Wednesday, August 11, 2010

The Key's To Getting Rich

1. Maximizing Professions
The more professions you have, then the more opportunities you have to make gold. You need to protect yourself by diversifying your investments. If one market tanks it doesn't matter! Because you are making tons of gold in other markets.

2. Vendor Dos & Don'ts
I surprised my self a long time ago at how much I was just vendoring. "Oh! I got all these greens from this 5 man, I'll sell these all for gold!" Yeah, that was me. Then I wised up. I started selling some of those greens on the auction house for bigger profits, disenchanting them for materials, and selling various meats I had gathered in my journeys. By doing so you are maximizing your profits by making much more than just selling them to vendor.

3. Stock Piling
This is a big part of any gold making business. You can never have enough materials to craft goods. You always want to be cranking out items to sell because if you run out then you have just slowed your gold making progress. By having a limited supply to work with you have just created scarcity in your business and will seriously take a hit at your gold per hour. Even if you think you have plenty of supply, buy more if it meets your price threshold.

4. Flipping Items on the Auction House
By using an addon like Auctioneer you can do scans on the auction house for items that are selling well below market value. There is plenty of players that post items for much less than what they should be selling for. Whether it's a trade good or it's a BoE epic, you can always find deals on the auction house. Buy up these cheap deals and repost them for big profits!

5. Competition
Learn to deal with your competition. You will need to develop strategies to limit your competition's supply and make friends with farmers so you can obtain your supplies for much less than your competitors. It allows you to win undercutting wars much easier since you will have a larger profit margin to work with. This goes in hand with building a stock pile as well.

6. Addons
Although they are not must have to make gold they can streamline your entire gold making business. It's all about working smarter not harder. Addons like Auctioneer, Auctionator, Quick Auctions 3, Postal Mail Mod, Skillet, & LiL'Sparky's Workshop can help make your life much easier when it comes to managing your business.

Which gold making step do you think is the most important?


Pikkle said...

"Although they are not must have to make gold they can streamline your entire gold making business."

Disagree. They are absolutely a must have, 100%.

Cold said...

Most important IMO is the utilization of every profession. Having ever profession and utilizing them all helps you to understand the various markets and how one market effects another, which gets you started learning the rest. I don't use any add-ons myself so thats definately not a requirement.

NakedJay said...

Pikkle, I personally can't live without them. Trying to manage several professions without addons to decrease the time you are spending in them is a nightmare.

Cold is correct, it's not a requirement. I made a lot of gold before using addons. But I have streamlines everything to it is so much easier to manage. I wouldn't want to go back to posting hundreds of glyphs the old way.

Charlie said...

Tough to pick just one of these as being the "most" important, but I'd say 1, 3, and 6 are the main ones. I usually get by vendoring a lot of stuff because they just end up expiring constantly and I'd rather save inventory space for the markets I'm actively participating in. When I first started up in the AH the main thing I did was flipping things for a profit, but often it was risky since I didn't always know the true value of things and Auctioneer sometimes had wonky was decent enough starting off, but it's something I don't do too much of anymore. As for the competition, it's pretty useful to know who you're up against and even how much you think they're paying for their materials (you can usually see them advertising in trade), but for the most part I'm able to ignore my competition and just post at my own prices, undercutting by at least 3 gold for most things.

As for why 1, 3 and 6 are the most important...well I would say number 1 is number 1! You have those professions for a reason, and they're not just for min/maxing for raids! I've found crafting professions to be the biggest profit-margins, while gathering profs are more time consuming. If you like running around in circles for hours competing for rare nodes, more power to you. I'll happily craft a stack of belt buckles in 2 minutes from what you just spent 2 hours getting the mats for, and I'll make twice as much twice as fast.

Stockpiling is extremely important, you can never have enough of those mats! Abyss Crystals are all but dried up now, so I've had to raise my purchasing thresholds to make sure I can still sell my enchanting scrolls. I can never keep enough Abyss Crystals, Netherweave Cloth, or Eternal Earth on hand. >.<

Addons might be the third most important, but still highly, highly recommended. I can't tell you exactly how much time you'd save just by having auctioneer, a complete snatch list, QA3, Postal, and MailOpener. Auctioneer gives you rough values for things and the awesome full AH scan, along with Snatch which tells you what is at or below your purchasing threshold from the list you created. Fantastic stuff. QA3 for the mass posting/cancel/re-post cycle (I only craft once per day, some things every few days, and do cancel/repost 2-3 times per day), and Postal/MailOpener for automatically collecting that mail!

I've downloaded Skillet and LSW but haven't really used them at all. You have to have Auctioneer loaded in order to get the price data, and that just won't fly on my raiding toons, with this particular 7-year-old machine I'm using. I do just fine without them.

Great post!

Anonymous said...

Skillet and LSW work well with Auctionator, which is very lightweight and not nearly as complex as Auctioneer.

Charlie said...

Can you create a snatch list with Auctionator though?

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