I keep a barely-damp rag handy and wipe the section that needs it as I bend. Wood is only really wet for minutes or seconds. I try to use minimal water, just enough to help distribute heat. Soaking can be dangerous for figured woods in thicknesses we use on sides since it can cause the fibers to swell enough to start splitting all on their own. Give it a try if you have a scrap of curly maple or koa - soak it for an hour and it'll basically self destruct when you try to bend it.
Do you have a controller or rheostat on the heating element? My iron is a 300w element in a steel pipe wired to a simple dimmer, and I find I have to keep it turned down about halfway or a little less to be in the ballpark for most bending. On full blast the pipe gets hot enough to scorch wood on contact.