The one thing I have never understood is why some people bid early on Drop.com.au – and thus show their hands to others?
For the uninitiated, there are currently three platforms where you can bid:
Drop.com.au – this is a true auction system where you can see other participants bids. It also allows you to place a maximum proxy bid where you will only ever pay $1 more than the next highest bidder (if you are successful of course). The system also allows for “sniping” i.e. putting in a bid with seconds to go. Unfortunately, Drop don’t win many of the bigger domains – but just ever so occasionally they do. So if you don’t cover your bases with them, that could well be your loss!
DomainShield – totally different system where you bid in levels (where each level doubles up). It’s also a “blind system” – no one else can see what you’re bidding. Level 1 is $25; L2 – $50; L4 – $200; L6 – $800 etc. When you place your initial bid, you do get advised if someone has already bid at that level. You then have to decide whether you want to double up. And if the domain name is valuable, you may have to keep doubling for a while! Even if you do secure a level, there is always the possibility that someone else can double up on you! (And you’ll never know until the end). DS win good domains on a regular basis, so if you’re serious about acquiring a name, you need to be bidding here as well.
Netfleet – totally blind system where you put in your best bid and hope for the best! Because it isn’t an auction system, some people tend to make higher bids on domains because of fear of loss! NF are the most successful platform in Australia – they simply “catch” the most, day in; day out. So if you want a particular domain, and you don’t have a bid on NF, then you’re bonkers!
Back To My Earlier Point
Over the past couple of months, I have seen some strong early bidding taking place on Drop. At 9am in the morning (with four hours to go), there have consistently been bids on a number of domains.
I really want to thank the people that do this. You are my “early warning system”. You alert domain investors like me that there is serious interest in a particular domain or domains. I can then make an appropriate bid right at the end. 😉
On a serious note, if you are a genuine bidder, then bidding early is doing yourself a grave disservice.
Not only do you alert other buyers, but you effectively push the price up on the other two platforms (they will no doubt encourage you to keep bidding early!). And then someone like me will probably “snipe” you on Drop in the last 10 seconds. So you don’t win either way.
If your argument is that you’ll be away from the computer at 1pm, then I don’t buy that. Bids on Drop can quite easily be made by mobile phone.
Think about it.
Just my opinion as always …
Ned O’Meara – 19th July 2016