I’ve recently listed and sold a small group of quality domain names on NameJet, utilizing their public auction venue.
I’m very happy with the results, and for having the ability to follow the ongoing auction live, through the NameJet system. It can be entertaining as well. 😀
The way it works: An agreement is signed to sell domains on NameJet, setting the rules of the exchange.
Domain investors can then send NameJet a list with their domains for approval, setting a reserve price – if needed – and providing the expiration date of these domains; typically, these assets need to have 3/4 of their registration year left, at least.
Approved domains from that list are then promoted through the NameJet channels, such as social media and newsletter.
For private auctions, only initial bidders make it to the final, closed auction.
For public domain auctions at NameJet, at least two backorders are required, after which the auction becomes public. If there is only one backorder, the domain is given to that bidder only if reserve is met, or if there is no reserve. It’s quite simple.
The system works well, and NameJet limits the number of auctioned domains to 10 per day, per seller.
Once sold, the domain is automatically pulled out of one’s eNom account to NameJet.
Konstantinos of OnlineDomain made a good point that there has to be a track record of such a “domain pull” when it’s completed, and I’m hoping that NameJet will work with eNom on fixing this.
If the domain isn’t registered at eNom, it has to be transferred there. It’s a good practice to begin the domain transfer to eNom as soon as a domain’s reserve is met, as it saves time for the conclusion of the exchange.
There are many other benefits of using the NameJet domain auction system that I will expand on in another post.
I should add that the people working at NameJet strive to provide excellent service and support.
So they haven’t fixed Enom yet?
I don’t actually expect a fix since they said they will be redesigning enom…
No, still broken. 🙁
I have been working with NameJet recently on listing a few of my domains.
So far the experience has been great. The next step is to create a schedule for my auctions. I am also planning on promotion for at least one of the more premium names. Did you do any sort of promotional efforts?
Shea – The payment cycle should motivate you to list them soon. 🙂 Payments are sent out around the 15th of the month for auctions that ended the month prior.
Aside from a couple of tweets and an external link post at NamePros 24 hours before the end of the auctions, I did not actively promote them.
Thanks! I’ll will for sure keep that date in mind.
Thanks for the post! Can you share the commission rate?
I’ve been listing my domains on Namejet for a few years now and I’m very happy with the results. Laurie and Jonathan are awesome people to work witho which makes the experience even better.
@ACRO concerning your quote ” typically, these assets need to have 3/4 of their registration year left, at least.”
Not true. If your domain doesn’t have 3/4 of its registration year left usually this problem will fix itself since you need to transfer the domain to Enom once it’s sold and that adds an additional year to your domain.
And in case the domain already was located at enomcentral and it has less 3/4 of its registration year left after it gets sold Enomcentral will renew it automatically with an extra year (and that renewal cost will be subtracted from your monthly payout).
The only rule I know of is that your domain cannot expire when it is listed so it needs to have around 2 months of its registration year left before it will expire.
Congrats on your sales. Personally I don’t want to see “past retailed” domains in the pre-release lists.
Acro,
As regards Payment, according to NameJet TOS: “Payment. NameJet shall pay the Net Auction Proceeds due to Seller pursuant to Section III above within thirty (30) days after the last day of the calendar month in which such Net Auction Proceeds are collected from the applicable Buyer.”
So it’s within 30 days after auction proceeds are collected, not 15 days 🙂
Andrea – “Within 30” means “up to 30,” and the way it practically works: For auctions that were completed and paid for e.g. in June, you receive a final statement around July 5th, and wires are sent out on July 15th.
Garth – Past retailed, as in pre-owned and not dropped? The distinction is clear, they are marked as “Pre-release.”
Tim – Commission is 15%.
Bram – Correct, a transfer to eNom resolves any issues with domains that expire too soon.
Acro,
We might consider to list some premium names.
Based on your experience, how much time, on average, between the auction end and the date proceeds are collected from buyer?
Andrea – It really depends on the buyer. Some have active balances or pay the following day. I know I do. 🙂 Payment must be made within 7 days per http://www.namejet.com/Pages/FAQ.aspx