Turning used books into spending money

If you are a book lover you probably have a large personal library. Maybe even some signed First Editions. But as we all know, used bookstores are vanishing and, as one after another close, the possibility of selling your books for a little extra cash grows smaller.

On the other hand, the online market for reselling books is growing stronger especially if you are willing to part with your autographed First Editions by famous authors. Books that are First Editions only–without a signature–are less likely to sell on Ebay or Amazon or Abe Books unless they are rarities. And autographed books by semi-well-known authors usually fail to sell. I know this because I recently offered some of my books for sale online. Some sold; others did not.

Good advice from experienced online book sellers

While selling my books on Ebay, I “met” some of the other booksellers online and learned that price is almost everything. One old timer who has a  longstanding online bookstore, gave me a good piece of advice: “Whatever price you set is probably near the price it will sell. Don’t list for 99 cents, in hopes that there will be multiple bids to drive the price up. It won’t happen.”

I was also advised to do pricing research using Ebay, Alibris and Abe Books. First try to find other copies of the book you want to sell, then check the condition of the book. Your price should be similar if the book is same or very similar to yours. Better or worse condition and rarity also come into play when establishing a price.

If you cannot find a listing for the book you plan to sell with your online research, search for other books by the same author to get a sense of how his/her books should be priced. And if you come across a book that is priced for wildly more than seems right–trust me, it is not a real book for sale, but a money transfer scam. Ignore it.

Another bit of advice: It was after the sale of a signed limited edition book by actor Dennis Hopper on Amazon that I realized how big of a fee I had to pay: 30% of sales price and it had sold for hundreds of dollars. Ouch! Books I sold on Ebay had no listing fee and I paid only 10% of the selling price. That’s learning the hard way!

And, finally, I was advised by the woman overseeing the online book sales for the Friends of the Library: “Only keep them listed for one month. Then take them down. Remove the listing, if it hasn’t sold. And list some other book.” Why? Because the longer an item is on Ebay the lower it goes on their list. By removing the book listing and then re-submitting it a few weeks later, your book will be back at the top of the books for sale list.

A Real Life Retirement

One retiree, John, is making a very tidy supplementary income selling used books and he has been doing it for years. He turns the used book market on its head by buying books very cheaply online and selling them for a fixed price in upscale flea markets, high end swap meets and even one farmers’ market in an affluent neighborhood.

His booth has a big sign that reads: “No Book Over $5”.  Over the years he knows exactly which books his customers–most are men–like and every book he sells is in nearly perfect new condition. That phrase, “nearly new”, is a key to his success. A hard cover book that was a $27 best seller a few months ago and now on sale for $5 is a great deal. All sales are cash only, so he does not have the extra expense for credit card sales.

He also has a section for children’s books at $1. What parent would turn down a chance to buy a $1 book in perfect new condition for their child?  And while they are waiting around as the child selects a book, they often end up browsing his tables and buying a book or two for themselves.

A Sad Note: I recently learned that after years of being an iconic used book seller, John passed away. He was and is greatly missed. And, the last I heard, no one has stepped in to replace his popular used book business in open air markets in Southern California. RIP.