I’ve been flipping domains for years now, but these are a few tips I wish someone had told me when I first started out in the industry.
Don’t buy every domain you see
This is an easy trap to fall into when you start domain flipping. Every domain you look at you see as a potential profit. In reality, not every domain you buy will make a profit. Will “cheapo-beds.co.uk” really make a £2000 profit? Is it really that valuable for a bed retailer? After watching the auctions and monitoring domain sales prices for a couple of months you will soon start to notice what domains sell for high values.
Don’t become a domain collector
It’s easy to start collecting domains as a flipper. After a few years or months of registering domains you can soon acquire a collection of 100s. It’s great to have a large stock of great domains, but beware of the recurring fees you pay for domain registrations every year. These can soon mount up as your domain collection grows. Try and go through you inventory and cull domains that are not selling or have had very little interest in from buyers.
Don’t over value domains when selling
Just because you think your domain is worth £500,000 does not mean everyone else will. If you plan to sell domains via a fixed price then be careful not to price to high. Auctions or “domain offer” pages are a good way to gauge interest and prices. I’d rather sell 10 domains for £500 than hold out for that £1000 fixed price sale.
Be careful when buying domains to avoid registered trademarks. You can quickly find yourself in trouble if you accidentally (on purpose) register a trademark hoping to sell it back to the company. It’s a situation where you may win a few, but it’s a dangerous and potentially costly game to play.
Dodgy offers on domains
Never trust an offer until you have the money in your bank account. Domains can be a very valuable asset and because of this there will be people that will try and scam you to gain that asset. I recommend using Sedo to sell domains. They act as a filter for various scammers and I trust them ensure the domain selling process is handled securely.
If you made some mistakes when you first started flipping domains then please feel free to leave them below in the comments. Thanks.