Guide: Step by step guide to making money via Merching
So, many people ask me 'How did you make so much money?' Some call me 'Plat spender' and some actually call me 'Hacker'. To be honest, i do okay, i am not super rich or anything of sorts, i just do okay :) Well, now that I have reached a point of satisfaction (money wise in game) and i really don't merch anymore, I would actually share some knowledge about merching to help new players.
So, lets begin with the steps to be a successful merchant!
Step 1: Pricing, Names of items
This is the MOST important step of ALL.
Before you start merching, observe and analyze the auction for a week. Don't buy or sell anything, just observe.
Things you should be looking at as a beginner: 1) Twink gear (Lvl 16 under) 2) Discontinued gear from Season 1, 2.
Now, to make things simpler, you should be looking at anything ending with 'Assault, Brutality, Potency', those are the good items.
Elite items lvl 15/16 for Rogue start with 'Agile', Mage ones with 'Clever' and Warrior ones with 'Mighty'. So for example, if you see Agile Lifethief of Potency, Clever Flamestrike rod of Assault or Mighty Vorpal sword of Assault, you know those are the top items!
Discontinued gear: Crier, Heraldic, Founders = Season 1 discontinued gear. You wont be dealing in Crier/Heraldic unless you have a good starting capital. Forerunners are from Season 1 bundle pack too.
Examples of Founders loot:
Founders for Warrior: Cavalier, Crusader, Exalted, Holy Warrior, Glorious (Atrophy, Ruination, Sorrow, Emblazed Axe, Hellscream, Fire Choppa)
Founders for Rogue: Archer, Betrayer, Fallen, Sniper, Soulhaunt (Weapons: Chardaggers, Fleshroasters, Burn Blades)
Founders for Mage: Illusion, Elementalist, Ironsilk, Spellbinder, Theurjist (Georod, Nature Grip, Archdruid, Wither, Druidic)
Season 2 good stuff: Dark Watch, Depraved, Demonlord
Step 2: Buying
Now you have been watching the auction and you are pretty familiar with the names and you know what's the average market value of your favourite items. Now you are ready to buy! Now, you could either buy from shouters in towns, guild chat, forums OR you could snipe an item listed way lower in auction than the regular price. You just need to figure out which one works best for you in order to get the maximum profit. Keep in mind that every item has its own different profit margin. Some have low, some have more. First get used to the prices, then decide on how much to spend on an item in order to make profit. You are a merchant, you are buying an item with an intention of making profit. You do not need to pay the full price, try buying around 70-75% of the value and call it a good deal. The lower you buy, lesser the risk of the price drop by the time you sell. Try to sell ASAP, I used to buy expensive items only when i had buyers ready for those.
ALWAYS REMEMBER THIS: Do not try to rip off noobs, those noobs become pro some day and will ruin your reputation. People will dislike you coz you rip others off. Try to be fair, be straight forward and say 'Sorry, this is what i can offer you most for your item in order to make profit later' and while selling just say 'This is the lowest i can offer my item for'.
Step 3: Selling
You have your item!! You are now ready to sell it and make your first sale and enjoy the profit! Again, you can sell it on forums, guild chat, towns, list in auction. Depends what you find easier/quicker/max profit in. Shouting would get you good amount as no listing fee or risk of getting undercut is involved. If your item is expensive or even 15k+ and you are about to list, just list it for 3 days. Additional 2 days takes like 400 gold more. Do not get too competitive, you may end up making no profit or even loss by being impatient. Be patient, find the right buyer and sell the item :) People get competitive and undercut themselves if they have multiple items of the same type. That is plain stupid. Refrain from doing that.
Negotiating:
When someone is selling an item for 50k and you only have a 40k budget, don't get disappointed, try talking to the seller politely. Ask i you could add an item, for example a Locked crate to the trade. If you have an item you are willing to sell for 50k and if someone offers 20k, that's just lowballing, ignore such people. If someone offers 40k, that's the potential buyer. Try working things out with him. Ask if he has any items he would like to add to the trade. That and much more is a part of negotiating. Just depends how impatient or patient you can be with your items/gold. If you are in a rush to buy something, you end up paying higher end of the price range, even more at times, if the item is rare to find. If you need gold urgently, you may have to sell your item for lower end of the price range, in order to get quick cash. None of those things are bad, everyone goes through those phases :)
Profit:
Now that you have sold your item, you have EARNED that profit. You could use that for your pet feed, potions, etc. OR you could aim for a bit higher valued item to merch. Also, its a great idea to Stash 5-10% of your profit after every deal. That ways you have some backup in case you find an amazing deal. Many times you would see a great deal but don't have enough money to grab it. With the stashed money, you can keep improving yourself and soon you will find yourself trading mythics instead of legendaries :)
Also, if something is too good to be true, it probably isn't. Beware of scammers, NEVER send your items first. Contact a reputed merch/player to meddle in deals with more than 4 items in trade.
So always remember, Merching = buy cheap, sell for more.
Well, this is it for now. This should help you get started. Will add more soon. Depends on what more questions people ask me.
