Achieving Financial Independence with Domains

Chapter 2: Buying a Domain

By October 20, 2019 December 29th, 2019 No Comments

Depending on how much you know about domain names, you may be able to skip this section completely, as you may already know where and how to register a domain. If you don’t, this section is for you.

Regardless of the online registrar (Definition: a registrar is a company or organization that is involved in registering domain names on the Internet) you use, the process of registering a new domain name is pretty much the same throughout the industry: You pay money to the registrar, which in turn acts as your middle man to the registry. Registrars register a domain for you, and different registrars charge different fees and set different terms.

One key thing to remember when you register a domain, is that as the registrant, you are required to pay a yearly renewal fee to keep the domain in your possession. This is required with every registered domain name. You can set your domain to auto renew, which allows your registrar to charge the card on file with your account, to avoid missing a renewal. You’ll need to make sure the card on file does not expire before the next renewal is due. Look at the renewal like the property tax you pay on a piece of real estate. That is a fee you have to pay every year, otherwise there are penalties. The process is the same with domain names, so you don’t want to miss a renewal!

In the past, some registrars, such as Network Solutions (NetSol) had been guilty of charging upwards of $35 a year in order to register a domain for you. Other registrars, such as GoDaddy.com, charges as little as $8.25, or sometimes less for similar service. But you shouldn’t base your registrar solely on price.

Quality support should always be a concern. You want to register your domain names with a registrar that you know will provide support when you need it. Some registrars only offer email support, but there are a lot of great registrars who offer not only email, but phone and chat support. Remember, you get what you pay for. We’ve heard horror stories about registrars who bury their phone numbers, leave people in voice-mail jail, over-charge, do not reply to support tickets, do not refund funds, and other catastrophes. The great mitigating factors between registrars comes down to price and service. Review yours before deciding!

Now that we know that all registrars provide the same product, domain names, let’s look at a few of the common registrars below.

Common Registrars

Out of the biggest and the most well-known registrars in business today, a few stand out. That’s because if you buy a domain name from someone else, the person you are buying the domain from can easily push that domain to you, as long as you have an account with the same registrar. (Read more about a push in Chapter 4.)

Even if you grow to like one registrar more than another, you can always have accounts at different registrars. If you don’t like the registrar where the domain is currently kept, you can have it pushed to you and then initiate a registrar-to-registrar transfer. Basically, you move it from one company to another.

Below are the registrars that I would highly recommend that you should get accounts from if you want to be a serious Domainer. They are as follows

The above registrars are quite well known, and you’ll likely need an account with each if you go out and buy domains on the secondary market.

When you purchase domains on the secondary market, the people you buy the names from need to push the domain names to you and you must have an account with the registrar where the domain is currently registered in order to receive the domain.

As mentioned before, there are going to be times when you buy domains from other people that you didn’t register. You may buy at a premium (sometimes a steep one) with the intention of turning a profit on the name or website in a speculative attempt to sit back, let the property or domain name appreciate, and make a profit. Other times you might further develop the property you just purchased in order to develop it more so it can garner more users, have more activity (views, clicks, interaction), build its value, and bring in more cash. Once your domain/web site is making more money, you can keep it or flip it at a higher selling price.

Domaining is no different than buying a piece of land or a house. You can buy a piece of land/mineral rights and pump natural gas or oil from it for a recurring revenue stream. Sometimes you buy a house and fix it up and then flip it. Other times you buy land knowing that you are going to do nothing with it beyond holding it and selling it for a higher price in the future.

Those are all property investments, and each one can be applied directly to the domain game.

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