Domain flipping is not a new trade. It has been around for ages. You might have heard tales of people who hit the mother lode by flipping a domain name they had bought on the cheap for millions of dollars. Of course, they made this sale after hoarding the domain name for years, even decades.

With the domain ocean being so vast, netting such a treasure is rare. The domain flipping business is not a treasure hunt; it is a business like any other with risks and rewards, and it demands focus and strategy. If you are in it for overnight wealth, you might end up wasting a lot of time, money and energy chasing after that elusive booty.

The business takes a lot of time to master, but with the right pointers, your progress should be fast and in the right direction. Here are 4 tips to get you started in the business of buying and selling domain names for profit.

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1. Narrow your focus

You need to carve out a niche for yourself. The market is vast, and there are endless combinations of domain names available for registration and millions that are not in use already in circulation. When getting into the domain flipping business, you need to identify your niche and narrow your focus on it. Study your chosen industry and understand your target audience. Only then can you actively seek out prospective buyers.

2. Know your budget

The rules of commerce suggest that great reward comes from great risk. However, it would be ill-advised to invest more than you can afford in the domain flipping business. More often than not, substantial returns take time. It is wise to start by investing small then progressing to bigger investments once you’ve had some experience in the field.

3. Pick Expired domains over brand new ones

Brand new domains only have the name going for them. Expired domains are aged, have existing backlinks, and other SEO metrics. You are likely going to pay more for them but they should earn you an equally larger profit, and they are likely to be more in demand than the brand new alternatives.

4. Employ different sale strategies

There are three common strategies for successful domain flipping. These are,

  • For a niche domain name, you can make offers to various prospective buyers
  • If you have a huge portfolio or are not in a rush to sell your domain names, you can set fixed prices for them
  • You can list your domains on auction sites and sell to the highest bidder