If you're heavy in the rental market and you aren't dong this, you could be making a lot more money.
I'm going to label this technique, "The Inside Listing".
Rather than explain it, I'll demonstrate it. Look at the image below. If you were about to list your own card/cards, what price would be best to list it?
Have your answer?
Good.
The intuitive answer is to list somewhere below 5 dec as only the lowest price gets the sale after all. So maybe you said something like 4.95 or 4.99.
If you're really astute though, you noticed the mac truck wide gap between the last two prices and realized the lowest price here is an anomaly and should be ignored. You don't want to price based on the 5 but instead off the 8.39.
In this case, the best practices place to go here would be about 8.35 or even two deep at 8.40 <---the inside listing
It's always tempting to be the lowest price because only the lowest price gets the sale. But in a healthy market, sales are happening constantly which means within a reasonable amount of time the listing below you will sell and you will then be the lowest price. And while it may take a short time longer to get the sale, you'll get more when it happens.
If you are in a market to make money, the last thing you should ever be looking to do is lower the prices in that market unless it's so high that no one is buying.
And I get it, when you are in a market filled with people waiting to undercut you, not going straight for the bottom can mean you'll be buried in just a few minutes but usually, that is not the case and if a few of us take to this technique, it will be the case less frequently and the benefits are numerous.
- Prices will be more stable.
- We will all make more money.
- You'll spend less time adjusting price.
- Customers buy more when prices are in psychological sweet spots rather than in the bargain bin. And they tend to find that spot themselves if we let them.
- Customers will have more predictable costs each day.
That's it for me. If you like this, I'm thinking about doing a whole series on how to best manage your rentals that I think will really help this market to stabilize out and make us all more money.
I've noticed not only in my own experience that there are problems but also in the fact that in the last week Splinterlands active accounts have gone from 55k to 99 k yet the global rental income is stagnant at about 29-30k. This indicates to me we could all be doing some things better.
About me: I love Splinterlands and I'm a geek for markets and business of all kinds with decades of experience. I have an $80k monster portfolio and I make about $200 per day in rentals. and another $100 in SPS airdrop. I hope to do this for a living and I'm working on building apps to make all of our rental lives much easier that I hope to start releasing around year end.