Day 4 Weekend Prep
So first off the Stats
Gold 615g
Stock 5513g
So it was another good day for me today stock holding has gone up by another 1500g and my cash reserves are staying around the 600g mark.
Problems?
Well one thing i can say is i am having trouble spending all my gold . This is a bit weird but i am bidding all all items worth under 1g and then selecting what other items to bid on .So i am not sure here if i should try spending more and increase my stock holding or just keep with what i am doing .
Plan for the weekend.
We even though the weekend is traditionally a buyers market if your items are listed cheapest then they will sell .So the aim today is the try and shift lots of stock and then invest in a large volume of low value items ready to sell at the weekend .
Great buys so far
Abyss Crystals - Managed to buy 20 of these at 8 g each and then resold for 11 g
Eternal Life - Once again 8 gold each and resold for 12g
So i would suggest look at the market on things newly listed and see if anyone is dumping there stock .
Working with Flippers ?
Well if your new to this then flipping a item is when you buy a item cheap and relist it for more .
So the question here is very simply how quick do you want a return on your gold and do you want the maximum return ? If you have a large stack of gold and you are happy to wait a week or more then you can get the price you want or if you just want to make quick buck and get the gold then this is a good strategy too .
So i am going to try this and see if i can shift some of my stock by selling below themarket price and make it attractive enough for a reseller to buy it
So hopefully i win lots more bids today and get closer to the 10k in stock level by the end of the week
Please leave a comment -
Am i missing out on something i am not doing ?
Is there a normal trade item i should try flipping ?
Zoxy
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I think you are on the mark about the weekends. They are a time to move inventory. But if you are buying inventory cheaply during the week, having a "fire sale" on the weekend will cut your profits.
ReplyDeleteWhen I was at the point you are at I kept a list of the 10-15 items that I stocked most often and the prices I would use as the benchmarks. For example, wool cloth was 40s/60s. Meaning I would buy under 40s and only sell for 60s or more.
When I did my scans if there were tons of wool at 50s on the AH, then I sat on my stockpile and waited until the price dipped below my buy threshold from undercutting. Then I bought.
By Sunday night/Monday the stock was gone on the AH so I could safely re-list wool for 60s or more.
You should consider reacting to the market and responding to what it is doing instead of deciding before hand that you are going to dump product. If prices are low, listing a bunch of sales will cut profits--use that time to expand inventory. List when prices are good, and that may mean mid-week. You just have to watch the prices.
I'm curious if you trying to dump inventory is a function of too little storage space--are your slots all full so you need to turn inventory? If not, then hold it until you can make the profit you need.
Thanks for the comment
ReplyDeleteSome really good points raised .
I suppose the plan really is to show that by just using the auctioneer resale that a good profit can be made .
I have very much been using the scatter gun approach and not focusing on a particular market .
The firs sale as such is to attempt to show maximum return of a short period of time but i suppose this is best to carry on with after the 7 days and just keep building and building on the foundations.
I do like the idea of picking 10-15 items I might have to try it next week
Thanks
Zoxy
How much inventory can you hold? If you don't have a guild bank for your storage you may want to consider one--put your bank alt in charge so you can have your other playing toons in real guilds. The extra space will give you the ability to store stuff longer, waiting on best conditions for resale.
ReplyDeleteI seldom pass on any leather or cloth selling at 10%-30%, meaning I have to store TONS of it from time to time. I now have 4 guild banks with stuff in them all, 4 tabs per bank.
Just an option for your consideration.
This Alt that I am doing the experiment on only has a 2 slot guild bank
ReplyDeleteMy main bank alt has a 4 slot guild bank which is currently full awaiting Cata .
But I am going to get another as I need it already and once this experiment has finished I will start selling to meet supply and demand
Zoxy