Some of the problems with domain and site flipping are related to information that is falsely attached to the practice in order to scam innocent folks out of money. There has been certain events where professional website scammers got to work and cheated in the domain flipping arena. Yes, in the earlier days of website and domain flipping, security checks were sorely lacking. Website brokering was mainly done by word of trust between buyer and seller. These days, everything transacted online has clear, defined records, and in some cases, even comes with binding contracts!
Is Domain Flipping Going To Cost A Bomb?
One email making its rounds on advertisements follows the line that domain flipping is expensive. That is complete and utter rubbish. It is only expensive if you attempt to purchase one of these how to guides that immediately claims you will make millions within your first year. There are some very minor costs when you start out flipping domains and sites, you can start with as low as $50. This small investment will only allow some smaller purchases and quick flips, but it allows you to start somewhere and build your own fund that will accrue and allow you to make bigger and bigger transactions. You have to also be prepared to play a waiting game. Not every domain is going to flip immediately, and not every domain is going to go for what you expect.
Following the Trend:
Following just popular culture and anything in general that is hot at the time can also bite you in the behind. Trends and opinions change as often as we change our socks. If you worry about what is popular at that exact moment you may have already lost out on the ideal time to capitalize on the popularity. You need to analyze various bits of information and keep an eye on websites and domains that are falling into disrepair or just plain expiring soon. This fixer up style website category is worth a look at the very least. If you look at the domain and have an idea that can make it stand out from everything else out there and draw traffic to it, then it is worth the flip.
So, how can one really succeed?
You also have to know when domain flipping is best packaged with a website. If you have picked up a domain and you sit there with a great idea, take a moment and look up similar sites. If it looks like your idea is unique or at the very least would bring in new and higher traffic, than it is definitely worth building a website for. Websites add value to a flip and can definitely be worth it, but you have to give the domain`s website something unique. It has to set itself apart from every other website out there that can take it`s traffic away.
In all types of business, research is key!
I cannot stress how much research and the internet will be your friend. If you are unsure about the profitability of a domain, look around. Find similar sites and domains and check out their stats. Find out their potential and if your take on things would be worth the effort. Also check if the subject is over saturated. If you try to force a domain or site in an over saturated market you could end up waiting a long time making the flip or you may end up settling for a price that is far lower then what you were aiming for.
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