Post # 5: Playing the Market
Of course, the best way to make gold on the
Marketplace (MP) is to buy an item that has been priced low and sell it for a lot more than you paid for it.
TIMING:
1. Generally a brand new item costs more when it first comes out and then the price drops a lot over the first few days. Free items (from events, Spinami, etc.) almost never recover to their first-released prices, but most other items do eventually recover much of that loss, and sometimes go even higher.
2. Items sell fastest during the evenings (USA time) and over the weekends. They often sell for slightly less in the
Exchange forum if you can find the item you want for sale (about 90% of the Lowest Buy Price, or LBP). The other number you can use to haggle if it's lower is the ABP or Average Buy Price.
3. The MP has ups and downs. If the graphs are hidden, click "Show graphs" for more information. Graphs show how an item has been selling over the past month/year, both in price and number. If very few are sold each day but several are for sale, you may need to set your price much lower to entice anyone to buy it. If none are for sale, you may be able to set the price higher. New items won't have enough data to graph and the prices are extremely volatile (moving up or down very quickly, usually down).
4. When a Chance Item with many new items comes for sale, the items in the CI start very high, especially the rare ones.
5. The graphs for the last month show how the prices have been going lately on average. If the prices are going down, you only want to sell an item that was a free item recently. That price will continue to drop until those are often worth very little. But if your item is just experiencing a brief dip in price, hold off selling it for a while (days or even months) until the price comes back up. Many, though not all, prices come back up given enough time.
6. When you sell it, the 7 days default is usually a pretty good way to be sure everyone gets a chance to see it and buy it. If it hasn't sold in 7 days, it probably won't sell at that price in 14.
PRICING:
1. Gold shop items (and some others) can be sold for half their cost (or Sellback Value) from your Inventory. If you can sell items for more than that on the MP go for it. Never buy items for more than they cost in the shops! If you want it for yourself, just buy it from the shop.
2. When setting your price, make sure that you price it to cover the 5% MP tax. Selling an item that cost you 1,000 plat for 1,049 plat will not give you a profit! You have to sell it for at least 1,050 more before you've covered the tax. To be sure, multiply the price you paid times 1.05 to see how much you need to sell it for just to break even.
3. Look up the item you are selling on the MP. If the Lowest Buy Price is higher than the Average Buy Price, prices are going up and now is probably a good time to sell. If the Average Buy Price is higher, prices are dropping and it's probably not a good time to sell (unless it was free). Be careful to make sure that the item is being bought by checking the graphs. If only one or two were sold each day for the past several days, that item is not easy to sell. You're price will probably need to be close to or less than the Average Buy Price to sell.
4. I just list buy price and don't generally mess with bidding prices. If you do use bid prices, be sure not to set the starting bid price for less than you'd be willing to see it sell for. Let the bid increase by 1 to give everyone a chance to bid. Be careful not to set the increment too high, or you will never get more than your starting bid.
5. If the first several Lowest Buy Prices are increasing sharply and lots of the item are being sold, pick a price just a bit less than the second price to sell fairly quickly (as that lowest price will probably sell very soon and then yours will be the lowest). Again, check the graphs to be sure the items are actually selling.
FINAL NOTES:
1. DOUBLE CHECK YOUR LISTING! Make sure you have the right number of zeros and the numbers reflect the price you want.
2. Only sell one of a given item at a time. Don't compete with yourself! If it sells quickly at that price, you can list it's duplicate and maybe even raise the price a little.
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