How to use GoDaddy Auctions.
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Converting GoDaddy Make Offer Listings to Weekly Auctions: Pros and Cons
The make offer listing is a service by GoDaddy that is popular among domain sellers. However, many buyers are not always ready to begin the negotiation process. Compared to a make offer listing, a fixed price increases the chances of a sale by as much as 30%, which can be the case at GoDaddy. Additionally, a make offer listing makes buyers think that the domain is not really on sale but expects an unrealistic price. However, the opposite is true for 7-day listings because a domain will be sold if there is at least one interested buyer, and there is no reserve. In this case, there is the chance that the domain may be sold for a lower price than the buyer expected. There is also a paid option that lets a seller add a reserve price for the 7-day auction. While this is not expensive, it can hurt if you do not sell the domain. If you are using the reserve auction, there is also a high chance that the domain will not be sold.
Despite all these, there is a special feature that makes offer type listings a good choice. Because GoDaddy makes it possible to convert a make offer bid to a 7-day auction, a seller can make offer listings to set up a “reserve price” free of charge. This is definitely a good idea, and here are the pros and cons.
– There is no risk of your domain being sold for a minimal amount
The listing will appear on the most active page if there is a second bidder, therefore, maximizing the views your listing gets.
– Your domain will only be listed in the most active list of the current auction only if there is a second bid
– Most bidders are discouraged by the high starting price, therefore, lowering the number of bids and the number of willing bidders. This is also the case with reserve price auctions
– if there is no bid after the 7 days of the auction, the buyer who placed the make offer bid may feel that the domain is not worth the price offered and may not buy it.
Note that there can be really good or really bad consequences for converting an auction. However, the success mostly relies on the second bidder, who is the first to bid during the 7-day auction. If the second bidder makes a better bid in the first days of the auction, making the conversion becomes a great strategy. Therefore, it means that converting a make offer bid to a 7-day auction should be ad a discounted price if it is to be successful. Therefore, if you feel that a realistic price is around $1000, converting a $300-$500 offer is a good strategy because you will be expecting some activity during the auction period, therefore decreasing the chances of making a big loss. An example of a bad strategy is converting at an $800 offer price because there is a higher chance that buyers will be discouraged at this price, and even the original offer may go unpaid. Converting offers in 6 or 6 figure price range is not a good idea, and these are not 7-day auction types anyway.
It is possible to get both positive and negative outcomes. Take this case. After making a $1000 offer for a domain, the seller decides to counter $1600. This may cause you to feel that you do not need the domain that much, so you probably wouldn’t accept the countered offer. The seller may eventually convert the offer to a 7-day auction meaning they are ready to sell it for $1000. A few days later, you are outbid, and the domain appears in the most active list from the beginning. Finally, domain sales for close to $3000. In this case, converting the offer to an auction was a great strategy for the seller. Alternatively, hundreds of auctions are sold way below the predicted price after a relatively high offer was made and countered.
It is appealing to convert make offer bids to 7-day auctions that you would accept anyway. However, you should be aware of the risk you are taking because you can lose a buyer and the chance of selling the domain at a higher price within the 7-day auction period.
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Hope can help, have a great day :).