For those of you who tune into Hearthcast each week, you’ll know my son has recently started playing WoW. While I have the opportunity to go hand him some gold, I have not done so yet (Although Freckleface might have…). Instead, I decided to teach him a little about the Auction House.
Understanding the Auction House in 10 Easy Steps
1. Most people don’t know what they’re doing – and it effects value in a bad way.
A vast majority of people think that the only way to sell things is to be the cheapest on the AH. While this may hold some truth, what usually ends up happening is people undercut others by too much, and the value of an item spirals out of control. Additionally, a person may wish to drive the price of something up and ends up getting hung out to dry because a person came in behind them and undercut them by way too much.
2. Some people don’t know what they’re doing – and it effects value in a positive way.
Often times, people will loot something, and just toss it up willy-nilly on the Auction House with no research. They think, “hey, if I can get 100 gold for this, I’m happy” – when in reality, that item may sell for five times that. Additionally, if a person price matches a common item, then over time, a group of two or more people could easily raise the price of that item.
3. Gold Farmers use the AH to move gold – look for way overpriced items, and avoid them.
You will see grey or green items that might usually sell for 5 gold or less moving for 10K gold or more. Usually this is because they’ve illegally bought gold, and are having it delivered via the Auction House. Tip: don’t try to list something yourself for that high amount. It seldom sells.
4. People use the AH to move items between characters and friends – look for way under priced items, and buy them.
People use the auction house as a transportation tool. When they do, they’ll put an item up on the Neutral Auction House for very cheap, in the hopes that nobody else will be around to snag it. What they don’t realize is the Neutral Auction House is accessible from different locations… learn them, and happy hunting!
5. Without addons, the AH is a very dangerous place to be – get at least Auctioneer
Addons make a world of difference on the Auction House. They can tell you what the value of an item is, any trends that might be going on, or even if you should buy something and make a profit off it selling it back to a vendor! Without that type of information, you’re at a severe loss.
6. People make mistakes all the time – scanning the AH with Auctioneer will reveal good deals you should buy.
I recently bought a 500 gold gem for 50 gold. Someone simply messed up their pricing. Their loss. My gain. However, without Auctioneer, I would never have seen it. Scan, and scan often.
7. Hardcore Raiders are more concerned with time than gold – items you purchase from a vendor will sell for a profit on the AH.
Water, food, any type of consumable. You can get them from vendors, and put them up on the AH. You’d be surprised what sells!
8. Hardcore Raiders typically use the Remote Auction House to prep for a raid later that night. That’s why #7 works.
People get ready for raids while they’re at work (or they blog, like Cold does). You can take advantage of this by putting Raid-Consumables on the AH. Health and Manna items tend to do very well.
9. Everyone suffers in an undercutting war. Stay out of it.
When a bunch of people who don’t know what they’re doing undercut each other for too much, the price of the item ends up bottoming out. Most people don’t know enough to scan the AH before they post to see what kind of competition they currently have. When you see too many of an item (15-20+), and each one is a gold or more less than the one above it, then don’t list yours. Keep it. Wait for the storm to pass. Alternatively, if the price on the lowest one is significantly lower that what your normal price is… buy it, and flip it.
10. You won’t always sell what you list, but you can’t sell what you don’t list.
You gotta be in it to win it. You can make a bunch of gold on the AH, but you need to be able to stomach the losses from time to time. My rule of thumb is if it doesn’t sell in 3 listings, vendor it and move on.
Until next week,