SUCCESSCLICK.COM

MULTI-AUCTION EVENT WILL REVEAL A LOT TO DOMAINERS

I’ve been reading a lot of blog/forum posts and comments in the last week about the innovative domain “multi-auction” presentation to be held on various days at TRAFFIC NY this week.  For the record, I first suggested this type of auction format in 2006 for a domain conference.  I thought it would reveal the strengths and weaknesses of all the domain auction producers and bring in significant profits. Even though I couldn’t bring this multi-auction to production, I’m excited to see how it works out now!

In my professional assessment, TRAFFIC NY scores big by implementing the Domain Multi-Auction Format. The multi-auction system may yield a lot of great facts for domainers worldwide. Specifically:

• Which auction system is the most professional and profitable for sellers and buyers alike?

During the TNY conference, these facts will be quite revealing to the whole of the domain industry.

Why?

After all the auctions are over at TRAFFIC NY, it will be interesting to see which auction system ran the smoothest, had the best domains featured, closed the best sales expectations (and I don’t mean the most money made from Premium domains), and how fast the auction producers expedite their sales (how soon the sellers receive their money and how fast the buyers get their domains - which in my experienced estimation shouldn’t take longer than 14 days).

With all the auction producer emails and blogs and news releases flying around for the last 60 days, it is already very educational for domainers and endusers to read each auction producer’s “sales pitch”. If I was a potential buyer, I’d look at each sales pitch for its content (do they try to make the domain sale based on “Walmart-style 50%” off sale advertising on cheap domains made in China,” or “this domain doesn’t need a written description of why it’s valuable, because if we have to tell you, you can’t afford it”). Each breed of domains offered in their domain auction has it’s benefits. However, if you’re defending or circus-selling the domains you’re offering in the auction, that’s the wrong road to take. I could be wrong, but we’ll see.

I’m not going to address the lures used to get domain sellers to commit to any particular auction system. That’s another article for later.

FOR DOMAIN NOOBIES: I’ve seen a lot of blog and forum comments from domainers who obviously have little experience in domain name selection but a big desire to make quick money (Gamblers Anonymous, anyone?) without really learning the craft.  They’re immediately recognized by the list of domains in their comments that weren’t selected for auction.  People, if you’re new to the domain business, either buy an ebook on domain investment (see the links to the right on my blog), or hire my company or another domain consultant to teach you the ropes. The money you invest in learning from a domain professional will be returned a hundred fold. Just in one area alone, you’ll save a lot of money by knowing not to renew crap domains in your portfolio. At the least, subscribe to Eliottsblog. He provides excellent information for domainers of all levels, including beginners.

Anyway, you can’t blame auction producers for turning down your list of domains to auction when your domains immediately announce “I don’t understand the rudimentary and fundamental concepts of domain evaluation.” Notice I said “evaluation”.  I didn’t say “appraisal”. The two words are completely separate in determining how to buy and sell domains. A lot of the posts I saw with lists of domains accompanied by complaints they weren’t picked had domains that in no way whatsoever resembled a workable, brandable, keyword generic domain. They could work on Whypark, but as resale products, yipes!

On the other hand, I’ve seen some blog/forum posts by auction producers that mislead buyers, and that isn’t fair, either. For instance, a generic domain name with no location included can’t be offered for sale as a “geo-generic” domain. It’s not “geo-generic” nor is it a “geo” domain in any respect unless it describes a “location”, which is the proper application to label a domain “geo-generic” or “geo-specific”.  For geo-specific or geo-domains, you need a clear location named in the domain itself. It’s that simple. (See “BerkeleyHeights.com“) Saying that it is a “geo domain” because it can be turned into a directory that may list advertisers “from different locations” is skinning the grape. I’m sure the Carleton-Castello Gang, who are geo domain experts, will back me up on this.

So, a domain like “BestFunSushiRestaurants.com would have to read “BestFunSushiRestaurantsNY.com” to be “geo-specific.”  (Note the “NY” at the end of the second domain).

Domain Auction producers are responsible for giving correct definitions of the type of domains they’re offering, as they are in expediting a fair, fast and honest auction service.  I have high hopes for TNY in this regard.  Happy hunting, everyone!