Competition Update: Phat's Weekly Lewt Review 1/18

Before I get to the actual post I want to mention that I will be recording episode # 7 of the Drunken Musings Podcast, tonight, January 18th at 9PM EST. We will have a special guest Kyran from The Azeroth Perspective Podcast. You can find us live at that time at this link. If you have any questions you'd like to ask us for our user question segment, you can either leave them as a comment to this post, tweet them to me @PhatLewtsGold, or email them to PhatLewtsGold@gmail.com. 

Continuing the Chronicles of Noobia
Same as last week, I will be focusing this week's weekly review on my competition server that I'm currently participating on with Selltacular. We rerolled on a new server with only lvl 1's and BoAs and are in a 2 week race to make the most gold. Check out the full details of the competition here!

Selling Yourself Short
I'm noticing a lot on this server, maybe just because I'm more actively participating in flipping whereas on my main server I tend to stick to (mostly) just the crafting aspect, but I've seen a LOT of underpriced goods on this server, to a ridiculous extent. I was able to purchase 11 Etched Imp Amethyst for rougly 19g/piece and sold 3 of them for about 80g/piece:

As you may have noticed I bought 11 gems and sold 3, and have already turned a profit. Madness. People on this server are really selling themselves short, a valid strategy for crafters would be to sell 30% at 4 times what they listed, and vendor the rest for ~70 extra gold. Silly stuff.


I had a similar experience flipping leathers. Medium Leather for example. I purchased all my Medium Leather for an average of 1.6 g/piece. On average, I sold it 4 g/piece, meaning I only had to sell 60% less than I bought to break even:

As you can see I sold roughly 60% what I bought, and made a ~400g profit. I could vendor the rest and still have made a great returns here. So the question is, why don't the denizens of this server do the same? The answer being because they don't know any better, possibly, in this case, just undervaluing leveling materials. Leather in particular has a higher demand than supply most of the time, and that's something to capitalize on if you can.

Frostweave Update
If you follow me on Twitter, you'd know I was having a bit of buyers remorse after purchasing quite a few stacks of Frostweave Cloth to flip at 100g/stack. Of course all of this doubt was cured when one toon who started leveling his tailoring and bought a couple stacks of Silk Cloth I had on the AH for outrageous prices (due to my TSM settings, had no idea I even listed it that high).

After seeing this sale, I decided that it was in my best interest to stop grinding dungeons and farm (yes farm) Silk Cloth. Much better return, and grinding dungeons had quickly become a waste of my time. I ended up selling him 4 stacks, and another 5 stacks to another toon before the prices went up (I peaked at 242g/stack). After seeing my buddy here continue on to buy out some Mageweave following this, I knew he was on a Tailoring leveling warpath. I bought all the Frostweave and Embersilk Cloth that I could afford and made a killing off it!

Strategy getting into the stretch
So getting into the final 5 days of the competition, I'm going to have to start slowing down my purchasing, and start reducing my prices slowly as the deadline quickly approaches. It's something I've never had to do before. I've never needed to make a maximal amount of gold by a certain time, and it's going to be interesting to see which of us does that more effectively, because I think that's really where the end totals are going to be based on. We've both built up quite a AH worth of goods, I think we've both got >50k of auctions posted, and roughly the same amount of liquid, so the question is, who will sell off their inventory more effectively in the next 5 days? Only time will tell.

Cheers,

Phat Lewts