If you’re considering becoming a domain broker, then this profession has the potential to offer lucrative opportunities. Essentially, a domain broker is akin to being the internet’s real estate agent whereby they deal in buying and selling domain names.
When you’re buying a house, you would refer to an expert for help, and similarly, a domain broker or domain brokerage is a specialist for trading in domain names. With a growing influx in new domain registrations, certain domains are effectively increasing in their monetary worth and this has highlighted the value of a domain broker. In general, a domain broker will negotiate sales and assist with the transaction of a domain sale.
You may want to kick off your domain broker career by first deciding whether you’re going to specialize in buying or selling domain names. One of the great advantages of this line of work is that there aren’t many barriers to setting yourself up as a broker. Although there isn’t any particular license to begin trading, arming yourself with precise knowledge about the market is instrumental as a starting point so research skills are essential to ensure your success.
In order to attract buyers or sellers, your first step is to create your own website which will display all the domain site names you wish to sell in order to build up your client base. It would be a good idea to make sure you have your own directory of domain names for sale in addition to other clients’ domain names so when a client visits your site, they will already see a current catalog available.
Over time and with more experience, you will be able to advertise clients’ sites to potential buyers which will result in healthy profits.The wider the audience you can attract, the better chance you have for increasing sales. Therefore, broaden the scope of selling platforms by using sites, such as Sedo or Flippa, and make sure you don’t limit your chances by only confining your own website to just a few regular platforms. The outcome of this tactic will help connect your name as a reliable and efficient broker.
One of the key aspects of domain broking is to familiarize yourself with exact-match, keyword rich domains as this will produce specific keywords that can attract brand value. When carrying out a search query for specific, or a variation of keywords, the higher the name comes up on a search engine results, the more likely it will generate increased traffic, and ultimately, generate more profit. There are numerous research tools, for example, Moz and Wordstream, that supply quantifiable data about these keywords. Working on the wrong domain types can waste hours of your time so careful research is vital at this early stage.
Having secured a list of domain names, you will need to make direct contact with buyers and sellers. It’s important at this stage that they work with you under an exclusive agreement whereby you include an exclusive contract within your service right at the beginning of an engagement in order to guarantee commitment between each other and to prevent an owner from selling a domain name elsewhere.
This is where your negotiation skills come into play, and along with discretion and confidentiality, they will go a long way to gaining a client’s trust. Having a background in marketing and sales would also be beneficial so that you have a deep understanding of how the buying and selling market works and transfer that skill set to being a successful domain broker.
While many experienced domain brokers make high-profit margins, you are likely to be more respected by offering reasonable prices, and not be enticed by taking high percentages from buyers. Staying focused and being proactive with client engagement, research, and the actual buying and selling of domain names will ultimately reward you with a positive return on investing time spent.
As a domain broker, your role is to find business clients who need help to navigate domain trade. A domain is more often more than simply a web address; it can be part of corporate branding. However, the idea that large deals will be made on a daily basis is an aspiration that initially, isn’t realistic. To make a real impact on the domain brokering world will largely depend on how prepared and dedicated you are. Additionally, ensuring you offer a simplified process at the best price will keep your clients flowing so that your domain brokering business flourishes.