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Once you have a decent stream of income coming in from professions, you may wish to start joining the big hitters of gold making and try your hand at flipping. This is simple economics: buy low, sell high. Again, TSM is going to help you do this much easier via shopping operations. In the video I cover different aspects of flipping, and I will discuss 2 of those here. First is a market reset, here is where you buy out all of a certain item, and relist for a higher price. Here it is crucial you UNDERSTAND your market. You must know the average price of the item, and whether or not it sells frequently enough for you. You must also be aware of a 'breaking point' on the auction house. For example there are 20 primal fire for 300 gold, 10 for 350, and 20 for 500. The breaking point here is the 350 gold, so you do a soft reset, buying out everything at 350gold and below, and resetting to 499 gold. This is less risky, as you are not buying out every items (including the overpriced items), and you are only buying the cheap items = more chance of a profit. Don't get too overexcited when resetting markets... if someone undercuts you, you must decide whether or not undercut them back, buy out their item, or just leave it. Again it comes down to knowing your markets and knowing the price ranges of items. If you reset primal fire to 1500gold, and someone undercuts you putting another 50 at 1300gold, it's probably not wise to buy that person out. You would be buying for well over market value, and there is no guarantee another person wont come and undercut you again, suddenly leaving you with thousands of primal fires you bought for crazy prices... Remember, you need to buy LOW and sell HIGH
Another example of flipping is purchasing single 'rare' items, such as transmog pieces or BOEs, and relisting at a higher price. If there is only one of a particular item on the auction house, it could be worth doing this. Again however you must know your markets. If the region market value (something you can find out on TSM or TheUndermineJournal website) is much higher than what you are buying for, then you should be good. If not then it is a bit of a risk. Knowledge of items is very important here, for example if you see a 101 BOE with leech, that generally adds around 100k gold or so to the price, depending on the item level. If a 860 101 BOE is listed at the same price as an 860 101 with leech, it could be a good investment to buy out the leech item and reset. When doing this however, you must be prepared to wait a long while before seeing a return on your investment... If you only have 100k gold or so, it may be best to wait before moving into high gold flips.
We're driving back down to basics in this section, heading out and farming for materials.
Reckles aka WTBGold has launched a new series/playlist where he will be recording the results of farming for materials from every expansion. Eventually it will be a reference resource for the entire community that tries and tests farms to find the most efficient way to obtain a particular material. It's not intended to show how much gold you could potentially make by farming particular items, but being able to quickly look up the most optimal method for acquiring an item will help in decisions as a gold-maker. The first episode covers some low-level herbs from Vanilla.
Check out and bookmark the full Herbalism playlist which will include a 'Deep Dive' supplemental video for each episode that covers the testing methods and results analysis in further detail. New playlists will be generated for each profession over the coming weeks and months.
I wanted to expand a bit on some of the addons that Reckles used in the video above as they can make an incredible difference to the efficiency and enjoyment of farming.
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