Top secrets for buying domain names for profit

You may have seen recently in the news about how much a domain name has sold for. This has probably started you thinking about how easy it is to buy and sell them for profit. Here you will learn tips and tricks to make it easier to buy and places where you can sell.

There are people who are making fortunes doing this. Some are developing a portfolio of website domains and amassing millions of dollars doing so. There are others who are just earning a living from it. Some do it for fun with the hope that their domain name will be the next hit.

The market for domain names is one area that is still booming despite the downturn in the economy.

In 2001 when the internet bubble burst, domain names took a beating and everyone thought, that was the end. Yet, look where the internet is today. Domain names that were being cast aside, are now worth a princely sum. For example, the domain name Food.com was bought for $350,000. Now it would be worth around $2.5mil.

You might say that all the good domain names have already been bought. To a certain extent you are right if you are referring to the short one word domain names. These although still for sell will be very costly. The value of domain names is now known.

Now is the time you have to think outside the box so to speak. If you are clever you can come up with catchy names or phrases.

Check to see if your domain name is available by going to Big Daddy. You can check for free and if you decide to purchase one, their prices are some of the lowest to be found anywhere on the internet.

If you find a domain name that you love, you can check to see who owns it and when it will be up for renewal. Often people will buy a domain name, do nothing with it and let it expire. In other words they don't renew it. If you have your eye on the renewal date, you can bag yourself a bargain. There is a grace period allowed for the owner to renew after the deadline has passed.

If you are desperate to have that domain name, there are contact details available.

Whois will allow you to check the ownership of a domain name. Be forewarned however, they are often not just an individual but a corporation.

One of the reason a domain name can be more valuable is if it has a name like the product such as Food. There are people and you may be one of them, that will just type into the browser bar at the top and not use a search engine. If this is the case, then generic terms like Food, Cars, Greetings, Dogs, Brooklynapartments etc. become more valuable.

Also people aren't always the best typists so domain names with typos such as "Microosoft" or "Toyrus" are spelled incorrectly but would generate a lot of traffic none the less. This is being regarded as a type of copyright infringement if the site is similar to the original site.

Think of the niche markets. Hobbies, sports, and other past-times. You could even target your search to small companies you know. If you approach them and tell them you have 'the perfect domain name for them.' It could be they aren't familiar with where or how to buy domain names and would be grateful for the assistance.

Designing a website will earn you more. You will be providing your customer with a fully usable website ready for them to start trading from.

There are various website design firms that will do this for you, charging you normally per page or there is software available to purchase to help you design a website for yourself.

You may never have heard his name but Kevin Ham is considered the czar of domainers. After leaving a career as a doctor, Mr Ham has amassed a vast fortune buying domain names.

Below are a few video clips of Kevin Ham speaking at the Vancouver business Enterprise forum in 2009. These are just a sampling of what is available on Youtube from this speech. The video quality however isn't as good as it could have, but nonetheless I think it is watchable.