And we want to cash in on such great ‘virtual’ opportunities!
Well, actually creating a website is stage 2 of the entire process. Most people feel that the design, the layout and the visual appeal of the website should be impressive because the first impression is always the last impression.
Yet others feel that if the content is great then people will keep visiting their site regularly.
Familiarize yourself with the general rules and regulations of these sites.
A word of caution: Refrain from assuming that just because you participated in one site’s auction earlier, the process will more or less be the same on another site too.
Remember: The rules and regulations and the manner in which the auctions are conducted may vary widely from one site to another.
The auction/registrar sites may update their norms and change their policies at any time – so as a buyer – it becomes your duty to keep a tab on such things.
**Bonus tip 2! **
Go in for a mock drill – watch a few ‘live’ auctions taking place so that you can familiarize yourself with the finer nuances of the entire process.
This tip has the potential of virtually J getting you the domain that you are keen on!!
It will prove to be worth your while when your auction goes ‘live’.
Step 3: Buying the domain name:
**Bonus tip 3! **
Don’t get lured by the bids placed by other people.
Can you really afford to buy a domain name for such a huge sum?
Will it be worth the money that you are spending on it?
Do you have that kind of disposable money right now?
Remember: You are buying only a domain name – not a website. You will need enough money to keep the website in running order and updating it continuously too…….
Check out if the auction site has a basic opening bid for the domain that you are interested in.
Keep track of the start and end dates of the auction.
The minute you start bidding, several other competitive sites will shoot you an email offering you an extremely tempting offer.
Stick to your budget and be firm with decision.
Step 4: Do your homework properly:
You may be zapped by the ‘catchy’ and ‘zippy’ domain name. You may ‘feel’ that this domain name will work its charm on your website.
Do a thorough research of the name that interests you.
How much traffic does the website generate in 24 hours?
What is the page rank of the domain name on Google?
How many people end up searching for this particular domain/site name in a month? (This means there are visitors in the virtual world who are consciously looking up this specific website regularly – which is a good sign!)
Bonus tip 4!
Remember what we told you right at the beginning? – The first and the most crucial aspect that a visitor checks out is the domain name of the website.
The name creates an impact – so do your homework thoroughly.
**Bonus tip 5! **
There is a fair chance that the domain name that you are particularly interested in buying right now - hosted a website earlier that had generated a bad reputation for itself………bad content, bad design or just sheer negligence in updating ………
You might end up buying a domain name that will simply not work out in the long term …..
What’s more – you will keep wondering where, how, when and why you went wrong!
Do err on the side of caution and do your homework properly – is the lesson that we need to infer from such instances.
Taking a calculated risk, playing your cards right or erring on the side of caution – no matter what phrase we use in this particular context – the conclusion that we can arrive at is a simple one.
If we invest the time and the energy to follow all the above steps carefully, correctly and properly, buying old domain names will only prove to our ‘cash cows’ in the long run.
Once we master this fine art and skill of buying expired domains, we will learn how to look at auctions objectively. We will know when and how to place our bids astutely to buy a domain name that will work for us in the long run.
We will then even think of generating money in two ways using our skill set:
Buying good domain names at throwaway prices and then sell them at a premium just before they expire
Create a great website that keeps enhancing our bank balance!
Either way – we will win and laugh our way to our banks – because our efforts and our tips were well worth our while!
About Luis Wesson
Luis loves to make websites. All his clients vouch the fact that not only he can design websites, but make them successful too. Reach him at lou at powertraffictactics.com