User:FuzzicalLogic/Guides/Auction House Guide

Introduction

Auction House Myths

1. Buy Low / Sell High
   Contrary to popular WoW belief, this practice does not directly apply to an economy as a whole. Rather, this specific technique is applied when purchasing and selling stocks. While this does have some merit as applied to goods and services, there are many cases in which it may not. Resellers use this philosophy to manipulate the market with a negative trend toward the buyer. Prices are largely determined by the buyers, not by the sellers. This is especially true in a market where the player has ultimate control over how and whether to even acquire such goods.
2. Low Prices are bad for the Market / Sellers / Economy
   Every piece of evidence to date shows that in every stable economy, the prices of goods are supposed to go down as availability (supply) meets the demand of the buyers. Lowering prices (given the correct circumstances) actually stimulates buyer interest and valuates whatever currency that applies, so long as the exceeding difficult or rare goods maintain their relative values.
3. You have to be high level to make money
   While being higher level certainly opens more opportunities, making money is more about your selling philosophy than about the power of your character.

Playing the Auction House

Rule #1 : Don't spend money...

... without a guarantee that you'll make more money. Here's an example: Buying that pet in the AH for 1k gold... Doesn't do anything for you except build some self esteem. If you already HAVE the money, no big deal, but then you probably aren't reading this guide. Riding Training, however, increases your speed. This increases your farming and questing. Faster farming and questing increase AH sells (more goods) and quest rewards (sometimes even more).

Rule #2 : Don't Buy Gear/Don't Sell Gear

Each piece of gear has stats that make it valuable to one player or another. However, do to the min/max nature of the game, players avoid accepting just any stat. Instead, players maximize on the particular attributes that provide a visible advantage to that class. Selling gear automatically limits one's market when selling an item. This is particularly true at low levels where a person may outgrow their gear in just a couple of hours. The truth of the matter is that more money is made by selling materials every day on every server than from gear alone.

Materials have a larger market than gear does. While certain professions certainly cater to specific classes, any class may be an profession. Additionally, materials are not simply bought by those professions that use them, but also by characters that desire goods from those professions. Resellers also depend on your low prices to make their own money, so they often buy what is in demand. Finally, your competition may even purchase your goods to resell them, depending on the advantage to them to do so.

Rule #3 : Convert your Materials

Nearly every material in the game may be converted to a new material. Often the new materials are worth more than the base materials. This does, of course, depend on the server. Regardless of your profession, you can take advantage of this. Some simple conversions for demonstration:

•  [Silk Cloth] to  [Bolt of Silk Cloth]
•  [Lesser Magic Essence] to  [Greater Magic Essence] or vice versa

Rule #4 : Sell Stacks, not Singles

Ever try to buy 20 of something and no one has a stack available for you? Its painful. Most goods are better sold as stacks rather than singles for a lot of reasons. Generally, people develop in phases or in bulk. Rarely do they only buy what they need for one item, as often they need to make plenty to level up. If you can afford it, never sell less than 1/2 stack of almost anything. Special exceptions include:

• Enchantments - Most people need an enchantment temporarily (due to level) or permanently (due to build and max level)
• Cut Jewels - While these MAY be sold in bulk, often people buy them as they get the sockets.
• Materials that sell for more that 500g - These are expensive anyway, so to widen your market sell in singles.

Rule #5 : Undercut Everyone... (including yourself)

... By at least 10% (more depending on the good). Remember, your goal is to sell, not sell for the highest price. Your buyers will determine the best price. Many people lower their daily income because their goods don't sell. When your goods don't sell, you can't replace them with more goods. Most buyers are looking for the best reliable deal. If you follow the previous rules, then this does several things for you.

• Expands your market
  Most of your market is determined by the cost. A person can only buy if they actually have or can make the money. Additionally, resellers may even buy you out just to make an extra buck off your goods (this is a GOOD thing).
• Makes your Sales attractive
  Most buyers buy according to the market, not to their need. So if you are selling a stack at a really good deal, then often buyers will "stock up".
• Speed up your Sales
  Buyers are more likely to buy a good deal as soon as they see it. Many buyers are under the impression that if they wait, then the deal will go away. The faster they buy, the more money you have to make more money.
• Reduces competition
  Most people have the idea that a good is worth a particular amount. The closer you get to that threshold, the less likely that sales below you will occur in great abundance. Of the ones that DO occur, they'll be out of your way quickly enough that yours will often still sell.

Rule #7 : Change it up every 3 days

Avoid selling the same good more than 3 days in a row. Selling the same good consistently tells your competition two things:

• You can get it consistently and therefore are not going away.
• You will sell until convinced not to sell.

In contrast, switching goods can still achieve all of the same goals you wish to achieve. As you regularly drop the price, buyers will force the sellers to drop their prices. This is a slower process, but it still works just the same. Other sellers will barely notice your presence and will not consider you a threat to chase around. Even if they do take notice, most sellers sell the same goods over and over again. If you change it up, you are immediately out of their cross-hairs.

Rule #8 : Repost no more than twice

Every auction you post costs you money and time. Often, if you are following these rules, if a good is not selling, it won't sell (at least for a while). There is much theory and demonstration to support this, but very little is conclusive. Consider holding onto the item in your bank for a few weeks to try again. Or dump it on Trade for an even lower price.

Rule #9 : More Alts = More Options = More Money

Often, people overlook how much they transfer between alts. The simple truth is that alts can be used more advantageously in a number of ways. You only ever need 1 crafter of each type on a single server (even if they are different factions). As often as you may transfer gold between toons, you could just as easily transfer your mats. If you have crafters that use similar mats, you will definitely need more gatherers. Gatherers level faster anyway. :) Crafters may just as easily transfer converted mats or gear as well. Finally, if used judiciously, you may save a ton of money for your high level gear by bouncing between all of your high level toons.

Rule #10 : Sell from a single Character

When you consider that so much of selling well is buying appropriately, its important to note that all of these rules apply to you as a buyer, as well. This means that if your gold is consolidated, you have more buying power. Your selling power is directly related to your buying power. Players also take not of who they buy from the most. The more often a single name is up there, the more often they will look for you first (especially if you have good deals). Finally, if you attract the animosity of other sellers, you can easily transfer your selling identity to one of your other toons by simply moving the gold.

Tips and Tricks

This section has some general info for anyone, but also has specific tips designed around specific professions.

• Relax. Not everything will sell the first time. Some things won't even sell a 2nd time. If it doesn't, sell something else.
• Everyone is different. Certain characters seem to develop a repulsion aura around certain goods. (I think this is based on name, but what do I know?)
• Consider the 2x rule: Don't sell anything for more than 2x what it costs to get the mats in the AH. Since 90% of the people are just trying to price gouge, this puts you at a strong advantage to sell every time.

For Enchanters

• Every Greater Essence converts to 3 Lesser Essence of the same type. This can very easily be used to your advantage. (Even if you are not an Enchanter).
• If you have alts, don't sell the gear! Send it to yourself and disenchant it.
• Having an enchanter is one of the few times that buying gear really helps... You can disenchant it to turn around and sell the mats. Just pick your price point carefully.

For Miners

• Burning Crusade and Wrath of the Lich King ores and bars sell the best and the most consistently. The reason for this is no one is farming them.
• Many ores/bars are a 1 to 1 ratio. Check the prices before smelting them. Some ores, in particular, are way better to sell than the bars.  [Titanium Ore] is one such example.

For Scribes

• Only sell one glyph of any type at any time. The reason for this is that every glyph has diminishing returns. Every time someone learns a glyph they learn it permanently. And if you are selling the glyph, someone else is too.
• Sell inks and max level trinkets and relics. These do surprisingly well on the market, as there are a LOT of scribes who don't want to farm. The reason they don't want to farm is because its a never ending process for Scribes.
• DON'T, do not, under NO circumstances, sell blank vellums. They are purchased for cheap at any Enchanting Supplies Vendor.

For Alchemists

• Cooldowns, Cooldowns, Cooldowns... You can sell them directly, or sell anything that results from one. They're always well worth the time and mats.
• Potions don't sell as often as they should. See the above tip.

For Blacksmiths

• Belt Buckles are used by literally every 85 in the game. As soon as you can get Belt Buckles, consider selling them.
• Folded Obsidium is necessary for end game crafting. And many don't even bother to sell it.

For Jewelcrafters

• Often times, uncut gems can go for more then cut gems. Treat cut gems as if they were gear. Since they only apply one stat, maybe two, only a handful of the market is going to want them. They also suffer from diminishing returns like Glyphs do. That is, each person only needs a couple. Don't ignore cut gems, but be wary of them.

For Herbalists

• Volatile Life. I won't say more.
• Consider converting your Herbs using an Alt or profession that uses herbs.