Virtual Real Estate
There are many similarities between traditional real estate and virtual real estate. Virtual real estate is a web property, basically the domain name and a website. The domain name is the equivalent to a vacant lot, with the website being the building constructed on the lot.
“Domain Names are the real estate of the 21st century”
In real estate 101 you learn there are a lot of different factors that determine the value of a piece of property. Location and highest and best use of a property are both key factors in the valuation process.
A web property is no different. The location is the domain name and the extent to which the website is developed determine if it is the highest and best use of that domain name. Small business websites can be developed into highly profitable web properties.
If you were to open a storefront to sell your products in the offline world you would want a good location with a decent amount of foot and street traffic. Contact a commercial Realtor in your town and I bet they can give you traffic counts for all of the major streets in your town.
It’s no different on the internet. Why settle for a domain name that has little or no chance of driving traffic to your website? Remember your domain name is your location! A good domain has the potential to leverage a small amount of traffic into a highly profitable web property.
Choosing the wrong name is the equivalent of opening your offline store on a dead end street with no traffic. You wouldn’t do it in the offline world, why do it in the online world?