Participating in an auction gave you equal footing to bid against like investors in an attempt at getting something awesome at an even better price. That same concept has spilled over into the world of the domain site. You can today buy domain names from auctions just as you would an autographed football or a favorite out of print book. But how do you do it in a manner that maximizes your dollars and ensures that you catch the best price possible for the domain that you are after? It’s actually a lot easier than you might think.1. The Opening BidWhen you are about to place a bid on something make sure that you dont start with a higher dollar figure. It is important to catch your lowest price in early so you can gauge the amount of interest for your site name. As the auction rollicks along, you will start to find out whether there is traction with other users. The reason you want to bid your lowest number is that you want to play the odds of getting the site at a bottom dollar price. There is a chance that it may not happen, but you never know until you try, do you? Once you need made that opening bid, it is important to take a step back, and let nature run its course.2. Avoid the Bidding WarSome inexperienced bidders will dive in right away. You dont want to catch in a bidding war with these people, so it is important to play things cool until the auction moves closer to its closing date. If there is not a lot of activity, then you may test with a new bid, but careful not to go too high. There is a chance that the rival bidder has forgotten about things, and you could catch a super-cheap deal. But if he hasn’t, then he will probably hit back. At that point, you need to determine how much is the highest you are willing to go. Once you know for certain, plan your max bid for the ending stages of the auction. Most sites will only bump the auction price to just above the low bidder’s max bid. If you need beaten him, then you catch it for that price instead of the maximum that you need submitted. 3. Strategy is ImportantWithout strategy, it would be too difficult to outwit the competition, and the chances of you getting the domain you’re looking for would be slim to none. With strategy, you can call the price and catch what you’re looking for.
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