March 20, 2009; 04:09 AM
BOYNTON BEACH, Fla. , March 19 /PRNewswire/ -- The domain community demanded better quality domains auctioned on Bido.com and Bido has responded by addressing the core issue. Bido now allows sellers to sell their domains on Bido with a new reserve pricing format. If the buyers don't vote in agreement with their money, the sellers aren't obligated to sell. Bido even sweetens the pot a step further. If the seller's reserve isn't met, Bido will give the seller the option to accept the highest bid within 24 hours of the auction close.
Bido provides liquidity in a previously illiquid market!
The problem the domain name industry has faced until now is that the market is stagnant, and there are no liquidity options for sellers who wish to divest their inventory. Bido has corrected this and filled the void with their innovative Social Auction platform.
Jarred Cohen, Bido's VP of Operations commented, "There comes a point in time when every domain professional will have to sell their domains. The Bido platform ensures that the right name with the right exposure will perform well. The incentive for greatest returns on Bido is to obtain this exposure. Therefore, sellers should price accurately, and as low as possible."
Bido now offers this advice on the Bido.com website: "As a potential seller with us, we offer you a few pointers on how to price your domains and select accurate reserve amounts:
We're not here to do the research for you on your domains. As the current owner of the domain, you probably have the best understanding as to what the domain is worth. You know the traffic details, you know the keyword and bid values, and you know the domain's history. You probably have more of a vision than we do for the domain as well. While we aren't fortune tellers by any means, we are veteran experts of the domain name industry and we have our finger on the pulse of recent sales and current valuation methodologies.
Teaching sellers how to appropriately price their domains is a commitment we've now made, and we've released a series of articles to teach sellers about the importance of accurate pricing as well as providing advice along the same lines. Please don't just skip along and read only the articles, but please read the comments on each as the discussions that ensued are well worth the read.
Please do your research and come to us when you're comfortable with your price. We'll carefully review each and every one of the domains that are submitted and we'll pick the quality domains that are priced accurately to make it to auction."
In the current market, particularly the domain name sales websites, there's no barrier to entry or penalty for sellers setting inaccurate prices. Which explains the 15 million or so domain names for sale on the market today, and this create a problem. Bido expects to solve the problem by starting at the top and holding sellers accountable for their reserve prices. The end users are not satisfied when they need to tread for hours to find a diamond in the rough, and because of this, many do not return to the sales venue when they seek to make acquisitions of quality domains priced accurately.
To list a domain in a reserve price auction on Bido is similar to the legacy submission process for the no reserve format. On Tuesday, Bido introduced a new pricing model that addresses the core issue of quality domain expectations from their members. The pricing format ensures that only the best domains make it to auction. Jarred commented, "Our pricing model is fairly simple and straightforward. Our commission is still just 8% when your domain sells. It's still free to submit your domains for consideration. Choose a maximum of ten domains from your portfolio that you are ready to sell with accurately priced reserves. If any of your domains are selected, we'll notify you within 48 hours and instruct you at that time to pay a listing fee of $29.95 or 3% of your reserve requirement, whichever is greater. This listing fee becomes a credit if the domain name is sold. When your domain sells, we'll deduct this listing fee from the 8% commission due. If the auction closes and your reserve isn't met, you don't have to sell. However, we'll give you the option to accept the highest bid within 24 hours of the auction close. Bidders are bound to honor their highest bid for 24 hours, even if the reserve is not met. This gives you a fallback option to sell your domain even if the price level did not meet your initial expectations. Another reason why you should list your reserve priced domain with Bido is that you'll leverage our distribution when you list with us." Distribution you ask? Jarred responded, "At Bido, your domain auction will be seen on a number of industry websites. We have banner placement on the top industry blogs and news sources. These banners instantly update with each domain up for auction and are viewed by thousands of people each day. Leverage your exposure with our distribution. There's nowhere else where you can list your sale in one place and obtain this type of exposure to thousands of potential buyers, even at any price. Now that Bido is fully operational and well into our launch, we have nearly all of the professional buyers registered as bidders, watching our auctions, and waiting to bid on the quality domains that will be put up for auction. Take the next step and sell your quality domains on Bido."
Some of the highlights of the Bido.com marketplace include: Accurate Pricing, Maximum Exposure, Fast Turnaround, 1 Domain Auction Per Day, 1 Hour Auction Durations, Low Commission For Sellers, $1 Starting Bids, and an industry first -- Expert Commentaries -- on each domain that's up for auction. There's a successful auction each day. Thursday's auction was for the TextLinking.com domain and after 30 bids, the domain name was sold for $737.00. For more information, to view the upcoming list of auctions, or to submit your domain names for consideration for auction, please visit the http://www.bido.com website.