Bido.com Launches And I Was First FTW!

by TheMadHat on June 19, 2008

So Bido.com launched yesterday and I scored the first domain ever. Yes, I am making history. Anyway, some of you loyal readers might be unaware since this is primarily an SEO blog (or rather a rant filled time wasting blog) so I’ll fill you in.

Bido Domain AuctionsBido does live domain auctions that are unlike any other I’ve seen. They only do one domain per day with a one hour auction. This is good for me because I can’t pay attention to the other forty million auctions going on. It likely will create a higher demand for each auction considering there will be more attention on it so that’s a good play by them.

The second unique thing is their seller guarantee. There is no reserve on all their auctions and when you place your domain for sale you list a “reasonable” price expectation. If they don’t sell it for that, then they pay you your expected price anyway. This seems risky on their part and good for us, but I don’t know how they determine what a reasonable price expectation is yet so we’ll see.

Finally, another unique point is the social aspect of the whole thing. They have experts that evaluate the value for each domain that’s up for auction. This is a little weird because everyone values things differently, and it’s hard to get a handle on it. Essentially it’s worth what you are willing to pay for it. There will always be inherent risk involved in domain speculation.

Let’s take yesterday’s auction as an example. The domain was discountimages.com. How good is this domain? Well, the “experts” all had values listed well above what I paid for it. The highest on a resale basis was $5000 and something like $20,000 for and end user. The lowest was Todd Malicoat who didn’t like the domain much and had it at something like $1000 max. Based on what everyone says, I got a bargain at $911.00 but it’s all in the eyes of the beholder right? The maximum I was willing to pay was $1200. When I bought it I just planned to sit on it for a while and flip it when the time is right but now I think I might develop it. I need to do quite a bit of research in the stock image world first, but I think it might be worth the time to develop.

Awesomeness
Yesterday they didn’t have an automatic time extension (correction: they did have an extension) for bids below five minutes, which was good for me because I creeped in at 2 minutes and snagged it from “Horney”. Sorry about that Horney…I’d give you a link but I don’t know who you are. Today GolfIowa.com was up and with 5 minutes left the highest bid was $61.00. After a flurry of activity the final price was $460.00 so you can see the obvious benefit. I also got a lot of PR in the process so a big thanks to the nice folks at Bido for contacting me.

 

Congratulations on a successful launch and I’ll certainly be back. You’ve earned the Official Seal of Awesomeness. And congratulations to me for being more awesome than you.

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{ 12 comments }

Sean Staffod June 19, 2008 at 2:56 pm

Hey

First, I would like to say THANKS for being part of our official launch! We were extremely pleased to have you take part in the bidding. I also want to say THANKS again, for giving us the Official Seal of Awesomeness!!

Also, there was one 5 minute extension in your auction as the ending time was 2:05.

We really appreciate having you as a friend of Bido.com, as well as a client.

Humble Regards,

Sean Stafford
http://www.bido.com
http://www.dnzoom.com

TheMadHat June 19, 2008 at 2:58 pm

Sean, thanks for stopping in and for clearing up my confusion! I thought I was being sneaky :D

I like the format. Today was an exciting one too.

Jeremy Luebke June 19, 2008 at 3:57 pm

They need to add an RSS feed with all the upcoming domains so I don’t have to remember to visit the site every day. Other than that, great concept.

TheMadHat June 19, 2008 at 5:02 pm

Excellent suggestion. I’ll forward it on to the people in charge!

Too Many Secrets June 21, 2008 at 3:29 pm

@Jeremy,

You can use the RSS feeds right now for completed, live and future auctions.

Check out: toomanysecrets.com/bido-off-to-a-good-start/

- Richard

purposeinc July 1, 2008 at 4:08 am

I think that domain was a good snag. I probably spend $1000 per year on images. Currently the only ones I like are bigstockphoto and istockphoto. There was another more edgy site called Lucky Oliver that just shut down.

Maybe you could contact them and get a hold of their database and user interface. It was all pretty cool, and their images were more interesting than the other sites.

I am guessing that they just never got profitable as far as I know.

I tend to shy away from Getty Images due to their fees.

much love
dk

TheMadHat July 1, 2008 at 9:15 am

@DK

Thanks for the input. I’ve decided to build it out into something. Not sure if I want to just go the affiliate route or buy up an inventory or what. I’ll certainly check out the lucky oliver thing though.

Get Rich With PPC Coach July 14, 2008 at 2:30 am

Congrats. That was a nice buy for a bit over $900.

Scott - Easy Poker Chips July 14, 2008 at 8:52 pm

How much were you hoping for with that domain? Was $900 a good sale price for it? i.e. would you use it again?

TheMadHat July 15, 2008 at 3:22 pm

I was willing to pay $1200 for it, but I think I could probably flip it at a bigger auction for at least $2500. I’ll probably end up developing it.

hank freid July 25, 2008 at 4:44 am

Thanks for sharing this informatics post. This is really wonderful. So keep it up.

rose January 19, 2009 at 3:23 am

aren’t the domains priced too much? I hope all is not rigged

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