Domaining, or buying and selling domain names to make a profit, is an increasingly-popular way to make money. Here are a few tips to make sure you’re doing domain investing right.
1. Keep marketing until you close the deal.
Just because you have a verbal agreement from a company or an individual to purchase a domain name doesn’t mean that the deal is done. Until you actually receive payment, keep marketing a domain name as though you don’t have anyone lined up to buy it. One of the top complaints shared by domainers is that they thought they had a domain sold, laid off with the marketing, and then had the supposed buyer back out on the deal. Remember that a deal isn’t done until it’s done.
2. Remember that price can be subjective.
Domaining can work in all kinds of unexpected ways. You may purchase a domain name for just a few bucks and within a month or so, find a buyer that’s excited to pay you several thousand dollars for it. On the flip side, you may purchase what seems like a hot domain name for a significant price and be unable to find a buyer who will buy it for what you paid for it – let alone enough for you to make a profit. Pricing is dependent on finding the right buyer at the right time. Sometimes it happens; other times it does not.
3. Sell, sell, sell.
Depending on how successful you’ve been at domaining, this last tip may sound incredibly easy or absolutely daunting. Remember that the entire point of domaining is to generate a profit, so you need to make sure you’re actually making sales instead of stubbornly holding out for more cash on each deal. Be strategic in the domain names you buy, market them, and price them right. Even if you don’t make as much as you’d hoped on a sale, if you make money off of it, you’re winning.
And everyone likes to win, right? Now get to it!