GoDaddy is one of the top auction and hosting sites. It has a solid reputation and is the right place to hunt for great deals if you are interested in domain names for sale.
There is a lot at stake when it comes to buying domains or even selling them.
Consider the process similar to a real estate deal. You need to conduct the necessary enquires to make sure that your investment is worth it. You also want to know if you will get a return on your investment, or whether it is possible that you will walk away with buyer’s remorse.
Learning how to buy and sell the right domain can save you from that disappointment.
Today, we will provide you with some tips and tricks on how to navigate GoDaddy auctions.
Understanding the Basics of Domains
In order to give your website an online identity, you need a domain name.
For businesses that want to leverage the history of a domain name, they will spend thousands of dollars for a domain. This is why many have benefitted from this lucrative online business.
Once you understand how to buy & sell the right domain, you too can earn a good income.
How Do I Start The Domain Auction Business
It is a simple process. However, it will require an initial investment.
Here are the steps:
- Visit a site that is hosting a website auction.
- Identify a couple of domain names and verify that they have a solid reputation and online credibility.
- Purchase any of those domain names.
- Register the domains using your name. Now you are authorized to resell these domains.
- Choose a domain auction site (Godaddy auction, Namepro, or Hostgator).
- List the domain for resale.
- Choose a feasible price to give you a reasonable return on your investment.
- You can also opt to run an auction as well.
Domain Flipping Through GoDaddy Auctions
As you explore this business, you will realize that GoDaddy is the top dog in this niche. You can’t help but see their names on all the top ranking lists.
Millions of buyers and sellers use this platform.
Because they are reliable, many people have come to trust this brand.
What is Domain Flipping?
This term refers to purchasing a domain name cheaply and selling it for a greater price. You can buy multiple domain assets and flip them in a short period.
What is the GoDaddy Auction?
This has grown in popularity over the years. It is a domain auction platform that allows domain sellers and buyers to meet in one place and bid on domains.
The aim is to have the winning bid. Once the person with the highest bid is identified, GoDaddy retains a percentage of that payment for facilitating the process. This is known as the GoDaddy auction fees.
It is as simple as that! With this information, you can start participating in these events.
How to Buy the Right Domain
Now, let us focus on following the right steps towards buying the right domain at GoDaddy auctions.
- If this is your first time, you will need to set up a GoDaddy account.
- In the ‘Domain name search’ field, type in the domain name and then choose the correct extension from the options shown.
- There is also the opportunity to select numerous domain names at a time. If you prefer, you can get them later at a GoDaddy auction.
- The site allows you to use coupons as well. If you have those, try to use them up as well. One set of popular coupons are for 99 cents.
- If you are finished with choosing your domains, go through checkout and pay for your domains.
How to Sell the Right Domain
In this part of the process, you need to navigate to the domain manager. Keep in mind, that you can opt to sell the domain in a number of ways.
- Public Auction
- Buy Now Only
- Offer/Counter Offer with Buy Now
- Offer/Counter Offer
Based on your choice, GoDaddy will stipulate how much of your profits, will go towards their fees. You can end up paying 20%. So take this into account when you set the price for your domain.
To use the auction service, you must agree to pay a $4.99 sign-up fee.
The following steps will guide you in how to participate in GoDaddy auctions.
- Navigate to your online GoDaddy profile
- Look for the ‘Manage’ link and click on it.
- You should see the ‘Buy and Sell’ menu. From it, select ‘GoDaddy Auctions Listings.’
- Your domain names, which you previously purchased, will be displayed on the screen. Choose those you wish to sell and click the ‘List for Sale’ option.
- You will now be required to provide some details. Fill in all the fields.
- Type in the email address in the field provided. This should be the one you use to receive payment, via PayPal.
- Then select the best category for your domain.
- It will also ask you to choose a subcategory. Select one from the list.
- Next, enter the auction type.
- Then identify and type in the starting bid. This dictates how much the first person must bid to kick off the auction process. Try to price your item responsibly; else, no one will bid on your domain.
Now, it is just a matter of carefully reading the fine print and indicating your agreement of the terms and conditions set forth by GoDaddy auctions.
Using the GoDaddy Site
One of the safety features built into the GoDaddy system is the verification process.
Only buyers who actually have money in their accounts can bid. There are no bogus accounts allowed. The funds from the winning bidder will automatically get transferred to you. Of course, minus any fees GoDaddy collects.
If no buyers are interested in participating in your auction, then you can stop or remove it whenever you wish.
You can explore some of the other ways of selling a domain on the website, apart from the auctions.
What Happens After Completing the Sale of a Domain
This part of the process can sometimes require a lot of patience. If there are delays with the buyer, it can take up to a week before the matter is resolved.
GoDaddy usually sends you an email to notify you of the domain sale. If you navigate the website, you will now see your domain listed under the ‘Sold’ menu. The status for your funds might be pending until it has been transferred by the buyer.
You should also be able to view the customer ID of the person who bought your domain name.
You could also receive further email messages later on asking you to transfer the item. Messages might contain codes used in the transfer process. If you become uncertain, always contact customer support for help.
It might take days for the entire process to finalize, but once it is, you should see an email address for the buyer.
Unlock Your Domain for Transfer
If your domain is locked on your registrar site, this will prevent the transfer. As such, there are a few steps, which you need to take on there.
Complete the unlock process.
In doing so, you will gain access to your authorization code. If requested, they can be emailed to the buyer. Make sure that he/she confirms receipt of these codes.
The official transfer process can take a bit longer.
Usually, it is initiated by the buyer’s registrar. Once they start, their website will send you more email messages. It is then that you will learn how long the process will last. You should receive the payment in your account, a few days after this process is complete.
To some, this aspect of the process is long and tedious. There might also be a tendency to panic and think the buyer has scammed you.
Contact GoDaddy support with any problems you may have.
Choosing GoDaddy Auctions is the Right Decision
Then when you explore their website, there is a lot of activity. You can even see the auctions and other domain advertisements.
This is reassuring because its popularity is substantiated. And you are less likely to feel as if you will end up in a scam or be defrauded. In addition, there are tons of GoDaddy domains for sale.
If you experience any delays or have concerns about the process, feel free to contact the customer service department at GoDaddy via email or the phone. They are able to offer you further guidance and resolve any issues you might have.
We hope this GoDaddy appraisal of their domain auctions and services helps you to begin your journey. Continue to take the necessary precautions, and you will see a return on your investment in no time.
Have you tried out GoDaddy auctions?
Share with us in the comments below!