Every once in a while, I think of a tool I think would be helpful to my business. I don’t have any type of computer programming background, so instead of spinning my wheels and throwing money at something I wouldn’t be able to adequately tackle, I figured I’d write a blog post about it and maybe someone will create it.
Every domain name that goes to auction, whether expiring auction at NameJet or private auction at TRAFFIC, has many unique attributes. There is extension, keywords, length, inbound links, Google results, keyword search numbers, pagerank, number of other extensions registered, how the domain name was used previously…etc.
All domain names probably have dozens of unique attributes that can be identified, and each attribute plays an important role in the domain name’s valuation.
I would love to have a tool that uses an algorithm to predict the closing price of a domain auction before the auction begins. With thousands of auctions occurring daily across many platforms, there is plenty of data that can be used to predict the sale price. I think it would be a great add on to a tool like FreshDrop, and it could even be a Firefox or Chrome extension that could be enabled on the auction platforms, allowing me to sort by predicted closing price.
This tool is different than automated appraisal tools like Estibot because it would actually predict closing prices rather than value. In addition to a domain name’s attributes, the tool would also take the auction conditions into account as best as possible. For instance, it would be able to use the auction’s start time, venue, number of backorders, high bid prior to auction, and other factors into account when predicting the closing price. With each auction that the algorithm records, it would be able to self adjust for more accuracy.
Do you think a tool like this would be helpful, and would you pay for something like this? How would you go about getting something like this built?