Getting Started Buying And Selling Domain Names

[Hashim]

Hi there, everyone. As you can see, I'm new to the forum, and quite new to domaining generally. I found this forum through Google, and from looking around a bit, it seems to be one of the more active domaining forums on the web, so hopefully I can learn some things from everyone here.

My situation is this: I'm looking to get into the business of buying and selling the odd domain name here and there, and I'd really appreciate some help and pointers from experienced domainers - people who know what they're talking about. I have a few specific questions, and after that I'd appreciate some general advice on starting out, if possible.

So, onto my questions.

Firstly, after doing a bit of research, I recently bought a co.uk domain name from someone. I had a good feeling about the domain, and I managed to buy it quite cheap. I later realised, though, that I had to pay a £10 fee to Nominet (the company in charge of distributing .uk domain names, like ICANN for .com) in order to change the domain name's registrant, which was obviously registered to the person who owned it before me. It was quite annoying, to be honest, because none of the research that I did had mentioned anything about a £10 Nominet fee. My first question is, whether this £10 fee is necessary to pay, and whether everyone who trades in .uk domain names has to pay this fee... or am I missing something here? Is there anyone here that trades in .co.uk domain names? If so, do you pay this cost every time, for each .uk domain name you want to change the registrant for? Because I can imagine that could be pretty costly?

Secondly, not including this forum, what are the best places to sell domain names to end-users at? Wondering specifically about domain auction sites - does anyone here use them, and which would you say are the best/most effective for selling a domain name?

Lastly, I'd just like some general advice on getting started in the domaining industry. I'm sure there are a lot of experienced domainers on this forum, and I would really appreciate it if a few of you could provide some tips and advice on how to (or how not to ) go about selling domain names - specifically .uk domain names, if possible? Tips, precautions, warnings, and the like would all be appreciated.

Optionally, could someone provide me with a general overview of the domain buying and selling process: having never done it before, a brief overview of everything that takes place in the buying and selling of a domain name would be really really good to know, and would give me confidence throughout my first few purchases and sales.

I hope everyone can answer all the questions I have and help out this newbie in need. Once again, thanks so much in advance, I really do appreciate the help. :D

Hashim

 

[serryjw]

Speaking for someone in the business for a few months, READ everything. There are no shortcuts.The two big auction sites sell about $3 million a WEEK! Subscribe to the best blogs, they are a treasure of information. Go to DomainSherpa and listen to dozens of interview from the BEST! The interviews are about 90 minutes and filled with info not fluff.

I will leave your other questions to the old times.
Namaste

 

[ProSence]

Of course, you should give time in learning first, this is main thing in domain name selling business..

 

[dnk]

Yes, for .uk names change of registrant details , a fee has to be paid to Nominet.
Also it is not advisable to use a reseller account ( even if prices are very competitive), since some fraud "customers" with powerful backers will launch a sustained character assasination campaign, making it very difficult to business online.

 

[Name Trader]

1) Yes everyone has to pay the $10 Nominet Fee
2) Sedo/Afternic/Goddady are the best places to sell to end users
3) Read and learn everything before you buy your first domain
4) This is too broad a topic to answer. Depends on the .tld, where you sell, the registrar, the registry, whether you use escrow or not, method of payment, the buyer. There are probably other factors I've forgotten to mention.