Keys to a successful Domain/Website Live Auction :: Give me your top five

[JEsports]

In your opinion .. what are the top five keys in implementing a successful Live ChatRoom Domain/Website Auction System? I think the majority of people in this industry enjoy a good live auction where some deals can be found for buyers, and some sales can be made for sellers. In order to have a successful "system" .. there must be certain keys in place that will bring people back on a regular basis to participate. What are your top five keys you would think best for implementing a successful system?

Thanks in advance for your input.

 

[whitebark]

Cetainly make all offers binding on both parties.

 

[DNjet]

Traffic and rev screenshots
User ratings
Safe transactions - maybe an escrow service from the auction site itself
Reasonable fees
Enforced rules - shill bidding etc. is biggest problem

 

[stevo]

1. Offer quality names.
2. Allow public access.
3. Eliminate technical difficulties beforehand. (also start on time and move along in a timely manner.)
4. Get the word out to attract bidders.
5. Figure a way to enforce "deals". Eliminate non-payers and non-deliverers.

I think that more players equals prices which reflect the quality of the names. As a seller, it is difficult to offer a decent name for auction and fear that it will not fetch a decent price.

 

[JEsports]

all great suggestions .. let me address on few ideas i had as well and will appreciate your thoughts:

Good Names : I think there should be a submission queue where members can vote on which names will be auctioned ahead of time. Maybe an auction committee.

Seller Protection: Implement a buy out clause, if seller is unhappy he can buy out of the auction by paying an established buyout fee to the winning bidder.

Get the word out: With good names being auctioned .. buyers will come. I am wondering also if advertising the event at Duke's Dnjournal.com recent sales page may strike some good interest among buyers and sellers.

 

[droplister]

1. Filter out the crap, or maybe a pre-auciton thing where you can vote on names your interested in and the ones with most interest will be auctioned. (just noticed JE said this)
2. During the auction all non bidding chit chat should be in pms or something. Keep the good name/nice pick up, for after the bidding is complete.
3. minimum increments.
4. equality. In some auctions certain items are given more time at auction and others are hurried by. Like a set time after last bid that you say 1-2-3 sold. or w/e. This is probably a crappy solution but its something i notice.
5. i ran out of ideas at 3

 

[DNjet]

all great suggestions .. let me address on few ideas i had as well and will appreciate your thoughts:

Good Names : I think there should be a submission queue where members can vote on which names will be auctioned ahead of time. Maybe an auction committee.

Seller Protection: Implement a buy out clause, if seller is unhappy he can buy out of the auction by paying an established buyout fee to the winning bidder.

Get the word out: With good names being auctioned .. buyers will come. I am wondering also if advertising the event at Duke's Dnjournal.com recent sales page may strike some good interest among buyers and sellers.

Members voting on which names to bring to auction is a good idea , as long as there can be info to go along with the domains from the sellers to make an informed decision on a vote , a typo domain would certainly need info with it.

I have to say I can't agree with the seller buyout clause , the sellers should start the auction for what they need for the domains or they run their own risk of selling to low.

Advertising at Duke's would certainly bring targeted interest.

 

[tekz999]

I have a feeling your thread and biggedon's thread are new upcoming features of dnf. This is like Carolyn and George in the apprentice for Donald Trump. The eyes and ears.

 

[JEsports]

Tekz,
I don't know of the upcoming features for DNF .. all I know is this is something that the public has wanted for a long time .. and I thought if enough interest is received ... we can get it going.

 

[droplister]

its not like there arent live chat auctions, theres just no official one

 

[Biggie]

I have a feeling your thread and biggedon's thread are new upcoming features of dnf. This is like Carolyn and George in the apprentice for Donald Trump. The eyes and ears.

not really tekz

we're just members who are still interested in the progress and success of the forum.

it maybe just coincidence if our subjects bring about change!


we used have a very successful live auction here at dnf.

i remember once hitting the $500 bid button by accident for a LLL.com, which still went for $525 by the next bidder.

a lot of great names were sold then and i doubt that the same quality of domains would be within the budgets of most now.

i think that would be the greatest obstacle to overcome.....having quality names on the auction block.

 

[stevo]

we used have a very successful live auction here at dnf.

i remember once hitting the $500 bid button by accident for a LLL.com, which still went for $525 by the next bidder.

a lot of great names were sold then and i doubt that the same quality of domains would be within the budgets of most now.

i think that would be the greatest obstacle to overcome.....having quality names on the auction block.

I fondly remember a dozen or so 3 letter .coms which went for between $450 and $650 apiece. I think Gregr sacrificed them to drum up interest in the auction. Perhaps Adam could do the same type of thing. :dance:

 

[BidNo]

I fondly remember a dozen or so 3 letter .coms which went for between $450 and $650 apiece. I think Gregr sacrificed them to drum up interest in the auction. Perhaps Adam could do the same type of thing. :dance:

I second that! :heh: