Did you purchase a domain name with every intent of starting a website? But time caught up and you lost interest or never got around to starting the website? Now you’re thinking about how to sell a domain name. Instead of just letting the domain sit there, there is a way to make some extra cash from your unused domains.
Now, not every domain you own is going to sell for a huge fee. But, you might be sitting on some unexpectedly valuable domains.
Below you’ll learn how to sell a domain name, the best ways to find buyers, and places online where you can list your domain for sale.
How to Sell Your Domain
Selling your domain is going to be a lengthy process, and you might not get any bids straight away. It depends upon the existing value of your domain and how well you market it. The process will differ from selling websites, however.
Below we cover the process of discovering the value of your domain name and hopefully selling it for a nice sum.
1. Determine the Value Of Your Domain
The first thing you’ll need to do is properly price your domain. A lot of people end up overpricing their domains and wonder why they never have any interest. Just because you’ve owned a domain for a while doesn’t mean that it has any inherent value.
- Is your domain a .com, or does it have some other random suffix? A .com domain will carry a higher price.
- Is your domain name short? Or does it contain a lot of words? Shorter domains tend to sell for a lot more.
- Is your domain easy to spell? Or have a common abbreviation? Domain names that include common words or regular abbreviations will fetch a higher price.
- Do you have hyphens or other elements in your domain? Domains that contain fewer words (preferably even one), and don’t include hyphens will sell for much more.
Spend time researching what other related domains have sold for. You can use the tool Namebio to determine what other similar domains have sold for.
There are a variety of online estimation tools you can use, but these don’t tend to give very accurate quotes. You can use them as a general indicator, but not as a true measure of value.
2. Decide How You’d Like to Sell
With a better understanding of what your domain is worth, it’s time to start looking for buyers. You’re going to have a few different ways to find buyers for your domain.
Some of the most popular sites are shown below:
3. Make sure your contact information is public on the WHOIS directory.
Most people don’t want their contact information publicly listed online. However, when you’re ready to sell a domain, this is the time you DO want your contact information available.
Let’s say someone searches for a domain name to purchase, but you already own it. If they can find your contact information in the WHOIS directory, they can contact you directly and offer to buy the domain name from you.
You can update your contact information through your website host or read more about how to update your contact information on WHOIS.
4. Prepare Your Domain Listing.
Once you’ve chosen your marketplace it’s time to optimize your listing. A lot of sellers just upload their URL and call it a day. However, you can maximize your chances of selling your domain by making it more attractive.
For example, does your domain have any existing traffic? Does the domain have considerable age? Does your domain have any existing authority?
By highlighting the current and potential value of the domain you can help to justify the price and make it more attractive to buyers.
5. Use an Escrow Service to Receive Payment.
One way to safeguarding the selling of your domain is to use an escrow service. This will help you avoid being scammed or tricked by a potential buyer.
An escrow service will act as a neutral third-party that will safely hold and process the funds.
Some selling platforms like Sedo have a built-in escrow process for every transaction done through the site. This will take a percentage of the final price, but safeguarding your domain is well worth it.
6. Transfer the Domain.
Finally, it’s time to transfer your domain to the new owner. The process you use will differ depending on how you decided to sell your site.
However, the general process is outlined below:
- The seller will submit the authorization code to start the transfer process.
- The seller will them transfer the funds from escrow once the transfer is completed.
- There might be restrictions on the amount of time the funds must stay in escrow, so double check this before you initiate the transfer.
Learning how to sell a domain name is a lengthy process, but one that could be potentially financially rewarding. Hopefully, the tips above have given you some guidance on evaluating your own domain names, and maybe even selling a few of them.
What about you?
Have you sold a domain name and have tips for others on how to negotiate the process? Leave a comment below.