A little background information. My main character (since resubscribing and going Alliance) is level 37 and has two gathering professions. I have a few other very low level characters. The loot and materials this character collects gets sent to my auction house character parked in Stormwind. His sole purpose is to scan the auction house, create auctions, and flip the occasional underpriced item.
He started with 2 gold and now has 190 gold in his pocket. This doesn't include the 100 or so gold he sent back to the other characters for gear. This is anecdotal evidence of course. Your mileage may vary.
Tobold posted a good article on the limitations of Auctioneer. See here. All valid points. But this is my thoughts on the addon... sure it has its limits and the data you get can be a bit whacky. However. It simplifies the auction house. I spend a fraction of the time posting auctions compared to my pre-Auctioneer days. No more hemming and hawing on the price of heavy leather for example.
My shaman is in STV now, so I have plenty of those Green Hill pages. But Auctioneer had no data on it. Weird. Then I realized it doesn't have any data because the auctions are bought out too fast. Sure enough, my auctions were gone in minutes.
A few more tips for you:
- Search for underpriced raw materials such as herbs, ores, and leather.
- Stay away from engineering and enchanting materials. I find them volatile and too much trouble. Cloth is also dicey.
- Look for level 19, 29, 39, etc. weapons/armor with +stamina and +whatever else is good for the kind of class that would use it such as agility for hunters on leather gear or strength for warriors on chainmail gear or +shadow damage on for priests/warlocks on cloth gear.
- Remember patience is key. Both in scanning and posting auctions. That is, you may have to sit on an item for days before you can post it for a good price.