Domain flipping sounds controversial. But, if done ethically, you can earn a fair amount of money from this secondary source of income.
Here’s an analogy: domain flipping is like flipping houses. You buy a domain at a cheaper rate and sell it at a higher rate for extra profit.
This guide will cover the basics of domain flipping, including some easy steps to get started. Read on below.
What Is Domain Flipping
Domain flipping entails buying domain names at a cheaper rate and selling them at a higher price to make a profit.
It’s pretty similar to purchasing and reselling property—the only difference being that, in this case, you buy and sell website addresses online.
Reselling domains can take months and years before you can get a return on your investment. But when you do hit a sale, the profit can be lucrative. Some of the most expensive domains ever sold were cars.com ($872 million), business.com ($345 million), and lasvegas.com ($90 million).
To make this work, you need to find the most sought-after domain names that people would be willing to pay more for. Otherwise, the whole plan can fall through the cracks.
3 Reasons to Try Domain Flipping
Here’s why you should give domain flipping a shot:
- Added income: Everyone wants to earn a little extra with minimal effort. Domain flipping can be a smart move if implemented logically. You can buy domains cheaper, sell them for a better rate, and be cash rich.
- Growing demand: It’s no secret that memorable and catchy domain names are always in demand. The higher the customer demand, the better the price for you.
- Higher flexibility: You can do it at your own time and convenience. For instance, you can do it part-time or as a full-time gig. Either way, you can benefit from a great stream of income.
5 Steps on How to Start Domain Flipping
If you’re just getting started with domain flipping, here’s a breakdown of how it works:
Ace Your Research
First, think about your target audience. Understand what they’re looking for in a domain name. Get into the buyer’s shoes and think contextually. If you were a buyer, which domain would you buy?
You must also:
- Do your homework on popular keywords and trends using tools like Google’s Keyword Planner
- Keep tabs on what’s happening within domain marketplaces and auctions to understand the current pricing trends
Acquire Your Domain
Once you have a clear plan, it’s time to find and buy domains. You can get domains from reputable registrars or domain marketplaces such as Crazy Domains.
Pro tip: Look for domains that match your research and have the potential to increase in value. Also, be sure to check the domain’s history to ensure it’s trouble-free (meaning no legal disputes or penalties whatsoever).
Set Up the Domain Page
Before putting your domain up for sale, consider how to make it more appealing. For instance, will creating a simple website or landing page better demonstrate the domain’s potential?
Pro tip: If the domain gets excellent existing traffic, you can monetize it with value-added content or use advertisements to your advantage — a strategy that works well with potential buyers.
Name Your Price
Figure out how much your domain should be worth. To do this, you must:
- Use domain appraisal tools
- Talk to experts in the domain market
- Consider parameters such as:
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- The length of the domain name
- Relevancy of the keywords
- The demand for the domain name
- Set a fair price—don’t ask for too much, but don’t lowball it either.
Market Your Domain
Finally, list your domain on various domain marketplaces, forums, websites, and other go-to places for buying domains. As a rule of thumb, include all the important details, such as traffic stats and special features, to reel the buyers in.
Answer buyer questions honestly and negotiate a fair price. You must also be upfront about the domain’s history, traffic, and value.
Pro tip: Spread the word through social media and email marketing and target people on these ROI-driven platforms.
Get a High-Quality Domain with Crazy Domains
Remember, domain flipping is not a guaranteed success. It takes a fair bit of research and patience. You’ll also need to identify domains that have potential, and that’s where your business acumen can shine. You should know how to spot a good deal, and domain flipping is no different.
Don’t think of domain flipping as some get-rich-quick scheme. Instead, invest your time and energy in getting it right. You also need to look for trusted domain registrars when acquiring domains.
If you are looking to search and register domain names, Crazy Domains can help. Our team can also provide valuable domain advice so that you start your domain-flipping journey on the right foot. Get in touch with us today for all your domain needs!
