Previous Bids

[neddy]

I have raised this issue before, but after chatting with Angelo and Chris.C today (and Mark Lye), I thought I'd raise it again.

This is not a criticism of NF - we are all grateful to have the platform. We just want to make it better!

What gives me and some others the pip is that past bids on catalogue listings linger until death.

There are many listings on NF where the last bid (and sometimes only bid) was made over 12 months ago. In some cases 24 months plus!

So if someone comes along today and wants to make a bid, they have to start at the previous level.

With any commodity, just because something was worth $X 24 months ago; it doesn't mean that it is worth that today. (This is from a buyer's perspective).

From a seller's perspective, whilst it is good to have an "offer" in there from 12 months ago, it could actually be a hindrance to getting new bids in.

The whole thing about selling is to create a competitive enviroment. IMHO.

So I would like to suggest that:

1. Past bids get wiped after 3 or 6 months (and it is start again time).
   
   
2. If there were previous bids, then perhaps these could be shown as "archive / previous bids". This way, the seller can show that there was interest previously.
   
   
3. If NF doesn't agree with (1) or (2), then at least give the seller the option to wipe past history if they want to get some fresh bids in.

What do others think?
.

 

[DavidL]

Sounds good to me. However not sure about them automatically getting wiped too often. Eg if you have a really good domain listed... a $xx,xxx to $xxx,xxx domain, say, you don't want to be going through the cycle of getting $100 bids every three months.

Maybe they can do something funky where an acceptable bid is calculated through some formula that looks at the highest bid and the time since that bid? Or simply a new bidder can make any offer over 50% of the highest offer?

 

[Chris.C]

I think the simplest solution would just be allowing those that have listed domains to be able to delete past offers if they choose.

I think there are two sides to the story, one side is that you don't want old bids up there forever, but at the same time sometimes having previous bids on a domain can act as "social proof" to potential buyers to show that it's more than just them interested in a domain and if they want to secure it they should act soon.

With all that said, I think it should be up to the seller whether they want past bid history up or not.

 

[findtim]

So I would like to suggest that:

1. Past bids get wiped after 3 or 6 months (and it is start again time).
   
   
2. If there were previous bids, then perhaps these could be shown as "archive / previous bids". This way, the seller can show that there was interest previously.
   
   
3. If NF doesn't agree with (1) or (2), then at least give the seller the option to wipe past history if they want to get some fresh bids in.

What do others think?
.

Firstly number 3 is the most important, the seller needs control over the sale and the value of the product, number 2 is redundant, previous interest is not a consideration i think for the current potential buyer except for a scalper and you don't want them anyway. number 1 is far to long, if a buying decision cannot be made quickly then make it look FRESH to offer, do not place dates on listing for sale and the NEW potential buyer will go ..." ohhh that looks good" instead off " its been sitting there for ages lets give them $50"

you can end your reading now or read my real life example:

in 1997 i had a house in brissie, didn't NEED to sell .... just wanted to, it was on the market for 9 months ! we set a price and we had many offers but stuck to our price, then 1 day the estate agent rings and gives us a bid of 50K below our price and says "well the guy knows its been on the market a long time....." so i replied "there is a difference between needing to sell and wanting to sell .... so NO "

the guy came back and paid our price, he did some minor improvements to the house and flipped it for another $120k in just over 1 year.( he was a builder) [i just get splinters ! ]

NOW, imagine if we had a sign out the front saying "for sale $300k but the best offer we have had so far has be 55k "

do you think ANY real estate agent in the world would do that? So why are we not taking the high ground on domains and using time tested rules from the real estate industry, why reinvent the wheel.

its gotta change.

honestly i have a few domains i want to get rid of that i think are of value but the current structure on NF doesn't MAKE me want to do it via them but i love the way NF work of snapper auctions.

tim

 

[neddy]

I think the simplest solution would just be allowing those that have listed domains to be able to delete past offers if they choose.

I think there are two sides to the story, one side is that you don't want old bids up there forever, but at the same time sometimes having previous bids on a domain can act as "social proof" to potential buyers to show that it's more than just them interested in a domain and if they want to secure it they should act soon.

With all that said, I think it should be up to the seller whether they want past bid history up or not.

I see your point of view Chris. Your solution would be better than what exists currently, but I still think "dated" bids (by dated let's say over 12 months old) should not
be the starting price for any new bid. In a lot of instances, it is just unrealistic, and would turn people off from bidding.

NF want to encourage people to use their platform to do deals.

If I look at a listing that has ancient bids on it (and I'm keen to make an offer), I am forced to bypass Netfleet and look up the WhoIs and contact the seller directly.

And let me tell you I have done this more than once and done a deal.

The best thing I can do is give an example of what I am suggesting.

There is a listing on NF that is nearly 4 years old. It received 4 bids - last bid was for approx $12000 back in April 2009.

Now I know the person is keen to sell it, but if someone looks at that listing, the immediate thought is "why has no one else put in a bid for over 3 years? Perhaps it is over priced?".
And they will either walk away from it - or contact the person directly.

It's a good domain, but if I was advising this seller, I would say start fresh and get some action going. Momentum and urgency sells. The owner doesn't have to accept any bids -
but at least he reinvigorates his listing. (I know several people who would make bids on this at lower price points).

And the point is, if the owner gets some competition going, he may well sell it for a higher figure than it sits at now. It's funny how things happen sometimes.

This is just my opinion as someone who buys and sells domains for a living.

 

[snoopy]

Can see the issue, but I think it is better for the past bids to be listed than not all things considered.

 

[neddy]

Can see the issue, but I think it is better for the past bids to be listed than not all things considered.

I wouldn't mind that - it could be a good tool to show those as archive bids.

But my point is why force someone to have to place a new bid at a price higher than what was bid over 3 years ago (for instance).

Start afresh and get some momentum going.

 

[domainlover]

I would have to agree with Ned on this one as i dont see the relevance of a 'highest bid' that is 3 years old that you have to beat to get the ball rolling again. Maybe an archive section for the history of bids might work.

 

[snoopy]

I wouldn't mind that - it could be a good tool to show those as archive bids.

But my point is why force someone to have to place a new bid at a price higher than what was bid over 3 years ago (for instance).

Start afresh and get some momentum going.

Could be configured so they can make any bid, ie lower.

 

[Mark]

Understand concerns here and all are valid points.

I think Ned your main gripe is from a buyers perspective? And everyone else is talking from a sellers perspective? Correct me if I'm wrong.

If we give the ability to sellers to archive all past offers whenever they want and put in a auto-archive feature, that removes any offers over 6 months that would suit both perspectives?

I think even if its a $xx,xxxx and above domain, the seller would appreciate a new start to the listing history to get things going again?

Could be configured so they can make any bid, ie lower.

Valid point - and I think this could be an option when listing a domain? Eg respect past offers or not?

 

[neddy]

If we give the ability to sellers to archive all past offers whenever they want and put in a auto-archive feature, that removes any offers over 6 months that would suit both perspectives?

I think even if its a $xx,xxxx and above domain, the seller would appreciate a new start to the listing history to get things going again?

Perfect!

And then you can see how it goes, and fine tune if necessary.

 

[Chris.C]

But my point is why force someone to have to place a new bid at a price higher than what was bid over 3 years ago (for instance).

Oh I didn't realise that was the case!



Yes new buyers should definitely be able to put in a first bid that is lower than the highest past bid.

 

[neddy]

Oh I didn't realise that was the case!



Yes new buyers should definitely be able to put in a first bid that is lower than the highest past bid.

I wondered why you weren't agreeing with me!

Have a look at these screenshots (to illustrate my point).

This is the example I was talking about.

Screenshot 1 shows that minimum bid required is $12,005.

Screenshot 2 shows what happens when I put a bid in for $3000! (bear in mind last offer was 3 years ago).

 

[Chris.C]

I see.

On the topic of minimum bid can netfleet PLEASE allow us to set our own minimum bid - the difference between someone bidding $100 and someone being willing to bid $200 to me can often signal the difference between someone that understands the value of a domains versus someone who doesn't.

Plus the way I see it is I'm virtually never going to sell a domain for sub $200 (ie it's not worth my time) so I should be able to set the minimum bid at $200.