Before you begin to read this article, if you haven’t already read our beginner’s guide to domain flipping, you may want to start there. The reason for this is that to be a domain broker, you must first have a firm grasp on the domain market and what domain flipping entails.
The reason that many domain flippers inevitably turn to domain brokering is because it is a far more lucrative endeavor. With marketing knowledge, a decent understanding of how to create an engaging Wordpress-based site, and a fairly large investment of time you are willing to put forth, you can go from making the occasional domain flipping sale to transforming this income into a full-time business.
However, the first step is to understand what a domain broker actually does, whether it is easier than domain flipping or not, and what you must do to take this job and make it your own. Once you’ve gained a grasp on domain brokering and what it entails, you can start selling domains for others in a far more efficient manner and make tons of extra income in the process.
A domain broker is truly nothing more and nothing less than a middle man between domain flippers and buyers. The domain broker’s job is to advertise their client’s sites on their own site so as to try to find them a buyer that will pay them a fair market value for the domain name they possess.
For many domain flippers, it can be hard not only to find buyers but also to interact with potential buyers and truly sell them on the site itself. This is where someone with a background in sales and marketing comes in. With this knowledge under their belt as well as an understanding of the domain flipping market, they can take these domains off the flipper’s hands and sell them accordingly for profit.
However, this does not mean that domain brokers are forced to try to make sales for outrageous prices on behalf of clients. The goal is to find a price that is reasonable and come as close to it as possible meaning it is far more simplistic than it may initially seem. Any buyer who is serious will more than likely respect the broker’s prices and pay accordingly leading to happy customers and large profits likewise.
From the profit, the broker then takes a small percentage and goes about their day which tends to sit somewhere in the 15% mark. This means that a broker can easily post sites on their own properly marketed site and then make money without any effort each time a buyer shows interest making it a fairly opportune process to become involved in.
This is a common question domain flippers looking into this field tend to ask. The answer is difficult to say as it has multiple parts to it. For instance, from a money-making perspective, it tends to be simpler as a domain broker but, without knowledge of marketing and sales, it can be the complete opposite.
Domain flipping requires very little personability and bargaining whereas domain brokering sits on a foundation built upon these skills. The truth is that once the site is set up, the SEO is fairly up to par, and the domains are being marketed properly, being a domain broker is most certainly an easier job.
Although it may require more initial effort, the overall outcome is not only lucrative but fairly hands-off as well making it a great option for people looking to create a business that runs itself. Now that you’ve heard more about what domain brokers do and whether it is better than domain flipping, you probably want to know exactly what to do to begin your new career and, luckily, we’ve outline all of that below.
To begin your new career as a domain broker, you must first purchase a main site that will house all of the sites you intend to have for sale. Just as domain flipping is related to house flipping, domain brokering sites are very similar to sites like Zillow or Realtor.
A domain broker will start by creating a very basic Wordpress site that shows what they offer in a very functional manner. From there, it is best to then begin adding clients. However, if a client goes to your site and sees it is empty, it may deter them which is why many domain brokers begin by posting their own domains for sale on the site.
After you’ve done some outreach and acquired some true clients, you can begin to build your site and raise your DA so as to attract potential buyers. Next, you can also market your site accordingly on various buyers’ groups and sites as well as flippers’ sites to continue to build your brand and sell your domains.
Once this is done, you will want to prepare for your first sale. This includes creating an agreement between yourself and your client on your percentage of profit. It is also important to create a system where the money can be transferred in a safe way online as online transactions can sometimes become a major issue for brokers. Most brokers begin with a 15% profit off sold domains and transaction processes such as escrow or cryptocurrency.
Lastly, once your SEO is up to par, your site is full of clients, and you’ve created a fairly good series of buyer and flipper connections, you can sit back and finally let the site and the business run itself. The only thing you’ll have to worry about from then on is adding new clients and selling the ones already up.
Although this process may seem in-depth, it truly isn’t if you take it one step at a time. The most important thing is to never forget your personability when trying to sell a domain and your marketing passion when trying to add a new client. However, if you ever find yourself struggling, know that you are not alone and that, with the help of our tools and our own creative passion, you can start making the big bucks online and adding the best clients in no time.