The Art of Spin - Make Money from Selling Collectible Records
Love Music? Enjoy hanging around record shops? Do you know everything there is to know about your favorite artist's recordings? How about playing to your strengths and selling collectible records? Does that sound good? Then read on: First let's put emotion aside and think like a business person.
Buying low and selling high consistently is the primary aim of anyone who wants to make a profit out of selling rare and collectible records.
Even if you don't trade regularly, you want to pay the lowest price, or get the maximum value for items you no longer need.
But how do you do this? 1.
Spot trends in advance, specializing in a few artists/genres you really understand and which excite you; and target sellers who've yet to learn to sell effectively.
For example, sellers who don't describe their items in sufficient detail are more likely to find their attempts to sell their records yield a poor result than those who inform and tempt the buyer.
Ideally you want to find a seller who has no idea of the value of what they have thereby maximizing your chance of making a healthy profit.
2.
Most buyers want the process to be easy.
They'll purchase an item that's described in detail, rather than researching to find out if the item briefly listed is a gem.
If you want to increase your chances of picking up a bargain, do your research.
Email to clarify the details you need - condition, rarity, limited or special edition, ISBN for books etc.
before purchasing.
Always see what else the vendor is thinking of selling and make an appropriate offer if you feel that you can make a healthy profit.
3.
Be certain your email questions cover everything you need to know.
It makes you look professional, interested, and serious about buying.
It also lessens the likelihood of finding out that the vendor's idea of mint condition isn't the same as yours.
They'll be more likely to trust you, and might even alert you to other good stuff they're planning to list.
You might forge some interesting business relationships too.
4.
Don't end up with loads of stock that you may be unable to sell for a profit and thus have your money tied up in- stick to your strategy, unless you come across a real bargain that you really can't resist.
5.
Consider buying from one country to sell in another.
You need to factor in shipping costs, Customs charges etc.
to ensure the deal is worth it.
But if you're serious about making a regular income from record collecting, you should have an outline business plan in place anyway.
Item X may go for very little in say Holland, but there could be a load of hungry bidders in your home country who'll pay top dollar.
Many serious record collectors adore foreign pressings, promotional items and unusual remixes.
6.
Buy smart from other sources including record collecting magazine and sites, fan clubs and forums, auction sites or conventional auctions, Amazon.
com marketplace, Yahoo shops, garage/car boot/thrift shops, record dealers etc.
All of which depends on knowing your market for collectibles.
Not every record dealer knows the precise value of a collectible so you can strike lucky.
7.
DO NOT misrepresent your item.
Honesty is essential in this relationship- negative feedback will alienate other buyers.
It takes months to develop good feedback, why ruin it overnight? When it comes to record collecting condition is paramount and has a very real impact on an item's value so never ever call an item mint if it's got so much as a crease on the cover.
When it comes to buying do not pay top dollar for something that is less than perfect.
These tips aren't guaranteed to work 100% of the time but they will improve your odds of succeeding.
The more trading you do the more your strike rate improves provided that you listen to what your market is telling you.
What you ultimately realize on your transactions depends on how many potential purchasers you can reach and what they'll be persuaded to pay.
But these tips increase your chances of getting a positive result and by practicing them and finding out what works; you can certainly tip probability in your favor.
Buying low and selling high consistently is the primary aim of anyone who wants to make a profit out of selling rare and collectible records.
Even if you don't trade regularly, you want to pay the lowest price, or get the maximum value for items you no longer need.
But how do you do this? 1.
Spot trends in advance, specializing in a few artists/genres you really understand and which excite you; and target sellers who've yet to learn to sell effectively.
For example, sellers who don't describe their items in sufficient detail are more likely to find their attempts to sell their records yield a poor result than those who inform and tempt the buyer.
Ideally you want to find a seller who has no idea of the value of what they have thereby maximizing your chance of making a healthy profit.
2.
Most buyers want the process to be easy.
They'll purchase an item that's described in detail, rather than researching to find out if the item briefly listed is a gem.
If you want to increase your chances of picking up a bargain, do your research.
Email to clarify the details you need - condition, rarity, limited or special edition, ISBN for books etc.
before purchasing.
Always see what else the vendor is thinking of selling and make an appropriate offer if you feel that you can make a healthy profit.
3.
Be certain your email questions cover everything you need to know.
It makes you look professional, interested, and serious about buying.
It also lessens the likelihood of finding out that the vendor's idea of mint condition isn't the same as yours.
They'll be more likely to trust you, and might even alert you to other good stuff they're planning to list.
You might forge some interesting business relationships too.
4.
Don't end up with loads of stock that you may be unable to sell for a profit and thus have your money tied up in- stick to your strategy, unless you come across a real bargain that you really can't resist.
5.
Consider buying from one country to sell in another.
You need to factor in shipping costs, Customs charges etc.
to ensure the deal is worth it.
But if you're serious about making a regular income from record collecting, you should have an outline business plan in place anyway.
Item X may go for very little in say Holland, but there could be a load of hungry bidders in your home country who'll pay top dollar.
Many serious record collectors adore foreign pressings, promotional items and unusual remixes.
6.
Buy smart from other sources including record collecting magazine and sites, fan clubs and forums, auction sites or conventional auctions, Amazon.
com marketplace, Yahoo shops, garage/car boot/thrift shops, record dealers etc.
All of which depends on knowing your market for collectibles.
Not every record dealer knows the precise value of a collectible so you can strike lucky.
7.
DO NOT misrepresent your item.
Honesty is essential in this relationship- negative feedback will alienate other buyers.
It takes months to develop good feedback, why ruin it overnight? When it comes to record collecting condition is paramount and has a very real impact on an item's value so never ever call an item mint if it's got so much as a crease on the cover.
When it comes to buying do not pay top dollar for something that is less than perfect.
These tips aren't guaranteed to work 100% of the time but they will improve your odds of succeeding.
The more trading you do the more your strike rate improves provided that you listen to what your market is telling you.
What you ultimately realize on your transactions depends on how many potential purchasers you can reach and what they'll be persuaded to pay.
But these tips increase your chances of getting a positive result and by practicing them and finding out what works; you can certainly tip probability in your favor.
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