Learning new online money making techniques like how to make money flipping domain names requires time, good research and marketing skills.
Flipping Domain Names is almost an art. You have to be fast, know what you’re looking for, know who to sell to, learn how to sell it, how much you want to make from each deal and much more.
The business of flipping domain names for profit is lucrative but just like any other job out there, you need to put in the time. Working from home is just like working from your office only that you get to work in your pajamas and YOU are in charge of YOU!
If you truly want to learn about flipping domain names then change your attitude first, then change your search terms on Google! Take your time to understand the flipping business and you will reap the benefits. There are 5 steps that will guarantee you a successful run at domain name flipping…
Build a full-time income online with these FREE step-by-step tutorials CLICK HERE
1) Get Your Thinking Right
You have to get out of the ‘Get Rich Zone’ if you will ever go anywhere with flipping domain names or any other online money making business for that matter. Understanding why you go into a particular line of business is the first step of success.
The drive to go the extra mile, that extra last second, comes from doing something you love or at least professionally interested in. With this kind of attitude, you will start with search terms that direct you to lessons, such as this post, and others.
You can’t run before you walk. It will automatically become important for you to download and go through hours of e-books on the subject and more. If you’re serious about this, then 2 days knowledge is enough to get you started. However, you will need at least a month or more before you can master or start the actual domain name flipping business.
The last thing you have to get in your head is that flipping domain names is not a get rich quick scheme, well unless you’re good at it, but as a newbie you will have to survive the cut.
Your customers need your constant attention and you need to be constantly out there looking for the next big payday’s domain name therefore you will rarely have ‘passive income’, although you can grow to a level where it starts to feel like it.
2) Learn The Flipping Basics
Flipping Domain Names is not rocket science. You just have to be a smart shopper and a good negotiator. You will need visionary skills to be able to foretell on trends as well as know how to choose your niche(s) and your target market. Here is how…
What is Flipping Domain Names?
This is simply the buying and selling of domain names for profit. There are many tools out there that can help you buy and sell domain names or even more. The idea here is to look for good domain names that could earn a good profit in the near future or in the long term.
Yes, you heard that right. Always remember that nothing comes easy and just like any other forms of prospecting businesses, buying and selling domain names can take days to years. We will get to that later.
How Does Flipping Domains Work?
You look for good domain name ideas that may rise in demand in a short period. Domain names are like wine, they mature with age. New and well targeted domain names can fetch good prices but a year old domain name in the right niche and the right PR (Page Rank) or CPC rate can change your life!
You can register or buy a new domain name from registrars such as GoDaddy and flip it almost immediately or in a few days and make a quick profit. However, you can also keep this domain name active for sometime then sell it later at a much higher price.
You can also buy dropped or expired domains at online auctions such as NameJet and flip them in domain name markets like Flippa for a fortune. The key thing here is to spend as little as possible on a domain name to allow you more room for better flexible profit margins.
Know Your Playground
Did you know that you can buy a domain name, try it for a few days and get a full refund from the registrar company if you’re unhappy with it? There’s virtually no limit to the number of domain names you can register or buy.
The first thing you need to do here is to identify and understand the niche you want to go into. Getting expert knowledge means research and lots of it. You are making an investment and it costs money, so you’d better be sure what you’re getting into.
Find out what people are looking for and how they want it and you will be in a better position to deliver on the demand. This way you will know how to point out domain names with good potential for less money.
Choosing a niche you’re well conversant with will work better. Your visionary skills also come in handy here because sometimes you need to see beyond the shooting range.
The next thing you want to do is know where to acquire and sell your domain names. You can buy new or old domain names from any of the following sites:
- NameJet – domain name auction site
- GoDaddy – registrar and hosting company
- Just Dropped
You can sell your domain names here:
- Domain Market
- Brand Bucket
Knowing the name of the website is just not enough. Every platform operates differently regardless of the similarity in the domain name flipping basics. You need time to go through each website and learn how to establish and run a flipping business with them.
Find out which websites offer low prices for domain names and which give discounts or coupons. Basically we are looking for the best and cheapest place to buy.
Secondly, it’s very important to consider the domain name transfer process therefore you’ll want a platform that allows you to do this without hassle. GoDaddy have made this extremely easy if both parties have a GoDaddy account.
The final thing here is how to do the actual buying and receiving payments. Paypal is the best. You can also use other payment services such as Escrow among others.
Warning: DO NOT TRANSFER A DOMAIN NAME BEFORE RECEIVING THE PAYMENT!!
How to Target Good Pay Days
Start local! This is the best strategy when starting out in domain name flipping. Local companies are a good way to get the gist of the whole process before turning to online negotiations.
One way of doing this is sending emails, bulk emails to potential customers in your niche(s). Find out which businesses would profit more from using your domain name and set the price then go in with a foolproof pitch.
Do you know who or what the UDRP is? Uniform Dispute Resolution Policy is the designated task force charged with resolving trademark disputes. Be careful not to end up at their desk and steer off trademark related domain names.
The best extensions for domain names when you’re a flipper are .com, .org and .net although any would just work fine really…
You should look for short (preferably one word) domain names that are easy to memorize and brand e.g. cpc.com sold for $200,000!
Packaging Your Products
This is the most important part. You can decide to flip listed plain domain names and be successful at it…but you can also flip a whole packaged product that may sometimes include a logo or even a whole website!
A domain name with a logo or a website will sell faster and fetch a good sum of money if your sales and marketing skills are above average, although you need excellent skills to pull the killer deal. It’s a tug of war out there and you don’t want to be the one with the mud-covered face!
Get acquainted to logo & banner making tools, good CMS tools and good keyword research tools. You can pay a good freelancer to do the logo and website for you if you’re new at it, it’s part of the investment and you will enjoy the profits. Ever heard of a guy who sold an internet company for millions? This is how they do it.
Learning the domain name flipping business is not that hard but it requires a lot of work and smart thinking. Just like any other buying and selling business, you have to identify potential customers or know where to find them or how to approach them with a sales pitch.
Remember that you need to check on your domain name postings to answer any questions and do quick transfers in case your domain name is bought. Follow these few tips and you will master how to make money flipping domain names.