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Domain Flipping DefinitionDomain flipping is the process of purchasing a domain name with the intent of quickly selling it at a higher cost. Depending on the desirability of the domain, the profit margin can actually be a significant one.
This is similar to house flipping, where a home is purchased and fixed up in order to sell for a quick profit. Unlike house flipping, however, you generally won’t have to do anything with the domain name in order to increase its value.
The fact that it doesn’t take a considerable amount of time and effort between acquiring and selling a domain is what makes it a great “side hustle.” However, it also means the key to a successful domain flip is being in the right place at the right time in order to acquire a valuable domain name before it is snapped up or given a premium price.
How to Flip a Domain Name In Nigeria
1. Find an available domain name
SearchingIf you’re lucky, you’ll come across a great domain name by searching for one through a domain provider like Whogohost a Nigeria domain name provider.
Drop-catchingDrop-catching services are also available to help secure a domain after it expires.
Upon expiry, a domain enters a Redemption Grace Period (RGP) giving the owner one last chance to reclaim it (typically 30 to 90 days). After this period, it is then made public for someone else to register.
A drop-catching service allows people to bid on a domain name that is currently in the RGP, soon to be available for registration. The service then selects the person with the highest bid and attempts to register the domain on their behalf through multiple domain providers the moment it becomes available.
Although this does not guarantee that you will end up with the domain, it is your best chance of securing a domain once it is available. If you’re looking for a drop-catching service, we recommend NameJet.
2. Register a domain nameIf you’re using a drop-catching service, registration will be done on your behalf.
If you find a domain name through a regular search, you will need to register it from the domain provider. This process is usually fairly straightforward. You will probably only need to register the domain for one year since the goal is to turn it around as quickly as possible.