Link To Full Story: www.domainersdigest.com
Most of us know that you run a very successful blog, ElliotsBlog.com and you had told me that flipping domains is the best source of income for you, why flip premium domains when you can develop them and have residual income?
Development is time consuming, and it’s difficult to convince someone (especially a small business) to spend advertising dollars on my developed websites. Although I am probably limiting my upside by selling a domain name quickly after buying it, I am taking short-term profits over long-term potential upside. I have been focusing on developing domain names of interest to me rather than developing a name just because it’s good. Financially successful development isn’t a given, and I would rather create positive cash flow on strong domain sales than keep everything and need to take on debt. However, I am building out websites to create another revenue stream that is more sustainable over the long term.
When your are contacting a domain owner, in your initial offer email to a potential seller do you include the price for the domain?
I almost always make a reasonable opening offer when asking if a person would sell a domain name. Most names I buy are purchased in private from people who have owned them for years. I am sure they’ve received countless emails asking if the domain name is for sale, and I’ve found that when I make a serious opening offer, it opens the door for discussion. Even if my offer is for less than the owner would sell it, I have found the response rate is significantly higher when I include a reasonable offer.
What is the highest dollar amount that you ever paid for a domain? And what was your highest sale?
I’ve paid high 5 figures for domain names and I’ve sold for six figures. I have a built in NDA on my domain sales agreements, so by default, most of my acquisitions and sales are confidential and go unreported to everyone but the IRS. The one thing I really don’t discuss with anyone is my revenue and profits. I guess it’s the benefit of having a private business without outside investors.
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