Domain names are important for websites and can sell for large sums of money. Businesses often spend time and money choosing a memorable name. Some people make a living buying and selling domain names, and large companies may negotiate to buy already registered names. Domain names are relatively cheap and must be paid for annually.
A domain name is the address of a website; for example, wisegeek.com is a domain name. Simple, everyday names are often in high demand and sell for incredibly large sums of money, if ever sold by the owners. Many people believe that these names are very important to a business and spend weeks trying to choose a name that is easy to remember and that suggests the purpose of the business. In fact, there are services available specifically to help businesses choose domain names based on the information and keywords they provide. A person can use a particular name after registering it with a domain name registrar and paying for the name servers to host it.
Choosing a domain name is often seen as a big deal, especially for large companies. The prospective owner can spend months searching for the perfect name as well as hiring professionals to help. Large companies with a lot of money to spend on a domain name often don’t limit themselves to unregistered domain names. They can deal with people who either park the domain or actually run a website with the desired name. Many people end up transferring their names after a generous takeover offer or threat of lawsuits for withholding a domain in order to get as much money as possible for it when someone really wants to use it.
Some people make a living buying and selling domain names. They usually look for potentially popular but unclaimed names, register them and attempt to sell them. For example, some names experience a flurry of buying and selling activity after major events, such as terrorist attacks and major political scandals. Sometimes the names are even used when creating a website, and once the vendor proves that the website is popular, they sell it to the highest bidder.
Domain names are relatively cheap and have to be paid for every year. If desired, the owner can pay several years in advance, sometimes making the overall price even more affordable. This fee is for the use of the name servers, not the right to the name, because domain registrars do not own the domain names. If the owner fails to pay, the domain is again marked as unregistered and can be claimed by anyone with enough money and an acceptable payment method.
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