The Art of Patience

“Injustice’, the crowd roared.  A cloaked figure emerged from a golden archway high above the crowds and threw up his arms with force yelling, “Behold!  Your impatience will become settled!”  The crowd suddenly hushed and stared up in awe.  From the man’s hand he flung into the air several pieces of shining objects that, with disbelief from the crowd below, transformed into birds of prey with an appetite for the weak.”  ~Profitz

THE ART OF PATIENCE

In the end, it's not about which markets you are in or how much gold you have invested in items, mounts, rares, or those precious and funny little grays (I recently sold a Dead Mole from Blingtron for 25gold and it scares me what someone wanted this for…back in the Ultima Online days you could actually use items found in-game and lock them down around your house…maybe a sea of dead moles to welcome incoming visitors?), it comes down to patience.

Think Smart - Sell Smarter

You can have all the above but if you're not patient enough to sell items in various markets, including highly competitive ones, then you'll lose out on maximizing profit and will settle for mediocre sales or even be swayed by the influx of market snipes.  (Snipes are folks who inject themselves into markets for short periods of time simply to make quick coin or to defoil the strategies of existing marketers.  Peskly little fellows like elves…oh wait..did I say that??) I’m first to admit that every copper counts but I’m also an advocate for working smarter not harder and being in the know.  Knowing when to post items is JUST as important as how much to sell for and in what quantities.

Patience is an essential part of gold making.   Here are a few questions that I ask myself when posting items and maybe they can be of use to you as well.

·      How many of the same item is already listed?

o   LISTED?

§  Is the value of that item accurate?

§  If the value of that item is NOT accurate and undercut, should I buy that item and flip?  This is where you have to evaluate cost and look to other resources available to come to that conclusion.  I personally like using Wowuction.com and TheUnderMineJournal.com.

§  Is there a TON of the same item?  If there is, then you might want to consider holding off and stockpiling or banking the item(s) until value rises or you’re in a position to reset the market if the values drop down to your buying threshold.  Remember patience.  Everything sells in time believe it or not.

o   NOT LISTED:

§  ALWAYS do your research and know the estimated value of the item before listing.

§  OVERCUT market price and sell higher
(Yes I said OVERCUT.  This means when you find the value of the item through the resources you use, there is nothing wrong with taking control of that item’s price and increasing.  Basic supply & demand model)

§  UNDERCUT market price and sell cheaper
(I’m sure some serious AH pioneers might not agree here but there are times when you want to UNDERcut item market values.  A quick example that I posted previously is to simple drive down prices of an item that’s currently flooded on the market to your buying threshold then buying to reset.)

TIP:  NEVER go by what’s currently listed as actual value.  The value of items sways every day and ride up and down a lot and most of the times aren’t accurate or as high as they should be. Don’t be so anxious so sell the item, do some research and it’ll benefit you in the end….trust this clown!

·      What level item am I trying to sell and whom am I catering to?
Always take into consideration your buyers and the ability to actually sell the item to them.  Many people have alts (I for one have so many I’m at the point now where I’m deleting one to create one sad but I know there are quite a few reading this article shaking their head in agreement) so think about the economy of the server you’re on and the value of gold in circulation.  Most people have no issues buying items from their mains and sending to their alts for that extra boost.

Everything Sells - patience!

For example, if you’re trying to sell a low level green, it doesn’t mean you have to sell it cheap even though the AH might have it listed that low.  Buy the inventory and relist.  Low-level greens are important simply for the fact that people like that extra boost while leveling if they’re not in full bind-on-account (BoA) gear!  Also, some of these items might cater to the transmog market, which is higher in price naturally.

·      How long should I post the item for?

This is a VERY important question to always keep in mind and you shouldn’t be posting all your auctions at the same listing time.  I started out this way and based upon markets, it changed my mind pretty quickly.  After I changed, I didn’t have to relist items as much and sales started to flow in.  Let me explain.

If you’re in an aggressive market, like glyphs or gems, then listing your auctions for 48 hours will most likely not produce any sales.  In volatile markets like these, you would want to list at 12 hours to maximize your potential in sales and profit.  The market flips so often and items are relisted so fast, having longer auctions will just collect dust on the shelves while others are moving product fast and furious. 

TIP:  It’s always a good idea to do a general search prior to posting.  Where does the market stand now?

On items that you know are truly unique and the only one in that market, a 48-hour listing period makes sense.  You don’t have to worry about undercuts and you also don’t have to worry about relisting and spending more coin.  So stop and think about the item you are trying to sell and the current state of that item on the market.  Use the Auction House to your advantage.

·      How many of the item should I list?

There is nothing that amazes me more than someone who lists items in eaches 100 times.  Understanding proper stack sizes can make you a fortune!  Don’t follow the trends folks.  If you see someone listing, for example a single piece of ghost iron ore 50 times instead of selling (2) stacks and the rest after, is only making a fool of themself never mind wasting coin on sales that won’t sell.  There are times when you would want to list eaches, don’t get me wrong, but not that amount of the same item.

Having enough patience to flow through pages is also important when looking for market value and seeing stacks and identifying weak spots in the market that you can take advantage of.

In the end fellow gold-makers and adventurers, I hope you continue to demonstrate patience and gain your wealth with a smile.

Best regards,

Profitz

“Genius is nothing but a great capacity for patience.” ~Georges-Louis LeClerc Buffon