In modern times, it is not uncommon for domain names to become no longer useful, and when this happens there are other things you can do aside from just forgetting about them.
One option is to sell them, and this can prove fairly lucrative, especially if you have a domain name that is applicable to a lot of different business styles, or indeed is a somewhat niche title that someone might want.
But this begs the question: how exactly can you sell a domain name, and what can you expect to make?
What Is A Domain Name?
In the context of the internet, a domain name is a sequence of letters, numbers, and symbols that can be put together to essentially label and name a website.
This is akin to a business name, and it gives customers and browsers a good indication about what exactly your business does, sells, and what services you can offer them.
As such, some domain names can be much more sought after than others, leading to the potential for some money to be made from their sale.
Why Might You Want To Sell?
Of course, there are many different reasons why you might want to sell your domain name.
Firstly, you might want to sell a domain name if your business has become defunct in some way – either because you are no longer interested in running the business in question, you have moved it in a new direction, or you have encountered financial difficulties that have rendered the business bankrupt.
Either way, you would no longer be using the domain name, making it something that could potentially be sold.
Lack Of Use
If you have multiple domain names that are not used for business purposes, then you just might choose to get rid of domain names that you haven’t used for a while.
This can make your business and website dealings easier to keep track of and manage, and can be a good way of clearing some mental space.
If your domain name is popular, and you have received offers for the name in the past, then you might choose to sell the domain name to earn some money.
This might be especially true if you no longer care about or use the domain name in question, but instead want to make a quick buck by selling it to someone who does.
How To Sell Domain Names
If you want to sell your domain name, then there are of course specific channels you should follow to ensure everything is legal, above board, and that no one is going to get ripped off.
Determine The Value
The first thing you need to do is to determine the value of your chosen domain name. Premium names can fetch a high price if the situation is right, but to know this you need to do some research.
Price It Competitively
Once you know what it is worth, you then need to price it competitively to ensure you get the price within the ballpark that you want.
If you want a quicker sale, then set a fixed price, as this will eliminate competition between buyers, and will reduce haggling.
However, if you are prepared to have some wiggle room, then you could put it down to the best offer you receive.
Choose Selling Location
You then need to decide where you are going to sell the domain name. Of course, there are numerous places you can choose from online, with many reputable companies offering this service.
List The Domain
Once you have chosen where you want to sell the domain name, you then need to list it as being available for purchase. This is to let potential buyers know about it, and ensure you are not wasting your own time waiting around.
Promote Your Listing
To get a good price for your domain name, some publicity might be a good idea. The easiest way to do this is to promote the listing on social media – or indeed on another website if you have one.
Protect With Escrow
You also need to protect yourself from fraud, and using an escrow service is the best way to do this.
Escrow services hold onto the money until the domain name has been transferred, and likewise, doesn’t hand over the name to the customer until they have paid the money.
Transfer The Name
Once proof of money has occurred, and you are comfortable for the domain name to change hands, you can then agree to transfer the domain name over to the new owner.
The nature of this may vary depending on the website you are using, but most will walk you through the process with handy instructions.
Once you have transferred the domain name, then the transaction is finalized, and the business between the two parties is over.
And there we have it, everything you need to know about domain names, and the best way to sell them once you are no longer using them.
It’s true that, depending on the nature of your business, selling off an old domain name can prove quite lucrative in the right circumstances – allowing people to make a little money off an old fledgling business name.
However, to get the most out of this situation, you need to make sure you follow the above methods.
So if you want to sell your domain name, then be sure to follow these simple steps. Something tells me you won’t be disappointed!