Friday, December 14, 2007

Auction House Gurus Share Their Secrets

The best way to improve any skill is to hang around with people who are much better at it than you are. You can grow skills on your own, but there's a cap. On your own you learn from your own mistakes instead of the mistakes of others.

Now, you're always going to make mistakes. If you're not then you're not trying hard enough. The goal is to make less mistakes by learning from those that have the experience.

OK, ok the goal is to make a boatload of gold. And that's where hanging with people who are Auction House (AH) smart will pay dividends - more money in your Imbued Netherweave Bag and less shrinkage of the self-esteem.

Now I know what you're thinking, "But Og, all I got is your crummy blog...where do I find these AH smart people?" I'm glad you asked!

Head over to the thread over at Norganna's AddOns forum that talks about gold making strategies. These are some of the smartest people I know when it comes to making big coin in the AH, and it's interesting to see how they each approach the AH a bit differently.

Some of the strategies include:

  • Buy cheap greens (and higher), disenchant and sell the mats at a higher price than the items where priced for
  • Buy cheap enchanting mats and flip
  • Buy anything on the AH that is significantly below market value and flip
  • Buy for prospecting (Jewel Crafting) and sell what get's prospected
  • Focus on buying and flipping Epics
  • Undercut on resale
  • Charge a premium

...and mixes of all the above. In addition, it seems like everyone had different tools from the Auctioneer suite they liked, different configuration settings and different funding amounts (how much you keep on hand strictly for flipping on the AH).

While all these pros had a game plan that was slightly different than the others, they all had common threads that didn't changed no matter what their strategy was. These are the key "secrets" to being successful in the AH:

  1. Discipline - All scanned the AH frequently and consistantly. Feed Auctioneer and it will throw up numbers you can count on. Wait, that didn't come out like I meant it.
  2. Patience - The market for items, categories or as a whole can go in unexpected directions. Patience can mean the difference between selling for a loss or superior profits.
  3. Market Knowledge - Understanding an item, profession or class market means picking out the right bargains, leaving duds behind and bringing home the Helboar Bacon at the end of the day.
  4. Learn From Others - Most of these folks are raking in somewhere north of 1,000 gold per week, yet they still share information, ask for help and seek to understand other strategies.

This second list applies to you whether you are making thousands of gold or trying to crack 10g for the first time.

Put this one on your bookmarks.

1 comment:

wowconomics said...

One way to make gold, is to farm what your good at and use that to buy what you need. This will make you more gold "per hour" than just farming what you need.