I have been working on a new auction format and rules since October and discussed it a bit with this post earlier this year. So without further delay, this is what we intend to do in October to change the dynamics of the live auction.
The only domains that we will accept directly are the ones that have a flat fee paid in advance for the listing. All other domains MUST go through one of the brokers like Sedo, or Aftermarket.com or any of the other premiere brokers in the space. We will be publishing a list in the next few weeks. Each of those companies will submit their list to us and we will work closely with them to choose the ones we think will sell. We will supply the venue, the auctioneer and the production.
Those supplying names to us for our “Guaranteed Placement Program” will pay a flat fee and a very attractive commission schedule that can save you a lot of money IF you are serious about selling and IF you want to participate in your marketing. If you have been frustrated by not having the auction houses select your name, this gives you control.
Even the more modest levels will save you quite a bit by paying a listing fee and showing folks you are actually serious about selling your domain name at an attractive price. On a $50,000 domain name you will save $2500 if you are willing to step up with $1000 up front. The savings get more substantial on higher ticket domains. A $1M domain name will save you $82,000.
Plus, you can list TODAY and have 6 MONTHS to market, promote and be public about it. The last thing you want is to have it in just days before the auction. DUH! I think historically the auction list would come out 2-3 weeks in advance and that really was no way to do it. I hated that. I know it takes TIME to get the word out.
We are going to change the dynamics of the auction and we are going to see some excitement. We don’t need or want 200 domains for a successful auction. We just need motivated sellers that know we have the premier domain audience at our shows and all they want is a great domain.
As far as end users. That has to be an industry wide effort. If you know someone, say something. None of us can crack this egg by ourselves. It would have been a wasted effort before now. But today the timing is right to begin this phase of our efforts.
Bids will start low and work up from there. The days of looking for suckers at high levels is over as well as narrow and high reserves. This is a wholesale auction not a retail one. However we will join you in an effort to get the end user. But let’s be honest. With ALL live auctions combined over the years, end users combined would not fill your bathroom. They have been few and far between. So we can talk, but the reality does not match the words.
If you look at the successful auctions they each had a great domain up for grabs with multiple serious bidders. THAT is what makes a great auction. It's a contest!
So if you want a different result you need a different formula. I am happy to announce a really big change in how we will do the auctions and others will follow our lead.
Every auction should be a contest. That is why I don’t care if there are 5 names in the auction, 10 names, 100 names. The only thing that counts is there are interested parties ready to bid and prepared to win. The days of 200 domains crammed in an auction to put everyone asleep are over. Those that continue to put the audience asleep will not survive and will look foolish from this point on.
On the spreadsheet below you will see the current 15% fee on top compared to the new formula at each level. At the $5000 level there is no savings but you do have the benefit of securing a spot without any headwinds. The 'Guaranteed Placement' has great value.
Plus here is an idea for those that get a lot of inquiries on a specific domain. Just tell them it will be up for auction in October. YOU have the ability to control that now where before you never had that POWER! Create your own auction and your own competition. That's a winning formula!
Lastly, we are considering some other interesting ideas. One of which is for a no reserve auction for high profile domains with a twist that protects the owner from letting it sell too low.
What we know is the old way no longer works. It is stale. Long boring auctions are out of vogue. We believe these changes will reinvigorate the process and bring the excitement level back. We will also be eliminating the silent auction. So you only get one bite of the apple.
Bottom line, a serious auction for serious buyers and sellers. No fake bids or prearranged sales to save face. No return favors to include crappy domains that wastes everyone's time. Our auction is the 'Main Event' and it should look and FEEL that way.
Sliding Scale vs 15%. Available to domains from $5,000
*Savings PLUS GUARANTEED Placement
The audience we serve has a sweet spot of $10,000-$100,000 and has the ability to buy domains in excess of 7 figures as has been demonstrated several times. If you look at the most successful auctions we have had, they each had at least ONE domain that we could personally run with and promote. A headliner.