What is a Domain Auction?

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Due to the growth of the Internet and the need of many, if not all businesses and individuals to have a website; domain names are now the hotness commodity around. Everyone who is anyone now wants a domain name for various reasons and purposes, from large corporations to private individuals. It seems that in the world we live in today everyone wants their presence to be known on the Internet.

The reason that more and more people are now recognising the advantage of having their own domain name is the realisation that the Internet is the new and best way to promote products and services, the best for marketing purposes and as a way of getting your website seen by everyone. The Internet and domain name opens your business up to a whole new audience that you wouldnt be able to reach without the Internet.

It can easily be said that obtaining a domain name is a relatively inexpensive way to market yourself, your product or business; however it is wise to remember that the most desirable domain names have already been taken but this doesnt mean you will never get the domain name that you want as all domain names have an expiry date; although domain names never actually fully expire on the date they say they will, meaning if you are hoping to purchase one that is due to expire it is important that you keep your eye on it.

When a domain name is due to expire it is up to the domain name owner to renew the name if they want to keep hold of it; however if the date of renewal passes the domain name then enters into what is known as expired status. The name then remains this way for 40 days, during these 40 days all services on the site are shut off but the domain name owner still has time to renew the domain name. If you are trying to get hold of a domain name and the domain name enters into this expired status then it is a good first indicator that the domain name will probably not be renewed. After these 40 days are up the domains status will change to what is known as the redemption period.

During the redemption period all of the information about the domain name, which is kept on the WHOIS website will begin to disappear. When a domain name enters into the redemption period it is a good bet to say that the owner has decided not to renew. Finally, after the redemption period, the domains status will change to locked as it enters the deletion phase. The deletion phase is five days long, and on the last day the name will officially drop from the ICANN database and will be available for registration by anybody.

When these domain names become available domain auctions become the perfect way for a seeker of a domain name to get the one they desire. These domain name auctions happen on general product auction sites or auction sites specifically for trading domain names. Expired domain names that have not been renewed are sold. However, people who no longer want to utilise a domain name they own may also sell to potential buyers.

If you are looking for a domain name then it is advised that you visit one of these domain name auctions as you are likely to find what you are looking for.

Helen is the web master of Discount Domains, specialists in all aspects of Domain Auctions.