Yes. When you buy a domain name, you are actually just leasing it, with the option to renew after it expires. It is easy to purchase and manage your domain name with any respectable registrar. However, after a period of time, it's also easy to forget to keep your contact information updated with that registrar. So when the lease for the domain name expires, the registrar won't be able to contact you to remind you to renew and you will lose your domain name. And if someone else buys your domain name (which often happens), you will have to pay hundreds of dollars to get it back.
To avoid this, you can usually setup your domain name to auto renew every year. However, you still need to make sure you keep your contact information and your credit card information updated, otherwise, if your credit card doesn't work, you'll loose the domain. In short, it's easy, but you just have to remember.
As a service to our clients, we are glad to manage your domains for you. We have one account, where we keep our credit card and contact information updated in one place. And then you transfer the domain to our account and we make sure it gets renewed every year. Then we charge you for the cost of renewal plus a small administration fee on our part. We are glad to have you manage your own domains, but sometimes clients find that our domain management is just less hassle.
It's important to know that if you discontinue services with us or want to transfer your domain name to another registrar under your control, you may do so at any time. You still own the domain name and can do with it as you wish.