Here comes the not real property brought to you by the internet technology – the virtual estate. A virtual estate or an internet domain is like a real property, it worth a value depending on its development, accessibility and popularity. Like a building, you can sell it, lease it or make revenue over it (by placing ads, selling products, membership fees, etc.). However, building a valuable domain with a website is not an easy task – it is a tough mission.
What is a domain anyway? A domain is simply the address that internet users will type in the browser’s address bar to go a specific website. An example of a domain name is “www.BusinessAccent.com” – the domain name of this site. Domain name can be owned through purchasing and registering at ICANN accredited domain registrars. ICANN or Internet Corporation for Assigned names and Numbers is the organization that governs and regulates the registration of domain names in the internet system. Domain names can have different extensions, namely .com, .net, .org, .biz and country code TLDs like .us, .de and more. But among the extensions available, the .com is the most valuable and most prestigious. Believe it or not the following domains have been acquired for whooping prices as you can see below:
Business.com for $7.5 million in December 1999
AsSeenOnTv.com for $5.1 million in January 2000
Altavista.com for $3.3 million in August 1998
Wine.com for $2.9 million in September 1999
CreditCards.com for $2.75 million in July 2004
Autos.com for $2.2 million in December 1999
Of course those domains are worth a million bucks for their revenue potentials. As I said building a great domain is a bloody task. But if it’s somehow impossible to build a million dollar worth domain, you can build at least a conservatively valued domain of your own. Domains are traded, leased and used as a great marketing ground. So if you want to have a worthy virtual estate like a domain, you need a constant hard work and creativity to establish a domain which pulls a descent numbers of visitors. The value of a domain is based on its popularity, domain extension (ideally a .com), length of a domain (an easy to remember one word to two word name is preferable), daily revenue (through advertising, membership fees, space leasing, etc.), good backlinks, pagerank (Google pagerank, Alexa rank and others), quality of contents, and of course relevance and importance to a specific buyer or user.
If you can’t own a real estate, but you have the basic internet savvy, why don’t start to imagine a great website of yours now? Think of it, aim it, plan it, make strategic and well organized steps to do it, and be happy and inspired to grab it. Just be patient because it cannot be done overnight. And when the time comes, that you have succeeded in developing an outstanding domain or a website, it’s like having a building in a very accessible place. You can lease it out to earn a rental income, you can use it to generate your own operating income or you can just sell it for a cheerful nice price.