How to Open a Record Store (Part Three) Pre-Owned Inventory | Talking About Records

Pre-owned, used, "vintage" vinyl records. Where does a store continually source them? How much should a store owner offer for a collection? And how is pricing determined? We answer these and many other questions on the topic in the third installment of our "How to Open a Record Store" series.
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[@GustavoScafuro]

I always wanted to work in a record store in the 80s, and I still dream to have my own records store. These advices are always welcome, thanks!

[@NTXVinyl]

Thanks for watching!

[@UrbanSwagger]

I collect records, often buying on a hunch. The disappointments I sell at record shows. I clean and sleeve them, charging $5 for 45s and $10 for albums. Rarities I individually price. I learned from a friend how to recognize counterfeit bills (someone tried to pass me a fake $100 once). There's a rush you get at having collectors swarm your table, excitedly piling up the potential purchases.

[@2B903]

We’re opening our shop in East Texas!

[@ScottTice1971]

Good tips. Sellers really have NO idea what a persons time is worth. Education is key. Problem is there will always be somebody willing to pay more than you so getting there first, cash in hand, is usually key. Cash is King!

[@NTXVinyl]

Appreciate the comment Scott!

[@behunt80]

Once again, great video! Thanks for taking the time to do this series. It’s good to find out what I’m doing correctly, but even better to learn some new info in this pursuit!

[@NTXVinyl]

Thanks!

[@Bootradr]

Thanks for these videos. I enjoy watching these topics and learning what I can. While I doubt I'll have a brick and mortar record store, I am interested in finding good collections and even selling some items as well. So this is good information all around! There is definitely a lot to learn even just collecting so I really enjoy the various topics and help that people like yourself pass along. Always having something to learn in a hobby or a passion is half of what keeps it interesting to me 👍 Brian in Fort Worth🎶

[@NTXVinyl]

Thank you Brian!

[@vinylovers]

Great work and videos! Very thankful for this!

[@TheEzrider403]

Nice !

[@ericjames7495]

Thanks for making these vids ! I really love records and want to begin selling just had no idea where to start with inventory , I looked online and there’s a lot of people selling crates and I was gonna start by creating a website and selling from there and looking for pop up shops to attend to sell my product and build from there until I’m ready for a store front is that a good way to begin my journey with this

I have a question for you, for example, if a widow wants to sell her deceased husband's record collection but has no idea of it's worth, and all she wants it's to get rid of it and asks you to name a price for all of it, and you find out that are some rarities in it, what is the best thing to do, tell her that she has some valuable records or ignore it and just give her a regular amount. I'm sorry if I can't express myself correctly, I'm not English, I hope you understood my question. Thank you so much for your amazing video.

[@NTXVinyl]

Great question. Every situation is different. I personally do my best to not knowingly deceive people. That said, I am in business to make money so I try not to shoot myself in the foot when an opportunity presents itself. There's a a balance to strike for sure.

[@seansrecords]

I would treat everybody the same . Just because you know they have no idea of the value , if you under value on purpose it only takes a family member or friend to tell them they got ripped off and now you have a bad name ... treat people fairly and it will grow your business

[@MattCupan]

Pretty much every dead husband, widow selling records is wanting to sell you a bunch of Perry Como/Johnny Mathis records. Very rarely she got anything of value. So it's more of finding a tactful way of saying what she has isn't worth anything.

[@iratozer9622]

I would love for you to explain how to determine what all these different genres are.

[@NTXVinyl]

What do you mean? Defining genres? (like rock, jazz, R&B, country, etc?)

[@iratozer9622]

@@NTXVinyl YES, but I found a site that has a way of determining what the genre is. However, I can't find anything on the jacket or record about the pressing plant. Where can I find out that information?

[@tomdemaline8869]

Ive watched all you videos on opening a record store. Lifetime dream, now Im 63. so probably not. But just wondering, how do you buy used records from someone and be able to buy them at prices where you can make money? With all the info thats out there today, I have to believe they know what there worth?

[@NTXVinyl]

Great question sir. I address most of it in this video... kzbin.info/www/bejne/qqfHdIJtgJ2sZtk In short. No, most people don't have any idea what they even have, much less what it's worth. And even if they do, are they willing to put in the time and effort to do what it takes to maximize profits by piecing it out individually? Highly unlikely, especial for those who don't know anything about records, or even music for that matter. The cost to acquire any collection (of size) stretches much further than just the price of the albums. Then the real work begins...packing, moving, sorting, storing, cataloging, cleaning, grading, sleeving, pricing, etc etc. That is exactly what I tell someone with a collection to sell. If you want the big profits, then put in the work. Otherwise you'll have to wholesale it to someone who has the expertise, staff, and processes in place to deal with it. Point being, most collections are purchased for relatively cheap (per album) because of the work involved that has to be factored in. But....if you love it, and put in the work, it is very possible to be profitable.

[@RedVynil]

I passed the 500 records point when I was about 20. I'm up over 60,000, now.

[@NTXVinyl]

60K. That's massive!

[@RedVynil]

@@NTXVinyl I've been collecting since `59. My neighbor's been collecting since about `48 but he's only got about 32,000.

[@temporoboto]

😲

[@kassdog]

​@@RedVynil Only 32,000. Lol

[@RedVynil]

@@kassdog Yeah. Poor guy. He'll never catch up to me.

[@miamiwax5504]

Man I'm sitting on hundreds of thousands of records. 6 storage units full. I want to open a store but I don't want to be married to it. I would rather be out digging and djing. I really hate selling.

[@NTXVinyl]

Wow