Buying and selling domain names is an easy way to earn money by working part-time. The thing is, buying a domain name is like trademarking something but digitally. And, if you’re able to play your cards right you can easily make a hefty profit. One such example is the domain name NFTs.com sold for $15 million in the year 2022. As a matter of fact, the most expensive domain name ever sold was Voice.com at $30 million in 2019. So, I think you’re getting the image of how profitable your just one right purchase could be!
Content
- Buying & selling of domain names
- Guidelines for selling & buying domain names
Buying & selling of domain names
Buying and selling domain names is something you don’t have to commit to on a full-time basis. With just a few hours of research and a little bit of luck, voila you have earned a decent amount of profit trading domains. We’ll be guiding you on how to trade domain names.
Let’s begin with how to buy a domain name. Before buying a domain name, you need to choose a domain name. You need to choose something which is either trending or could be trending in the future or last but not least something generic. For instance, someone had bought a domain name called Clothes.com which sold for $4.8 million back in 2008.
We’ll be discussing two different ways to buy a domain. The first one is to buy a domain by completing all the due processes by yourself.
Let me break it down for you, to buy a domain name you need to choose a particular domain name. Given that the domain is available you can proceed further with the following process.
Firstly, you need to find a reliable domain registrar. A domain registrar is a company that will be registering the domain name for you. Now, after having done all these you need to verify whether your desired domain name is available or not. You can easily do that by using a domain availability checker. And once, you have gone through all these things you need to complete the paperwork and payment process with your domain registrar.
The second option is to go with an experienced & trustworthy domain-buying service, that’ll be doing all the work for you & all you have to do is come up with a domain name or if you’re perhaps not that creative, select a domain name from their inventory.
Now that we have gone through the buying process, let’s talk about the selling process of domain names.
Just like there are two ways to buy a domain name, similarly, there are also two ways to sell a domain name. The first one is to sell privately and the second way is to sell on a third-party platform. We’ll be discussing both ways in this section.
Before selling your domain privately you need to evaluate the current market value of your domain name and list the selling price accordingly. The current market value depends on various factors such as what is the ongoing trend during the selling period and whether the domain name is generic or not. And lastly who is the interested buyer?
Now, to sell your domain name privately you’re going to need your own platform to list these domain names or you could use 2nd hand reselling websites. Once you successfully listed your domain name. You need to provide your contact details on various public information directories so that interested buyers could contact you.
Provided that you have found your buyer you’ll be needing a safe payment method. Most private domain name sellers use escrow services for such transactions.
Once you’re done going through these processes you need to transfer the domain name to the buyer via a domain registrar.
The other alternative option to selling domain names is to sell them on any domain broker’s platform. In this option, all you have to do is list your domain name and the domain broker will handle all the other things in exchange for a fair commission.
Guidelines for selling & buying domain names
Before you start your journey as a domain name trader there are several things to note. The first and perhaps the most important one is that if your domain name is similar to a previously trademarked brand name then there could be legal action taken against you. Another important thing to look out for is the scams occurring around the globe. During buying and selling any domain name it is recommended to go through the process via a trusted and experienced domain broker.
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