Approaching an auction.
DECIDE YOUR MAXIMUM FIRST
Before you bid at all, and in writing if it helps.
WHAT TO BASE IT ON
What the name is worth to you.
Not what others are bidding.
WHAT NOT TO DO
Adjust it upward during the auction Bid to win rather than to buy Treat it as a contest
THE CONTEST TRAP
Auctions produce competitive feeling. That is how people overpay.
WHETHER TO BID EARLY OR LATE
Early bidding signals interest and can attract attention.
Late bidding avoids that, and with extensions it does not guarantee a win.
WHAT MATTERS MORE THAN TIMING
Your maximum, and sticking to it.
WHAT TO DO IF THE PRICE PASSES YOUR MAXIMUM
Stop.
There will be other names.
WHAT TO LEARN
Watch auctions on names like the one you want.
That teaches you what they actually close at.
WHAT TO RECORD
What you bid and what it closed at.
