LotRO Auction House Basics: Observing the Market and Taking the Competition Down
Like most other MMORPGs, the best way to earn LotRO gold is through the Auction House. Though it may appear to be a daunting task, using the Auction House to rake in some LotRO gold is simple once you figure out know how to use it well.
One of the keys to being a successful auctioneer is to gain a deeper understanding of the economy in the LotRO world (or server, in an MMO layman's terms) that your character resides in. You may be tempted to simply auction everything you have to earn LotRO gold, but taking the time to observe the market and economy will help increase your profit.
Assess the Cost of Your Items
First of all, take a look at the cost of making the items you want to sell. "Cost" not only refers to how much LotRO gold you spent to acquire or make the item, but also the time and effort involved. Some raw materials can be more expensive than the crafted items they can produce simply because they are harder to find. Yarrow Root, for example, is a raw material used to make Gold Dye that can only be gathered as treasure or by a Farmer using the Crop Radar. The difficulty involved in acquiring Yarrow Root makes it more valuable than the Gold Dye that it produces.
Observe the Demand for Your Items
The next thing to look at is the market demand for the item, which is usually determined by how useful the item is to players. One good example of an item type that is constantly in demand is Food. Food is something that most players want because it heals damage and/or power, and can also provide stat and resistance bonuses (for example, Lamb and Barley Soup grants +1100 Fear Resist Rating for 20 minutes after being consumed). Being a consumable item, food is constantly in demand. This doesn't mean that you should limit yourself to consumables, however - good pieces of armor or decent weapons that can last for several levels are also something that players often spend LotRO gold on in Auction Houses. Of course, the most popular items can be different depending on which world you are on, so make sure to observe which items are popular on your world before selling your wares.
Check the Prices of Existing Auctions
You also have to take a look at the stock of items in the Auction House and how much they are being auctioned off for. This is so you can see if you have a lot of competitors in the market, and make adjustments to your prices according to theirs. Whenever you sell items that are already being auctioned and are not a hundred percent sure what the real value of the item is, you can sell it at a price that is slightly less than the highest price it is being sold for in the Auction House.
Take Advantage of Competitors' Low Prices
While looking at the item stocks in the Auction House, you may spot some items that seem to be priced too low. You can take advantage of this by buying them out and them auctioning them off yourself at higher prices. This is risky and will involve spending some (or a lot of) LotRO gold. You're going to have to make sure you have enough gold to start with so that you can execute this tactic effectively.
The trick to being a successful auctioneer is to keep track of the goings-on in your world's market and economy. As long as you remain aware of the fluctuations in prices, supply, and demand, you can make a decent amount of LotRO gold using the Auction House even if you have had no experience at auctioning anything in other MMORPGs.
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