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Drop Aftermarket Auctions

Discussion in 'Drop.com.au' started by Scott7, Apr 26, 2018.

  1. Scott7

    Scott7 Membership: Trader

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    Just noticed that Drop have some names for auction in a new aftermarket section. How do you add domains to this? Thanks.
     
    chris and eBranding.com.au like this.
  2. Drop.com.au

    Drop.com.au Membership: VIP

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    Scott, you beat me to the punch. I was so busy resetting my password for this user that you got a post up first :-/

    It has been 7 years and 7 months since I last ran an aftermarket auction at drop so I wanted to test a few things to see what works before adding more people on. I have given Luke and Ned exclusive use of the system for two months while I decide on the exact format and rules. He has put some reasonable reserve prices on the domains listed so far and for the first batch we have agreed to trial 5 minute extensions but limited to only two extensions.

    There are no other differences from 7 years ago, basically you can bid with proxy bids and $1 increments etc. GST and CoR costs are not included in the bid and are payable by the buyer. We are aiming to keep it down to just 20 domains per day.

    I am happy to answer lots of questions here so please let me know what you like/don't like.

    - Anthony
     
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  3. Andrew Wright

    Andrew Wright Membership: VIP

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    It's been a while...
    :)
     
  4. Drop.com.au

    Drop.com.au Membership: VIP

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    It sure has, we still have an old room with your name on it so I keep thinking back to the good old days when King George offered to eat his hat if the Aftermarket Auctions failed... fun times.

    I am going to be reaching out to sensible sellers during this trial to see if anyone else is willing to put their reserve prices on the line to get some momentum going again so feel free to start thinking about potential domains and suitable reserve prices.

    I've done some thinking recently about making the end of the auction more exciting, I personally think the 5 minute extentions are way too long and just waste time as experienced bidders just extend by $1 twice and then take a punt once they know there are no more extensions. I also know that the last trial we had (7 years ago) we ended up with 24 hours of 5 minute extensions... that was too boring... so I've been thinking it would be interesting to trial 15 second extensions and during overtime bids have to increase by 10% to extend the auction. Feedback has been that 15 seconds is too short and I should not try for anything less than 30 seconds but my gut says that 15 seconds will feel more like the "going, going... gone" of a real auction.

    What do you think? What worked/did not work for you all those years ago?

    - Anthony
     
  5. DomainNames

    DomainNames Membership: Community

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    Hi does the name sell when the reserve price is met or does that just mean they are then really for sale at that or higher prices if higher bids are placed?

    Good to see Drop promoting the aftermarket. A crucial part of all domain name spaces for a healthy economy and free enterprise.
     
  6. Andrew Wright

    Andrew Wright Membership: VIP

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    The main issue is bidder depth. Get enough of the right kind of bidders onto the platform and everything else is just tweaking.
     
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  7. Drop.com.au

    Drop.com.au Membership: VIP

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    Meeting the reserve means that the domain will sell but the auction still runs to completion.
    When a reserve is not met then the domain gets Turned in and is classified as a non sale.
    Once you meet the reserve then if there are no other bids you will be successful, if there are other bids then you need to have a proxy high enough to ensure your continuing winning status.
    - Anthony
     
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  8. Bacon Farmer

    Bacon Farmer Membership: VIP

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    example.com.au (which is in the auction) is a SEO link gatherer's wet dream.

    Probably a PR10 with no effort.
     
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  9. Ash

    Ash Membership: Trader

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    Great to see! And some good results for buyers and sellers so far.
    Will you open it up for others to list domains, or are you vetting them at this early stage?
     
  10. johno69

    johno69 Membership: VIP

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    I’m sure we all have a few we’d like to throw up there.
     
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  11. Drop.com.au

    Drop.com.au Membership: VIP

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    We are vetting them at this point but we are also looking to open it up more and more.
    If you have some domains you want to list then get in touch with Cam via cam[at]drop.(you know the extension).
    If you send him a list, together with expected reserves and if you want any "info" attached to the listing.
    Your domains need to be under management at our registrar drop.com.au.
    Also put in the email that you specifically have read and agree to the sellers terms at
    https://www.drop.com.au/my_account/knowledgebase.php?action=displayarticle&id=44

    If you have agreed to the terms, you have your domains at drop and you have reasonable reserves then you can expect to have your names listed within a week or two at this point.
    - Anthony
     
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  12. Drop.com.au

    Drop.com.au Membership: VIP

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    If you do and if you are willing to put in some effort to direct your previous prospects towards the auction then get in contact with Cam and lets see what we can do for you.
    - Anthony
     
  13. Bacon Farmer

    Bacon Farmer Membership: VIP

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    I think you should make it clear that there is the additional cost of the COR $49.95.

    How long does the COR take normally.
     
  14. Drop.com.au

    Drop.com.au Membership: VIP

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    Good point, we are going to change the interface to make that more clear as it seems to have caused some confusion.
    On average it takes about 2 days, it can be done in about 2 hours if both parties are motivated and it can drag on for weeks if either side have spam issues or credit issues or they are traveling.
    - Anthony
     
  15. Drop.com.au

    Drop.com.au Membership: VIP

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    For those interested... we will be taking a little break from Aftermarket Auctions.
    I plan to turn them off after tomorrow auction ends and then start them again on Tuesday next week (if things go according to plan).
    This is to perform a system upgrade which requires my full attention so I feel I cannot give the auctions the attention they need.
    The sales will still be ticking over in the background as the buyers and sellers click links and pay invoices.
    - Anthony