New Auction Platform

[SF]

£10k sounds incredibly high to keep a company like that in operation. It doesn't have to be so much. All you were doing is buying and selling domain names. Maybe it was because you chose to use an expensive accountant that helped knacker you and because you didn't do what would be pretty simple book keeping and filing a VAT return quarterly yourself, or save. You don't live in an expensive part of the country.

The downturn in the economy wasn't good but it's blamed by many for so much. Good domain names were selling right through the recession. I know this. However I think it has to be a long term strategy.

You are bang on the money, and my main point is if you can answer invicible is - if i had domain.co.uk and you really wanted to buy it - would it put you off that you were buying it from a sole trader or would it have to be a ltd company to make you feel at ease? because thats the whole reason in the first place i went ltd.

 

[DaveP]

Let's see:

• Gathering digital signatures from buyers and sellers that are absolutely legally binding and enforceable by law. This can be automated and dealt with in just a couple of minutes. https://www.echosign.adobe.com/en/home.html (specifically the legally binding part).
• Optional escrow service, suitable for high priced sales especially. Offers peace of mind, especially to newcomers and end users with a low rate of activity.
• Multiple auction formats (open ascending, open descending (reverse), portfolio etc).
• Modern interface with social media elements for sharing and liking auctions. Making it look pretty, authentic and original will go a long way in winning over new customers.
• Easy to understanding pricing system. For example £1 per listing that sells up to £100, £5 for anything over that whether it sells or not.
• Quality metrics and history for a domain apparent on the auction page.

..and more I'll think of later. :idea:

 

[SF]

But dave the main thing we are missing is will it have better quality of domain names than dl and sedo? after all that is what we and end users will be going there to buy?

 

[DaveP]

But dave the main thing we are missing is will it have better quality of domain names than dl and sedo? after all that is what we and end users will be going there to buy?

I know of many portfolio holders (a lot premium!) who won't put a domain on DL simply because the pricing for high reserves is just crazy, say you want a £1000 reserve, it will cost £100, and if it doesn't sell you're down £100! Sedo are just useless and really slow when it comes to dealing with .UK and transfers.

So yes there is a gap for a platform if it is done right.

 

[ian]

...but then it just went quite after that and account fees and book keeper fees was really expensive, I think roughly it was around 10k a year to keep my old company running...

I assume you mean £10k covered more than just accountancy fee's, as that is exceptional high. Mine are a fraction of that amount for a much larger operation. Any good accountant should save you almost as much as you pay them.

I agree a well executed auction platform for the UK which is marketed at the general public could do well, and would certainly be no worse than Sedo and hopefully improved prices over domainlore (typically domainer to domainer auctions).

 

[SF]

I know of many portfolio holders (a lot premium!) who won't put a domain on DL simply because the pricing for high reserves is just crazy, say you want a £1000 reserve, it will cost £100, and if it doesn't sell you're down £100! Sedo are just useless and really slow when it comes to dealing with .UK and transfers.

So yes there is a gap for a platform if it is done right.

But if you the seller believe in your product that should not be an issue?

 

[DaveP]

But if you the seller believe in your product that should not be an issue?

There's just not enough buyers on DL at the moment, and some just aren't willing to take the risk and get a low price I assume? DL's system of 10% penalty fee backfires when it comes to domains that can potentially sell for £x,xxx I guess it just puts some people off.

 

[SF]

I thought some of the benefits for going LTD would relate to corporation tax and dividends, as well as limited liability. It potentially has the benefit of looking a tad more professional but that'll depend on the buyer at hand. If a domain name acquisition company is looking to acquire one specific domain name from a registrant I don't think it would matter because they want that domain name. It might be different at the lower end. Some buyers can be risk averse, don't understand escrow and even make you complete a compliance form detailing that you are a supplier to them!

I think the ability to respond to enquiries in a well thought out way and also the ability to make the potential buyer feel ease are valuable skills.

Sent from my iPad using Tapatalk HD

I agree, and as a sole trader there is no limit on what you can earn, but once you go over 75k you will have to go vat registered, but you still dont have to go ltd

 

[SF]

There's belief and there's delusion. Sadly I feel many members here fit squarely under the second heading

LOL you do make me laugh!

One mans gold is another mans.... The seller will have had a belief at some point at the registration or otherwise the seller would not of bothered registering it in the first place?

 

[SF]

There's just not enough buyers on DL at the moment

Is there not? I would rather quality over quantity for both domains and buyers...

 

[ian]

I thought some of the benefits for going LTD would relate to corporation tax and dividends, as well as limited liability.

Totally correct, 20% corporation tax (up to a limit), dividends equals zero personal tax (up to a limit) and no personal liability. Also gives a much more professional appearance to corporations but in the domain industry, I'm not sure it matters at all.

 

[fuzzer]

Sometimes I like to contact lots of different potential end-users of a domain and say to them something along the lines - 'this domain has recently become available again - we've contacted a few others who may have an interest and we may hold a small auction in the next month - if you'd like the details... let us know'

then it comes down to trust - if you have some interest, the only place I know to set up an auction is DL - which with respect, I do like a lot - but I reckon could do with a little design makeover to make it more appealing/trustworthy for end-users who are going there the first time - also - quite a few typos in the 'guide section' - doesn't do any favours. I think those two small things would help out tons in the above situation.

 

[SF]

Watch channel 2 Invincible Alex Policksi

 

[fuzzer]

What have been the results of doing the above? More bidders from end user industries?

Denys first language possibly isn't English. Whilst he is very good at writing it I acknowledge that I notice that the style is a give away for being a non English speaker. It could do with the service of someone such as http://www.archivepub.co.uk/services.html


Sent from my iPad using Tapatalk HD

Alright - slight exaggeration, only started catching this year - have tried it a few times half-arsedly with not much luck, i.e. just a semi-duplicated email, no phone calls.

But - the idea is to get a few end-users interested, then a decent bit of bidding. But, I would be a lot more confident if the above I mentioned was in place.

p.s. I feel ebay is a no-go - has to be a specialist domain auction site to show the general prices in the market to the potential bidders - and DomainLore is the best we've got, just needs a tiny bit of tinkering.

Peace out Denys - please don't ban me

 

[mojoco]

Well done Invincible for derailing yet another thread in the extremely vain attempt to prove to others just how intelligent you are. You are clearly a great guy to relax and talk business with.

 

[mojoco]

I see plenty of relevant discussion within this thread about the original topic. If anyone is derailing it it's YOU with the above kind of post.


(from iPhone)

Shall we all analyse your grammar and punctuation now ?

 

[mojoco]

Be my guest.


(from iPhone)

OK, lets start here...

My concern is the desirability of the stock doesn't not exist and the availability of enough motivated retail buyers does also not exist. Occasionally a low to average domain name may get an enquiry from an interested buyer at one point in time. Actually this is impossible to quantify because every domain name is different. However I think I am correct in my belief that a lot of domain name stock being listed and exchanged between acorn domain members isn't going to be of interest to retail buyers.

I assume that rather than "doesn't not exist" you meant "doesn't exist" or "does not exist" but hey we are all human and can make mistakes.

 

[mojoco]

A surplus "not". I must have been typing fast on my iPad whilst simultanously doing other very important things. My obvious error.

Planning any further derailment of your own thread...? ;-)


(from iPhone)

No, I'm planning on dumping the thread and starting again. Not tonight though.

Should a new thread start and gain interest, I for one be very grateful if you can share your constructive comments instead of your smart ass way of being clever.

 

[mojoco]

Come back with a well written PDF of a couple of pages describing what you want to do and we can all pass comment. ;-)


(from iPhone)

Certainly Invincible, I'll stop what I'm doing and have the document prepared.

Did you want it delivered to you by any certain time Sir? Any particular paper you would like it presented on ?

 

[mojoco]

(Your sarcasm was noted)


(from iPhone)

I'm so honoured.