrepreneurship is a tricky business. Though domain flipping is comparative a very modern concept, the foundation of buying and selling domain names is based on proven business techniques. You have to think outside of the box in order to stay in the competition.
You have to hustle, you have to persist, you have to survive the tough moments to make your idea work. Nobody achieved anything in their first. They kept on working and they kept on hustling. And one thing that is common to all of them is that they refused to give up. And as Steve Jobs said, “The People who are Crazy Enough to Think that they can Change The World, Are the Ones Who Do”.
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