Today's guest post was written by Jokine, the co-host of The Power Word: Gold Podcast. You can follow him on twitter at @Jokinee.
Hi. It's Jokinee. The guy who "hasn't reached the gold cap yet" (inside joke). It has been a while since I posted last time but this post is going to be about flipping Cataclysm epics for profit.
As you may know, for example, it's nice to find Elementium Ore for 20g cheaper than it usually is. Or find Khorium Bars for cheap prices because you know that you are going to make a lot of profit with the item you bought for a cheap price. Either way you know the item is rare or you know you will make profit with the specific item anyways (even if it was more expensive).
Read more about how to choose which epic items to flip after the jump.
Why couldn't this work with the epics too?
It does. I used to think that it's very risky and I can lose a lot of gold even if I play the "auction house game" well. That isn't true because of the fact that if no patch hits (or the auction house isn't flooded with the specific item) in most cases the price isn't going to drop below the price you bought the item for.
First let's take a look what do we need to know before buying. (I'll get to this part later if you don't know which addons to use). Here is a list what you need to know.
How do I find these epics?
I found out that the best way to search for these epics is to set the minimiun level to 85, quality to epic and just search.
|Settings for searching for level 85 epic weapons. (Armor is done similarly.)|
Never forget the trade chat. When you are doing other markets, crafting or just camping your auctions check out the trade chat. The cheapest deals you find will be from there. Most of the people who are in trade chat are in a hurry to get gold from their item. They want to get rid of it fast which drives them to lower the price dramatically.
Things you need to notice before you will buy the item.
- Is it rare?
- How much it costs? What's the normal price you're addon or you own memory says? Is it under/same that your Maelstrom Crystal prices are? If it is buy it if you have bountiful bags perk. You don't lose anything if it doesn't proc. But if it does, you double your money
- Does it have equivalent from reputation vendor?
- Does it have equivalent from crafting?
- Is patch coming or is anything going to happen to make the price drop? Keep this in mind whatever you are doing.
Take the item Dizze's Whirling Robe:
Take the item Dizze's Whirling Robe:
- It's a world drop which means it's rare.
- It disenchants to a Maelstrom Crystal.
- It doesn't have equivalent from reputation vendors.
- It doesn't have equivalent from crafting.
This means the item is rare and its needed if you want 359 chest for your cloth user without raiding. Maelstrom Crystal price is only important if the item is very common in auction house.
How to determine the price?
- How rare is it?
- What does your addons say about the price? (this works only if you scan auction house often)
- Is there any of the same type of item(s) in auction house?
- Think like the buyer: As a raider, would you buy this to your alt for this price?
For US Players
The Undermine Journal is a good source of information especially for knowing how high it has been selling or how rare it is. If you have time to set it for every epic, you can also have The Undermine Journal to notify you whenever any epic is posted for a cheap price.
- TradeSkillMaster (TSM)
If you scan often TSM gives you a price which is a good lead but don't follow it blindly. You want to get as much gold as possible.
If you do not know how to use TSM there is the World Of Warcraft Gold Blog Directory directory where flux (the owner of Power Word: Gold) has listed all the gold-making blogs. Or you can just Google "TradeSkillMaster" or "How to use TradeSkillMaster" for example. Also Flux has nice video guides about Tradeskillmaster. (See "Setting Up TradeSkillMaster Groups - A Beginner's Guide Video", "Video Tutorial: Making And Selling Glyphs With The TradeSkillMaster Addon" and "Using TradeSkillMaster, Auctioneer And Auctionator - A Video Tutorial".)
"No time to chat, I'm heading for the gold cap."
The expression above doesn't work for this market. There is no rush selling your epics. Take your time. Don't make false moves and you will get guaranteed profit. Sometimes epics can sell in one night. Sometimes it takes few weeks. This is a passive market with huge profits compared to the work you need to do.
What you need to remember.
Bark your epic on trade especially if you are the only seller. It's always better to sell expensive items in the trade window rather than in auction house because 5% of 15k is 750g and that's all extra profit.
- What keeps you out of the epic flipping market?
- How do you choose which epics to attempt to flip?
- Which items have you seen the most success flipping? Least?
(Editor's Note: Jokine was very adamant in explaining that the header image depicts a gnome falling to their death which is somehow meant to signify the price of epic items falling. Cute. -flux)
Like this post? Get even more Power Word: Gold: Subscribe via our RSS Feed. Subscribe to the Podcast via iTunes or Podcast RSS Feed. Follow us on Twitter. Like us on Facebook. Subscribe on Youtube. Join us on reddit.