I'm not sure if this can be posted here, but I've written it and wanted to get some feedback.
Who sits down and actually writes a guide to the AH?
Well...me. WoW is a heck of a fun game, but it is also one giant economic sim as well, and as well charted as the waters of combat stats and techniques are, those of the economic side remain relatively undocumented.
Introduction
Any profession guide worth its salt will mention the Auction House (AH). All will likely mention that, when it comes to making money, it is one of your best friends and that it should not be neglected at any level, even the early ones. Some will even go so far as to suggest ways in which to introduce your product to the AH, but rarely do these guides touch on the intricacies of the AH itself. It isn't Wall Street, but there are some subtleties too it that every player can easily learn, if they just put a little time into it. Although I call this a guide, it is really more of a manifesto. Although I have tried to include it where applicable, it does not function solely on step by step instructions. And with that...let us begin.
Basics of the Auction House
For the purposes of this section, there is only one type of AH you need to know about. These are your faction specific ones. There is an AH located in each of the capital cities. It can easily be located by asking a guard. When you arrive there, go up to one of the three auctioneers and right-click them. This will be the main interface in which you interact with the AH itself. Through this window you can:
- Search for an item. This can be done one of two ways. Either through the search bar on the top left of the window (if you know the name of what you are looking for or part of the name) or through the category menus on the left hand side if you know what type of thing you are looking for, but do not have an exact piece of gear in mind.
- Bid on an item. This is done by selecting the item you wish to bid on and clicking the bid button on the bottom. Bidding is generally useful only if the difference between the amount of the bid and the buyout (see below) is significant (significance, in this case, goes on an item by item basis). More often than not, you will be buying out an item instead
- Buy out an item. To do this you select the item and hit the buyout key. The price you pay will be the second of two, and always higher, listed next to the item you wish to buy.
- Sell an item. TO do this you will have to change tabs at the bottom of the window. Through this interface you can sell your own item by listing a bid price and a buyout price. Keep in mind that oftentimes people will be much more inclined to buyout so they can get it now, so price accordingly. AND ALWAYS MAKE YOUR AUCTIONS 24 HRS!
Low Levels (25 and below) and the AH
Now that we've got the basics down, we can begin to discuss how the AH can be useful to your low level character. It is important to note that the way you interact with the AH changes significantly with your level, however it is also always important to keep in mind that you are always a producer and a buyer in the virtual economy. Remembering this paradigm is key towards always making money. For the purposes of this guide, it is being assumed that your character isn't being bought anything by a high level character and that they are economically independant. I'm not going to try and tell you what to buy at the AH, or even if you should buy stuff at all at low levels. I know there are multiple schools of thought on this, and I won't try and convince you either way. So, let's begin generally with what kind of interaction we'll be having at the AH at this level. 97% of the time, at a level like this, you'll be selling things people could usually do without. Things such as low level greens, Copper Bars, Moss Agate, etc. are all things that should be sold on the AH, but everyone could do without. What then, is your strategy. You must price things to move--let me summarize in one word: UNDERBID!
At this point in your young life, you must move product like the salesmen of lore. You should underbid to the break even point, i.e. the point where the money your getting for your product equals the amount of money it took you to get it or make it. Most times you won't get to this point, but you shouldn't be afraid to hit it. This is because you don't want to be filling your bank with worthless things you don't need and that aren't valuable in the game world as a whole. In all likelihood, your level 9 green leggings won't mature or devalue with time, so get rid of 'em...and fast. There is little benefit from trying to sell these things for 10 more silver because, in the long run, 10s is nothing. Yes it adds up, and if you want to nickel and dime your way to sixty you can, but you must remember, in this level range money making is good, but leveling (and having the maximum amount of time possible to devote to leveling and not craft) is better.
There are some exceptions to this rule. These come in the form of blues you will recieve from instances, and specific greens, like the Defias Leather set. These should be sold with care. Don't rush them off the shelves like you do your other products...wait till the market is right. Because these ARE commodities prices will fluctuate greatly. The AH prices will decrease as people slowly underbid each other. Your goal is to put your item out there when prices are going high again after this downward march. How do you spot this (this is a must have skill for later on)? Say one person puts out the Defias Leather Gloves for 5g (unreasonable, but I've sold 'em for that much before). In all likelihood, the next person to sell them will sell for lower. This pattern will continue until either they are all sold and none remain on the AH, and thus the next person to list them resets the price, or until someone stops and says "Hey, these things are ****** greens but I'm getting gold for them, not silver...I'll wait until these sell and sell mine for higher". These points are hard to predict, but the easiest thing to do is just to continually watch the AH. If you want to have some method to your madness, I would suggest listing items right after the daily peak on your server. THus, if server numbers start to dwindle around 11pm, put them up then, so people will see your item...but fewer people will be able to put the same item on the AH for lower than you. THis is a hard skill to master, and isn't too important now, but it can be the difference between the guy who sells stuff under his terms, and the guy in the trade channel who is trying to give away that blue or purple item.