We’Re talking about how to price and sell domain names here on the journey, [, Music, ] today on the journey, we have a special guest Joe from GoDaddy. Why don’t you go ahead and introduce yourself to the audience? Hi everybody, as he said, I’m Joe. I work in the after market which, in my opinion, is one of the most exciting places to work at GoDaddy. I’Ve been there for more than 10 years done all different things. It’S great. You get to meet all different people from all over the world and you get to find out if you’re sitting on a goldmine right on so Joe is obviously the domain expert, which makes perfect sense for today’s topic of how to price and sell your domain names. Let’S just jump right into it. Let’S talk about why it’s important to know how much a domain name might be worth you know, one of my favorite shows is Antiques Roadshow. I love that right. All the like, the hidden gems that you yeah and and the best part is the end when they reveal what is it worth right? What do they think? It’S worth it’s important to know they say for insurance reasons or other things for your antiques button for your domain. It’S even more important because either you own one and you want to know how to value that or maybe you’re interested in starting a new business, and you want to go purchase a new name and you want to make sure that you’re paying a fair price. I know like most people, we have those like late-night just ideas and you go out and buy a bunch of domain names. I have spent far too much money on those late night domains. My catalog is getting out of control. How do we find out how much our domain name might be worth? Oh there’s there’s a couple really good tools that are out there for you to use, there’s a site called name bio.com and that tries to keep all the historical sales of names. So you can go look for comparable names to yours and find out what did they sell for what they actually, you know, go for in the open market. There’S other sites like estaban, calm or GoDaddy has a domain valuation tool that you can use and that will give you an estimate of what they think the market value of that name is yeah. So I saw that when I was registering my last domain name it had. I did my search I saw I was available. Then it said cool. It’S estimated this price because of this reasons definitely new we’ve kind of been implementing something we’ve been working on over the years and we look at a lot of different things. It uses AI and machine learning and it tries to figure out comparable sales. It also looks at things like how short is the name, how memorable is the name? How brandable is it and then it looks at what people are looking for and name so that they can have businesses that people can easily find, and then they can use that to make money right on. So if I use the tool, whether there’s s spot named by a good evaluation tool, is that the end-all-be-all price, if I get that price like am I going to be able to actually sell it for that price, or what does that process? Look like it’s just an idea. It’S a tool gives you another idea of what your name could be worth, but I think one of the best ways to find out where your name is worth is to get a name that you’re familiar with something in your industry. That you know that market really well. So, for instance, if you were selling whites and you knew that the average lighting customer that came into your store was going to spend $ 1,500 right, then what would that name? Do that you’re gon na purchase for your advertising budget? How many people could you bring in and how many more sales do you think you would expect if people could remember your name easier, find you use word-of-mouth with their friends to be able to bring more business in those things all add value to the name. That makes perfect sense. It’S it’s kind of like just real estate in itself. Right, it’s like that, the better property you have near the city near amenities, the more expensive that that properties gon na be the better the domain name brandable. Is that the right market, the more profitable it’s going to be, and also it you brought a brand. It brings up a really good point brand credibility. So if I had lighting com, that’s a great name and it you know it says – to the market: hey this person’s serious in waiting.com. They must know a lot about lights. If I own Bob’s lights down the road org, it might not be, as you know, brand authoritative right, so the brand authority also adds value. So Talk Talk us a little bit more through, like the brand authority, like what what makes you gave us a little bit. Example, what really makes a brand a domain Authority versus one that may not be? I think one that resonates with people so one that you can easily remember on one that looks legitimate. You know there’s a lot of concern about online fraud or things that happen. You know shopping online if you have a name that resonates with people, and that really, you know, is a great credible name. That’S gon na bring in more business absolutely domain names can be priced at almost anything. I know if I can go online and say my my awful domain name is worth a million dollars and no one’s gon na buy it. How do we actually like figure out the best practice of valuing it and determining that value? Some of the best practices? Really, you know just concrete things that you can look at like the length of the name. Usually the longer the name is the less value it has so the shorter the name them more valuable, because it’s easier to remember – and also it’s usually easier to spell – is there like a certain limit? We should try to keep under most of the sales that we see historically happening our 15 characters or less, and I would imagine dashes and numbers devalue the domain name yeah. It just makes it harder to pass the radio test. We call it. So if you were to say, you know, go to lights, online.com, but that’s lights. Online.Com people don’t remember that as easily yeah. A couple years ago there was a just a plethora of new gTLDs, those extensions and the domain name that were released to the public and they’re, still adding more and more and more so now, there’s not only the vector comm Norg net, there’s like dot blue dot. Ninja dot, licked, literally almost anything right, alright, do those play and do and anything with like SEO or the value of the domain name. Is it better to do that or what does that have to do with the value of a name? It’S really what the business is going to benefit from that owns, that name right, so using a new TLD or a new gTLD. Some of those make perfect sense for people and Google said that you know. They’Re gon na show up SEO results the same as sakam or any other TLD would so from a branding standpoint. If you think that it’s something that people can easily remember and use, then it’s gon na have value Joe. Do you have a like a fun extension that would actually be relevant to the after market? Sure I think one of the fun ones is dot games? I know that free games and math that games. That’S done really well gotten a lot of traffic, there’s home dot loans which sold for a lot of money. So there’s there’s opportunities as long as the front of the dot and the right of match up the SOTN TLD and makes sense like free dot, games or home doubt loans. Then you can potentially make a good profit on those names. Yeah there’s a there’s, a site that I used to use when I used to just randomly buy domains, expired domains. Net em, hmm you heard of that. Yes, I have a great resource, use it all the time, but basically it shows you all the domains that just dropped off registration or they let them lapse, didn’t go and pick them up, and it shows kind of information like when it was first registered and a Bunch of other stats, you could possibly use that if your domain investor to want to look for another resource to buy some awesome domains, yeah one of the great things about expired to me is that net is. It shows what other teal Dee’s are taken and usually, if there’s a lot of other teal Dee’s that are taken in that same cellphone loans and home comm and home net in Oregon, they’re all taken means. A lot of people are thinking that that name is a good name, because it’s registered so wildly and the more people that think it’s a good name, the more valuable it’s likely to be Joe. What, if we’re just completely lost like I know, I have a bunch of domains, but I might be a little loss of how to rather whether it’s selling my domain or, if I’m looking to buy domain names. Where can I get help and the audience mostly me, though, I think if you want to sell your names, the the best place to go is to try and talk to a broker. You can look at those automated appraisal tools we talked about earlier, but to really get somebody who’s in the industry and knows the industry. Well, they can give you up-to-date advice and give you. You know personal advice based on your names. If you’re gon na sell a name, that’s the best place to go, and also, if you want to buy a name, we offer domain broker service, a good, a there’s, other buyer brokers and what they’ll do is they’ll. Give you an idea of what the name that you’re trying to purchase is worth what the fair market value is. They do it day in day out, they’re really in touch with the market, and they can help assist you in getting a fair price. When you make the purchase, that is a ton of great information, but before we wrap things up, do you have any last minute words of wisdom for our audience and myself sure I think if I were to start trying to buy and sell names, I would do Two things I would start really slow. I think one mistake that people makes they buy a lot of names before they really understand. What’S valuable. What’S not and that can cost you a lot of money up front and the other thing is to buy names that you know the industry. If you sell guitars, then you should stick with names that are related to music or guitars, that you know the audience and you know potential buyers. You might know what this would benefit. You know another business, a competitor yourself and then you can gauge the value. A lot better than if you’re just buying random names that you think might be valuable. Those were some awesome. Last minute, words of wisdom thanks so much Joe for being on the show, thanks for having me create the, and if you like, this video got some value out of go ahead and smash. That, like button, add a comment below if you ever bought a domain name or sold one make sure to subscribe to this channel and ring that bell these episodes first. This is the journey. We’Ll see you next time, you
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