Domain Purchase or Buy Domain Names
Selecting the right domain name and completing the Domain Purchase for your brand can be a tremendous undertaking. New GTLD’s such as.Law. .Online, and .tattoo are just three of the more than 1, 500 alternative top-level domains that tend to confuse consumers, and business owners alike.
You will most likely require a hosting plan for the new Website and want to attach email addresses and accounts to the domain name. Building a website, choosing a theme and handling the marketing can really challenge the most seasoned Entrepreneur. This can all be a daunting task and become cumbersome and expensive for the not-so-savvy domain buyer.
No matter the choice you make, you’ll need to get the domain purchase over the finish line and choose a qualified, and credible partner to help streamline the process. You found the perfect asset for your brand.
Negotiation has come to a close and you are about to complete your domain purchase. Now is the time to start thinking about what comes next. Are you buying the domain name for investment purposes, or is there a specific project in mind to help scale the asset? Developing and strategizing after the domain purchase is critical in planning for any scalable project—both big and small.
Buying the domain name should always be completed with an accredited, third-party escrow provider. Escrow.com is the preferred method for domain purchase transactions of all sizes and confirms the identities of all parties to ensure proper transfer and smooth transaction experience. A qualified broker should be used to help facilitate and complete the Domain purchase.
Escrow Process to Buy a Domain Name
The escrow and buying process for domain names should always adhere to the general steps outlined below:
- Buyer and Seller agree to terms
- Buyer selects a payment method
- Escrow secures buyer’s payment
- Escrow will prompt the seller to transfer
- The transfer will occur either by:
- Account Transfer (push)
- Authorization code
- Seller confirms shipment of merchandise
- Buyer confirms receipt of a domain name in the account
- Buyer marks the transaction complete
Domain Purchase and choosing the right broker
When buying a domain name, make sure you have the appropriate relationship with the domain broker. You should have all communication and ask all the questions up front. Is the broker 100 percent invested and committed to the domain industry? Do they have their pulse on the current market conditions? Ask them what they have acquired recently on behalf of their clients? The track record goes a long way in keeping your money in your pocket.
How often is your broker engaged? What’s their success rate? And most importantly, can they share any relevant references on their recent dealing(s)? The domain purchase experience should be fluent with an open line of communication and clearly established timelines to set the clients’ expectation.
In addition, your broker should be prepared with alternative domain names for sale if your targeted asset is already developed, and might not be readily available for acquisition. The broker or domain consultant should only work on a success-fee model and not charge a fee to submit your offer on a related domain name.
Most reputable brokers will charge a fee for any successful acquisition and should be upfront with you about that fee.
Transfers During the Domain Purchase process
As mentioned earlier, there are two forms of transfer for any related domain name purchase or acquisition. The two methods are discussed below.
Per ICANN regulations, domain names transferring between “like” registrars can be transferred instantaneously in most instances. Whereas, domain names transferring between different Registrars would require an authorization code provided by the losing registrar—as an extra layer of security for any transfer to another Registrar. This process also requires a 5-day transfer hold in most instances. Some registrars do a fantastic job releasing domains quickly. Others tend to take their time in the hopes of luring you back with a nice offer!
Registrars want you to stay with them and utilize a number of their services. Sometimes, this is a good strategy to keep everything organized and within one Registrar.
Professional Brokers make all the difference
The Domain Purchase experience should be clearly outlined and defined with a clearly established goal. Hiring an expert can help take the guesswork out of the transaction. You should work with someone that will represent your interest. Someone, that has experience and an industry-wide reputation. Whether it’s the identification or research phase, or the negotiation phase—the experienced broker can assist with all aspects of the Domain Purchase.
The experienced professional should also have all relevant contracts and paperwork to help you secure your perfect domain name. Ideally, they will take the time to understand your unique domain buying preferences and work with your best interest in mind.
After all, consumers and business owners are already confused with choosing the right domain name for their brand.
The broker or domain professional can handle most duties with ease as part of the Domain Purchase. They should also offer complete transparency into the buying process.
For more information on our Domain purchase or domain buying services—contact us here.
Contact us if you’re interested but do not know how to buy a domain name!