The crux of this article is based on the art and craft of flipping domains for a livelihood. It is a skill that can be honed to perfection and fine tuned to cash in on the right opportunity at the right time.
Yes, there are several people out there who have mastered this skill after learning the finer nuances of this business the hard way. Their experiences made them smarter than they originally were. Their mistakes must have burnt big holes in their pockets but the learning that they gleaned from these mistakes was invaluable.
We give you a gist of all these invaluable insights. These hints and tips will help you understand the concept of domain flipping and tell you how you can make good money by being aware and alert at all times.
Other terms that are associated with domain flipping:
Domain flipping, website flipping or web real estate sales etc are some terms that are usually used to address this kind of trade or business.
It is exactly like the real estate business that we conduct in our real lives using real land or property. The only difference is that here we are doing it in the virtual world.
Most people who initially experiment with this business either give up mid way or fail miserably at it for two reasons.
They are not fully aware of what the whole concept is.
They are unable to accurately gauge the amount of time, money, energy, knowledge and skill set that they will need in order to make a success out of this kind of business.
Let us start at the very beginning to make this process an easier one for you.
What does flipping domains actually mean?
When an internet marketer buys domains with the sole and specific purpose of disposing it at the right time to the right client at the right price – the concept is called as flipping domains.
He does not have any personal interest in domain whatsoever. His interest in the domain is only for monetary purposes.
The internet marketer makes a small initial financial investment(less than $10) and then spends a fair amount of time and energy to enhance his profits. He uses all his awareness, his knowledge, his expertise and his skills to enhance the value of the domain that he has bought.
And for all these intangible investments he may end up earning as much as twelve times his initial financial investment!
It’s a small wonder then – that every person out there in the real world is not trying his hand at this kind of virtual business. The profits are truly too tempting to pass up and often they run into seven digit figures.
So keep counting all those numbers as you learn how to really get all that money into your own bank account!
That brings us to the next question…….
How to enhance the value of the domain that you just bought?
There are two ways to do this.
You develop the website to increase its value
Simply find another buyer who is keen on buying the domain that you have at any price that you think is fair enough. This in turn means that the domain or the website that you have bought and developed is really worth the money that they are willing to spend on.
How do we develop the domain that we have just bought?
- Create a good website on it.
- Develop it using good sleek designing skills.
- Add good quality useful content.
- Keep updating the content regularly.
- Use SEO to generate more traffic to the website.
- Use SMM – Social Media Marketing techniques to advertise your content or business.
Here is the crux of the whole business.
Step 1: How to buy good domains?
We strongly recommend that you always visit expireddomains.net before you go about the next step.
You will need to create a new account and register yourself there. It is a free service and the process is very simple.
Once you register yourself on this site, you will gain access to all kinds of domains for different kinds of websites.
Useful tip 1:
Always make buying a .com domain your top priority. There is a simple and practical reason for this – it is easier to sell than other domains.
Useful tip 2:
Always try to buy shorter domain names – again – people prefer starting small and then expanding their website at later stage. So it works both ways.
Once you focus on buying only .com domains – you will save yourselves hours of tedious work – simply because the other kinds of domains have been filtered out of your search.
Step 2: Buying your domain:
We strongly recommend that you shop around and don’t always just use Go Daddy. There only one reason to use godaddy:
The site it easy to use and navigate through. The users just have to register their account on their site and follow a simple set of instructions to buy the domain that they are interested in.
Also see How much does it cost to buy a domain name
Another alternative to getting the right domain is to buy a domain from someone else. There can be several reason for someone to sell off their website. They may not have enough time to manage the website, they lost interest etc. Search around in flippa.com and you may land a great deal!
Step 3: Developing the domain and the website.
We have already discussed how to do this at the beginning of this article. We just need to keep in mind that developing the website is the most crucial phase of the entire business plan. We need to ensure that the website that we finally decide to sell is worth the time, effort, money, knowledge and skills that we have invested in.
So even if we ultimately plan to sell the website to a great buyer – we need to keep in mind that unless we deliver good stuff – no one is going to be actually interested in buying it from us.
Step 4: Selling the domain:
We strongly recommend that you visit flippa.com.
This website is in fact a virtual market where people can buy and sell their domains or websites or apps.
First we need to create our own free account.
Then all we have to do is add our domain here and put it up for sale.
Potential buyers will get in touch with you.
Negotiate on the price and once the deal is clinched all you need to do is to transfer the domain to the buyer.
A word of caution: Remember that there are hundreds of other people out there who are competing with you. Negotiate fairly and hard. Always keep in mind all the time, effort and money that you have invested in developing the website. Refrain from succumbing to the temptation of selling to the first buyer who gets in touch with you or selling it a throw away price.
Step 5: Transferring the domain to the buyer:
If you have reached this stage – it means that all the major hurdles have been crossed. All you have to do now is to transfer the domain to your potential buyer.
Simply go to http://support.godaddy.com/help/article/822/moving-a-domain-name-out-of-your-account
Follow the instructions.
Transfer the domain out of your account …
Reap the rewards of all your hard work!
The conclusion of this write up will be all the learning and the exposure and the experience that you gained from the entire process. Whether it is selling real estate in the real world or selling domains in the virtual world – there is a lot of hard work that is involved.
But we also need to work smart – in fact we need to have a lot of foresight and visualize things and potential problems that we might face in the long run – in order to strike the right bargain at the right time with the right buyer.
It is most certainly not a cake walk. The intense competition will prove that to you – but if we work hard and work smart – and allow our experience, intuition and business sense to guide us – there is a strong chance that we might end up earning not only our bread and butter from this kind of business – we will also have ample jam and cheese to spread on our sandwiches! !
Happy business day to all our readers reading this!