Guide Guide To Auctions In The Trade Market - 3/? Help Newcomers

Hello there, and welcome to my 3rd thread about helping newcomers!

This time a quicker one, since it isn't too big, but i'm going to make it as complete as possible.

First of all, here is the formula I recommend :

Image link :
Starting:
Min Inc:
Buyout:
End Date:
Antisnipe :
Current bid :

Putting it first so that you can just favorite this and come to copy paste easily.

Now, let's explain from the beggining.

What are auctions for?
Auctions are here to allow you to sell an item for more or less than you could've gotten by putting on a selling thread with normal price right away, depending on wether people actually really want that item or not (if they outbid each others)
But basically, an auction is a way of putting an item on sale and rather than one person just reserving the item, you tell everyone else "If you want this item, pay more than this person"

When should I do an auction rather than a selling thread?
You need to start an auction when you know there will be multiple people ready to buy this and outbid each others, otherwise, you might get less than you would've gotten otherwise or just lose time.
You can also do it for godly items, but watch out, if only 1 person is interested only, you'll not get any other bids and will lose money and time in the process :/

Now, i'm going to explain what you should do with every part of the thread :

Image Link
It can be imgur or just an image right away, both work.
You can also put some informations on the IDs, for example if you have a godly item, it might be good to say wich stats are maxed/close to max

Starting
It MUST be under the market price, here's why :
- Higher than market price : Why would someone buy it, they can buy one right away and not have to wait for it to end...
- Market price : Why would someone buy it, they can buy one right away and not have to wait for the end while being sure they will have it via reserving.
- Under the Market price : People are bumping your thread by bidding and the more people come, the more bids go higher and the more chance you have to sell it for above market price wich is your goal : People won't say to you that you are overpricing, you just let others bid and they bid higher than market, their problem :p

Min Inc
The min inc must be low, not too low, but low enough to avoid anyone from saying "nah that's too much" You don't want a min inc of 5LE on an item worth 16, because if your auction starts at 12, the only way to outbid is by going over market price.
Also, the lowest it is, the more people will be encline to bid, and the more bids will be made, thus giving you free bumps for more people to see your auction.
However, if it is too low, people will just wait and bid from times to times or outbid by something else than min inc making it more rare for bumps since everyone will just start using bigger outbids, for example, a 1LE min inc on a mythic worth 50 stax... If it starts from 45 stax you have to get 320 outbids before you get to the worth, and maybe someone won't be online enough to see that they have been outbidded and to outbid again...

Buyout
First of all, what is it?
The buyout is here for someone that wants the item at all cost, and wants to make sure it won't be sold to anyone else thus you CANNOT allow bids after the buyout, the person that buys the item out MUST be sure that the item won't be sold to someone else!

Now that this is said :

You want to make it a nice amount above market price, but still reachable.
If an item is worth 16LE, I'd probably recommend something like 20-22LE.
It is above the market price, but not enough that it completely isn't possible to reach.

End Date
The end date is often hard to choose :
You want it to end late for more bids to come, but you want the money early
You know people will bid higher, but there may be someone selling it for cheaper thus making all of your buyers buy somewhere else than in your auction :/

I'd recommend the end date to be chosen depending on :
- What's the rarity of the item : Is it most likely that other people will start selling this same item and thus steal bidders from your thread?
- What's the demand of the item : Are many people looking for it? Are you the only one selling it right now?
- How fast you need money : Do you need that money real fast? Do you need to pay a friend? Can you wait as long as it is needed before you get the money?

Once you answered those questions, you should be able to start figuring out wich date fits you the most, but I'm still going to recommend some :

Mythic, godly
A lot of people want it
I need it as fas*NO, WAIT ENOUGH TIME, YOURE GOING TO MAKE A LOT OF MONEY OUT OF THIS*

5 days/1 week

Mythic, ok
A few people want it, but not too many
Idc

3/4 days, must not make your customers bored, but if they live in different timezones, they gotta have the time to outbid each others.

Legendary, decent+
2-3 people wanted it, decided to make an auction
Idc

2/3 days, they must have the time to outbid each others, but the faster it ends, the better as they may see that someone else is selling a better one or same kind of stats but for cheaper :/

White horse 1/40
Like usual (a nice amount because its cheaper than 40/40 and you can make a lot of money by leveling it up and then selling it
Idc

2/3 days, it will really fast go over market price, and after this one person will just camp their price and have to wait, you don't want him to leave that spot for another 1/40 somewhere else for cheaper, so the auction must end quickly

Antisnipe
Ok, now to the one that is rarely here, and not so many people know what it is, so here we go

What is an Antisnipe?

The Antisnipe is here so that if someone bids when the auction is close to ending, it will make the auction longer, thus, allowing other people to react to that bid, if those wouldn't exist, someone may just come at the last second of the auction and just outbid and get the item, while someone else would've outbidded again.
Example :
The auction ends in 30 minutes, you chose an anti snipe of 1 hour, then someone bids, the auction will end in 1 hour. (30 minutes extra)
The auction ends in 20 minutes, you chose an anti snipe of 3 hours, then someone bids, the auction will end in 3 hours. (2 hours 40 minutes extra)
The auction ends in 59 minutes, you chose an anti snipe of 1 hour, then someone bids, the auction will end in 1 hour (1 minute extra)

How long should my Antisnipe be?

It really depends on the timezone of your bidders, if they live in the same one, 1-2 hours should fit, otherwise, something like 6-7 hours may be better to actually allow that person to wake up and outbid.

Why is it important?

Because it makes your customers more happy because they cannot just get the item sold while they weren't here, and yo u also get money, so everyone's happy (except the sniper)

Current bid

The current bid is here to allow every person coming to see easily what the current bid is, rather than going through all the post and adding like this :
Starting + x times min inc = current bid
Basically, you do the maths instead of them, and you say who has the current highest bid.
Also, remember to tag everyone that has been outbidded everytime someone bids, this way they are more likely to bid again.

Well, I thought it would've been much shorter, but I ended up having way more things to say than I thought!!
Help Newcomers 3/? :
- Guide to Shops In The Trade Market : https://forums.wynncraft.com/threads/guide-to-shops-in-the-trade-market-1-help-newcomers.211304/
- Guide to Leveling : https://forums.wynncraft.com/thread...ers-or-older-members-2-help-newcomers.213190/
- Guide to Auctions In The Trade Market : https://forums.wynncraft.com/threads/guide-to-auctions-in-the-trade-market-3-help-newcomers.214315/

 

unless its a new/godly mythic

 

Well, then the price must be high enough that it would only be a crazy person that would buy it.
If there was a perfect startiformis, you wouldn't make the buyout 999 stax, but lower to avoid no one buying it out ;)

But ye, ur right

 

Guess this help atleast me XDD

 

:D

 

Night bump

 

Bump10char

 

Wow, gotta bump this