You know the scenario: You found a great domain on NameJet pre-release from Drop Day and you’re surprised it has no bidders. You decide to place a minimum bid on the name and cross your fingers that you’ll be the only one. A few hours later there are 10 bidders and the price of that domain just went up 3 or 4 times once it eventually makes it to auction. We’ve all been there, it sucks.
“What happened?” you think. The domain had been on pre-release for several days and nobody had taken notice, but once you placed a bid it seemed to draw a lot of attention. The answer is simple, lazy domainers piggy-backed on your find. You see, once you place a bid on NameJet, that domain will now show up with the few (compared to total available) domains that currently have bids. All someone has to do is sort the pre-release domain list by number of bids and the domain you found will show up somewhere within the first few pages. If the domain is a quality name, it will attract more bidders, guaranteed.
I have no problem that NameJet shows the amount of bidders that each domain has. From their side, it actually makes a lot of sense as it creates competition for the names and drives up the auction prices which is what NameJet is hoping for. It’s a good format they have there but it does make it difficult to really find that diamond in the rough.
That is why I love picking up names on SnapNames. SnapNames works a lot like NameJet except when someone places their ‘backorder’ bid on the domain, it does not show other users. If multiple users bid on one name, the domain will go to auction and only then will those in participation be able to see how many bidders there are. If only one user bids on a name, they are the automatic winner and pick up the domain for the minimum price, usually about $80. The best part is, there are usually several quality names on SnapNames that don’t get discovered by others. I usually pick up about one per week this way and I estimate that the domains are almost always worth 4-15x the price I pay. And, just like NameJet, if there ends up being multiple bidders, I’m under no obligation to bid higher than my initial minimum bid so I’ll never get stuck paying more than what I want to pay for the domain.
What’s the best way to find these names? Drop Day or Protrada is what I recommend. I have been using Protrada recently and it works great for finding these pre-releases, but that is for another post coming soon.
Picking up names this way on SnapNames is a good way to to get started for cheap and build a portfolio of some quality names that should pretty easily flip for profit. All it takes it some research, the ability to recognize a good domain when you see it, and $80. If you don’t have that to risk, you’re in the wrong business.