question Newbie Questions Needed Answers

[hoobagames]

Hi, I am a complete newbie in domain flipping. there are several newbie questions i really need some answer. I am sorry if these questions are stupid or you have answered oh so many times before.

1. I understand if I want to buy an expired domain, you have to backorder it. Either it is through Godaddy or other domain services. The way i understand it is that you make a request to backorder a expired domain I like at let say Godaddy, I pay the backorder fee, and Godaddy will negotiate to the owner on my behalf. So my questions are,

a) does that means there is a chance of godaddy fail to get that domain for me? and I might pay the money and get nothing back?
b) normally, how big of a chance to backorder a domain with success? is it risky?
c) if i successfully backordered a domain? what are the steps? do I have to pay more money?​

2. Let say I found a domain that is good. And I put it in like a marketplace for auctions. There are countless of domains in the auctions, and no matter how good the domain is, there is a big chance that it will just buried under the sea since no one discovered them. My questions on this issue are:

a) Do I need to find ways to promote my domain?
b) what are the ways to promote?
c) how important promotion is in domain flipping market? does the quality of the domain does most of the work or promotion does a huge part of either i make sales or not?​

 

[gilescoley]

I can answer point 2

Buying a name and then just putting it on a marketplace will not lead to sales most of the time, especially average names

You need to actively find end-users and approach them to buy your names.

The biggest mistake domainers make is buying names and then listing them think they will sell, it doesn't work like that most of the time, unless you have spent x,xxx or xx,xxx on really good names

 

[Kate]

The other mistake is to think that end users are going to browse listings where millions of domains are to be found.

It doesn't work like this. They usually know what they want, or they have a shortlist.
You just have to own good domains, domains that other people would want to own. 99.99% of registered domains are semi-garbage that nobody wants.

 

[davidc1]

Regarding 1.
For .com the market is shared between snapnames and dropcatch , forget godaddy...
In case of auction with snapnames it's private (only pepole who backordered can bid), with dropcatch it's public (everybody can bid).

Regarding 2.
without a correct strategy to choose, buy and sell domains you will not succeed.
You need money, time, brain and testings to find the correct strategy.