How Record Stores Acquire Large Vinyl Record Collections | Talking About Records
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- Опубликовано: 29 авг 2022
- Where do you find collections? How do you determine a fair price? Why would anyone sell their precious collection? We answer these questions and more in the latest episode of Talking About Records.
✶ Talking About Records is presented by NTX Vinyl, a local, independent, chain of community based record stores in the DFW area.
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Great video! I agree with everything you said. It’s crazy how many people assume the record store owner is this dishonest conman, which is sometimes the case but your transparency is your friend if you’re honest, like you are.
You articulated the process very well! 👏
Also, if you buy a record for $5 and sell it for $20, you’re not making $15. Overhead, labor, and loss cuts into thay figure a lot. I think most people understand that but some just want the record store owner to pay $18 for a $20 record 🤣
Keep up the good work!
Thanks buddy! Appreciate the comment. 👊🏻
Wise approach from both of you. I think it's logical to get people to trust you so that you can get the best stuff before the competition in the area does. Otherwise some stubborn people will just try to sell the high value ones online but that has some risk and reward to it.
I belong to several record groups on FB. It ticks me off when I hear people say about a thirty dollar record, “that guy is just greedy”. It’s insane! For every decent one in a bunch that are in the 3-5 dollar range.
My former neighbor had a nice collection: First Press Elvis, Pink Floyd, Dead albums with rare bootlegs, George Harrison, The Band, Zep, Clapton, Dylan, all the stuff she grew up with. Maybe about 100 records.
Her mom fell ill and she and her partner had to move to Denver to downsize the house and care for her mother. I helped her move her stuff into a U-haul and the last thing to go were her records. She thanked me for my help and said: “these are yours.” I was gobsmacked!!! I was conflicted because you hate to lose a good friend and are worried about their parent, but to be a new caretaker free vinyl stash is an honor.
Back in the late 90s and early 00s I used to buy collections. Also bought out large quantities from pawn shops, thift stores, and flea market/yard sales. Some of the near mint albums I scored for about 25 cent a pop. Not something I would be interested or have space for now, but fond memories. Straight up, anything less than VG/VG went into the town trash dump. Probably threw away some records that people would actually want once again with the resurgence.
Leaf Hound, Sonics, Someone's Band, records I frequently get lowball offers on discogs. Apparently worth way more than I ever thought.
How can you even operate a record store without selling new vinyl? I have come across a number of vinyl newbies who look at original pressings and old records as being gross, shoddy, whatever and would prefer to purchase a reissue or repress.
Excellent video. I don't think I've ever bought more than 600 lp's at once but this gives me a better idea about how to approach the sellers so both they and I feel more comfortable.
Thanks so much!
I work in a used record store and the first questions I ask are why are you selling and are you sure you want to sell? A lot of times people really regret letting their collections go and we've had people actually come back and start buying records again, even some of the actual records that were theirs originally. Being transparent like yourself, it really works. Explaining the amount of work that goes into selling a record collection goes a long way to making a deal that is beneficial to both parties. And finally, it's great fun. Chasing the black gold and getting your hands on that great collection someone has treasured is a pleasure.
Thanks for watching! Appreciate the feedback
I have a horrible habit of giving records away and having to buy a new copy.
You have a top channel here, great stuff, thank you. Finally someone tells us how the business runs and he gives us numbers.
Thanks so much for watching!
Indeed
I don't sell records, but people called me to "buy' them. One person wanted $100 sight unseen because they had the "top bands". Another person wanted to give me records, but was afraid someone would profit off them. The next person complained about Goodwill's $3.99 prices but would NOT drive 10 mins farther for 3/$1 albums.
The way you purchase records is the absolute correct way. I am an online reseller without the advantage of owning a record store. Because of this, I advertise the fact that I give a fair price for collections. It irks me that several local record stores give pennies on the dollar for collections, yet for many they are the go to place to sell a collection. It's a mindset that is hard to change. Those who do sell to me are always happy with the fair price I offer. Getting a buyer to contact me before contacting a store is the hard part. In any case, you're doing it the right way. Best of luck in obtaining collections.
Thanks Randy. Appreciate the comment. Best of luck to you as well!
I buy and sell mid-century modern and other dealers say the same thing about me. For those that are envious and jealous for record stores getting good deals on collections can go mind their own business. It's funny how many other dealers get mad at me for getting good deals, but the ones selling me inventory and the ones buying it love me. I'm learning to ignore the haters and keep chugging along. Thanks to haters I work harder and continue to grow my business.
Great honest video. I run a newly opened shop, but had experience running multiple stores for a larger regional company for just about a decade. Before that I bought and sold privately out of my basement and had a small distro from time to time. So roughly 20 years on and off. I agree with everything you have said, as well as what Noble Dylan mentioned. When I'm negotiating and I just can't come to a middle ground on a purchase, customer consignment on a timeframe for rare records has worked well for me. I give the customer a great percentage if it sells and there is no upfront cost. It also puts what we do at the shops into a better perspective for the customer if something doesn't sell immediately. Most realistic people end up taking those records off consignment and selling to the shop anyways. They realize we truly are being upfront and honest with them about pricing/popularity and what they see on the internet is not always fact. Just like you I personally also like to be transparent about cash/trade percentages and what I think I can sell something for. Like you mentioned, realistic people understand that owning a shop is not cheap. Most people I've dealt with are just happy to have a place to come to and not feel like they are getting ripped off. I always say a good record store is 50% inventory, 50% charisma/experience from owners. Great video and I really enjoyed hearing your personal experiences. Spot on with the Beatles/Elvis reference. "Records are back" comments and a written list brought in with e-bay prices can sometimes be a difficult negotiation. So what you say in this video is the absolute truth about the work involved and those customers underestimating what needs to be done. In closing a very relatable video for sure. Great work!
Thanks so much for comment! Good to know I’m not crazy 😀
Great content. I’m
Opening a store soon with 80% new vinyl which I know is odd. Hoping the store generates a lot of vintage purchase opportunities as I don’t have much time to search. You do a great job simplifying and educating. Tnx G.I.!
Right on man! The only tough part about new vinyl is the upfront cost. Because it will sell - but the wholesale prices aren’t low, and margins not great. So it’s all about volume. Good luck!
Brilliant video. I always wanted to understand how the bargaining happens between record store owners and vinyl collectors. As I'm thinking of opening up my own record store, this is a really insightful video. Thank you for sharing this.
Hope it was helpful! I’m gonna do a livestream Q&A on Thursday to discuss this more if you have any more questions 👌🏼
This was a very honest and straightforward video, thank you for posting it! I am mainly a collector but do sell a lot of my inventory on Discogs and sometimes will find some great deals out in the world as I try to expand my collection and sell those for a small profit. The whole point is to pay for my vinyl addiction, LOL. I totally agree with Dillon from Noble Records in his comment. People do not realize the costs you guys have to deal with your time, overhead, shipping, etc. I used to own a photography business for over 25 years and I would occasionally get someone who would balk at my prices with something ignorant like "What does an 8x10 print cost you, like $3.00?" Yeah right. Anyway, I'm hoping that I may soon join the ranks of record store owners as I truly love vinyl and hope that what you posted here will help out. Thanks again!
Thanks for the comment!
I've used the sorting by price method before. Works especially well when you have a time limitation. I usually sort by 2-3 retail price ranges plus an extra category for higher priced LP's. Then you just have to count the records in each category, Add the totals and determine what percentage you are willing to pay. Great video. Hope to drop by your store next time I'm in Dallas area
Right on! Thanks for watching, and please do
Nice insight. Situations like your last story would be tough. Your Beatles & Elvis examples is what is wrong with a lot of flea market, antique stores. They mark everything like it’s a rare version when 99.99% of the time they aren’t. Great video!!!
Thanks Nick! I’d lump THRILLER in with that list too. The number of times I’ve been asked “how much for my ORIGINAL copy of MJ’s Thriller!?!?” 🤣
Great video, and very timely for me. I've never bought a collection before but I'm going to look at one tomorrow. It sounds like around 400 records, and conveniently it's right across the street!
Nice!!! There’s nothing better than when a dig is super close. I’ve lucked out several times right in my neighborhood, and one time even on my street!
@@NTXVinyl The son of the original owner decided he wanted to keep them, but I did go over and have a look anyway. Sadly they were mostly trashed. Just in horrible shape. It's a shame because he had Byrds, Who, Beatles, Zeppelin, Sabbath, Buffalo Springfield, CCR, Kinks, Simon & Garfunkel.
When I buy a large collection, I try and separate into piles. Usually, the crappy pile, I tell them that I’m not interested in those. I try to only pay for the ones I’m interested in. The others, I take off their hands as a favor.
Absolutely
This topic is an excellent one that is often overlooked or taboo because it digs deep into the psychology of buying and selling records.
10:46 I have only sold to the record stores that appreciated what I had to offer and was able to work with me on my negotiations.
Some shop owners do not budge on their offer at all because they're stubborn or concerned that if they "over pay" even for desirable stuff then their profit won't be satisfactory. I understand that perspective but I won't trade them my really good stuff. I basically expect atleast 25% of what they plan on selling it for. That may be considered high to some people but that is for good stuff that will sell fast and they know it.
Totally understandable. Thanks for watching!
Hey - very informative thanks for taking the time to do this. I wonder if you have thoughts on the consignment model which some stores are doing (including one in my area) where they do like a 70/30 split on profits from a record collection. Thanks
I have done consignment from time to time, but typically only on pretty rare/valuable LPs. It adds another level of tracking/reporting/payments that eats into your time. So it’s gotta be worth it.
Just sub, good video in the case of the older gentleman that didn't know you were coming I would feel like I was being asked to get rid of my best friend. Lol my wife says to me just get rid of sell them. My records, especially the ones I bought in my youth were there for the good and bad times, some were presents for birthdays and x-mas.
Thanks Tom!
very well said...time is the enemy.
What do you think of the comment, "I have all of my collection logged into Discogs." How would you approach? Is that better or not?
When you write off pieces of a large collection or even take the cost of the item into consideration, do you from an accounting perspective make all titles of equal value. For instance, if you paid $1,000 for 100 records, do you value each at $10 and take losses or gains on each one?
Great questions!
I buy plenty from people who have everything logged in Discogs - it does help a lot. And I can say, those people do get more money because they've done a large portion of the up front work (e.g. inventory) on their end. Yet another reason to properly catalogue your collection in Discogs IMO.
I have a book keeper that helps manage my inventory and purchasing. In general...yes, all pre-owned albums are valued the same as far as the IRS is concerned. It's the easiest way to manage it efficiently.
I always buy large collections. I call these "the good, the bad and the ugly" collections. I recently got a call from a neighbor who was moving and needed to be out in 3 weeks. Their father had passed and he had over 3,000 records from over 60 years. They needed these records gone asap. I came over checked them out and quickly estimated what the collection was worth. Knowing that they needed these records gone asap I knew I could get a good deal. I always ask the seller first "So how much do you want for everything?" After they tell me their number and if it is too high, I will explain why their collection is only worth this amount. Be very honest and transparent. Explain which ones are not desirable, rough condition, trashed, scratched, etc. Usually they will come down and agree on a fair price. I always believe if both parties are happy with the final price then that's a good deal. Never take advantage of anyone. Be respectful of people time. In this business, you can score some great records when buying large collections. Also you can end up with some less desirable records. You never know until you get home and visually check each and every record. The good, the bad and the ugly.
kinda funny to hear how you sort collections, very similar strategy that I use. Make stacks of records I can pay $5 a piece for that sell for $15-20, and and then sort out stuff I will pay $1 that will sell $5-$8, non-sellers will think that is cheap, but remember takes time to look stuff up, records and covers need to be cleaned and then a lot of times a record will need a new paper sleeve, and a plastic outer sleeve is necessary as well. If a seller has certain albums they think are worth a lot more, I will look a few things up on discogs and show them what it sells for and what I can pay, and then also if its something rare that I will have to sell online I have to remind them that I will have to pay fees etc.
I know and deal with a record dealer. He told me that no matter what the collection is he offers $1 for every record in an average collection. He takes the clunkers with the killers and almost always does well in the end. He gives me amazing deals on awesome stuff, but I would never sell him my collection for a buck a record!
Yeah….that is most people I believe. Lazy on the buyer’s part - but if it ain’t broke….
@@NTXVinyl I think it’s more of a volume thing. I think he figures if there is 4000 records there, as he looks through them if he sees gems then he knows he will probably make his money back. So offering 4K for 4000 records is a simple thing. I’m sure as a buyer it works great, but as a collector I wouldn’t sell for that. On the other hand, because he is an acquaintance and I know what he pays he gives me awesome deals. Sometimes I get killer records for two dollars or so, Then he will go ahead and sell to the rest of the public for whatever they really go for, so I’m happy.
I fantasize about buying a collection and that being how I start a store
I just missed out on a storage locker that auction a few months ago.. looked like probably 200 000 records. Wish I would have known about it before it sold I would have instantly opened a store. the locker sold for $4500
@@jax2428 I would indeed pay 4,600$ for that, even 10,000$ if I could afford it
I live in Baltimore. I'm 74 with a major record collection that I'm interested in selling. My records are clean and consist of rock singles, Ep's and albums, Jazz 10" and Lp's. I have a large collection of box sets and books on rock, Jazz, poster art, rock and jazz album cover art. Too much to go into here. Nice collection of hard cover Jack Kerouac books
Hey Tom, shoot us an email if you don’t mind. Would love to learn more about the collection! info@ntxvinyl.com
Fair play on your pricing, a good dealer should mostly pay around 25-33% on average
Yeah I’m typically right in the 25%-50% range depending on size and rarity of the collection
Perhaps l missed this in your presentation but how often do you deal with estates where they usually just want to get rid of the LP's. How does that work out for you? Let's say you have someoñe walk in with say 100-150 LP's but don't want to sell but trade-in vinyl for more vinyl........ Do you allow more for there collection based on condition and value of LP's that are very that are either highly collectable or albums that are rare but not big commercial success. Cheers.
I rarely ever do trades.
I just made a little money from selling a couple of records on Ebay and I decided that I want to take that money and look for a collection to buy. I have a booth in an antique mall and have a small section of records and have been wanting to expand my offerings for quite awhile, but I end up investing the money I make on records on other inventory. Not sure why I have never put a sign up in my booth stating that I buy records. Unfortunately, I just don't get people coming to me to sell me inventory.
Add a sign and business cards stating that you BUY, I guarantee you will get contacted. I have bold signage in every shop stating “We Buy Records” along cards for them to take. I get texts/emails every week from those, and a pinned post on FB
@@NTXVinyl Will get on it. Thanks for the encouragement. I'm in Abilene, not too far from you.
Hi there, if you respond to this I will be grateful. I have an elderly family member near end of life who has a MASSIVE record and music memorabilia collection. Massive meaning we have enough to fill a 1 bedroom apartment with little room for anything else. When they pass it will likely fall to me to pass off this collection. I've listened to this video. Do you just suggest contacting a record seller and having them come inventory the collection? Any referrals in the Seattle area?
Understood. Call Easy Street Records in Seattle and see if they are buying. They’ll help you out to understand what you have to deal with
Do you want to buy my large Perry Como, Mario Lavezzi, Roger Whittaker, Readers Digest boxsets, Acker Bilk, Bill Cosby, Glen Campbell, Pablo Cruise, Mantovani, Johnny Mathis collection?
I want at least 9k for it 🤣
Only if you throw in "The First Family", Tennessee Ernie Ford and a complete set of "Sing Along With Mitch" albums.
I’m in! 🤣
@@curiouscharacter1
Done
lol I have at least one pablo cruise.
I'll give you half.
10:07😂😂
Vinyl records were nothing more than a commodity to be sold, traded and discounted by the late 70s and early 80s. I remember the 'cut' corner of an LP, the 'poor' selling, over-manufactured in-quantity and bargain-bin LPs of the time. Nowadays (in the 2020's) these 'collections' no matter how they were acquired have substantial value as vinyl records have become so collectible, due to an almost non-existent production facilities situation in North America. As time continues and this known Globalist Resist unfolds owning a tangible music product will (and is) becoming a luxury of the past.
Sad that you do not even consider classical records. They are generally in better condition and I would suggest that you take a chance and carry the more commonly known composers. Even if you devote a small amount of space perhaps you will be the vehicle to expand someone's horizons as you stated in some of your other excellent videos. Please consider this . I would be happy to make some basic suggestions 😊
Well, I’ve tried. And they just sit around on the shelves. If people in my local area would buy them I’d happily stock them…but it’s not what they’re after
I bet it’s quite challenging to buy collections. Their very nature means that they have far more “value” to the seller than the buyer, simply because of the emotional connection. I have what I think is a very nice, highly curated collection with no clunkers worthy of the dollar bin but I’d be utterly amazed if I could get 50% of the Discogs LOW (not median) from a store owner. And the chance of him buying the whole collection is low, given even that value, because it’s still a lot of cash and it’s unlikely a store has that kind of working capital.
My exit strategy will be record shows. Rent a table and let the chips fall where they may. All proceeds to charity. I’ll enjoy the social aspect of the show, raise some money for a good cause and hopefully make someone’s day if he finds a record on his grail list. But that’s a long way off. I have twenty years to enjoy my collection, after which it won’t owe me much. DO NOT collect records as an investment unless your are dealing with the uber expensive stuff that sells in the thousands, for which there is an established collector’s market. Just buy records you like and play ‘em instead of looking at ‘em.
Believe it or not, there are lots of people that are not attached at all. Most times I hear “I haven’t looked at or played these in years and just need them gone”
@@NTXVinyl Very good point. There are many aging audiophiles who have embraced streaming, often around the time they downsize their homes.
@@Unpreeeedictable absolutely. I hear it often. “I have all this music in my phone now….no need for the albums anymore”
Okay, we've communicated before My collection contains 1500 (+/-) records, but a lot of them are genres in which you don't seem to be interested. However, I am wanting to sell the complete collection and have offered them to you for $500.00 if you will pick them up. You've said "it's a long way to travel for records" and I agree, but, for 33 cents per record, I think it's worth the trip.
There are only two record stores here in Lubbock, and they both want to pick and choose. I want the whole lot gone, so that won't work. So, my question is, are you or are you not interested?
Please let me know.
I am interested! BUUUUT....figuring out 1-2 days of driving to Lubbock is tricky. Crazy busy right now with NTX and family commitments. Wish I could get over to you but the reality is it's unlikely. Sorry Don.
So, what genres do you have? He commented in the video that he doesn't do big band music, so is that what you have?
@@agomodern I have big band, doo-wop, oldies, easy listening, some hard rock, country, classical, semi-classical and show tunes, but no rap or 80's/90's stuff.
@@dondieu3154 Hmm. Doo-wop and hard rock is good and maybe country.
@@agomodern But I'm not wanting to sell my collection in pieces and parts. Right now, I need it all gone and nobody wants the whole thing.
So I will just guess--you go into a home that say has 2,000 records..30% are say classic rock from the 70s and 80s. You will likely offer 2$ tops for these. Say 70% are new records from the last 5 years played once and impeccably kept, often purchased for 25$ or more. You will pay 5$ tops for these. So that adds to what .... 8,400---then you will quick access and think that is a lot of cash outlay and likely offer somewhere around 5 or 6K for the entire batch. Maybe less if you think the well used classic rock ones might be very good rather than VG+. Yeah ....no. That is like a quarter of the low end discogs "value". I appreciate it takes a lot for a store to do business; I will just hang on to my 1700 and still growing fast, and my son can figure it out. I will say that is a lot more than Amoeba offers---so I have been told it is literally pennies to the dollar on everything! It would be a miracle to average a buck an album with them...so I have heard.
Yup...I hear you. I'll be in the exact same spot with my own collection down the road.
The reality is, if a seller has a large collection (1K+) of collectible/valuable/rare albums it makes it very difficult for a "bulk sale" to be feasible. Not because a buyer like me doesn't recognize the value...but because, like I mentioned in the video, it comes down to cash flow.
If I found a killer collection of 1K albums, all worth $50+ each, I'd love to offer $20-$25 per album. But the truth is very few small business owners have $25,000 cash available to make that happen. And certainly personal collectors can't swing that. So what do you do as the seller? Well, you either take WAY less than median/value OR you choose to put in some effort/time and piece it out, or break it into sections so people can actually afford to buy them.
But many times people take an "all or none" approach, which creates a situation where they will never sell them.
When you piece out and sell that collection yourself, post back how much work it was and how much wasn't in the perfect condition you thought it was. Also let everyone know how much in fees and income tax you pay on everything you sell.
Also please do not leave your collection to your son to figure out. I may be wrong, but he likely won't want to have to deal with it, nor have the knowledge to extract top dollar.
@@JK-bf9qg that is a logical perspective, it takes a lot of effort and is a good reason to try to keep a reasonable size collection of quality records.
@@JK-bf9qg yeah I wish it was feasible to track a collection like that. Would be awesome to see exactly how much profit there is. I’m certain it varies drastically
Big band is sellable. Half Price books sell a lot
Not sellable to my customers. They don’t want them, at all
@@NTXVinyl I need to come to you-Looks like Frisco
How many JFK records do you see in a year...and do people ask a fortune for them ?
They are around for sure. Have only had a few instances where people have suggested they are rare
Do you ever acquire HipHop collections?
Rarely see much hip-hop
I understand perfectly your point of view as a record store owner, but you must understand as well the point of view from a person that is trying to sell a bunch of records to earn some money on the side. I would try first to sell them to the highest bidder, try Facebook marketplace, try groups. Only last resort, I'm sorry to say this, I would go to a record store, because they pay low and they notice all flaws in the record to lower it's value. I'm sorry and you know this is true.
Absolutely. Like I mentioned if a seller is willing to commit the time necessary than they can absolutely make more money. The fact is many people don’t care to mess with selling themselves - dealing with taking photos, making a list, or running people through their home to haggle. They just need them gone, and many times fast.
I like record stores because they are cool with buying large amounts. Most of the people on Facebook won't want 3000 LPs that are a mix of genres. You also have to deal with them not being happy with the record or records after the face where as a record store will take the good with the bad so long as there is money to be made.
@@renesrelics ok this is your experience. I am from Portugal, a tiny country in Europe. Here, record store owners refuse to buy crap like classical music, popular music, compilations etc. They want to buy records that sell, like rock, funk, metal, soul, etc. 3000 records? No, no record store would buy that much without looking and choose what they want. This is my experience, ok?
I have stumbled on a bunch of boxes play looks like a DJ kit from back in the 70s so there's probably close to 400 albums lights seem to be marked as original press I'm just I'm way over my head is there anybody that can give me a hand kind of put me in the right directions I watched the videos there on and there's a bunch of these that don't have anything or something it looks like hand scratched on the vinyl couple of people that I did get a hold of one Steve old schefsky talk to text sucks old schefsky o s o v s k i on his name is stamped out a lot of them to
What percentage of your gross income do you set aside as a nest egg for buying collections? You need to be ready for those big whales.
Wish it were that planned. I typically have pretty good cash flow avail for small to medium collections (many hundreds of albums). But when big ones come along I typically take a out small loans and pay them off as I sell the collection. All depends on the timing.
Thank you.