On Sunday I got home from celebrating Mother’s Day with my family. As you can imagine the place we went to was packed and full of people celebrating as well. While at the restaurant, I started thinking about just how much these restaurants make on Mother’s day and I was thinking it had to be a significant amount compared to what they would make on a regular Sunday.
We’ve spoken a lot about outbound marketing in the past as well as tactics to find the right contact to reach out to in order to get better results. But we never fully dove into how outbound marketing works on other alternative extensions besides .com.
I know everyone will have different opinions on this topic but we will be basing our take on it from our past experiences doing outbound and the type of results we can share.
Alright let’s get right to it.
The art of negotiation can be pretty tough when it comes to selling your domain names. Many of us always wonder what is the right price of a name and how do we even determine how much to sell the name for. At first, it may seem to be difficult but once you get more experience it becomes a bit simpler.
I have talked about pricing your domains in the past but this post will focus on how to deal with an inbound offer on your domain and if you should agree right away to the first offer. The most common approach is to either take the first offer in order to simply sell the name or counter with a larger number.
Of course I’ve done both of these but it’s always good to have a strategic approach for better results.
You must first ask yourself:
One of the toughest aspects of buying and selling domains comes down to finding the right person to reach out to.
This has always been a struggle for me since it can be discouraging sending out emails only to get no responses and making calls only to get no call backs.
There are many people who will tell you outbound is a numbers game and so a ton of volume is required in order to see results. Knowing how to find end users is important as you can see in a previous post but also understanding what are the most effective methods to use is critical.
So up until now all you really know about Omar and Will is that we enjoy investing in domain names and making rather interesting videos where we talk about the process.
But now we reveal our story and show you a glimpse of some things you may not have known. An inside look at our past successes and failures that have led us to invest in domains and the decision to create this blog.
But before I get to all the stuff we did, every story has a beginning and ours was rather interesting…
Anyone can buy a domain name but not everyone understands how to acquire valuable domain names that could sell for profit. If you find yourself feeling like you are not able to determine the value of a domain that’s fine. When anyone gets started the first goal should be to understand how to value domain names. Of course, what most people do and I was one of them is to go on a domain buying spree getting all kinds of domain names that just feel like they are valuable.
Even though I do believe in trusting your intuition/6th sense when it comes to buying domains, you have to first be able to develop the skill of understanding true value. This comes from experience, from analyzing previous sales and from reading a lot about other people’s purchases and sales.
Everyone who gets into the domain industry always wonders what is the fastest and most profitable way to sell your domain name. Well…there are many marketplaces you can go to and put your domain for sale. The only catch is that they take a percentage of the final sale and even sometimes charge you a fee upfront. Of course this is just an expense of being able to sell that domain by getting it in front of many potential buyers, which is a fair trade off. You pay a little commission and get potentially exposes to several more buyers.
This is not the only method of selling a domain, you can focus on finding end users who may be interested and could benefit from owning your domain name. The bigger question is, where do you find these so called end users and how?
So you buy a domain name and you feel like a rock star thinking you just got your hands on the best domain name ever. Then it hits you… how do I even sell this domain and make money on it?
The concept of selling a domain is quite simple but actually executing it will require you to understand 2 very important domain selling methods.
Determining domain value can be challenging. This is something I learned first hand when buying names and then trying to sell them. It is literally like learning a different language (could I dare say…harder)? Initially we had no idea how to get a rough value for a domain name then we heard about automated appraisals.
I’ll be honest, I was extremely doubtful of using automated appraisals because I kept reading the results are fake and you shouldn’t let them be the ultimate decisive factor when buying a domain name or determining what price to sell a domain.
Right now you must be asking yourself what exactly is this tool, well before I get into details you should review our lengthy post regarding domain value.