dailypress - 10:40 am on Oct 20, 2013 (gmt 0)
Just wanted to share the result.
First of all, I have been following this particular domain for months. I was initially planning to wait until the domain was released not knowing about SnapNames and how they work. Silly me!
After checking the name on Domain Tools over and over I noticed the change in the domain status which made me realize that I need to research what it meant. And then I learned about the big company names which basically directed me to Snap Names and Name Jet. Thats how I learned about them.
I signed up on both however, learned that since the domain was from Network Solutions, NameJet has a higher chance of getting the name.
During the auction, (that lasted 3 days) I noticed no one outbid me for the last 24 hours. I waited and waited until the last 5 minutes and was very excited that I was still in the lead.
Only 2 minutes left, I kept refreshing the page until a "domainer" popped up and increased the price by $2,000.
I dont know why they waited until the last minute but finally I won the domain. :)
The mistake I made was once I signed up on Snap Names and Name Jet I realized that the number of bidders grew by 30. I should have simply waited until last day before I signed up. It may have worked as a trigger.
Also another mistake I made was in order to figure out the value of the name, I made an offer on Sedo days before the auction began. Since there were no offers Sedo showed 0 bids on the name until I made an offer kinda provoking people that it is a wanted name. ;(
1) Learn about these companies that snatch dropped domains. If its a valuable domain, be sure that it will go through auction before ever being released to public.
2) Google the usernames before the auction ends and try to learn a bit on who you're betting with.
i.e. for example I noticed two of the users had bid and won domains for over $7k the previous week meaning they had enough money to purchase domains.
Later on I learned the person who was bidding the last 2 minutes owned around 1,000 domains and has been in the web business for years. He is pretty well known. I did a whois on the domains he previously won on Name Jet to find out more info on him.
3) Keep refreshing the page the last few minutes until the auction ends and you see a congratulation sign otherwise I would have thought I was still in first place and may have lost the auction.
Anyway, just thought I'd share the little that I learned in the domain business.
Good luck and thanks for your help.