allow seller to set starting price

[hollayo]

I suggest the auction should allow seller to choose starting price - i know i will not be putting great names with the starting 1 bid

A name i think is worth more could go for a buck or a computer glitch could prevent others from bidding, etc. and i would not take that risk.

Lets get posts from both sides - people who agree and disagree with we on this.

 

[CoolHost.com]

You are most likely referencing what is to be a "mandatory" $1.00 Starting price beginning on the auction after next ... which, by the way, is a SATURDAY ... on 1/25. Correct?
If this is the case, and I have my facts right, I agree with you ... I think the seller ought to be able to set the "Starting price". I can see no reason for ONLY allowing for $1.00 Starting bids ... other than to stimulate the 'auction process overall. Now, some would argue that MORE sales would occur with a $1.00 Starting bid ... more activity, interest, what have you. May be true ... but if the person is brave enough to put up a "good" domain, and it turns out that that particular "Saturday" is date night and there are only three people in the auction ... well, you know, guess who 'loses?
Finally, I think it's important NOT to focus on quantity of sales, but rather QUALITY of sales! I don't know why people use "quantity" as a barometer, or comparison in this business. Anyway.
This is a VERY subjective topic ... and, no doubt, my two cents could most likely be countered at any angle. But, they are MY two cents ... humbly ... and I'm not even asking for a poll.
Thanks and Good Luck.

 

[Duke]

I am in favor of the $1 starting point. Unfortunately, too many people with no common sense or clue to a domain's value load the auction with garbage and compound that with grossly overpriced starting bids (hundreds of dollars on island country codes for instance that have already been shown to be worth less than $5 in numerous actual sales on this very forum).

Loading an auction with that kind of stuff completely kills interest in the auction. Who wants to sit through several hours of that? With a $1 starting bid your domains will sell at the true market value - not at some absurd valuation that exists only in your head.

It would have been fine if people had the common sense to start their domains at $10 or $25 or whatever is reasonable for the domain - but just look at this week's list and you will see things starting in the hundreds and even thousands of dollars that virtually every person on this forum knows is worth less than 5% of the starting figure. That element ruins any chance to have an auction with reasonable starting bids set by the seller.

It is easy to see why Greg is going to the $1 starting bid. With over 200 names in the auction pool - and more than 100 bidders who showed up last week, do you really think someone is going to sit there and let another guy walk off with a really good name for $5? IMO If your name goes for $5 it's because your name was worth $5, regardless of how you viewed it.

Keep in mind you are selling to an audience of domain resellers. If you think someday you are going to get the full retail price you envision for the name, don't put it in the auction.

 

[CoolHost.com]

I agree that, generally, folks DO overprice their domains ... newer domainers especially being overly "exuberant", whatever. That is true.
However, I don't believe the auction system here is that efficient YET ... to be guaranteed of these 100+ potential buyers and on a Saturday night, and with the potential risks that the original post mentions. Caveat; I'm in the U.S., so I'm partial here.
The audience is overwhelmingly domain resellers TODAY. Perhaps there's even a retail buyer or two in the midst. What about the future?
As I said, it's very new and very subjective ... and I do agree that people tend to overprice their domains, in general. I just don't think it's that simple going forward.
There's enough knowledge of "likely" resale figures (wholesale or retail) for any given domain here in the Forum. Is there any way to reasonably pre-screen the Starting bids (if they're allowed to be over $1) and then edit the sore thumbs (obviously overpriced ones)? I'm just brainstorming, but I really think this thread is really important ... now and in the future. All input in good.
Thanks.

 

[Duke]

Originally posted by CoolHost
Is there any way to reasonably pre-screen the Starting bids (if they're allowed to be over $1) and then edit the sore thumbs (obviously overpriced ones)?

I suggested this in another thread. As the auction owner and a person who has as much (or more) experience buying and selling names than anyone here Greg could ably do that, but I doubt if he would want to put up with the howls of protest from people who get their auctions deleted and claim favoritism, fascism, myopia, menstrual cramps and who knows what!

 

[Duke]

Having said what I did in my first post, I should temper it some by saying this week's list doesn't have as many utterly absurd prices as last week. There are a couple priced over $4,000 that wouldn't pull $10 in an open auction, but I do see some movement toward sanity.

The problem is it's a free auction so there is nothing to keep people from taking advantage of the situation by throwing names in with wild prices on the one in a million chance some complete fool comes along and bids on it. Perhaps we could let sellers pick their starting price up to $50 or so, but if it is above that - they pay a $5 listing fee to Greg (just pulling a number out of my hat). If they really think their name has a chance to sell for thousands, the $5 would be a pittance when they get to reach such a large group of dedicated buyers. (Maybe there could be a graduated fee scale, $2 for $50-$100 opening bids, and on up, kind of like Ebay). That should limit how many people put bad names in at inflated prices just because they can.

 

[CoolHost.com]

Great suggestion, Duke ... I don't recall seeing it in another thread, and I'm now sorry that I missed it. I doubt Gregr has the time or inclination, as well. HOWEVER, there are plenty of "qualified" individuals here on this Forum who could quickly glance over the 'lineup, if you will ... and highlight those for suggested possible editing. I know people would likely object at first ... but IF it was explained to them nicely that "in the interest of potentially securing more interest and active bidding on your domain name, it is being suggested that you lower your starting price from $150.00 to $35.00" ... "that we have enough evidence to support successful sales and transactions at this level for the caliber of your domain". And, finally, "this is only a SUGGESTION, and please feel free to list it at your current Starting bid".
I'm guessing that after a week or two of Z-E-R-O interest, they MIGHT get the message.
The other cans of worms mentioned will come in to play, as well ... but, again, over time the efficiency of the system may make this manageable.
Good stuff! All of this is IMHO, of course. Anyone else have thoughts or opinions on this matter?
Good Luck.

 

[CoolHost.com]

Originally posted by Duke of Earl
Perhaps we could let sellers pick their starting price up to $50 or so, but if it is above that - they pay a $5 listing fee to Greg (just pulling a number out of my hat). If they really think their name has a chance to sell for thousands, the $5 would be a pittance when they get to reach such a large group of dedicated buyers. (Maybe there could be a graduated fee scale, $2 for $50-$100 opening bids, and on up, kind of like Ebay). That should limit how many people put bad names in at inflated prices just because they can.

Yep. I think this is the likely logical evolution ... and I concur!
Perhaps create a second class of DNF Bucks ("B" shares) pegged at $1.00 U.S. a piece, with no secondary market ... for such a purpose.

 

[Duke]

Originally posted by CoolHost
IF it was explained to them nicely that "in the interest of potentially securing more interest and active bidding on your domain name, it is being suggested that you lower your starting price from $150.00 to $35.00" ... And, finally, "this is only a SUGGESTION, and please feel free to list it at your current Starting bid"..

I would use slightly different language - something like this:

...This is only a suggestion and please feel free to haul your junky ass on down the street to the next FREE auction you come across you nimrod!

 

[CoolHost.com]

LMAO!!
Good job, Duke!

 

[CoolHost.com]

Originally posted by Duke of Earl


I would use slightly different language - something like this:

...This is only a suggestion and please feel free to haul your junky ass on down the street to the next FREE auction you come across you nimrod!

Unless, of course, the person's User name is/was, in fact, "Nimrod" ... then there'd be a libel/defamation (whatever those legal types call it) suit in stating that he/she had ... ummm ... a less than perfect derriere.

 

[kingdon]

For the buyer it's a great idea to start the auctions at $1, but it sucks for the seller. I can't wait to get great names for $15, I mean the clock has to run out, and then every one here will call these guys out on the carpet if they don't transfer, what a scandal this will be! Misery is alive!

 

[Mizzoula]

Originally posted by CoolHost
I agree that, generally, folks DO overprice their domains ... newer domainers especially being overly "exuberant", whatever. That is true.
However, I don't believe the auction system here is that efficient YET ... to be guaranteed of these 100+ potential buyers and on a Saturday night, and with the potential risks that the original post mentions.

I agree with this totally.
I think it's a good idea to start auctions at $1, but the system is too new to be guaranteed the names will sell for market value--not everyone in the domain industry frequents this site. There are many big players I know that do not even visit here. I think possibly if there were two separate auctions to take care of this issue, it would be resolved. Perhaps one night there could be a $1 starting auction, and another night in the week, a higher priced auction for listings that enter through a nominal fee to Greg's services. Just a thought.

 

[CoolHost.com]

Thanks, Mizzoula!
I especially like your idea a potential second weekly auction. The KEY will be consistency! Two weekly auctions ... say, the "Saturday Night Special" ($1 Starting bids only) and the "Sunday Night Extravaganza" (fee-based, and at the Seller's Starting bids). Week in, week out ... and at the same scheduled times.
We're definitely thinking ahead here, and brainstorming ... which is a GOOD thing. All comments are appreciated. Thanks!
Good Luck.

 

[kingdon]

Two auctions is a great idea Mizzoula, that solves the problem. I'm betting the dollar auction takes off and the second nights auction will be a sleeper. The second would be more of a showcase for what you're willing to part with. And then you would see everyone switching over to the one dollar auctions, but it does diffuse the debate.

I think if the bids went up like an actual auction that would work. While the first bid is a dollar, can't you raise it to $10, then if someone wants it for $20 that's the current bid. This $1 at a time thing takes to much time. If I'm willing to pay $50 for a domain, let me bid $50, and if someone wants to top my bid, then they set the next level, and if I want to set a higher level then that would be the new mark. Why does the policy have to mirror e-bay, this $1 increment only smells like trouble for the seller. I predict you'll see tons of offers 2 seconds before the auction ends, I wonder who's building a sniper program at this very moment. If I want the name and am willing to pay for it, I risk loosing the auction because I'm limited to what I can bid, the auction becomes a button race.

Now if there is additional time put on the clock for last 2 second bids, then that would work. Lets say you bid 2 seconds before the close, then the auction is extended for another 10 seconds. This would kill the sniper and allow fair competition, maybe the $1 can work.

 

[Darkfire001]

Hmm, Im lost. So if we already submitted domains with starting prices for THIS weeks sunday night auction (Tommorow) will they start out at $1.00? If so, can we take our domains off the auction?

 

[Duke]

Originally posted by Darkfire001
Hmm, Im lost. So if we already submitted domains with starting prices for THIS weeks sunday night auction (Tommorow) will they start out at $1.00? If so, can we take our domains off the auction?

No tomorrow night's auctions will start with whatever starting bid you entered.

I think GregR has already mentioned he might go to twice a week auctions - with one requiring $1 opening bids and the other being left up to the seller. Sounds like a good plan to me.

 

[CoolHost.com]

We are "brainstorming" here, Darkfire ... making suggestions and providing input to Npunatar's original post, "allow seller to set starting price".
I guess you could say we're looking ahead ... or at least that's the way I've perceived the intention of this thread. Seeking opinions.
Regarding tom'w night's auction (Sunday, 1/19) there wasn't a "mandatory" $1 Starting bid, as I read it. That $1 Starting bid requirement BEGINS on the auction after next, or Saturday 1/25.
I 'think the intent of the thread (again, the original post), was concerning the auction after next (that Saturday 1/25) and THEREAFTER.
I'll allow Npunatar to add his/her comments, as certainly I don't want to speak for him/her. Thanks.
Good Luck.

 

[CoolHost.com]

Originally posted by Duke of Earl


I think GregR has already mentioned he might go to twice a week auctions - with one requiring $1 opening bids and the other being left up to the seller. Sounds like a good plan to me.

Excellent!!

 

[FineE]

If the price is set by the seller I would suggest the order of the auction be in order of starting bid with the lowest starting bid first. Also I suggest a fee for a starting bid over a certain amount say $100.

In this way the "seller sets starting bid auction" could be held immeditaly after the $1 auction or on a different day.