Domain Liquidation Platform - Seeking input for new Epik project

[DanSanchez]

Dear Namepros,

The team at Epik is exploring the development of a project that aims to shift the painful domain name expiration process into a more profitable experience for domainers. Perhaps you have read my opinions about registrars selling expired domains and refusing to help registrants in recovery. The time to disrupt this with action has come!

In the meantime, since joining Epik last month, I decided to do something about it with the help of some amazing engineers. The goal of this "name liquidate" idea is to sell domains directly to buyers that may otherwise wait to acquire these domains at expired auctions or being filled as registrar backorders which pays zero to the registrant.

The planned solution addresses two domainer pain points,
1. Liquidation of expiring inventory brings much needed capital, meaning you can renew more of your portfolio.
2. Buyers get clear title and dont waste time bidding on names that can be recovered post-expiry.

Here is the process,
1. Submit your domains: you unlock your domains, provide auth codes.
2. Seller acknowledges that a fast-transfer of the domain will occur once domain has a bid.
3. Bidders agree to non-revocable change of ownership if their bid prevails.
4. Sellers receive a large portion (80%?) of auction proceeds.

The process begins with a 7 day reverse auction counting down hourly/daily, down to $1 plus renewal/transfer for delivery. The domain doesn't have to be expired or expiring. You can submit the name multiple times during the life of the name but not more than once per year. Once the auth code is verified:
• Epik parks the domain with auction template with Make Offer pricing so retail bids can come in.
• Wholesale buyers are informed of expired auction inventory update.
• Domain goes through reverse auction in 7 days
• Domains are fast transferred to Epik as soon as one bid is made.
• If seller locks name, all domains will be removed and no further listings will be accepted from seller.
• Domains already at Epik are pre-qualified for "name liquidate" services, but you must opt in manually.
• External domains are eligible once auth codes are verified.
• Data will include number of views, expiration date, and expected delivery.
• Pre-set domain buys will give you the ability to buy any name when a price hits a certain target.
• Once a bid is submitted, it cannot be revoked. All purchases a final non-refundable.
As for brand name, we are considering NameLiquidate.com — very descriptive name and targeted at a very specific audience. That said, open to considering other names. A separate brand naming project is coming shortly for what Rob describes as the “Ultimate Digital Brand Marketplace”. This is separate.

 

[Lox]

NameLiquidate is the best ways to let go of some domains and cash out when it's time to do it.

 

[Rob Monster]

Would liquidated domains not fetch a potentially better / more fair amount if bids were in the dark?
Is showing a bid count but no amount favorable to buyers, sellers and the house?
Should bids be dark every time or would it be problematic as an option?
Share your thoughts on why or why not.

Your wish was our command -- the proxy bids are now concealed:

You might have to refresh the page.

We need to make it easy and safe for people with more money than time to go in once every few days and put in a bunch of proxy bids and then not worry about being sniped.

 

[tonyk2000]

the proxy bids are now concealed

It was wise.
Now, the next step might be the following - we are still in reverse auction, so proxy bidding means just an extra service for those who are not online 24/7/365. In other words, proxy bidder is asking the system to represent him since he may not be online tomorrow @ 3 am for example. It should be one-time "shot". Without an opportunity to remove the proxy bid, or, in this context, to change it (whether it is increasing or decreasing). A member who is placing proxy bid is supposed (and requested) to submit an amount he is willing to pay. Once. If he knows he would be online - then he can safely avoid proxy bidding. If not - then it is what the proxy service is for. So, let proxy bids be non-changeable. Without an opportunity to increase it, without reports "you were outbid" etc.

 

[Rob Monster]

It was wise.
Now, the next step might be the following - we are still in reverse auction, so proxy bidding means just an extra service for those who are not online 24/7/365. In other words, proxy bidder is asking the system to represent him since he may not be online tomorrow @ 3 am for example. It should be one-time "shot". Without an opportunity to remove the proxy bid, or, in this context, to change it (whether it is increasing or decreasing). A member who is placing proxy bid is supposed (and requested) to submit an amount he is willing to pay. Once. If he knows he would be online - then he can safely avoid proxy bidding. If not - then it is what the proxy service is for. So, let proxy bids be non-changeable. Without an opportunity to increase it, without reports "you were outbid" etc.

Aha, interesting.

I am going to disagree about the one-shot thing. I think if you are outbid, you can put in a higher proxy bid.

You are a smart guy but if you want to convince me, you will have to call me.

I think you have my digits. If not, PM me.

 

[tonyk2000]

I think if you are outbid, you can put in a higher proxy bid

Acceptable way. Traditional way. But it is not a reverse auction

you will have to call me

Will do

 

[Ryan3]

Being able to update the bids increases sale prices when competing against another bidder.

 

[7363824]

I tend to think you should be able to increase your bid and you should know if your bid is the highest or not but otherwise you should not know by how much you were outbid, again I think this would increase the final sales price as it creates competition.

 

[NamesCost]

I like the idea of total darkness while the clock counts down one shot then reveal ...but all kinds would be best right?

Would it not be amazing to allow options for a few styles of auctions ?

 

[NicTraders]

It was wise.
Now, the next step might be the following - we are still in reverse auction, so proxy bidding means just an extra service for those who are not online 24/7/365. In other words, proxy bidder is asking the system to represent him since he may not be online tomorrow @ 3 am for example. It should be one-time "shot". Without an opportunity to remove the proxy bid, or, in this context, to change it (whether it is increasing or decreasing). A member who is placing proxy bid is supposed (and requested) to submit an amount he is willing to pay. Once. If he knows he would be online - then he can safely avoid proxy bidding. If not - then it is what the proxy service is for. So, let proxy bids be non-changeable. Without an opportunity to increase it, without reports "you were outbid" etc.

I'd have to disagree with that. I don't think it's an optimal way to get the best price. I know I for one, on several platforms, will input a bid, then chew over it for a couple of days, and may decide to increase that bid. But a one-shot bid is not going to increase my bid from the start, thus the seller misses out on extra income (when I increase my bid) unless someone else outbids me.

It's good that the current bid prices are hidden though I wonder what people think about a column just showing that there is an active bid (just a tick in the column)? I feel that would be a good idea.

And there needs to be better notifications. A domain I was bidding on was bought at BIN but I had no idea. I'd much prefer to receive an email saying it was sold, then I know it should no longer be on my radar.

 

[tonyk2000]

I know I for one, on several platforms, will input a bid, then chew over it for a couple of days, and may decide to increase that bid

The beauty of a dutch (reverse) auction is that you no more need to do this. Bidders are expected to determite their max. bid from the very begining, and pay this exact amount as the public price is constantly decreasing. Yeah, it works - but in competing environments. NameLiquidate had little or no bidders in the first week or so, but now there are different buyers competing. Rob recently posted a NameLiquidate sale in high 3 figures range - a perfect example. We are no more in $1...$9...$10 sales range exclusively. As for proxy bidding, it was originally intended to help folks who many not be online in the moment of the decreasing price reaching their desired amount - so it is one time shot by nature. One cannot go back in time and change their decision if he is online but just lost the domain in reverse auction (somebody else accepted higher price), so, why should proxy bidding work differently?

 

[7363824]

The beauty of a dutch (reverse) auction is that you no more need to do this. Bidders are expected to determite their max. bid from the very begining, and pay this exact amount as the public price is constantly decreasing. Yeah, it works - but in competing environments. NameLiquidate had little or no bidders in the first week or so, but now there are different buyers competing. Rob recently posted a NameLiquidate sale in high 3 figures range - a perfect example. We are no more in $1...$9...$10 sales range exclusively. As for proxy bidding, it was originally intended to help folks who many not be online in the moment of the decreasing price reaching their desired amount - so it is one time shot by nature. One cannot go back in time and change their decision if he is online but just lost the domain in reverse auction (somebody else accepted higher price), so, why should proxy bidding work differently?

Let's think about this without proxy bidding for a moment. If I see a name and the current price is let's say $500 and I think I like it but I am not willing to pay $500 so I'll come back online when it falls to $100. A short while later it has fallen to $200. I could now decide that actually I'm willing to pay $200 and want to snatch it up before someone else does so I go on and click buy now at $200.

So now bringing proxy bidding back into this, allowing someone to change their proxy bid is really no different and should be allowed.

 

[Rob Monster]

The beauty of a dutch (reverse) auction is that you no more need to do this. Bidders are expected to determite their max. bid from the very begining, and pay this exact amount as the public price is constantly decreasing. Yeah, it works - but in competing environments. NameLiquidate had little or no bidders in the first week or so, but now there are different buyers competing. Rob recently posted a NameLiquidate sale in high 3 figures range - a perfect example. We are no more in $1...$9...$10 sales range exclusively. As for proxy bidding, it was originally intended to help folks who many not be online in the moment of the decreasing price reaching their desired amount - so it is one time shot by nature. One cannot go back in time and change their decision if he is online but just lost the domain in reverse auction (somebody else accepted higher price), so, why should proxy bidding work differently?

Exactly right -- that is why NameLiquidate is clever.

Proxy bidding is a required ingredient for enabling people with more time than money.

We also need a curated hot list, @DanSanchez has an eye for it and will be driving that.

I do like the trajectory, especially with a lot more features on the way.

 

[tonyk2000]

So now bringing proxy bidding back into this, allowing someone to change their proxy bid is really no different and should be allowed.

Yeah. If and only if everything is private - existence of other bids, number of other bids, $$$ offered by other bidders. Private for all parties - both general website visitors (which is current case) and current bidders. Indeed, if I was willing to pay $900 but mistakenly entered $90 - then the system should allow me to edit my proxy, no doubts

 

[NicTraders]

The beauty of a dutch (reverse) auction is that you no more need to do this. Bidders are expected to determite their max. bid from the very begining, and pay this exact amount as the public price is constantly decreasing. Yeah, it works - but in competing environments. NameLiquidate had little or no bidders in the first week or so, but now there are different buyers competing. Rob recently posted a NameLiquidate sale in high 3 figures range - a perfect example. We are no more in $1...$9...$10 sales range exclusively. As for proxy bidding, it was originally intended to help folks who many not be online in the moment of the decreasing price reaching their desired amount - so it is one time shot by nature. One cannot go back in time and change their decision if he is online but just lost the domain in reverse auction (somebody else accepted higher price), so, why should proxy bidding work differently?

Yeah, I understand how a Dutch auction works. To me, Epik's adjustment to the process makes it better than a traditional dutch auction, since there is the ability for proxy bids. I'm not sure if you feel that better prices (for sellers) will be had as a result of NOT allowing proxy bids to change, or if it's just your personal preference. Or maybe you consider it from a buyer's POV. Personally I feel that sellers will obtain better prices if proxy bids can be increased, so I guess if your view is opposite we'll have to agree to disagree on that one. So far I have been a buyer much more than a seller, but still my preference is always to see a seller get the best possible return (since I will also be a seller at times).

 

[NicTraders]

Yeah. If and only if everything is private - existence of other bids, number of other bids, $$$ offered by other bidders. Private for all parties - both general website visitors (which is current case) and current bidders. Indeed, if I was willing to pay $900 but mistakenly entered $90 - then the system should allow me to edit my proxy, no doubts

But weren't you just arguing a few minutes ago that proxy bids shouldn't be changed under any circumstance?...

 

[tonyk2000]

But weren't you just arguing a few minutes ago that proxy bids shouldn't be changed under any circumstance?...

Thanks to Ryan217's post, I now agree that it should be allowed - sometimes

 

[tonyk2000]

Or maybe you consider it from a buyer's POV.

I'm trying to think from both points actually Selling something, buying something on domainer-2-domainer platform is what the NameLiquidate is about. For me, at least. And, reverse dutch auction is a fresh air. No way to abuse it with shill bidding, no snipping, no hugedomains, full transparency.

 

[Optimal Names]

Is there a way (or will there be a way) for a seller to drop in a "reserve" price, a floor? For example, I list a domain and it begins the declining price auction around $990 I think. I know in my heart the domain is worth more than $9 so I enter a reserve of $100. Buyers dont see that reserve of course but they know it exists (on domains which have them). Once the decline hits the reserve, no bids = no sale and domain is removed from auction. Just wondering if that can be something to consider?

 

[NicTraders]

Is there a way (or will there be a way) for a seller to drop in a "reserve" price, a floor? For example, I list a domain and it begins the declining price auction around $990 I think. I know in my heart the domain is worth more than $9 so I enter a reserve of $100. Buyers dont see that reserve of course but they know it exists (on domains which have them). Once the decline hits the reserve, no bids = no sale and domain is removed from auction. Just wondering if that can be something to consider?

Rob has said before that this is coming, so hopefully that's still the case. It works for the low end and the high end. I would prefer a minimum of just a few $ as there are a bunch of names that I would risk that one, but I wouldn't put $9 into them (plus renewal fee). It would be totally up to the seller of course whether they would allow it to go that well. In fact, maybe there could be a default reserve price of $9 (which is basically the case now), or if sellers so choose then they could manually enter a different reserve. A few dollars at the low end, or maybe $99 at the top end. I know Rob has said that it's a liquidation platform so the max reserve shouldn't be more than that sort of figure.

With it being a dutch auction and the possibility that a name can disappear from the list (bought through BIN or proxy bid) or keep going down to anywhere between say $3 and $99 I can imagine a slogan (borrowed from another) like: "Down and down she goes, where she stops nobody knows".

 

[7363824]

Is there a way (or will there be a way) for a seller to drop in a "reserve" price, a floor? For example, I list a domain and it begins the declining price auction around $990 I think. I know in my heart the domain is worth more than $9 so I enter a reserve of $100. Buyers dont see that reserve of course but they know it exists (on domains which have them). Once the decline hits the reserve, no bids = no sale and domain is removed from auction. Just wondering if that can be something to consider?

Rob has said before that this is coming, so hopefully that's still the case. It works for the low end and the high end. I would prefer a minimum of just a few $ as there are a bunch of names that I would risk that one, but I wouldn't put $9 into them (plus renewal fee). It would be totally up to the seller of course whether they would allow it to go that well. In fact, maybe there could be a default reserve price of $9 (which is basically the case now), or if sellers so choose then they could manually enter a different reserve. A few dollars at the low end, or maybe $99 at the top end. I know Rob has said that it's a liquidation platform so the max reserve shouldn't be more than that sort of figure.

With it being a dutch auction and the possibility that a name can disappear from the list (bought through BIN or proxy bid) or keep going down to anywhere between say $3 and $99 I can imagine a slogan (borrowed from another) like: "Down and down she goes, where she stops nobody knows".

Also @AGAME you can manually remove the name at any time. There just no automated removal at a reserve price....yet.