Nowadays, domain name speculation has become a very lucrative venture. Therefore, if you are looking for a specific domain name, there are chances that it has already been taken. This means that you might have to think of a different name or attempt to buy the existing domain name from the owner. If you opt to go with the latter option, here are some tips which will help you save money as well as time:
1. Find Out if the Targeted Domain is Up for Sale
This is the first step to take when you want to buy a specific domain name. To find out if the domain is up for sale, take time to visit the site. You might discover one of the following:
- A fully functional site
- If the site is currently operational, it is likely that the owner might not be interested in selling the domain. However, to be sure, you could write an email to the owner.
- A ‘For Sale’ page
- Such a page shows that the domain name is for sale. However, before quoting your price, carry out some research to find out what the name is actually worth. This can end up saving you a good amount of cash.
- A page from a domain registrar
- If you come across this page, you might have to carry out a WhoIs search. Once you have established who owns the domain name, you can then get in touch with them via email.
2. Establish a Budget
Once you have confirmed that the target domain name is available, take time find out what it’s worth. For a small fee, you can get an expert to evaluate the domain name and approximate its value. Besides getting an expert opinion, you can also value the domain based on how much it means to you or your business. Once you establish your budget, you need to stick to it. Don’t be tempted to spend more than necessary on a domain name. After all, there are many other options out there that you could consider.
3. Choose Where to Buy
You can buy the domain name through a private sale, auction or domain broker. Each of these ways of buying domains has several advantages as well as downsides.
- Private sale
- Since there are no commission fees involved, private sales can be very inexpensive strategy for buying a domain name. However, this method is usually very risky and complicated. Handling the process privately means that you are solely responsible for arranging payment and transferring the domain name.
- Domain broker
- Buying a domain name via a domain broker is very easy and convenient. An experienced broker will direct you through the different steps of the process while you remain an anonymous entity. In most cases, you will be required to pay a fee for the services. The disadvantage of this method is that it might take several weeks or even months before the buying process is complete. It would therefore be advisable to make a low bid initially, and then raise your bid slowly over time.
- Auction
- Buying a domain name via auction can be very risky. However, you might end up getting a valuable domain name for a very low price. When participating in an auction, be sure to stick to your budget and avoid getting involved in bidding wars. However, you will need to be patient since auctions can take a long time before they are complete.