The auction house can be a simple thing in which you walk up to the auctioneer, give them your item and name your price and you wait for someone to buy it and get your money from the mailbox.
The auction house can actually be also a complex thing, in which there are multiple techniques to actually make mounds of money off of, but it takes a lot of time and patience to be able to. If youâ€™re willing to put some effort, research and time into researching the auction house, with a little help from some add-ons, you may be one of the few who can master the auction house and become the player.
A first technique is a technique everyone has probably heard of, but has never tried or not known enough to make money off of.
It is the basic, the simple, buy low and sell high. Buying low and selling higher can be one of the most basic, and a very efficient and easy way to make some quick cash or long-term cash off of the auction house. Though, it may take a little planning along with some add-ons along your side; Auctioneer can be a great add-on for this type of deal. Auctioneer takes a scan when you want it to, which takes around ten minutes, and records data of each item it sees in the auction house.
If you take a little time to scan the auction house each day it will help stabilize some good prices you can be able to buy an item for from the auction house and sell it for later. A thing to keep in mind also, while buying low and selling high, the price fluctuates in the auction house a lot. One day a single primal water can be worth twenty gold and the next thirty, but the day after that only fifteen!
When dealing with very popular items, open up a spreadsheet and record highs and lows each day for about a week. Use this spreadsheet to help you decide a good stable price to buy your items, then sell it on a good day later, and make a good profit off of it. A little time, a little research, and a little effort can go a long way with this kind of playing the auction house. Now onto, taking supply and demand into account.
You may have heard it at least once in your lifetime, supply and demand. Supply and demand is always what decides the economy; how much supply there is and how much demand there is can greatly determine how much an item costs. A good thing to use this technique is to take in some lists of needed raid potions of their mats, enchanting materials, and item crafting materials (like primals of course). A number of items is always in demand in the higher levels, but can suppliers fulfill the supply?
This is where you come in, with a bit of research of each dayâ€™s prices, take in some of that item at the best price you can find it and find a good day to sell it. A good example would be a day where there are mostly low amounts of that item, and sooner or later they would be all out, and yours would be the one left.
This is what you want to keep in mind, not all the time people are price knowledgeable or patient to get their items. Do not underestimate what they will pay for your item; if yours is the only one left and you only make a gold off it when you couldâ€™ve sold it for a bit more at maximum price, a very desperate person would buy it off you less than what they were willing to pay for! A very big concept to take in, with a little research required and patience, it is a very good skill to master to be able to get the most out of the auction house.
With these small techniques of many in the auction house with endless ways to play it, you already know a great concepts to know about how to play it correctly and always play safe. The auction house can be a trap, or treasure. The way you play it is the way it is decided. Happy auctioning!