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Help! Undercuts Are Ruining My Fast Flipping Enterprise

"Hey Christopher,


I really like your website and your newsletter. I've read almost all your guides. 
My biggest problem with flipping at the moment is that when I buy/sell my items, i often get over/undercut by 1c because the items don't get bought/sold fast enough. 
 
That makes flipping really hard because i get items slowly. 
 
Also I find it hard to get like a "flipping routine". So tips concerning this would be highly appreciated.
 
Also I'm not quite sure yet if I should sell my items when the price is high or at a price I know the item is probably going to reach at some point.

Thanks in advance, looking forward to your answer !

Niklas"
 
Hey Niklas, great questions. Let me attempt to answer all of them in this post. Here goes!
 
You said that flipping is becoming difficult because people are undercutting you by a few copper. I'm assuming that you are trying to flip items with very small profit margins, thus that 1 copper undercut because too big of a hurdle to cancel your auctions and repost. Regardless of why, you need to let your items sit on the trading post for longer than a few undercuts. I highly recommend posting in smaller amounts as well (read my post on the psychology of walls). If you post too much, then you basically "wall yourself in" so to speak and everyone will see your huge posting sticking out like a sore thumb. They'll undercut you every time because it's simply instinct. Rule of thumb: avoid posting everything you just bought all at once.

Another idea I would recommend, which will solve all of your current problems, is to start tracking the buy/sell prices every day you check them. That way you'll know whether to post above the current price, to wait it out, or to buy up the uninformed auctions of the masses.

I know it sucks, but that's the best thing you can do for yourself. Be consistent for like a week and you'll have enough data to make informed decisions. No more guessing that way!

1 comments:

  1. Anonymous said...:

    Either that or calculate last month's average price using data from sites like gw2spidy. This should give you an indication whether your selling price is unusually high or not.

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