Selling items on the WoW auction house is an incredibly easy way to make all the gold you’ll ever need. It’s also usually less time consuming than farming. All of the items you craft and loot can be sold to other players without you having to be online. Just make a trip to the auction house, tell it your asking price, and it will be listed for sale! So how do you go about figuring out a good price to sell your goods for?
Determining Your Item’s Value
Any auction add-on will keep track of an item’s average market value by using data you collect during visits to the AH. While historical data can be useful, you still need to check to see what other sellers are charging. This will let you see the current price range of the item you’re selling. An item’s average market value, recent historical value, and current asking prices are all important factor’s in determining an item’s value.
Pricing For Quick Sale vs. Long-Term Profit
If you think an item is underpriced, you can always hold onto it until later when market conditions change. If your strategy is more long-term, then it’s perfectly reasonable to wait for a better sale price. If you are more interested in turning your item into gold quickly, the best way to make a quick sale is always to undercut the competition. You don’t have to undercut by a lot, as buyers will choose the cheapest item whether it’s 100 gold or 1 gold cheaper. Unless, of course, all of them are overpriced!
Just Because You’re The Cheapest Doesn’t Mean You’ll Make A Sale
Having the best price often isn’t enough. Perhaps even the cheapest copy of an item is still way more than anyone would reasonably pay. Or perhaps it’s a niche item that probably won’t sell right away. The forces of market demand and price elasticity (how much extra people are willing to pay for an item over its market price) are factors to also be considered. Sometimes undercutting by a massive amount will lead to a sale much quicker than a small undercut, especially when the item is being overpriced. Sometimes you just need to wait for a buyer to come around. Know your market, and know your items.
Auction Length, Stack Size & Bid Discount
Once you’ve considered the current prices of an item, its price history, and relative demand in the marketplace, there are a few minutiae that still must be dealt with. Offering a small discount (5 or 10 percent) for a bid is a good way to encourage buyers that might not otherwise purchase. It’s also important to offer varying stack sizes of goods when applicable. For instance, if you only needed 1 Heavenly Shard, you probably wouldn’t buy a stack of 20. Lastly, choose a 12 hour auction duration if you tend to get undercut a lot, as this will save you both time and listing fees. Items with higher listing deposits (such as armor or weapons) can also be sold with a 12 hour duration to save on auction fees. For niche items that often sell slowly, go with 48 hours to save yourself time re-listing.