There are various reasons why someone decides to sell a domain name. A few individuals collect attractive domain names habitually but never intend to use them. So, at some point of time, they decide to sell away those domain names and make some cash. On the other hand, companies can come forward to sell their domain names as they are no longer in business. Whatever the reason may be, if you want to make the best deal out of your domain name, you should know how to sell it appropriately.
There are various steps involved in your mission towards selling your domain name.
1. Determine the value of your domain
Before you go about the whole process, ensure that you take stock of its value in order to come up with the right price, in fact, a good price. There are quite a few significant factors to consider when you determine the value of a domain; well, if you are not very sure on how to assess its value, it is better to seek the help of a company that performs these assessments. Factors like traffic, whether or not the domain is a Top Level Domain (.com, .net, .org, .info, .biz, etc.), and the length and readability of the domain name do affect the pricing considerably.
Learn to price a domain name. You can price your domain name appropriately only if you analyze the above mentioned factors properly. A lot of sellers are not able to sell names in the marketplace mainly because they overpriced the domain. It is true that lack of knowledge might lead to erratic pricing.
Understand that it is quite harder to sell names of domains that bear personal names as well as names that one has hardly heard of. In fact, short names sell the best. Also, basic and common domain names that are relatable and can arouse interest are great as well. On the whole, general names that are easy to spell attract buyers the most and offer good opportunity for you to make a decent profit.
In general, if you have sufficient knowledge about the domain, you can start looking for buyers.
2. How to announce your sale?
Well, one of the ideal ways to get offers on your domain is to hang up a simple “For Sale” message on your site. Any visitor will come to know right away that the domain is ready for sale and how to move further to close the deal. You can do this by several ways including:
- A lot of domain registrars offer simple free websites. Make use of the tools provided to create the basic page that specifies that the domain is for sale. You can include a link to the domain listing or your contact information.
- Try adding a page to any of your existing websites and redirect all your for-sale domains to this page.
- Modify your WHOIS information to show that your domain is for sale. Change your registration information to reveal the fact that the domain is for sale.
3. Finding domain name buyers
1. Selling services – There are a range of selling services where you can list your domain. Though these services take come commission, they can provide greater exposure to the domain. A few services let you to add extra descriptions and notes about the domain that can help in boosting sales even more. You can consider popular selling sites such as GoDaddy, Sedo, Flippa and AfterNic.
2. Domain brokers – There are quite a few brokerage services accessible that can actively sell your site. Of course, these services are more expensive than the standard listing services; however, they do generate better results. Before signing any contract with a brokerage service, do a little research and make sure that they are reliable and charge you reasonably.
3. Auction services – There are some auction sites where you can try selling your domain. EBay is an example. In fact, several listing services provide auction services as well.
Top tips for a successful sale
- Act quickly – As soon as you get an offer, ensure that you respond at the earliest. There are chances for you to lose a buyer if you wait for more than 24 hours.
- Utilize charm pricing – When you have determined the price of your domain, use charm pricing to attract buyers. For those who are wondering what charm pricing is, it is a simple act of knocking $1 off the price just to make it even more attractive; for example, $299 vs. $300.
- Bargain – Are you sure that your domain is worth a certain price? Then, ascertain that you don’t settle for anything less. Be well informed about the worth of your domain and be prepared to explain the buyers why the domain is worth the price you have quoted.
- Use escrow services – If you are dealing directly with the buyer, it is better to use escrow services. This will ensure that all the checks clear and you don’t end up getting a bounced check and no domain as well. Though Escrow services add a few days to a sale and do cost you a percentage, they can really save you from a lot of heartache. However, if your domains are selling for lesser price, these services may not be that cost effective.
4. Payment and domain name transfer – Close Transaction
Of course, when everything has travelled in the right path, it’s time to get your domain name transferred. Each and every site has its own process. In general, domain selling sites demand sellers to submit authorization code that initiates the process of transfer. As soon as the transfer is done, the seller can transfer the funds from the escrow account to his or her personal account.
Remember to check the minimum number of days the cash must stay in the escrow account before the completion of the transaction. Once the amount is ready for release from the escrow account, transfer the money to your personal account via PayPal or wire transfer.
By accurately following the above said steps and tips, you can unquestionably sell your domain name for a fair price!