Everyone asks “how much is my domain name worth?” and the answer is easy. Tons of startups need a brand name for their project and in 2021, the perfect domain name is almost impossible to find. Those who managed to register or acquire a domain name often wonder about the value.
If you can, hold on to your domain name
Renewing domain names costs about $10 per year which is manageable for most of us. But why should you do that? The answer is simple. Sooner or later, someone will want to brand their new business or project on the keywords which your domain name contains.
Example: A little while back, I was working on a software project which I created with the popular programming language Python. Right now, Python is extremely popular with no end in sight. My project was based on a simulation (sim) and so I fired up my go-to domain registrar and started to search. To my big surprise, pythonsim.com was available and because I realized how lucky I was, I didn’t hesitate to buy it on the spot.
Why am I selling that perfect domain name
Creative people think of many projects. Being creative is a blessing but in my case, also a bit of a disadvantage. Yes, I can think of new projects quickly but the opposite is also true. Often, I move on to a new project and leave existing ones parked to work on later. This is exactly what happened to Python Sim. For my project, the name Python Sim was and still is perfect. But since I have started something new, I might no longer need the pythonsim.com domain.
So what do I do?
Rule number one of domain selling is to take things slow. Just because I don’t need the domain right now doesn’t mean that I won’t start a new project or finish the existing one sometime in the future. Because of that, I tend to hold domain names for many years. Still, someone else might be working on a simulator software project as well and if so, then I would let the domain go.
How much is the domain worth?
Now we are back to where we started. To me, the domain is worth $1000’s because the software function perfectly reflects the name which is a simulation program written in Python. I always think of how much it would cost me to buy that domain. Doing so helps me understand where the real Dollar value lies. If it’s worth say $3000 to me then this is what I will ask.
Will someone buy it for my asking price? Maybe, maybe not. It really makes no difference to me because in my mind, I will eventually develop a software application with that name. They say “when it’s gone, it’s gone” and I can only confirm this fact. If you sell a domain name then price it not like you are selling but like are buying it. This is my formula and the reason why I listed it on GoDaddy domain auctions for $2250.
Will it sell? I don’t know but what I do know is that if it sells, then I have no regrets. Sure, one day, someone will flip it for much more than what I am asking for and that is OK too. I have registered many domain names which have found their way into current auctions for huge amounts of money. If I could go back in time, there are some domain names that I should have held on to.
What about you? Have you sold a domain name that you wish you hadn’t? I always welcome relevant comments from my readers. Thank you for reading.