5 Tips To Get As Much As Possible From Pawn Brokers
Posted on: 28 June 2016
Selling old items that you no longer want to pawn brokers like Desert Jewelry Mart & Coins is a great way to get a little extra cash. How much you get for your wares will depend both on what you have and how good you are at selling to pawn brokers. Here are five tips that will help you get as much as possible at a pawn shop for your goods.
Sell, Don't Get a Loan
Many pawn brokers both buy items to resell and offer short-term loans. (They hold items as collateral for their loans.) One of the first questions the pawn broker will ask you is whether you want to sell or use your goods as collateral for a loan.
You'll get more money if you sell your items than if you take a loan. In a Bankrate post, pawn broker Robbie Whitten said he usually pays between 10 and 20 percent more to sellers than to people getting loans. The same article noted that an online pawn shop gives people between 75 and 80 percent of retail value if they sell their items to the shop, but only 50 to 65 percent of retail value if they opt for loans.
Don't Make the Initial Offer
A basic principle in any negotiation is to not make the initial offer. A pawn broker will try to find you what you want for an item by asking you directly. Evade this question by instead asking them how much they'll give you for it. According to The Nest, a pawn broker is more likely to make an offer that's close to the item's value if you don't first suggest a price because they don't want to insult you. If you suggest a price, they're more likely to try and get an item for half of its value.
Don't Share Where You Acquired an Item
When selling an item, you don't need to tell the pawn broker where you acquired it -- and you shouldn't.
Bankrate's previously mentioned post encourages people to share stories about items when they're seeking loans. Pawn brokers are more willing to give loans to people who have an emotional connection with an item than those who don't have any ties to something, because people with emotional ties are more likely to pay off the loan so that they can get the item back.
When selling an item to a pawn broker, however, it's clear that you're willing to part ways with the good (even if it is emotionally difficult to do so). Sharing where you got something could reveal that you don't have an emotional connection and, Mint Life says, suggest that you'll take a lower price for it.
Be Prepared to Show Off Your Items
You need to be ready to show off your items in the best light possible. Depending on what you're looking to sell, you might need to bring the following:
- batteries to show that items that require batteries are in good, working order
- appraisals or certifications that authenticate jewelry or collectibles
- accessories and user manuals that are necessary for items
If you're looking to unload expensive electronics that don't require batteries but have built-in ones, make sure their batteries are charged. A pawn broker won't want to buy a laptop, tablet, smartphone or MP3 player if they can't turn it on and verify that it's fully operational.
Break Out Items into Lots
If you're selling several items that aren't alike, break them into lots and ask for a different quote on each lot. For instance, separate hand tools, smartphones and jewelry into three different lots. By breaking your wares down into different lots, you'll be better able to negotiate each type of good that you're trying to sell.
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