There are of course a lot of ways of making money in the domain industry, but here’s a new one that may have never been tried before.
Lets say you decided you really want to bid on a .CO domain that’s in the land rush auction that you didn’t place a land rush application on.
Let’s use Slots.co as an example, since it’s the domain with the most land rush applications, plus I’m in the auction because I put a land rush application in for that domain.
So lets say one of a couple of things happen.
1. I decide right now I no longer have an interest in acquiring Slots.co, but someone, lets say one of you guys reading the blog, that didn’t put in a land rush application for the domain and therefore can’t bid in the auction, decide you want to bid.
Why can’t I sell you the right to bid in the auction, by using my spot.
I think I can.
I think that a spot in .CO Land Rush auction is a saleable commodity .
Of course we would have to have a written contract in return for some consideration.
Maybe I charge you 5% of your winning bid as consideration for letting you bid in my spot.
Maybe I charge you a fixed amount so whether you win or lose the auction, so I get paid upfront a set fee for allowing you to take my spot in the auction.
2. I decide I want to bid in Slots.co auction and do so, but the price goes higher than my budget for the domain.
Again just to use an an example, lets say my budget for the domain is $10K and the bidding hits $20K with 5 days to go.
I’m not going to bid anymore, but someone out there wants to, and is willing to pay $100K for the domain, again why not sell my spot in the auction?
You can certainly sell a domain once you get it, so can’t you sell your spot to bid in the auction?
Lets even go to the Rick Schwartz school and trade spots.
Let’s say your in an auction I want to be in and would be willing to trade out of an auction I’m in.
Why Not?
Actually I’ll throw it out there just to get things started.
If you want a spot in the Slots.co auction and are willing to trade me a spot (of course you have to have a spot) in the Denver.co and Aspen.co auctions let me know.
If not, let me know what you are willing to pay for my spot in the Slots.co auction.
Let’s see where this will take us.
Rob Sequin says
Mike, I love ya man but…
Speculators speculating on a speculative domain extension?
Should be interesting.
Last one out turn off the lights on .co
Seriously, I would imagine there are laws again this… price fixing, conspiracy… that sort of thing. Or, this is a scheme to sell options or something similar plus I’m sure the .co registry would have language against this in their TOS.
Louise says
Is it copacetic with Cointernet.co? It seems one has to be careful when almost any technicality is a grounds for taking a domain name away. It sounds risky.
Only someone who could afford the risk and liability would consider it, just as you feel the risk and liability is limited.
When we’re more successful, we’ll take bigger risks.
MHB says
Rob
I informally ran it past one of .Co staff and off hand they did not see a problem.
There is not fixing of bids, there are not two bidders working together its simply allowing a different person to participate in the auction, under the same rules.
Corey says
To avoid any issues completely, with the rules or legal matters, you could probably set up a pretty simple arrangement.
The auction participant doesn’t technically “sell” his spot, but instead has a pre-arranged agreement with an interested party – where he will sell the domain to them if won, with some agreed upon percentage up-charge on the closing price. The agreement would include the backing money and perhaps a small fee for Mike’s consideration, irregardless of the auction’s outcome.
As far as Cointernet.co is concerned, Mike is the buyer and it’s up to him to do with the domain as he wishes. It doesn’t matter to Cointernet.co how he gets his funding to acquire the domain.
I’m not a lawyer or a DotCo auction rules expert offering any kind of legal/rules advice here, but that arrangement seems to have very limited exposure.
James says
It’s no different than selling your place on a waiting list for the latest Ferrari. Ferrari UK got upset about it a few years ago and said that places are non-transferable so what happens now is a contract is made between a place seller and buyer so initial sale goes through the seller who never registers the car but sells it instantly to the buyer on delivery.
In this case, the .co registery should have no problem with it as it should help acheive higher prices.
Em John says
I don’t see any problem in it. You bought something and now you are selling it. What ferrari didn’t like about it was the administrative mess. But essentially you are just buying and selling a commodity , a place in an auction. Money was exchanged, and that’s it. Free to resell.
M. Menius says
Mike’s interest in Denver.co or Aspen.co is certainly logical because .co (for Colorado) makes more sense than about any other .co domain possibility. As well as Boulder.co and ColoradoSprings.co. Real Estate companies will like these.
GhettoCaveMan says
Not interested in slots.co, but I do have auction spots for Denver.co & Boulder.co .
Mike – maybe trade a review of my domain portfolio, valuations of the better ones, and talk about highest & best use for my best names??? Mike & DomainKing are the only ones to qualify for this trade.
Of course, would have to charge $300 for my GoDaddy out of pocket per name.
Open to ideas, diamonds, gold, and guns
MHB says
Ghetto
Just to be clear, you will get your landrush app fee refunded to you after the auction.
Email me off line or send to admin at thedomains.com
Hugh G. Rection says
Anyone interested in buying some swampland in Florida should write in as well…Mike is selling.
Jim Fleming says
“swampland in Florida” ??
Virtual Cities can be created in all sorts of places…
http://CapeMyers.com
As it turns out….this is also a “City”….
…
http://AirForceAcademy.CO
and the radio station is…
http://KAFA.CO
Sunny says
This is a very interesting idea of selling the spot in the auction. I currently have a spot for the Caribbean.co auction.
I got notification that the auction will be finishing Aug. 26th.
I would definitley be open to making an agreement with an interested party regarding the spot.
BusinessWebsites.com says
Domainers are masters of arbitrage.
NotSocialist says
Looking for spots on these:
NewYorkCity.co
Brooklyn.co
CheapInsurance.co
I can also swap spots for other revenue domains
Jim Fleming says
…walking around COlorado…stumbled across…
http://Gunison.CO
http://Gunison.COM
GhettoCaveMan says
Your right – too much multitasking.
I guess your deal gets better.
Message Sent
jerry strauss says
i am currently in the auction landrush bidding foir insure.co and for sale byowner
if interested call me at 310 702 7693