Domain flipping: what to know
In today’s cyber-dominated world, people are desperate to find new, creative ways to boost their incomes. In recent times, internet-goers have discovered one of these creative methods in the form of domain flipping.
Wait, what is a domain in the first place?
One can almost think of a domain as a mix of identity, address, and a label owned by a specific entity, making use of a specific, unique entity.
The function of a domain name is to lay down administrative authority within a specific portion of the internet. It is very similar to the concept of property rights in the real world, the only obvious difference being is that it is only applicable to the realm of the internet.
Okay, so what exactly does domain flipping entail?
In simple, understandable terms, domain flipping is the practice of buying a specific domain name and then selling it for a profit. Most people leave the domains unchanged and in their original state.
Where some people buy houses and flip them, enthusiastic tech-junkies take their chance on domain names to hopefully one day strike it rich. House-flipping and domain flipping have one thing in common though, and that is to BUY LOW AND SELL HIGH.
You see, domain names vary greatly in price depending on factors like traffic, rankings on search engines, and backlinks. Some people invest only a few dollars, whilst others pay hundreds or even thousands of dollars for multiple domains at once. The funny things are, someone can buy a domain for five dollars, and sell it for over 100K, while others who invest hundreds of dollars don’t make a single cent!
Like with everything in life, you have to be willing to take the risk. The key is to work smart: start by investing only a few dollars and see if you can manage to sell 1 or 2 domains to start your pursuit of riches.
What are the types of domains I can buy?
There are 3 categories of domains that you can look to purchase:
- Expired domains
- Local domains
- Short domains
The most popular type of domain that most people opt for, is the expired domain. As the name suggests, these are domains that people no longer use, and therefore they are put up for sale. You have to look at many factors before purchasing an expired domain, like the amount of traffic it received while in use, its compatibility with search engines, its rankings, and most importantly, its legality.
The other 2 mentioned domains are less attractive, but I’ll still give you a low down on them:
Short domains are exactly what you think they are, short and simple. These types of domains are very high in demand because the shorter the domain name, the easier it is to personalize it according to your preferences,
Local domains are usually unique to the country you live in, like those ending with. The UK, ZA, etc. These offer the advantage of drawing more local buyers.
So, after all this, where can I buy domains?
My top two sites for purchasing domains are GoDaddy and Namecheap.
GoDaddy is an American-based domain name registrar with an easy, simple-to-use interface, with a huge variety of domain names and types to choose from. Although it’s mainly a registrar, it also offers a wide variety of.COM,.ZA, and other types of the domain for sale at affordable prices. They also occasionally offer discounts of up to 60% off domains! You can check out their deal right here:
Namecheap is most likely the most popular site to buy domains. The advantage that it has over GoDaddy is the absolute BULK of domains it possesses. Its search tool gives you access to well over 4000 keywords! You can therefore buy domain names in bulk to give your brand an edge over its competitors and extremely affordable prices. Check out their website right here:
Although domain flipping is a relatively new concept, it is quickly growing into a global phenomenon that you surely do not want to miss out on.
Do some research about the topic and please WORK SMART. Don’t be that guy or gal who pours all of their hard-earned cash into random domains, hoping to strike it rich.
My advice is:
Buy low, buy smart, Buy in moderation, and most important of all, SELL AS HIGH AS POSSIBLE. This game will ultimately test your patience and perseverance.
Domain Flipping is one of the best ways to make money online, I really suggest you check out our top 10 ways to make money online! Remember Hustle, Always!