Dropping names - Bidding against known millionaires

[gazzip]

..a strange question for you :tri:

I'v been in a few expiring domain auctions where there's just me and one other person who's one of the domaining millionaires.

..I just ended up in another one with only me and fma ..a very nice two-worder. (I'm not going to say what it is)


In the past I'v thought its pretty much a waste of time to bid much as there is very little chance you will win, + to do so is just a waste of their money as well and more in the pockets of the registrars.

I usually just go to $150 or so and hope they're not there at the end of the bidding, needless to say this has never worked yet !

I'm 99% sure they would go well over 1k if I took it that far so I don't really see the point...especially if you like them D u b a i Cruise*c o m was one of them


So, what do you do when it happens to you ?



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[DomainTalker]

Either fight - or flight - mate....

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[gazzip]

Either fight - or flight - mate....

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LOL, I don't do flight...but I don't always fight either



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[blaknite]

It shows a tremendous amount of foresight that you check out your competition and plan your strategy. Many would not. It seems to me you are missing another critical point though. It doesn't matter who your competition is, they're the enemy.

The name has a value. The number isn't printed anywhere. You come up with a formula for what you believe that value is, and then determine how much below that "true value" you have to stay order to make a profit when you resell the name. This amount below the true value is how much you can bid. While they may visualize it differently, This is the same thought process your competition is doing, whether the competition is a mouse or an 800 pound gorilla they decide what its worth and go for it. You should too.

I'm not sure where you find out who you are up against, but I'm thinking you are using that metric all wrong. Instead of using it to decide you don't have a shot at a name, you should use it as confirmation of your genius. The fact that an 800 pound gorilla is going after the same name as you is proof that the name is at least as valuable as you suspect. Factor that in and up the ante.

You can fight and have a slim chance of winning, or you can not fight and never have any chance at all.

 

[Premiere]

Just because someone made a million selling domains, doesn't mean they are smarter, brighter or have a better crystal ball. They are trolling through different resources than you and looking for different things. More importantly, most players with big pockets got that way because they are good at picking a number for a name and not spending more. You can easily pick a few off by setting a number for yourself and going to that number every time. Often you will still lose, but your opponent now has less cash in their belt. As resources are depleted, each new name that comes up looks less worth the extra money to those that already spent but didn't recoop yet.

So keep at it and you will definitely get a few good ones.

 

[corgi]

Suppose you are bidding against a millionaire, that means nothing...

because ultimately it comes down to the bottom line, stats, multiples, etc.
it's ultimately a business decision.

if a thousandaire and a milionaire are both bidding for a hundred-dollar domain name...it will be then neck and neck.
because that's all it's worth.

The exception to that rule is if that millionaire has somekind of emotional attachment, that supercedes any business logic...then of course you'll be outbidded

 

[wussadotcom]

Formulate what you think the domain is worth and go for the last bid. Anything higher then just turn around and go to the exit.

 

[DomainTalker]

I agree...

Pay only what you think its worth to you...If it goes above that, walk away.

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[WordWalker]

Another Question

Why is it that actual drops of so-so domains often have domainers lined up with opening bids, while professional portfolio offerings on the same website don't get nearly the same attention (or bids) from buyers?

 

[canswift]

I have on several occasions been one of two only bidders at Snapnames. Second bidder B***KERS, well known deep-pockets domainer and myself.."It's toast" I thought, "I haven't a chance". Much to my surprise, he didn't bid again and I got it for little over min. bid. Of course next time it's just him and me, he ran me up the flagpole and I bailed at $1K...

 

[Charley]

They are trolling through different resources than you and looking for different things.

Most of such buyers, bid on many names in the auction, they tend to get the best of the names. I've seen this happen on many snapnames auctions.

 

[JoshuaPz]

I have on several occasions been one of two only bidders at Snapnames. Second bidder B***KERS, well known deep-pockets domainer and myself.."It's toast" I thought, "I haven't a chance". Much to my surprise, he didn't bid again and I got it for little over min. bid. Of course next time it's just him and me, he ran me up the flagpole and I bailed at $1K...

Same here. I was in an exclusive bidding competition with s**gydimes (i.e. BuyDomains) for an excellent two-worder, and I was pleasantly surprised to see him bail at $100. I won the domain for $110. In other contests I've seen him ratchet it up to 4 an 5 figures without hesitation.

 

[HuntingMoon]

many times they set a top number and walk away so you can push up the bid until you see a non-standard increment and you know what's up. if it is a sunday or holiday we have the best results vs. the big boys. generesearch.com was a good example of a name we could score on a sunday that i bet on a monday they would have been at the wheel potentially on it.

 

[npcomplete]

It doesn't take a millionaire to convince me that there are going to be "no bargains here" for an auction sometimes. I was playing pool with my brother tonight (I am much better), and coaching him that like in any sport, it pays to know the game of your opponent. I was pointing out that in most sports you need to not only be on top of your own game, but "screw with the other guys game".

I used to be extremely active in antique auctions (not eBay, but real in-person auctions for real antiques). I had a notebook on just about every "regular" that showed up at auction. I knew what their interests were, how they bid, sense of humor, personal notes, etc. that I accumulated over the years in auction houses. I would use that against them... and take further notes on their reaction to my bidding. Sometimes I would push them in auction for one item, when I was actually more interested in other items.

So I bailed the other day on a domain auction without a single bid. "No bargains today".

'tis all game theory my friend... just game theory.

 

[cache]

no emotion should be involved in a bidding. It does not do any good to you.

 

[Robbie]

You have to Fight back!

If you really want a domain then you should bid for it but not just for the sake of owning the name hoping it shall make you millions.

FMA - Only buy names they plan to develop and rarely sell so if thats the case I doubt you shall ever beat them!

I wish you the best of luck!

Regards,

Robbie

 

[DomainTalker]

I was bidding just today at Snap against the same bloke for both names....This bloke was roaring it up, on both of them...I thought: 'Oh, b***er!'

Fortunately, he bailed out of the one I really wanted (and I got it), and he got into a great battle on the other name with a third bidder.....He won it, too...


Maybe if he hadn't really wanted the other name, I'd have been rowed right out of it?....Sometimes, you never know...

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[wussadotcom]

I was bidding just today at Snap against the same bloke for both names....This bloke was roaring it up, on both of them...I thought: 'Oh, b***er!'

Fortunately, he bailed out of the one I really wanted (and I got it), and he got into a great battle on the other name with a third bidder.....He won it, too...


Maybe if he hadn't really wanted the other name, I'd have been rowed right out of it?....Sometimes, you never know...

.

Lucky2 :santa: Repped + for that inspiring story :gn:

 

[ulasbbtr]

You can't compete with giants if they really want the name. However, in such situations I force my maximum to make the name as much as expensive for them, because I think if many other domainers do the same that will be a blow to their buying budget. Otherwise they will take the everything and leave nothing to rest.

 

[npcomplete]

You can't compete with giants if they really want the name. However, in such situations I force my maximum to make the name as much as expensive for them, because I think if many other domainers do the same that will be a blow to their buying budget. Otherwise they will take the everything and leave nothing to rest.

Of course you might not want to routinely p*ss off millionaires is the other way of looking at it... you might want to deal with them later. There is sort of a delicate balance in life.