When becoming a domain flipper, especially when starting out, there are a few things you need to know about domain names. That way when you do flip the domain to make money you do not run into any problems. Here are three mistakes some newbie domainers make when deciding to try the domain flipping game.
1. Not knowing the 60 day transfer period
When buying domain names, the rules for most Top Level Domains (TLD's) are that you must keep it initially for 60 days with the registrar you purchase it with. Until that sixty days is done you are not allowed to transfer it to another person. So you should keep it for two months before trying to flip it. Also, many do offer a free push into a new account, but you must tell the person buying the domain that you will be doing a free push into the registrar it is currently registered with. Also, if you do the free push, when they receive the domain they will also need to wait sixty days if they decide to switch to their registrar of choice.
2. Purchasing really long domain names
One thing you must not do when flipping domains is buy really long domains like HeyThisIsMyNewBlogAboutDogTrainingComeReadIt.com. This will not make you money if your trying to flip domains. Short domains are the best domains to flip. If you check out any 3 or 4 letter domains for sale you will see they demand high prices, even the ones that are a strange combination of letters. Also, catchy short memorable domains sell well. You might be able to sell three word domains, but they will need to normally have some kind of site content on it. In terms of just flipping straight domains with out a built on top site, you should remember "short and sweet".
3. Buying Domain Names with Hyphens
Hyphenated domain names may allow you to get the keywords you are after to be contained within the domain name, but they will sell for much less when trying to sell the domain or site being built on top of it. Everyone when they tell someone a URL for their domain will say the words to the domain. If you have to say "domain hyphen second hyphen word" just so they remember the domain, you will likely get people not finding the site or they will try out "domainsecondword.com" which may lead to a competitor site. Memory and ease of use in typing in the domain name are the main reason you should not use hyphens if you are looking into investing in a domain name.
These are three mistakes many newbies make when buying domain names. There are times when point two and three above can be financially rewarding when buying as an investment, but for anyone starting out they may find out they are putting in a lot of money without a return on investment.
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