We often talk about building your portfolio on this blog. Building your portfolio means buying domains that you may not use yourself, but hope to sell some day at an increased price point. With many affordable gTLDs, building your portfolio can be cost effective. But what do you do once you have a sizable number of domains in your domain portfolio? Read on for the possibilities.
Do Your Research
Why did you purchase the domains you did? Some may have been a price too good to pass up, others just seemed like something people would be interested in. Now that you have a few domains, it’s time to do research on them. Who might be interested? What have similar domains been sold for recently? What industry could most benefit from your domain? Knowing everything you can about your domain will set your up for the next steps. This research should be thorough, but can easily be done with an internet search engine and some creativity.
Set Your Price
Now that you know more about your domain and what others are selling it for, it’s time to set your price. This price can be flexible, but it’s important to have a good starting place. If you don’t have a price in mind, it’s easy to get taken advantage of by someone making you too low of an offer. Be flexible in your pricing but always know what a domain is worth to you.
If you’re looking to sell some of your domains from your portfolio, consider creating a simple website where all of your domains are listed. You can promote this website or highlight individual domains. Domain message boards and social media are some great places to find others interested in your portfolio. Remember you can promote one domain, a group of domains, or your entire portfolio. It’s up to you to decide which domains to keep and which to sell.
Sometimes we make a bad bet on domain–something that seemed popular at the time may no longer be so. If you’re a got a domain or two that you thought would increase in value, but is stagnating, then just wait. It’s a good idea to think in the long term with domains, just like you might do with the stock market. You may hit it big right away with a stock or domain, but many times you’re better off waiting it out until you can get the right price for your original purchase. Don’t panic if your domain isn’t increasing in value as you’d like, if you can afford to keep it, wait it out until you can get close to the price you’re looking for.
Why not use some of the domains in your portfolio? You can use them to promote yourself, or like discussed above, use one to promote your portfolio. If after a year you don’t think you’ll use a domain and won’t make money back selling it, let your renewal lapse and let it go.
Building your portfolio is a smart idea, but remember to look forward to what you will do with it some day. You don’t need to use all of your domains in the same way, but be sure to have a plan before and after you purchase new domains for your portfolio.