If you need to sell or pawn an item any time soon but are worried about being ripped off, you’ve come to the right place. Read on for some easy tips!
#1 Be Clear from the Start
At a pawn shop, you can either sell items or pawn them. Pawning an item simply means getting a loan from the pawn shop for it. You need to be clear whether you want to sell items for cash or loan them for a particular amount of time.
If you don't want to part with an item for good, you can consider pawning it and then repaying the loan to get the item back. Do remember that the pawnbroker will sell your item if you're unable to repay the loan!
#2 Evaluate Your Item
You need to know for sure how much your item is worth because you can't just walk into a pawn shop and take whatever the dealer offers you. Pawnbrokers have their own business to look after so they will obviously try to offer you less money for your goods.
If you're out to sell jewelry or precious stones, the best thing you could do is to get them evaluated by a jeweler. This way, you'll get an accurate idea of the worth of your goods. Get your jewelry evaluated even if you have the bills with you. That's because prices of precious metals keep on fluctuating and you need to know if you stand the chance of making a profit by selling your jewelry.
Evaluating second-hand electronics or other used items is tough. You’ll have to ask around to get an idea of what items similar to yours sell for. Ask family, friends, and colleagues too; they might have bought similar items in the past or they probably know someone who has.
#3 Decide on Your Price
Once you have evaluated your item, you need to decide on a price that you’re willing to part with the item for. Note that a pawnbroker won’t give you the maximum price that the item is worth for because as mentioned, he has his own business to look after. Pawnbrokers make a profit by buying and selling items and if a broker offers you the maximum price, he won’t gain anything by selling it.
So decide on a minimum price that you are willing to part with the item for. If you intend to pawn it, consider the amount of money you wish to borrow from the broker. Keep in mind that the amount of money a pawnbroker will lend will depend on the type and quality of the item you pawn.
#4 Step into the Right Pawnshops
Not all pawnshops are reputable, so if you want to land a good deal, you’ll have to do some research first. Look up all the pawnshops in your locality online and see what others have to say about them. Remember though that not all online reviews are genuine!
Make a list of pawnshops that have considerable experience and have been around for long. Furthermore, see if there are any pawnshops in your locality that specialize in dealing with certain items. If you’re out to sell an antique item, you don’t want to head into a pawnshop that deals only with jewelry items.
#5 Negotiate Well
You know your minimum price, but you should also know that pawnbrokers will offer you a price that will be well below it. When you walk into a pawnshop, allow the broker to determine the item’s worth. Telling them how much you got it for or how much you think its value is will cause them to offer you a lower price.
Additionally, never make the first offer; when it comes to negotiating, the one who makes the first offer always loses. So let the broker speak first! If you don’t like the deal, you can always walk out. You don’t have to settle for less when you know your item is worth a lot more than what you’re being offered.
Now that you know how to go about the whole business, there’s nothing to be worried about. Be confident and you’re sure to land a good deal!