Busy, Busy, Busy - Lots going on. So much to do and so little time. Gold Update Finally decided to buy a Swift Spectral Tiger. It’s been on my shopping list for a while now...
Auction House Basics: Picking The Right Starting Price
On today's Auction House Basics we are going to be talking about how to pick the right starting auction house price for your large-ticket items.
When selling large ticket items is is always important to price them to give the illusion that the item has been in an undercutting war. Why is this important? We will discuss that after the jump.
Fee Fi Faux Fum
For large ticket items (such as the epic Woe Breeder's Boots I am selling in the screenshot above) it is important to take the potential buyers mindset into account when setting the starting price.
Players making these large of purchases often wait day after day watching the prices waiting for a price drop to happen. Their hard earned gold is on the line. We need to give the appearance of price drops and/or undercutting wars to let them know this it the time to buy.
Nice round numbers like "12,000" or "4,9999" look nice. We're all used to them. We see things for sale for 9.99 all the time. The problem is that someone seeing an auction for 4999 gold knows for certain that you have no competition. If you had competition you would have been undercut and the price would no longer be a nice round number.
|Which of these look like they've had competition?|
Dr. Strangeprice (Or How I Learned to Stop Worrying and Love the Odd)
The idea we want to telegraph to the potential buyer is "This item has been in a price war." "It isn't the first time it's being listed and now is a good time to buy."
In the example above I have the Woe Breeder's Boots posted for a buyout of 8751g 26s 88c with a bid of 8742g 66s 56c. Odd numbers for an item that has no competition. That is exactly what I want potential buyers to think. Clearly I'm in a undercut war with someone.
Also by moving a bit away from 8999 gold I'm removing the "This costs 9k gold." thought from their mind. They are likely to think "This cost 8.7k gold." or even better "I'd pay 8k."
While I mainly use this tactic for big-ticket items it can work for lower priced items as well. We need ever advantage we can gain when selling in the auction house. Little tricks like this can give us the advantage we need.
We need to be engaging our brains when using the auction house. Putting ourselves in our buyers shoes can tell us volumes.
- What is your favorite trick for choosing starting prices?
- What other psychological games do you play on the auction house?
- What would you like to see covered in future "Auction House Basics"?
Like this post? Get even more Power Word: Gold: Subscribe via our RSS Feed and Podcast RSS Feed. Follow us on Twitter. Like us on Facebook. Subscribe on Youtube. Join us on reddit.
Buy The Power Word: Gold Guide Volume I: Addons (With TradeSkillMaster Info.)
Today's guest post was written by Ohnekase from the gold-making blog Meet Ohnekase . You can also follow them on twitter at @WowOhn...
With the recent news that Activision Blizzard is buying back a controlling interest from Vivendi it was also made known that the curr...
(Today's guest post was written by Animadnb. If you would like your gold-making guest post featured on Power Word: Gold please submit...
I decided to have some fun with the exported data you can get from the Resources > Data Export page on WoWuction ( example page ). ...
We've created a tool for creating importable TradeSkillMaster (TSM) groups from almost any webpage that includes links to World of...
Gold-Making Blog Roll
- December (15)
- November (14)
- October (3)
- August (2)
- July (9)
- June (1)
- April (6)
- March (16)
- February (15)
- January (10)
- December (11)
- November (11)
- October (14)
- September (10)
- August (13)
- July (30)
- June (22)
- May (26)
- April (32)
- March (17)
- February (18)
- January (23)
- December (19)
- November (2)
- October (11)
- September (13)
- August (13)
- July (14)
- June (14)
- May (11)
- April (13)
- March (12)
- February (17)
- January (11)
- December (11)
- November (10)
- October (8)
- September (13)
- August (9)
- July (13)
- June (13)
- May (16)
- Companion Pets - Super Cute and Selling Well!
- Maelstrom Crystal Prices Plummet in Patch 4.1 - Ho...
- It's Official: Cut Uncommon Cata Gems Vendor for 7...
- The Power Word: Gold Podcast - Episode 006
- Using TradeSkillMaster, Auctioneer and Auctionator...
- Calculating Maelstrom Crystal Price vs. Engineerin...
- Searching for New Gold Making Experiences - a Gues...
- The Power Word: Gold Podcast - Episode 005
- Introducing the World of Warcraft Gold Blog Direct...
- Auction House Basics: Picking The Right Starting P...
- 5 Ways To Survive Without The Obsidium Shuffle
- Buying and Selling Valor Boots for Profit
- The Power Word: Gold Podcast - Episode 004
- Caffeine Free Web Comic #0008 - You Have Problems....
- Have Group, Will Travel - We're All Mages Now!
- The Obsidium Shuffle is Dead - Patch 4.1 Uncommon ...
- Win a Razer Naga MMO Gaming Mouse From The Gold Q...
- Quickly Farm Netherweave Cloth in Outland
- The Power Word: Gold Podcast - Episode 003
- Black Iron Ore, Pyrite Ore and the Truth About Epi...
- Parking Unused Characters For Profit
- How I (Accidentally) Became The Luckiest. WoW Play...
- March (24)
- February (20)
- Battle Pets
- Warlords of Draenor