Monday, July 16, 2018

Top Tips For Making Money Online Through Domain Name Trading

You can really make money online buying and selling domain names but you need to understand the workings of the market in order to take advantage of it. You might have heard that some domains were sold for thousands or even millions of dollars ( was sold for $2.89 million in 2017, was sold for $2 million in 2017, was sold for $550,000 in 2017, etc), but there are many names that will never sell in the market. Hence, the success in this business relies on your ability to know the names that will sell and those that will not.

The names that sell these days are one-word, two-word and, occasionally, three-word .com English dictionary words that belong to popular categories. There may be some exceptions to this rule but it is better for you to play on a safer side. The truth of the matter is that only quality domain names will sell and it is very important for you to identify and buy them. There are some best practises you need to take into consideration when selling so that you will be able to make money online. Some of them are treated in this piece for your reading pleasure.

Display a 'For Sale' Message on Your Domain’s Home Page

In order to boost your chance of selling your name, you should make sure that its home page has something to show visitors that it is for sale. There is every possibility that a prospective buyer will visit and when you have this information about the selling status and how to contact you on the home page, it makes the job easier. You can get this type of landing page from your registrar and some trading platforms also provide such services, most times, free of charge. You can also link the home page to the corresponding sales page on your favourite marketplace. The major aim of this approach is to make it more convenient for a buyer to get in touch with you.

Sell on Popular Trading Platforms

There are many domain trading platforms but some are far better than others. As far as I don't want to sound like an affiliate of any trading platform, it is advisable for you to check the popularity of a platform before selling there. You can check their Alexa ranking and this will go a long way in helping you to measure their level of popularity. However, some of the popular trading platforms I know are Sedo, Godaddy, Flippa, Afternic, Namejet, just to mention a few.

Have Realistic Price Expectations

Pricing is very vital in this business. You should avoid overpricing as well as underpricing because both can affect your sales positively and negatively. You may be motivated by reported six-figure or seven-figure sales like the ones mentioned above, and think that every domain is like that. It doesn't work that way. There are many domain appraisal tools that can assist you in coming up with the right price. The popular ones are Estibot, Valuate, Flippa and Godaddy appraisal tools. It is advisable to combine these tools with human appraisal option which can be found on Namepros.

Use 'Buy it Now' Pricing Method

There are two pricing methods in domain trading - make offer and buy it now. The make offer method involves asking your buyers to make offer on your name. This method is good if you want to hold on to a domain until the big buyer shows up. The buy it now method allows for quick sales because a buyer will be able to quickly make a decision on whether to buy or not. Weekly reports from top marketplaces reveal that majority of sales take place through the buy it now method.

Respond Promptly to Purchase Inquiries

Our world is getting busier than ever, however, no matter how busy you are, it is very essential for you to respond to domain sale inquiries within 24 hours. If you don't respond quickly, you may end up losing your buyers. Buyers don't like non-responsive sellers and there have been cases of sellers losing possible six-figure deals because they didn't reply quickly to buyers' inquiries, some don't even reply at all.

Don’t Hide Behind WHOIS Privacy

The use of Whois privacy service is not advisable for you if you want to make money online trading domain names. The privacy service is good as it will reduce spam messages in your inbox but it will not allow potential buyers to get in touch with you. If you are using a Whois privacy service, you can ask your registrar to remove it so that your chances of selling are boosted.

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Optimize the WHOIS Record

Your Whois record can be optimized for sale by strategically putting a 'for sale' message in the record. You can do this by filling 'This Domain is For Sale' in the space provided for company name in the Whois record section. You may also use a customized email in the record to indicate that it is for sale.

Use Charm Pricing

Instead of setting your price at $200, why not use $199. The latter will be more appealing to a buyer than the former and this is what is called charm pricing. It is a retail psychology that has been used for many products and it has statistically proven to be very effective. The use of charm pricing will help in boosting your domain sales.

On A Final Note

In order to make money online through domain trading, you need to take the right steps in the right direction. You should learn everything possible before venturing into the business so that the terrain will be easier for you to navigate. Just like in every other business, you need hard work and luck, but it is very vital for you to get a mentor that will pull you along so that the rate at which you will make mistakes is drastically reduced.

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