Getting your own domain boils down to two ways:
- Buying and registering an entirely new domain, or
- Purchasing one that's currently owned by someone else.
There are pros and cons to both ways but ultimately, it's up to you whether you prefer to pay for expensive but well-known addresses (domains that are active) or cheaper but lesser-known ones (brand new domains).
One thing you need to consider is how to name your domain.
As mentioned earlier – A really good domain name can be the deciding factor that makes or break your brand, so choose one wisely.
1. Check for domain availability
Now that you’ve decided on a really awesome domain name, it’s time to check whether the domain name you want is available or not.
Checking on whether a domain name’s availability is easy enough. You can do a simple search with one of the domain registrars; or, use a Whois search engines such to verify whether your domain name is available or has been taken.
If the domain name you want is not available, try to see if different extensions are available instead.
2. Register your domain name with a registrar
The domain name you’ve chosen is perfect and you’ve verified that it is available, now it's time to actually register the domain name itself.
Just add your desired domain to cart and proceed to payments; and the domain is now yours.
How to buy an existing domain name from its owner?
What if you wanted to purchase a domain that’s already active instead?
You can choose to purchase active domains and transfer ownership through services such as a domain name escrow.
What’s a domain name escrow?
A domain name escrow basically an independent third-party agent that assists in the selling-buying process of domain names on the internet. These sites provide a safe way for buyers to purchase domain names from sellers who want to let go of their domain name.
There are a number of domain name escrow services available, but here are a few that you can check out: Escrow.com, Sedo, and BuyDomains.
How to Purchase Domains Using Escrow
Let’s say you found a domain name and both you and the seller have decided on the amount. The conundrum becomes: How do you safely pay the money and make sure the owner transfers the domain ownership to you?
That’s where escrow comes in. You can use escrow services to make sure that the transaction goes about smoothly. How do you actually do that? Here’s how:
- Set up an escrow transaction between you and the seller
- Register an account at an escrow service site, and determine the terms of the transaction between you and the seller, which includes the domain name(s) and sale price.
- Make your payment to the escrow company
- Once you decided on the amount, you make your payment (via wire, credit card or any other method) to the escrow company.
- Domain name is then transferred from the seller to you
- When the escrow company receives and verifies the payment, they will then instruct the seller to transfer the domain name to you.
- Confirm that you’ve received the domain name ownership
- You’ll need to confirm with the escrow company that the ownership of the domain name has transferred to you. Use WHOIS or WHSR Tool to check if the owner profile has been updated or not.
- The seller receives the money from the escrow service site
- The escrow company will verify that the domain name has been transferred and they will then give the money to the seller, minus their fee. (You can decide beforehand which party pays the fee or have it split down the middle.)
How to determine the value of a pre-owned domain name
When you’re looking for a pre-owned domain name, which can usually be found on aftermarket services, private sellers, and auction houses – you’ll notice that their value can range anywhere from a few dollars to as high as a six or seven-figure range.
These might not be the best place to get a domain name if you’re just starting out.
How an existing domain gets its price can be determined by a number of factors such as length, language, trends, and demographics. There’s no one single method that can give you a perfect asking price. There are ways, however, to give you a ballpark estimate of a domain name and it requires a little bit of researching on your part.
1. Using Recent Domain Sales
A good rule of thumb to understand how domains are valued is by looking at the recent sales. A look at the recent sales can give you an idea of what type of domains are being purchased and for how much.
DNJournal posts a domain sales report which they regularly update and in it, they list out domain names that are recently sold from multiple premium domain services. When looking through, pay attention to the domain’s keywords, length, and other related factors to get an idea of how a domain name is valued.
It’s important to note that the report only covers a small number of domain names, so it’s not exactly the most comprehensive list.
2. Using Online Domain Valuation Tools
The other way to determine a domain’s value is through a domain appraisal service or an online valuation tool. These sites will allow you to enter a specific domain name and will give you a suggested asking price for it.
A few of the sites that you can check out are Estibot, WebsiteOutlook, and URL Appraisal.
These sites determine the value of a domain using SEO-related factors like search ranking, keywords, Alexa rank, monthly searches, number of searches, and cost per click.
One thing to note is that different sites can give you different estimations. A good plan would be to use several different sources and compare them to give you a better estimation of a domain name value.
Again, there are no definitive prices for buying a domain name and you can expect them to fluctuate quite often. If you want a general idea of domain name prices, you can go to sites such as SEDO.com, Afternic or Buy Domains to get a feel for the cost. Many hosting service providers offer free domain for the first year on sign up.