A pawn shop is an excellent way to make some money for items you no longer want or need. But how do you know that you're getting the most money for your stuff? Understanding how to negotiate with pawn shop owners and employees might help you get more money for your valuables.
What Not to Say
Whether you're selling a fur coat, a rare painting, or a piece of jewelry, there are several things you should not tell a pawn shop. First, do not tell them where you obtained your merchandise. If you let on to them about its origins, they may have a better idea of what you're willing to accept. Leave the sense of mystery there for them to ponder. If they think the item you're selling has no sentimental value to you, they will most likely try to undercut you on the price.
Another no-no for pawn shops is to tell them how much you paid for the item. Pawn shops rarely pay people more than what the seller originally paid, so if you show all your cards, it's highly unlikely they will pay you a decent amount. In fact, they may even insult you with a very low price on your item. You should also not tell them what you think it's worth or if you've had the item appraised. Keep that information to yourself and let them determine what they feel it is worth.
What to Do
When you go to sell your item to a pawn shop, there are some things you should definitely do to ensure you do not get shorted:
- Look into the real value of your item before you go to sell it. Then, determine what the absolute lowest amount you will take for it will be. Remember that pawn shops are businesses, and they are there to make money, so they will probably not offer you the item's full retail value.
- Do not tell the pawn store employee how much you are asking for the item. Let them make the first offer instead. Then you can feel free to counter offer or ask for more. Sometimes they may offer more if it's something they are really interested in reselling.
- Be prepared to walk away from the deal. Sometimes the dollar amount you are offered is not worth it, and you must be mentally prepared for that. In most instances, pawn stores will offer less than half of what the seller originally expected to get, so be ready for this in advance.
For more information or advice, contact a business such as Palace Jewelry & Loan.