For those of you catching up, we did pretty well at the Alabama Record Collectors Association. Sold 33 vinyl records and made more than $350. (Although expenses certainly cut into the profit margin. Maybe a nice dinner out with Catherine.
We learned some things.
- Unbelievable high end records. I never knew there were thousand-dollar records at these kind of shows, or anywhere for that matter. But I saw several plus records in the $200 to $400 range.
- Know your product. More than once, people came up asking how much. The sticker had fallen off and was now stuck to the bottom of someone’s foot. But because I had spent hours researching price and applying those stickers in advance. Even with my memory impairment, I found I could give an educated price. I know my records pretty well.
- Keep it real. Don’t put a 100-dollar sticker on a $15 record ‘just to see.’ Your credibility may suffer and you’ll lose the confidence of the buyers. Know what its value is to the best of your ability.
- Negotiations: At these events, the buyers often counter. This is something I already knew, but it takes a few times to get back upon the horse. For example, guy walks up with five albums, a $30, a $20, a $10 and a $3. That totals $63. He says: ‘How about $50 for all.’ In this case I would likely go for that but I quickly look at what he has and note silently that the $30 record was already marked down from a researched price of $45. So I quickly counter: $55 and it’s all yours. Deal struck. I think I knocked something off about one-third of the transactions — so about 11 records. All of this is happening in an environment where the prices are fair.
- Hands off the merchandise. As hard as this was to do, you are really trying to make money. Don’t buy records and stuff –and don’t rent a hotel when you are only 15 miles from the Gardendale Civic Center. We didn’t do the former — at least not with records, I did however buy for my two daughters and their significant others rock and roll black T’s from the heavy metal contingent behind us — They were awesome — the people and the T’s. But we did get us a room. And that’s on me because I suggested it. Otherwise, Catherine was going to have to drive to and fro for two days, at night and morning with some other work she had to do in Birmingham on Friday. It was worth the extra $100 (free continental breakfast; I got a big greasy sausage patty and biscuit and gravy.) Catherine joked we won’t put the hotel on the record convention cost side of the personal ledger and count it as ‘staycation.’
So for the big reveal (drumroll please): I grossed $407, according to latest data available. I spent $75 for a table, $40 for nylon outer sleeves and $10 for inner sleeves and other expenses, taxes, meals and gas about $60, ate cheaply. Total spent: $185.
407 – 185 = 216. Like I said a super high-end dinner for Catherine and me. Or that rare Beatles record. … perhaps? (Oh, and there’s this wedding).