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Lets focus on some wizard items since this is in the wizard forums shall we ^_^
Disclaimer: Anything said in this original post should be taken as information and not gospel. The details in this post may or may not be fictious. The events may or may not have occurred.
"AH3" (Auction House 3) is not for everyone please attempt at your own discretion. Success may vary.
I've always wanted to do an "How to auction house" type guide or series, but never wanted to publicly expose my techniques, but seeing as the AH is coming to a close and my AH3 presence has been reduced, i'm more then willing now to share my experiences with the masses. Also, since the Auction House is an ever evolving beast, its hard to make any kind of concrete guide on it that would have any lasting effects.
I'll do my best to start off from the ground up with all budgets so this is relevent to everyone.
Learning to play the AH has obvious benefits.
1) It will make the game more enjoyable allowing another "game" or fraction of D3 you can explore.
2) It will open up avenues in higher gearing which otherwise would require extreme luck or using real money to acquire.
3) Financial Gain ? Sure why not
4) Something to take pride in.
5) Something different to break the monotony of grinding.
6) Obviously PROFITABLE. Fastest legitimate way to make gold + increase your capital !
If there is one thing I love more then DEEPs its AH3.
As many may know, I'm one of the few to be able to self make myself off AH into great success. I've been working the AH since the Aug 2012 and things are much different now compared to before. Remember when gold was $7 PER MILLION on RMAH? yeah.
Anyways, I started off flipping rare armor pieces and gold find pieces for 25k-100k profits. Slowly building up my bankroll and increasing the capital i needed to flip larger items. Eventually I went into flipping one handed weapons and then into legendaries mainly focusing on wizard items since my knowledge was limited at that time. Discovered RMAH and GAH discrepancies in pricing and went that route. This also expanded my AH slots from 10 to 20. I'm not a genius, i've talked to many people and many have helped me along the way with their knowledge. I actually got the idea to flip via a youtube video way back when.
As capital grew so too the cost of the items I was selling. To the point where I only looked for 2B+ items exclusively. I would estimate my life time earnings somewhere in the 250-500B range. I would attribute my success with being able to adapt to the changing AH climate.
Now I flip and sell everything under the sun. There is no amount of profit (1k to 100B) I deem too small. It all adds up remember !
I am very grateful for the success that i've had, it really is something that I can take pride in and I salute others that do it as well.
1) This takes time, there is an element of "luck" but nothing can beat good old time investment. There really isn't a get rich quick "scheme".
2) Don't over extend. If you have 100m in your bank, dont spend 90m on a weapon and expect to grow the remainder 10m overnight. Don't venture into markets you do not know. Especially starting out where your risk absorption is low. Focus on items like Chant wands/ forces/ storm crows/ armor pieces like BT pants/ vile wards etc.
3) Be frugal and patient, look for deals. Take the time, if the item is something you can live without, wait another day or wait for a open bid item and take a shot at that instead of doing "buyouts" You'll be surprised at what you can win and at what price. Be patient, this is probably your biggest money making and losing attribute. Don't slash prices so quickly when you fail to sell after a day or two, some days are slow, especially now with ROS around the corner. Increase your posting activity on weekends where more items are likely to be moved. Weekdays are less activity of course.
4) Start small. Get comfortable with the stat ranges, using the search functions, price ranges before committing larger amounts on "flips". Mostly everyone starts small, so dont be hasty.
5) BE SMART. Dont buy something with 90% of your capital hoping for a 10% return. Example 90m item out of 100m budget, hoping to resell for 120m which after tax is 102m. This is not a good investment since the return is so small and the risk so great. Also have to consider the time investment in trying to turn a profit. I'd rather split that 90m purchase into 5 purchases.
Know your items, know a 0.25 chant wand is worth more then a 0.24. Know 10 apoc is worth more then 8 apoc. Know 4% elite dmg is worth more then 3% elite damage on unity or storm crows. These are things that need to be learned if you want to be profitable. You should expect a HIGH margin of success when flipping. TBH i will say i have about 95% success rate on flips.
6) Get a stop watch + calculator or know math. This helps you time your snipes better on open bids, refresh the screen until the time changes then start the watch. Do this near the end of auctions ie <5mins. Calculator to find out how much you need to sell for to turn profit, remember to cut out 15% for taxes.
7) Threshold / Mass bidding - Technique people use to bid MANY of the same or similar items on the AH that have open bids. Find a stat range you are comfortable evaluating, determine minimal profit margins your willing to accept, find your max bid threshold, bid max bid threshold on as many of similar items as you can afford to. When you return, if you are lucky you will hit a "win" for a great price that is an almost guarenteed flip/profit if you evaluated the pricing properly.
Example. Search parameters for vile wards - 180+ INT 0 vit - max bid 300k or Search parameters 20%+ Gold find rings - max bid 20k
8) Price your items CORRECTLY Search items that are WORSE then yours and price them less then or slightly more then its nearest competitor. People usually need 2 reasons of reassurance to pull the trigger on an item. These 2 are the most common, 1) Good price 2) Good Value. Assure the customer your item is what he wants over the nearest competitor !
Also, when pricing, lower your search parameters, so you have 190int/50vit vile wards. Search for 180int and 30vit, and do a quick 10 second scan of the front page sorted from lowest priced. Price accordingly. Dont look for too exact parameters, you are limiting yourself. Also, consider the time remaining on a nearest competitor, if the posting has 2 hours remaining... chances are it will not sell @ the listed price.... So price accordingly.
9) Home Run Pricing - I call this the home run, and the idea is that you can't hit a home run without swinging the bat. If you have a piece of gear that is on your character, that has some sort of special quality and your willing to part with. Post it up on AH before you log off for the day for a price that will 1) recoup cost of replacement 2) after factoring taxes, nets a nice profit.
Example: Say you purchase a nice chantodos will for 300m, you sift through the AH for one in your range of stats, say it is special due to having 199INT and 1.65 APS. Very nice wand. Why not price it with a hefty BUYOUT price ? If sold then you can find a similar one on another day or downgrade a bit for a nice net profit ? This works for this wand because replacements are readily available 24/7 almost and downgrading can save you a bunch, while not costing you too much DPS/stats.
I've done this with items I've picked up for 100-200m and sold for 2B overnight. They were really nice examples and arguable the best on the GAH at that time. Items that come to mind are STR/INT/VIT vile wards and nice stormcrows.
10) Never bid round #s unless you bid 2,000,000,000. People love round numbers, bid higher then the nearest round #. If it costs 100m Bid 100,000,001. Or if you really want to level someone's mind, bid an even weirder number, like 100,782,944. This will beat out the people that are bidding 100,000,001. And so forth. In the end if you want something you have to bid the max you can afford, but adding a bit of change on top could mean the difference between win and loss.
********Too much information to put down, but this is a good starting point.*********
Making Mistakes is normal, so don't dwell on it if you've listed an item incorrectly or what have you.
That's my latest blunder. And my biggest :)
Protecting yourself while Trading
1) Getting Zero Bidded -We've all seen it now, the infamous ZERO bid. They are rampant now on gold auction house due to some sort of unconfirmed exploit. In order to protect yourself from this it is in your BEST interest to not set an open bid auction for your item. Always set buyouts. Very few things are worth setting as open bid hoping to garner more return then a BUYOUT. Famously Melkor had a 1160+ socket chant wand zero bidded a long time ago. Seems like there are some specific items these people target, although the zero bid is everywhere. They target items that exceed 1B in value generally, sometimes less. So in order to protect yourself just set BUYOUTS without open bids and your safe from this exploit.
2) Counting zeros + checking item in private trade box - I've had many people try to scam me by using the switcheroo method in the trade box. They usually try to distract you with extra items, they close the window trade box quickly and then they replace the true item with a crappy version of it. You can save yourself from any tricks by making sure you checking the items always before clicking "accept". Same with counting the zeros, they will try to distract you and close and reopen the trade window again hoping to catch you off guard. Always check. This onus is on you.
3) Advanced Trickery - People will go great lengths to try to scam someone, sadly many fall for this and has resulted in thousands of dollars lost in gear over time.
To protect yourself against these would be scammers, always exercise caution against someone willing to purchase and spend large amounts on gear that you feel is not deserving of such a price.
Also do not download any type of program they are insisting you download. Do not feed any personal information over the internet.
Do not accept any type of PAYPAL transaction privately unless you know this person. PAYPAL will not side with sellers. So seller beware.
Obviously do not drop your gear on the ground for any reason.
1 to 10 million gold capital flip recommendations:
-GF jewellery - 20+% on rings - 40%+ on amulet
-MF Jewellery - 18%+ on rings - 40%+ on amulet
-GF + MF jewellery
These all readily available, mispriced often and can sell for ridiucluos amounts if bots get the ban hammer and need restocking.
-Cheap socketable items
Focus on INt/vIt/AR/armor or wizard build stats since this is generally your expertise and you have a better idea of stat and price ranges. Look for gems misplaced in the item still. For example. I found a pair of innas pants yesterday wiht 40m worth of gems in them and the price of the pants were 15m buyout. The pants sold for 800k. you get the idea.
Also - non- socket BT pants are still profitable. Generally these go overlooked esp in the lower market ranges.
Cheap Vile wards
They span all classes, but are mispriced in the lower market spectrum very often. Keep an eye out for ones with VIT. Remember STR is worth less on vile wards.
Natalya's boots - 190 dex + random resistance
Lower end nats boots with the higher standard dex rolls and random resistance rolls are great for starter monks and sell/mispriced often. Also readily avaliable so feel free to mass bid.
Storm crows - CC% - 400+LOH 8% elemental and 4% elite
Getting very cheap nowadays but still worth a quick look, i've seen some decent 4.5% CC storm crows under 1m now. Maybe lower recently as well. These are easy flips for a bit of extra profits starting out.
10m to 100m Capital Recommendations:
All of the above can apply, your looking for higher values of INT/VIT/AR, etc.
Jewellery - Rings/Amulets with DPS/EHP stats.
This is the budget where you can focus a bit more on the desirable stats on these items. They will get out of the price range quickly as you start adding stats. Jewellery have large earning potential because most are hard to compare to others, and value can be raised for special stats ie. armor/LOH/STR/DEX. These stats do not pertain to other classes as much as wizards since CM value and stack str and dex more then other classes.
Gloves - IAS/CC/CD/AR/Primary stat in any combination you feel comfortable with.
Same as jewellery, this is where you start looking for gloves, whether it be DPS oriented or AR/armor/vit/EHP oriented. Resist buyouts, and try to win lower end open bid items with "desirable" stats, like 9IAS, higher CC% or higher AR. As with any gear, anything that has something "maxed" out will always carry an extra "wow" factor for potential buyers.
4) Socket or IAS Chantodo Wands / Life steal weapons
With current trends, these items will be obsolete along with most other gear soon into ROS, however, they are still worth buying and selling at the right price.
Remember higher attack speed and 10APOC make a big difference in Chant wand qualities. Life steal % and Crit damage on a weapon is very important. If it has a primary stat it will increase its value compared to one without. If it has 2 stats then it will appeal to more classes. Remember STR and DEX is worth more then INT for most life steal weapons.
Also "black" weapons are considerably worth more then "non-black" weapons in terms of price. With this budget, your options will be probably limited to the low 1000dps weapon range and will have more risk attributed to them since they generally are larger investments with smaller audiences. So be smart about purchases.
To be continued...........
I'm going to answer any questions pertaining to wizard gear + AH usage in this thread. I'd consider myself a great resource of information for those that want to use it, please take advantage of it. Please address any questions whether specific or general in the thread I will keep it up to date to help those build captial for ROS.
I will continue to update this thread with larger budgets and more tips. It will be a ongoing process.
Thanks for your attention.
Hope someone took useful something out of it.
Elaborated and expanded some sections
Added 10m-100m section
Added "Protecting yourself while Trading" section
Edited by Boozor#1433 on 1/9/2014 7:13 PM PST
I always admired you as as business man, Boozor.
I can't claim to have made my wealth via flipping. I have flipped items but never to the degree or fiscal success of you. My earnings always came from gems...and my percentages and profit margins were steady..and paltry compared to you. Even in my biggest pay off moves...just very impressive.
I didnt start flipping till post 1.0.5. Hated idea I play game for fun not work (farm act 4 anyone?), and flipping feels like work, low paid work, plus my 500m gear at the time got it done. Anyway once I wanted trifectas and whatnot to transform from a 120K wiz to 280K with mit I was accustomed to had start no other way around it.
My method was simple and just a maturation of my frugal buying process i always used. Never hounded AH. Just like 5min per session looking for items for myself on every slot to see whats out there. Tried never BO always bid half retail cost. Lost about 95% of bids but it's not the ones I lost that matter but ones I won. Guaranteed profit.
So far I cashed out $2400 which isnt bad but no where near real pros like Booz/void and other dedicated.
It's a PITA for me to use RMAH. Have to transfer all items to my brothers account. Some of you have helped me when I can't get a hold of him. Then list things. Then have him send me paypals. sigh..
Edited by Aimless#1700 on 1/2/2014 11:35 AM PST
Your gem workings are 100% guarenteed returns. Requires time, but slow and guarenteed returns whereas buying/re-selling is actually some risk involved. Of course risk can be mitigated through knowledge+information. We are different species of the same animal bro :)
Thanks for the comments, something for me to keep discussions going in the forums ^_-
Your strategy totally works. And it is something I do as well, bid low and lose 95% of time. But 5% wins are guarenteed profits based on your low bid strategy. This works for smaller items unless you have large capitals for multiple big bids. Also only works for items that are readily available and with numerous competitiors. Highly sought after items with no competitors will not get slipped by so easily through the cracks. I will include this strategy later. Thanks for reminder.
Of course I save the best for myself for the time being ^_^
Teach me how to sell a 300 average damage, 8+ APoC, 9/9.5 Chantodo's Force.
Diablo III MVP | Forever a Wizard
Archon Video Guide: http://us.battle.net/d3/en/forum/topic/9793089550
YouTube Channel: http://youtube.com/Jae7ch
Int ? Might help if it was 200int
Force market is complete crap right now. Even 9/10/10 - 290-295dmg cannot sell on RMAH for 2B equivelent.
If your lucky you can get 2.5B privately from the right person. But finding that person is up to you. I suggest spamming the internet lol
Booz, your story reads like any rags-to-riches Wall Street tale. And now I'm picturing you in Glengarry Glen Ross.
@Booz - Can you believe I've had it on the RMAH for ~$35 and AH for ~1.4-1.5 bil without it budging to this day?
Diablo III MVP | Forever a Wizard
Archon Video Guide: http://us.battle.net/d3/en/forum/topic/9793089550
YouTube Channel: http://youtube.com/Jae7ch
Indeed. Void told me once he's always refreshing and constantly doing searches to snag those elusive GG items like trifecta allegences quadpox or whatnot someone foolishly listed on GAH. I just don't have the time and patience. But my method worked fine to buy anything common on AH like y mempo I bought for 2b gloves 2b etc.. which gets a player GG, You just wont be in top 50 space unless you show more dedication and use jsp.
This is why respect to guys like yourself void and whatnot is due. Good things are always hard work.
Edited by Aimless#1700 on 1/2/2014 11:55 AM PST
As I said... Force market is near the bottom right now.... It has been in steady decline since Last march... moreso then other pieces.
I'm not surprised. I would have started at 2b for your item and work down.... I have a 292dmg 190+ 9/10/9, can't sell for almost 2 months now on RMAh. Might just 2b it.... being ready to be disappointed actually lol.
Did i ever mention that I use to do "gold" runs by myself back in July. I didn't know what or how to use the AH... I was grinding gold off an elite + gold find + a chest for hours a day by hand. Looting around 250k an hour......
That was how hurting it was to play this stupid game in the beginning for gold.
Then dived into AH after I picked up my first mill and never looked back. Otherwise this game would have been over for me after the first 8 weeks.
The refreshing for 2b snipes USE to work. Around regular basis to be honest on some items. Mempos especially. However it is not worth the time/effort anymore since the gold duping fiasco. This strategy works for lower end items much more successfully and with more occurance. However, nothing more exhilerating then sniping that 2b item and cashing it in I must admit.
True love ? Probably booze. ^_^
LOL there are forces listed at 250m that went 1.5b before on AH. Chants suffers double whammy of IAS not being as useful in patch and CM being useless in patch. I'd fire sale. That source won't be worth 100m as AH draws to close and more ppl in the know.
I got 3 sources i'm taking into patch. None are chants and used a chants almost all my post 1.0.4 life. Apoc ones, double int ones. Source is built for CM wizard and thats about it. With CM dead its dead.
Edited by Aimless#1700 on 1/2/2014 12:29 PM PST
Yeah, I know. AH is another game within a game. Brilliant move.
Even now I see you working so hard to close deals. Man, I don't have the stomach for it like you do. You're probably one of the hardest-working dealmakers I've seen in this game.
One thing I've learned is that patience is something that pays off almost always. "Fire sales" are panic sales. It's not rational decision making to maximize return. Yes it moves the item ASAP, but it is a desperate last effort move IMO.
From previous experiences I've held onto items for 4-8 weeks on RMAH, only to have it sell for random reasons. Always done within reason of course.
Notice all the GG barb gear going into RMAH after the datamined ROS info? Ya panic. $60 teemings? Thanks. Resell for $200. Just an example.
Its part obsession, part passion, part fun. I love it. Generally I look for the 50/50 win win, but sometimes its a drag-a-thon negotiation especially with foreginers.... but can't be helped, they are the biggest spenders usually.
Haha. I just don't like the mindgames involved. Oh, the buyer puts his status to AFK when you know he's there and just ignoring your last message to drive you to lower your price or not make the deal. He's watching the clock just like you are, and you are thinking about walking away from the offer completely. Until. Someone. Caves.
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