Relics update #4
I am pleased with how this project has been going. It felt a bit “Field of Dreams”-ish when I began. Just some guesswork as to how it would play out, and a “build it and it will happen” mentality. (Kinda like this blog, come to think of it).
So far, according to plan.
[For those catching this on the run, the idea was to buy cheap Relics of Ulduar, and sell them dear, in bulk. The idea being that initially, with lots still available from Wrath, I could get them cheap, but eventually, as supplies dried up, no one would be farming them and therefore they would be worth a premium. In practical terms, I keep a small stack listed cheap, ~50s, to encourage people who pick up small amounts to undercut me and thereby allow me to pick up cheap inventory. On the high end, 1g50s-1g90s, I try to sell in stacks of 200. The process has worked reasonably well.]
Smart readers have already pointed out that Sons of Hodir rep can be acquired through flipping dungeon points. Yes, this is true. But last time I ran the math, buying relics was still a pretty cheap way to get the rep. And consistent sales are bearing this out.
Check out the current status and graph. I started in the red, am now 4,750g in the black, and have almost double my initial inventory.
If I can keep my sales prices up (I believe they’ll go up from here), then my current inventory is worth another 9,300g+. I’m 3 months into this project with 3 to go, so I should be breaking through 10,000g profit by the end. A far cry from my original BHAG of 40,000g, but considering I’m just flipping stuff, often posting several stacks for 48 hours, it’s easier money than many other things I could be selling. I’ve begun raising my prices (while keeping a small amount listed cheaply to draw undercutters to help restock my supplies), but will get more aggressive on the price increases for these next three months.
I know this is not going to make anyone rich. However,
a) it is a quick, low risk, high margin item, and
b) I think I can learn from the experience. It is instructive of the market dynamics of items like this. In fact, I built my methodology precisely based on my experience with similar items, and a hunch as to how this item could be played.
If we can learn something here, perhaps that success can be replicated for other products and markets. I’m all for finding low risk, high margin opportunities.