Getting the most money at a pawnshop is an exercise in negotiation and persuasion. Pawn shops are here to make money, but savvy shoppers can go in, sell their items, and walk out with a lot of money, especially around payday.
As is the case with everything, you can do things to maximise profits and drive up the value of your items, so let’s look at everything you need to know. We have the tips and tricks you need to thrive, so let’s look.
- Think About Your Starting Price
Your starting price will be important when you go into a pawnshop because you want it to be different from what you actually want from the transaction. A normal part of any transaction is haggling – called negotiating and dealing with some. The details are the same – you’re working with the pawn shop for the best price possible.
Your starting price is, therefore, a consideration. As you can expect the price to change, it is your decision whether you set your price higher or lower. Generally, you’ll want to set the price higher because the instinct of most pawn shop owners is to go lower when negotiating. For example, if you want $1000 for an item, start the price at $1200. Then, the negotiation, even if it doesn’t go in your favour, still gets you the price you need.
- Learn to Sell Well
When selling anything in life, it’s all about your ability to persuade someone to make a purchase and buy your item from you. It can seem difficult at first, especially if you’re not confident. However, negotiating becomes easier if you look at things from the right perspective.
Your best bet is often to try and convince the pawn shop that a future buyer will pay more for the item based on its condition, rarity or features. The more compelling your argument is, the more likely you are to turn a profit.
- Be Respectful
Negotiations about price can get out of hand if one or both parties lose their cool and start to get annoyed with the situation. If you have an item and you want to get a certain amount of money for it, you’ll naturally become more annoyed if you can’t get that price, and it goes on and on. However, you need to try and keep your cool. If you become disrespectful, you run the risk of ruining the negotiation, so be polite and respectful even if the lower offers annoy you a little.
Selling to Pawn Shops
Buying and selling from pawn shops is a legitimate and practical way to get a good price for your item. It’s perfectly normal to want to get a good rate for a beloved family heirloom or an item that you don’t want anymore. However, negotiating is a fine art and understanding that art is key to getting the right price. Don’t be afraid to negotiate – just be aware there is a natural stopping point for haggling.
