What does domain flipping mean?
Domain flipping is an interesting type of business. The goal is to buy domains at a low price and make a high profit after selling them later. If you want great deals, you have to be able to consider which domains have potential. Such domains have to be possibly interesting for particular clients, which can provide a high-value offer.
Regularly, a new domain extension is released. So, the amount of available domains is enormous. This is a reason why domain flipping has such a boost. A lot of people make a side job from this business. But, others took the opportunity to go further and make domain flipping their main source of income. So, if you want to try it, you can get extra money from it. Let’s see how you can start.
How to start?
1. Your strategy is first
Before you start implementing it, you have to consider what is your strategy. First, think about how you desire to be involved? Is this going to be your main business or a side income? What is the amount you will invest? Then, you can decide which way to go. You may want to buy a lot of cheap domains and gain small earnings. Or you can go in a different direction and purchase fewer domains, but more attractive. They can be more expensive in the future.
2. Domains with potential
The ways to purchase domains are various. The important thing is to choose the right ones. Things like popular keywords and catchy phrases are essential when creating a domain name or selecting a potential one. Basic SEO knowledge helps with recognizing profitable names. Also, you can use a tool to assist you in discovering such domains. Another method that you can pick is through domain auctions.
Check the domain’s cost to ensure that the deal is like you expect. Things that determine what profit you will get are brand-ability, memorability, length, and searchability.
3. Act fast
If you find one or more options that seem completely profitable, buy them through a registrar. Don’t forget that many people are in the business. So, don’t waste your time and allow others to buy and register them first.
If the domain you choose is available online, you can proceed to register it. In case it is already in use, it is possible to purchase it from the owner. Just make a reasonable offer. The other way to get it is to wait for the current ownership to expire.
4. Don’t hide your domains
You have to make sure that the world knows about the existence of your domains. Look for clients. Promote it on the site by adding your contact information. You can offer directly to potential clients. Another way is to put it in forums, social networks, and auction sites.
5. You should be patient
Patience is a must for making a great deal. Domain flipping is a process, which requires time. Of course, you can complete a deal in a short period of time. But honestly, that may not happen daily. For quicker profits, the auction sites are a great place.
The final step is the most important one. Once you have a buyer and the offer is suitable for you, the last thing is to transfer the domain ownership, and the domain flipping process is complete.