Something wise my father once told me "Something is only worth how much someone is willing to pay for it." This small seemingly unimportant statement has guided me in many selling and purchasing decisions in my life. Sometimes, it makes the reality all too apparent. So, is buying a domain with the intention of selling it a good idea? Let's break down the details, and talk to some people that actively pursue this method. Yeah, we know a guy.
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Right now there are over 656,000 expiring domains that you can pre-bid on at Namejet. Lots of opportunity there even if more people come. The key is to find those hidden gems and wait until 1 minute before they go off the board (assuming no one has bid on it yet) and then bid. This is the best way to attempt to be the only bidder on a domain and win it for $69.
Wait for people to contact me: When I bought my two domains, I didn’t pay the extra $12 for Domain Privacy, learn about Domain Privacy here, so anyone can look up the owner of IHateCold(.com) and ReallyFunnyJoke(.com) in the ICANN WHOIS Database. It can tell you whoever owns any website unless that domain owner pays for domain privacy. So if someone was really interested in any of my websites, they could look me up and shoot me an email about their interest.
Hi Kulwant, these are great tips as usual. I particularly like the way to tell us to check the google pagerank in case the domain has been banned – that could lower the usefulness of the domain quite a bit. One thing though, don’t you think that buying domains is sometimes immoral? Like sometimes you accidentally buy a domain of somebody elses website who forgot to renew.
In the past, expired domains were used as part of black hat SEO in order to generate backlink sources quickly and easily, and this practice is still used somewhat today. Getting links in this way is not a recommendable practice. All relevant search engines work nowadays with highly complex ranking algorithms, which can no longer be outsmarted by these link networks.
That said, my recommended budget for beginners would be $500+. Using this budget you could buy a bunch of high-potential $10 domain names, expired/dropped domain names or a mix of both. It’s very important to invest only what you can afford to lose and treat this as a side hustle till you get the momentum going. As you gain experience, industry expertise and some sales under your belt, you can then consider slowly growing your business into a full-time gig.
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