Once you decide to sell a domain name, it is important to find the best market to sell it. The best way to sell a domain name is to approach buyers secretly. If you know someone who deals with domain names, it is recommended to contact him without going through the middleman. Chances are that the seller will make more profit, as he will not have to pay the middleman.
Domain flipping is the art of buying a good domain name at a wholesale price and successfully selling it at a resale price and making a profit. I’ve been helping clients flip domain names for over 10 years. The skills needed to be successful is some working capital, knowledge of domain valuations and a good information flow from a trustworthy domain broker who knows the landscape and can help source you the best deals.
Your course of action really depends on how much work and effort you can put into the expired domain. If you're barely able to maintain and optimize your current site, you probably want to just 301 redirect the old site (note: see my amended comment above about the link value not likely to be passed). If, however, you're more creative and have some time on your hands, you can try your hand at crafting a microsite. If you really know your stuff and are experienced at making money off various websites, you'd probably do well with the third option. 

Everybody going to start using old domains should also know how to get them, I'm going to post soon article about it on seomoz as there are several ways starting from online rankings and lists up to dedicated seo tools that you can run on your computer and get precise and actual data on demand for any domains lists. Anybody intersting in such tools please visit our website: http://en.exdomain.eu/

Here's an old post on search engine roundtable that claims google's policy is to discount previous backlink juice when a domain changes ownership.  I'm not convinced whether this is actually true or something Google says to discourage excessive domain buying / 301 redirecting for SEO benefit.  The comments above seem to give varying opinions on this matter. Would be great to get to the bottom of that one!
The first is the link profile I and actually took this example carbondsystems.com because it looked like a pretty good choice. It’s from 2003. It has some links, some age and it’s in DMAS and looked at the link profile in DMAS. So, you just copy and paste the domain,  the home page it to here, click on the search links button and this will show you all the links to that site.
If you are looking to sell a domain name that is no longer of use to you, a possibility would be to lease it through a third-party company such as Godaddy, which lists tens of thousands of names. If the name is a quality one, there are also premium agents such as MediaOptions, which deals with more selective domain names. An alternative option would be to lease it out on platforms such as Nameforest.com. Doing so will save you the time of having to find potential buyers, and will guarantee a higher success rate than attempting to look for a purchaser on your own.
Internet users, who try to find expired domains and re-register them, will soon discover that this plan cannot be manually accomplished. Professional domain traders are familiar with the registry deletion process and rely on sophisticated algorithms that indicate when a domain is about to become available. Deletion lists are the result of this research. You can find many datasets online with domains that have already become available or will soon be. You often have to pay to be able to see this information.

If you are looking to sell a domain name that is no longer of use to you, a possibility would be to lease it through a third-party company such as Godaddy, which lists tens of thousands of names. If the name is a quality one, there are also premium agents such as MediaOptions, which deals with more selective domain names. An alternative option would be to lease it out on platforms such as Nameforest.com. Doing so will save you the time of having to find potential buyers, and will guarantee a higher success rate than attempting to look for a purchaser on your own.
Just because someone spent five or six figure amount on a domain name doesn’t automatically imply that he/she’ll spend the same or at least a few thousand dollars on a similar name too. Basing your domain flipping strategy entirely on what others have just bought may not be as useful as you may think. Every domain name has a story behind it and its purchase/sale is usually as unique as that story.
There’s an important distinction to make here between domain flipping and website flipping. The latter mainly refers to buying and selling full websites. By full websites, I mean websites that actually have content and more often than not have traffic and revenue. When buying and selling websites, the domain name matters less as the main value there is the content, traffic, revenue, history/reputation, sustainability and growth opportunities. The same can’t be said for domain names where you’re just selling “the name” and hence it’s all that really matters.
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