Who else thinks the days of buying low and selling high are over? Think you’ve got to be an online marketing guru or big investor to make great money selling undeveloped online real estate?
The truth is, there is tons and tons of hype about buying and selling online real estate, and if you don’t know what you’re doing… and are willing to believe the hype, you can end up FAR afield from where you started, without a life jacket to navigate back to the safety of solid ground. (and unfortunately, this is something that happens to MANY newbies and beginners, especially in the home based entrepreneurial markets)
Let’s see how we can avoid that trap, okay?
Identify a niche you have some knowledge about. It doesn’t need to be something you’re an expert in… but it SHOULD be something you know a bit about marketwise, especially on your first few sales. (in other words, don’t get snookered by fancy pants sounding domain names that have no real audience, or profitable professionals who currently are working successfully in those markets)
Step 2: Always start with a GEO specific domain name. (they are much easier to sell, I promise)
Step 3: Always go with the.COM. It’s very difficult to sell names outside of.com, unless you really have a good contact list or decide to develop the domains a bit, which we’ll cover in a second, and is a great idea for advancing and enhancing your online portfolio of properties. But as a general rule, when flipping domain NAMES, stick with.com
Step 4: Price your domain properly, and constantly. (don’t advertise different prices on different services, and DON’T over-value or get uber attached to your domain name and suddenly decide it’s SO clever and cool that it deserves a million dollars..:-) It doesn’t – and pricing properly is critical to success as a home based domineer.
Step 5: Go LOCAL first. It’s infinitely easier to find buyers for your domains when you use a GEO name (your city + niche) and you actually ADVERTISE your domain to a local audience. Don’t fall into the trap of trying to promote your local domain on a national board… as it rarely works. (and you’ll end up in a marketplace of other domaining entrepreneurs, rather than REAL people who want to buy your property because they plan on using it to grow their business)
Step 6: Always use a 3rd party to handle the transaction. SEDO for example, has a great marketplace that will facilitate everything… and you don’t need to get your hands dirty with the details.
6a? Don’t even give your information out to potential buyers – send them all through the domain marketplace, using the link they give you, to handle all of the transactional details automatically.
Bonus Step: Once you have a few transactions under your belt, start BUILDING properties, and improving them, using WordPress, a little bit of curated content and adding incremental value to your sites. You can literally get 10X the return on investment this way… and while it IS a bit more work, and you DO have to get a little bit more involved in the transaction, you really CAN get rich this way quickly… and build a whole business around it as well!