Domain auctions provide opportunities to domain holders to buy and sell their domain names. Domain auction sites facilitate the buying and selling of domain names by providing a platform for the sellers to place their domains for sale and allowing potential buyers to place bids for the domain name, and ultimately awarding the domain name to the highest bidder.
Running a domain auction provides an opportunity for selling your domain to the highest bidder thus allowing you to make more money depending on the value of your domain name. When selecting a domain auction site, it is crucial to analyze the flexibility of the services offered, as well as the charges for the auction.
This checklist is a how-to guide for creating domain auctions.
Part 1 –Domain Auction Host
1 Select your preferred domain auction site
2 Options in the market include Flippa, Godaddy, Sedo
3 Check that your selected auction site is flexible in terms of auction options
4 Analyze the site’s exposure to third parties
5 Check that the site offers tools such as Domain Price Checker to evaluate the value of a domain
6 Analyze the charges for transfers and escrow services
7 Check for targeted auctions focused on specific domain name niches
8 Check whether the site gives you full control of the auction
9 Ensure the site is reputable
10 Check whether there are requirements for membership payments in order to participate in the auction
11 Check availability of MLS (Multi Listing Service)
Part 2 – Hosting your Auction
12 Leverage tools such as themes to create exclusive auctions
13 Select your preferred auction method from the options offered
14 Most sites offer the direct auction and marketplace auction options
15 Add advanced features to maximize the visibility of your auction
Part 3 – Steps for the Auction
16 Create an account with your selected auction site
17 Set up your domain name auction listing
18 Include a timeline for your domain name auction
19 List the starting price for your auction
20 Include the reserve or minimum price for the auction
21 Consider adding a ‘buy now price’
Notes:
- When selecting an auction site for your domain, analyze the auction services, as well as fees charged
- Be on the lookout for hidden charges
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