Real Estate Domain Name Auction Going Slow
The head of an Internet site that auctions off domain names says bidding has been slow so far on real estate-related names, but he remains hopeful the "going, going" prices will go up before they are "gone" by the end of the summer.
Mike Magolnick, operator of solutionhome.com , is auctioning off several hundred domain names that are largely combinations of words with "realestate" usually at the beginning, followed by a hyphen and then another word, a la, "RealEstate-Houses.com."
"We've been getting a lot of interest, but no bids that I consider for serious money," Magolnick said. "I'm definitely looking for more (higher bids)."
The public relations campaign surrounding the ongoing auction is urging real estate entrepreneurs to get a good domain name before they are all gone. Magolnick says a good domain name is something an entire company can be built on.
"If you think about it, that name will instantly make that company recognizable worldwide," he said. "What's that recognition worth to someone that wants to do business globally? One million? Five million? Ten million?
"Like 'Business.com' selling for .5 million, (the real estate group of names) is the type of group that someone would spend million on and then take a very recognizable company public."
The real estate domain name auction has been going on since late February and Magolnick said it would likely continue until the owner of the names - who has not been identified - gets bids he likes.
"The average auction is open for about 90 days. This one will go into the second quarter of this year," he said. "Once some suitable bids come in we'll recommend that he put a closing date on it."
There are about 200 real estate-style names up for sale.
In addition to "RealEstate-Houses.com," there is "RealEstate-Owner.com," "RealEstate-Joint.com," "RealEstate-Golf.com" and "RealEstate-Singlefamily.com," just to name a few.
Some have extraordinary asking prices: The price being sought for "RealOwner.com" is listed at .5 million.
Others are extraordinarily reasonable: "NYHomes4Sale.com" has a bid of 50.
One curious name, "Real-S-Tate.com" has an asking price of 00,000 - while another interesting name, "Realator.com" simply urges, "Make an offer."
Magolnick also has about 40 potential domain names under contract with the initials "REIT" built into them.
In all, Magolnick believes the entire collection of names is probably worth about .5 million - but priceless to a company that can built a successful brand around just one of them.