SnapNames.com held another Showcase domain name auction which ended yesterday (7/20/2010) and the theme this time around was "Shopping and eCommerce". These type of domain names are normally some hot properties!
The auction held around 150 domain names, yet only 7 domain names ended meeting reserve price. The domains that reached reserve price were:
BillingService.us $300.00
FinancialOptions.com $1,516.00
HomeConsolidationLoans.com $300.00
InfantPortraits.com $585.00
MeatPrices.com $360.00
PowerZone.com $1,470.00
SideChair.com $706.00
So, why the lack of sales?
Open registration for .co was yesterday and I think a lot of people were focused on that.
There were some decent domain names in the auction but I think most would say the average reserve price on many of these "good" domains were nothing that would spark a bidding war, let alone a bid from the average buyer.
No much press about the auction
No Reserve = $300
The next Snapnames.com Showcase auction is from 8/10 – 8/17 and will hold the theme of Recreation / Toys / Games
What do I think would improve the auction and its results?
Less inventory! Having 150 domains listed and only 7 meeting reserve is pretty silly and doesn’t even really make it worth running a "special" auction each month!
I wouldn’t mind seeing SnapNames offer some incentives to domain name sellers. Instead of a flat 15% sellers fees no matter what… offer something that excites a seller! 5% sellers fee with No Reserve listings or something like that. Not only will sellers more likely consider offering a No Reserve domain, SnapNames will also be almost guaranteed a commission off these domains. Yes, NR domains are being listed not and not selling but being a little more selective with what is listed, and offering "other" options to sellers wouldn’t hurt to try.
Stick to the theme! Each monthly showcase auction is themed, yet SnapNames allows "other" domains to be entered even though they may not fit the themed auction.
Make No Reserve, more interesting. $350 isn’t "No Reserve" to me! It is a $350 minimum bid. No Reserve domains should start at $69-$99 and have No Reserve.
Auctions IMO are all about getting people BIDDING! Good domains at great prices bring in bids.
SnapNames is reporting 347 total domain sales via the monthly Showcase Auctions for the year so far.
SnapNames does a lot of good things and the monthly Showcase Auctions have a lot of potential but I think several things need to be adjusted and more "spark" is needed for these events.
Pat
Limiting the auctions to names listed with Moniker limits the quality of the names greatly, IMHO.
chris
I agree… Snapnames is silly, they should be embarrassed at these results. The problem is they let people name whatever reserve they want and domains worth $500 have a reserve of $5,000. Of course they are not going to sell. Snapnames needs to get realistic or they are going to lose all respect. I dont even bother looking at their auctions anymore cause the reserve prices get me angry, what a waste of time.
Jamie Zoch
@Pat,
Technically ~
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Do my names have to be registered at Moniker to be considered in the auction?
No, but we highly encourage it to ensure the quickest and most efficient settlement process. Having your domain registered at Moniker also helps the domain sell faster because buyers are attracted by the expedited escrow and transfer process, which can be completed in less than 3 days.
Domains held at another registrar must go through a successful transfer process before the transaction can be completed. Unfortunately, the extra manual effort and time required to supervise a sold domain through this transfer process necessitates the assessments of a $100 transfer assistance fee.
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I really like the auto transfer so I have a hard time not liking the process. I can see that it could be a pain for some, but if you wish to sell via SnapNames at all, it is just part of the process. Clearly just doing the transfer ahead of the auction would save you about $90 but you can still list a domain not registered with Moniker.
Paul J. Kapschock
No Reserve = $300