written by
JoeUddeme
GoDaddy is the world’s largest domain registrar, with over 90 million domain names registered and counting. Thanks to never-ending marketing, the average person likely thinks of GoDaddy when they want to buy a new domain.
It’s common for people to visit GoDaddy, type the domain they want to buy, and see that someone else has already taken it. But GoDaddy doesn’t leave the user hanging– it suggests an alternative domain name or advertises its domain broker service, as seen below:
The box on the right suggests an alternative domain to the one already taken, and the left shows a broker service and a See More button to click on to get additional information. But what exactly is the GoDaddy domain broker service, and how does it work?
This article will explain that.
Domain brokers are professionals who specialize in buying and selling domain names. They’re the internet’s version of real estate agents, connecting domain name buyers to interested sellers for a fee.
It’s common for people to think of a domain name they really want for their business but find out that it’s already registered. If you fall into this category, GoDaddy offers a domain broker service to help you acquire a domain name from its existing owner. If you pay for the service, you’ll be assigned a personal domain broker to reach out to your target domain name’s owner, negotiate a sales price, and facilitate the domain transfer. Your identity remains anonymous throughout this process.
However, there’s no guarantee of getting the domain name you want. If the owner insists on not selling, GoDaddy can’t force them to say otherwise; this is where it gets interesting. The GoDaddy Domain Broker Service fee ($119.99 per domain) is non-refundable, and your assigned broker has 30 days to negotiate a deal. You’ll forfeit the fee if 30 days lapse without your broker clinching a deal. But, if the broker successfully negotiates a deal, GoDaddy collects an additional 20% of the sale price before transferring the domain.
GoDaddy’s $119.99 non-refundable fee plus 20% commission is rather steep for small to midsize businesses. The commission is understandable, given that most domain brokers charge between 10% and 20%, but the initial non-refundable fee discourages smaller companies from using the GoDaddy Domain Broker Service. If you’re in this category, you’ll be happy to know you can choose alternative domain brokers that charge low initial fees or, if at all.
Name Experts is a good example of a domain broker service having reasonable fees. We can help you acquire premium domain names without hassles. Like GoDaddy, we find the target domain’s owner, negotiate a deal, and transfer the domain to you. To make things better, we don’t have GoDaddy’s 30-day limit, which can force you to forfeit significant fees.
A domain broker protects your privacy during negotiation. The owner won’t know you’re the one who is interested in their domain. All they know is that someone represented by the broker wants to buy their domain, and they negotiate directly with the broker.
Without privacy, domain owners can easily exploit intending buyers, especially when the buyer is a well-known company with significant funds. An opportunistic owner can hike their prices if they discover the buyer is a prominent company, but domain brokers shield their client’s identity to prevent this situation.
Domain brokers are skilled and experienced digital property appraisers. Based on their knowledge and past deals, they know the optimal price for a premium domain. In contrast, you likely don’t know the optimal price and could underbid the domain, causing the owner to reject your offer or overbid and get taken advantage of. Handing the negotiation to a domain broker helps you save money even when accounting for the broker’s commissions.
A professional domain broker service makes buying a domain as seamless as possible. They handle the hectic negotiation process and arrive at a final price with the owner. Then, they handle the legal documentation required to take ownership of the domain. Lastly, the broker uses an escrow service to acquire a domain, escrow meaning the funds aren’t released until you confirm ownership of the domain.
Acquiring a premium domain name by yourself can be complicated and leaves you vulnerable to being cheated. However, domain brokers are experienced in closing deals safely and handling legal documentation in case of future disputes.
If you want to acquire physical real estate, you’ll offload the headaches to a licensed broker for a fee. The same applies to digital real estate– professional brokers make buying domain names painless.
Cost is a critical consideration when choosing a domain broker, as choosing one whose services you can afford is necessary. The main drawback of the GoDaddy Domain Broker service is the non-refundable $119.99 fee. GoDaddy customers must pay this fee whether the broker negotiates a successful deal, which can be daunting to a small business. There’s also a 30-day cap, after which customers forfeit their fee if no deal is formalized.
In contrast, some domain brokers charge only commissions, meaning you’ll only pay when a deal is successfully negotiated. Some charge initial fees that are refundable if no deal closes. No matter what, you can find a more cost-effective deal than GoDaddy’s in one of many alternative brokers.
You can evaluate a domain broker’s credibility by checking their past deals. What high-value domains have they acquired in the past, and what do customers say about them?
The good news is that most domain brokers provide testimonials and general information about past deals. At Name Experts, we’ve successfully closed over $90 million in domain name sales, including premium domains like Link.com, 20.com, and Connect.com.
Domain name acquisitions involve sizable sums you can’t risk losing. Hence, a good domain broker must utilize a secure payment infrastructure for both buyers and sellers. Payments processing platforms like PayPal, Wise, and Square make it easy to pay the required fees. We’ve also mentioned online escrow services, i.e., a third party that holds the payment and only disburses it to the seller after you confirm receipt of the domain.
Domain brokers are salesmen at heart. An ideal broker needs ample negotiation and persuasive skills. Some owners may be reluctant to sell, but a skilled broker can convince them to change their minds.
Remember, a broker works for two parties: the buyer and the seller. You might own a valuable domain you want to sell but don’t know how to find a buyer willing to pay your target price. A domain broker helps you market the domain to prospective clients for a fee.
Name Experts helps businesses buy valuable domains and domain owners to find interested buyers. Don’t hesitate to contact us if you’re in either category.
Premium domains are the best type of domains because they are memorable and tend to draw a lot of organic traffic. To the uninitiated, premium domains are short, catchy, and memorable domain names that have a high potential to become popular web addresses. They also present great branding opportunities for websites. The best places to find premium domains for your business include: Name Experts GoDaddy Sedo Network Solutions Domain.com Namecheap
Every business needs to have an online presence in this current age. The internet is one of the primary channels to entice potential customers, so businesses that don’t have an online presence are doing themselves a disservice. The best way to showcase yourself online is by having a website stating clearly what you or your organization offers with a premium domain name to match. The domain name is how people will find you on the web, so it’s necessary to have a good one. What are Premium Domains? Premium domain names are high-quality domain names giving you greater recognition on the internet. They’re often short, catchy, and memorable. They’re the domain names that people are likely to search for and trust over other names. A premium domain name would go a long way in drawing organic traffic to your website. They’re usually costly, but one of the best investments you can make. It’s not a coincidence that most of the successful online businesses we know have premium domain names (e.g., Stripe.com, Amazon.com, Google.com, etc).
One of the most important decisions you’ll make about your business is the domain name you choose to acquire. The domain name you give your business is crucial as it becomes your identity on the web. You want it to reflect your brand and fit your business, but you also need it to be easy to find and promote. Acquiring a premium domain name is definitely the way to go but choosing one can be difficult. What criteria should you be following to make sure you end up with the very best when you buy a domain name? To help you answer the question ‘What should my domain name be?’, here are six things you should keep in mind. 1. Pick a Short Name When You Choose a Domain What You Want to Avoid: When you’re just starting out playing with domain names to choose, it can be tempting to combine all your ideas into one long domain name. However, while that may make it unique and descriptive, it may hurt your branding. What to Do Instead: A short name is easy to remember, easier to spell, and thus, has a better chance of becoming a household name. It also makes it easier when you want to branch out into branded items, or you want to create a logo, etc. Unfortunately, the very easy 3-letter names were all taken as early as 1997, but there are plenty of others available that are appropriate. The shorter your domain name is, the easier it is to share through word of mouth. It’s also easier to type into your search bar, especially if you’re using a phone. 2. Pick Something Easy to Spell, Pronounce, and Remember What You Want to Avoid: A name that is difficult to spell can negatively impact your traffic because it can mean that users don’t land on your page. They might even end up with a competitor, instead. You’ll also want to avoid using multiple spellings and the use of hyphens, numbers, or special characters. Your customers will often misunderstand numbers or misplace hyphens. People who hear your web address might not know whether you’re using a numeral or if it’s spelled out. What to Do Instead: This name needs to be easy to remember. Your customers need to be able to spell it correctly and pronounce it easily, so that they can easily share it with others. Imagine you’re naming a child – you want something unique for your site, but you also don’t want a name that will create difficulties because of spelling or pronunciation. If you absolutely need to include special characters or terms that are more difficult to spell in your domain name, make sure you register different variations of it to be safe. Some of the most famous and brandable names out there are extremely simple: Google. Facebook. Amazon. These are giants who created an excellent product or service, but who also knew how to brand themselves by acquiring premium domain names. 3. Use Relevant Keywords What You Want to Avoid: A word of caution, here – if your domain is entirely made up of keywords, you run the risk of creating a brand that sounds too generic, or unrecognizable. Especially if you’re starting a blog or a personal page, you need something with a bit of personality. What to Do Instead: You’ll notice that a lot of the heavy players have names that are composed of two words, and one of them is usually a keyword. That is a very clever choice, because a) it’s descriptive of your business, b) it majorly contributes to SEO, and c) it makes your name easy to remember. So, if you’ve got an interior design business, for example, you’ll want a premium domain that ideally includes a relevant keyword, like “design”, “interior”, “decorator”, “home”, “style”, etc. That will tell your potential customers all they need to know about your business. Your name is also likely to pop up in whatever Google search they try for “interior design” or similar keywords. If your business is local, you might consider including your city or state in your domain. That way, customers in your area can find your name and remember it easier. Often, when doing keyword research for your business, you’ll find that city and state will most likely be included. 4. Avoid Anything Confusing or Inappropriate What You Want to Avoid: You want to pay attention to not pick a name that is confusing (either because of spelling or sheer peculiarity), awkward, or inappropriate. If the initials of your business make up an inappropriate word, scrap the name immediately. What to Do Instead: Also pay attention to what a domain looks like when you spell it out, if it’s made of multiple words. You’ll be surprised at how many other words you may inadvertently spelling. The other thing to look out for is that picking a name that has no relation to your line of business can be very confusing. 5. Avoid Names that Already Exist or Are Trademarked What You Want to Avoid: Don’t go ahead with a name that is extremely similar to an existing one or that is trademarked, because a) that is confusing for your customers and you risk losing traffic, and b) you may, someday, be served with a legal notice that may create problems. What to Do Instead: However, there is a caveat, here. If the name is already trademark-protected, that’s a bit of a dead-end. There can’t be another Burger King, for example. If, however, the domain name you want is just taken by someone else, there are ways around that and you are still able to buy a domain name that is already owned. 6. Choose a .com TLD, but Purchase All Available Extensions What You Want to Avoid: If you only acquire the domain name you want and no other similar ones, you run the risk of having someone else purchase other variations of your domain. They will get the traffic that should have been directed towards your page. What to Do Instead: The most popular domains are .com ones, and they are the most widely used, so it’s the ideal premium domain to acquire. But your work doesn’t stop here. Once you’ve bought that, you also want to purchase every other available variation of your domain name. For example, let’s say your domain name is www.carsforsale.com. You should try to buy www.carsforsale.net, www.carsforsale.org, www.carsforsale.biz, etc. That way, no one else can take these domains and possibly steal traffic that was meant to go your way. Once you have these domains, you can make sure the traffic redirects to your main .com domain. Bottom Line When Deciding How to Choose a Domain Name Choosing a domain name can be a delicate process. Pick the wrong one, and your business may suffer. Pick the right one, and it can catapult you into quick notoriety, or at least it can help make branding easier. The most important things to remember when choosing what domain to acquire is that it should be something easy to spell and remember, non-trademarked, and that ideally includes a keyword. If you manage to find the perfect one, purchase every variation to make sure that you can take advantage of 100% of the traffic going to these domains.
Name Experts offers personalized domain brokerage services, assisting clients in buying or selling premium domain names with expert appraisal, negotiation, and complete transaction management while ensuring confidentiality.
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