If you’re like many entrepreneurs and small business owners, you might have a handful of domain names you aren’t using. You registered them for planned projects or fun ideas that never panned out.
When you get the renewal notice for your domain names, here are three questions to ask yourself before letting the domain name registrations expire.
1. Am I Absolutely Sure I Will Never Use This Domain Name?
Nobody likes to pay for something they aren’t using. But domain names are different from a magazine subscription or Netflix. Domain names are completely unique, so it’s not as simple as restarting a subscription if you decide you want to use the domain again. Someone else might have registered the domain.
Domain names are inexpensive, too. Paying the small renewal fee can be a good insurance policy in case you decide to use the domain a year or two from now.
2. Could It Be Worth Money to Someone Else?
Millions of dollars worth of already-registered domain names are bought and sold each month. So far this year, Super.com sold for $1.2 million, Great.com fetched $900,000 and Liquid.com sold for $750,000.
Your domain name probably isn’t worth this much. But before you let your domain registration lapse, consider if someone else might want to buy it. Even a couple of thousand dollars for your domain would be nice!
You can auction off your domain name or list it for sale on domain marketplaces like Sedo.com and Afternic.com.
Namecheap has a Domain Marketplace where you can list your domains for sale.
It can take a little while to sell a domain name because you need to find the right buyer. So start the process of selling your domain name well before the domain needs to be renewed. It might even be worth renewing the domain for another year to give yourself time to find a buyer.
3. Would You Be OK if Someone Else Owned It?
This is the most important question to ask yourself.
You might decide that you won’t end up using a domain name you registered. Maybe it was a name you registered just to protect your main website, such as the example.info when you own example.com. Or maybe it’s a domain you bought to commemorate your wedding ten years ago.
You don’t have a need for it now, but how would you feel if someone else owned the domain you used for your wedding?
People are standing by waiting to snap up domain names that expire. They often use algorithms to determine which domain names to register when they expire, and this might include the domain name that has personal meaning to you. They will then try to resell the domain and will put ads on the site while they own it.
So think about this: “I don’t think I want the domain, how will I feel if someone else owns it?”
Renew Your Domains
Asking these three questions will help you decide if you should really let your domain names expire. The great news is that Namecheap offers inexpensive pricing for both new and renewal domain registrations, so the decision is much easier. Renew your domain names today.