An Ace in the Hole, Part II

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There are many variations on this type of promotion and you should make sure that all the bookworms and other dealers in the area are aware of them. We also send a list, of what our general stock includes and of any specials to the public and school libraries within a 50-mile radius. With school and municipal budgets being stretched to the breaking point, you can offer a way to fill holes in their collections at reduced prices and boost your sales at the same time.

The Bottom Line

What about pricing? This is an area that scares away many beginning booksellers because they just don't feel they have the expertise to price their stock off the top of their heads. There are no suggested retail prices to go by. There are, however, very useful price guides that you should invest in and use. Mandevilles Used Book Price Guide is updated every five years with a new version due out in late 1994. Another good price guide that also offers a little more specific information on books is Collected Books (G. P Putnam's Sons, 1991), by Allen and Patricia Ahearn.

Also don't be afraid to check with other dealers or collectors in your area to increase your knowledge of pricing. There are shady characters in the used book business as in every other, but for the most part you will find they are straight-shooting lovers of the printed word like yourself. By staying in touch with them and letting them know about some of your new purchases, you will gain valuable information ...and occasionally make a sale.

Above all don't be intimidated by the pricing process. As long as you are buying your books at a reasonable rate, an occasional mistake in pricing isn't going to put you out of business. A lot more money is lost, and made, on used books when you are buying than when you are selling.

Right after I opened my store I put a book on African-American history on my shelves and priced it at $35. I sold it within days to another dealer and it so happened that I was able to track its route after it left my shop. It ended up in the hands of a collector who was waiting for it ,at the nifty price of $125.

Did I lose any sleep over my obvious underpricing? Not really, because I gained twice in the transaction. First I made a $34 profit because I had happened on the book at a yard sale. Second, and in the long run much more important, I learned the importance of keeping a list of my customers' wants. Now when such a book comes into my possession the first thing I do is check that always growing list and connect the book with a willing buyer before it ever reaches my shelves.

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