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Become a Millionaire by Shopping Garage Sales

ONE MAN’S TRASH IS ANOTHER MAN’S TREASURE

So how does one become a “Garage Sale Millionaire?”

Our own Aaron LaPedis, AKA “The Garage Sale Millionaire” shares his tips:

EDUCATE YOURSELF: Reality TV is not always reality, BUT, shows like Antiques Roadshow and Pawn Stars can still be good teaching mechanisms in that you can learn what items are in demand and how the experts appraise them. Become an expert on a handful of items, so when you come across those items, you know how much, if anything, they’re worth on the market.

Remember, sometimes the most valuable things to collect depend on the geographic region you’re in. If you live in the South, you’re surrounded by Civil War stuff, whereas in Colorado, there’s not much of it, so it’s priced at a premium. The same goes for Western memorabilia – it’s popular in the Midwest, where there’s less of it. So when collecting, consider the place you’re doing it in: What is that state or region known for? That’s where you’ll get the best price and the best value.

NEGOTIATE – IT’S THE ART OF THE DEAL: Be it a thrift shop, consignment shop or pawn shop, when you’re talking about the money, find out who the owner is because you’ll get the best deal from that person. The owner doesn’t have to worry about paying a commission and if they’re having any kind of money crunch, they’ll want to turn inventory. Cash is often king, because a lot of places don’t take credit cards, so you’ll get a better deal if you’re willing to pay cash.

DON’T LEAD ON TO BEING THE NEXT MILLIONAIRE ON THE BLOCK: How you dress is also important when shopping for collectibles. That means dressing in inconspicuous clothing, leaving expensive jewelry and shoes at home and parking your car a block away. If you drive up in a Lexus in front of a garage sale I’m holding, I’ll probably be hard-pressed to give you a good deal. Also, build a rapport before you start negotiating. Don’t immediately rush in with, “How low can you go?” Start a conversation about the weather an find common ground somewhere… cozy up to the seller, to the point you both agree it’s a good deal for both parties.

MIND YOUR MANNERS: Don’t be that guy… If an item is $100 and you offer $15, that’s an insult. You’ll turn that person off right away and they’ll never want to do business with you. I would start just under 50% on an item, sometimes even less, depending on how badly I want that piece. Don’t ever try to crush the other person during negotiations. The deal is never a good one if it doesn’t get done.

GETTING RIPPED OFF SUCKS, SO USE COMMON SENSE: Know that 50% to 60% of all signatures on memorabilia and documents are fake. Autopens allow people to copy signatures and unless you’re a foremost expert, you’d never know the difference. When you buy an autographed collectible, you don’t want to pay cash. Use a credit card or PayPal to protect yourself, and let them know you’ll insist on a refund if it’s not real. There are third-party authenticators that will verify whether or not an autograph is real. Sometimes making a “non-refundable” deposit to show the seller you’re interested before committing to paying asking price can save your A$$.

USE TECHNOLOGY TO YOUR ADVANTAGE: I have an online tip for buying offline – I use the website Tag Sell It and I also have their app on my smart-phone.

MOST IMPORTANT: Read My Book

FIRM BELIEF: Not only can garage sale treasure seekers make some money reselling various items, but they can make very substantial residual profits over time.

As the owner of two art galleries in Denver and former host of a local PBS show calledCollect This!, LaPedis knows how to track down hidden treasures and turn them into a profit. His recent book, The Garage Sale Millionaire (Wiley), offers advice on how to make money by digging around garage sales, storage units and everything in between. Aaron became an owner and partner with Tag Sell It Inc. in 2013.

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Pawn Shops Can Fund Your Holiday Shopping

The holiday season can be filled with traditions, spending quality time with family, and rejoicing over the spirit of the season. Unfortunately, at the same time, it can also be one of the most financially straining times of the year. Between the costly expenses of airline tickets, road trips to grandma’s house, and purchasing gifts for everyone on your list, the bills can really add up.

A client of ours, Thomas Fischer, knows about the stress of the holidays a little too well. Just ten days before Christmas he learned that his father might have to endure a surgical procedure on the first of the year. He decided to take an urgent trip to Tampa, FL where his parents live.

“I knew I had a bonus coming, but didn’t have the cash on hand at the time,” said Fischer, a pharmaceutical representative. “Flying is never cheap during the holidays, and it’s even more expensive at the last minute.”

Fischer knew he had some personal items that could be used as collateral to get a loan, but the thought of entering a dangerous area of town to go to a pawn shop did not sit well with him. He decided to start researching online pawn shops.

He came across our website and was able to speak to a representative about pawning his 1952 Mickey Mantle baseball card from his collection. He found our process to be very easy; he sent a photo of the baseball card, got an appraisal, and used an email label to send his card to us. He received the funds within 36 hours.

“There is always nervousness when putting something like that into someone’s hands, but I felt comfortable doing business with them after talking to them,” Fischer said. “It was very important for me to see my parents, and it is only a baseball card. I could get another one of those, but I can’t get more parents.”

Fischer was able to pay for his flight to visit his parents in time for his dad’s surgery. His father is doing fine and Fischer was able to pay off the loan when he received his bonus.

The holiday season is a busy time for us as well. We always see an increase in the number of people pawning valuable personal items in hopes of receiving a short term collateral loan to pay off their holiday bills. Don’t let the financial stress of the holidays put a damper on the joyous season! Use the valuable personal assets sitting in your home as collateral to fund any unexpected expenses for the holidays!

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Pawn Shop Fun Facts

A Pawnbroker, is an individual or business (Pawn Shop) that offeres secured loans to people with items of personal property they use as collateral.

The word “pawn” is derived fromt he Latin ’pignus’ for “pledge,” and the items having been pawned to the Broker are themselves called pledges or pawns (collateral).
There are more than 12,000 pawn shops operating in the United States
The average pawn shop loan is $150
More than 80% of all loans are paid off
30% of the U.S. adult population has no banking relationship
The size of the pawn shop industry in the U.S. is an astonishing $7.5 billion
Since the recession started in 2008, cash-for-gold transactions shot up 35 percent
More than half of pawnbrokers say the recession has increased pawn loans, but significantly hurt sales. Some pawnbrokers report up to a 15 percent decline on their retail side.
Fewer than .02% of pawn shop transactions involve stolen property
State laws mandate that customers pawning items provide detailed information including name, address, and date of birth and show government issued ID – fingerprints can also be required.

Source: National Pawnbrokers Association

About the National Pawnbrokers Association:
Headquartered in Keller, Texas, the National Pawnbrokers Association (NPA) was founded in 1988 to support the growing network of responsible pawnbrokers in the United States. As a trade association, the NPA is the industry’s only national association. The Association offers guidance to pawnbrokers on how to be involved on a local, statewide and national basis. In addition, the NPA offers members compliance training related to the federal, state and local laws that apply to the industry.

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Pawn Shop Industry Insights and Trends

Educating your customers is a great way to gain a loyal following in your community and industry. In a society where information flows freely and quickly, many people don’t have a lot of time to research and gather information before making decisions in their best interest. Customers count on their local businesses to provide unbiased opinions and information before making a business deal. This is just as true in the Pawn Shop Industry as it is in any other industry.

We recently had the opportunity to interview three Pawn Shop owners and asked them to provide some of their own insights and thoughts on the Pawn Shop Industry today, here’s what they had to say:

Lawrence Kahlden, President and CEO of La Familia Pawn & Jewelry, founded in 2009, has over 23 stores across Florida and Puerto Rico. When asked what industry trends are exciting him today, Lawrence said, ” I find it exciting that — thanks to shows like Pawn Stars– the industry has become more mainstream and acceptable as retail outlets. We’re seeing clientele walk through our doors that wouldn’t have just a few years ago. It’s definitely a great time to be part of the industry and evolve to accommodate customers with different needs.” When it comes to overcoming the challenges of getting more shopper traffic into the shop and buying items, Lawrence says, ” Our number one priority is to provide the best customer service in the industry. If you can accomplish that, people will spread the word and drive more people to our stores. That has been our number one way of getting new customers in the door.” Haggling on priced merchandise is fair game at Pawn Shops. Lawrence says, “We set fair market prices both on items for sale and the amount we will loan, but our top priority is to provide our customers with the best service available, and that includes working with them on prices to meet their needs.” Lawrence says approximately 95% of his inventory is sold in their shops. “We do use sites like Craigslist and eBay from time-to-time for bigger ticket items and things we feel might not sell quickly in our stores.”

CashCo Pawn, based in San Diego, CA, is run by Managers Yigal and Moris Adato. They’re currently celebrating their 10th anniversary in business this year! When asked what gets them excited about their industry, they said, ” The fact that we now have a worldwide customer base is incredible. People don’t mind buying from pawn shops anymore because they know we are legitimate and offer amazing prices.” Improvements are still needed say Yigal and Moris. “We would like to see websites like Amazon and eBay provide more seller rights. Often times, e-commerce sites are so focused on protecting the buyer that they forget to protect the seller as well.” As for overcoming challenges of attracting more shoppers, Yigal and Moris say, “We continuously encourage pawn shops as a better way to shop. We have a saying at our store, “Why pay retail when you can shop pawn?” People are looking to save money in this economy and what better way than shopping at pawn shops where items and services are legitimate?” When it comes to haggling, “If an item has been in the store for too long, we are open to negotiate. Our goal is to create the cash flow for the pawn business, so negotiating our prices come naturally. If we can get you a great deal, we are open to it.” Yigal and Moris say they sell about 5 to 10% of their inventory online using sites such as Amazon and eBay. “Usually the items we sell online are the higher end items and items that fall more under the specialty category.”

Robbie Whitten is the owner of Money Mizer Pawns & Jewelers, open for 32 years and has 7 stores located throughout the Southeast, including Georgia, Alabama and Florida. Robbie says, “Technology in computer software and Eyeson Video Surveillance” is what excites him about the industry today. Money Mizer offers customer rewards and customer referral rewards to gain more shopper traffic. About 70% of Money Mizer’s inventory is sold in shop and 30% is through online sales through eBay and Gunbroker.com. As for haggling in the shop on items, “We set reasonable prices for items to sell, however, we leave some room for haggling” says Robbie.

Pawn Shops are unique resale shops, and like any shop or marketplace in the second hand industry, you can find some pretty awesome stuff for sale at a reasonable prices. Before heading out to buy that new item, be sure to pop in your local Pawn Shop, chances are they may have what you’re looking for or be able to point you in the right direction of getting a better deal. The Pawn Shop Industry has a bright future with many opportunities and is ready to serve the needs of people in any economic climate.

Remember, building a customer base that trusts your businesses advice and can count on your expertise goes a long way. Educating and rewarding your customers can help your businesses ratings both online and within the community.

Have you checked out your neighborhood Pawn Shop recently? What did you think? Share your comments with us below!

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Have you ever been inside a Pawn Shop?

If you’re like 95% of Americans, you’ve never even been inside a Pawn Shop.

Pawning has existed for centuries dating back to the Greek and Roman Empires. While pawning in Europe has remained popular, in the United States it has a rather checkered reputation. But recently, the wildly popular television shows Pawn Stars and Hardcore Pawn have broadened the awareness of the industry. The modern pawn shop is an attractive retail operation run by professionals who are intent on providing a good customer experience. The modern Pawn Shop is not a dark, dingy, back alley place as depicted in movies, but an attractive, well merchandised, professionally managed outlet for quality goods and excellent customer service.

I’m Don Battis, Founder and CEO of online Pawn Shop, Pawntique. I’m delighted to be invited by the CEO of Tagsellit.com to be a Guest Blogger. I’ll be blogging weekly about how Pawn Shops work and how people can become more comfortable dealing with Pawn Brokers.

Do you ever have short term cash emergencies or don’t know how you’re going to pay your bills?
Do you ever want to buy jewelry and gifts for your loved ones but can’t afford to pay retail prices?

Pawn Shops are great places to solve both those problems. There are 12,000 brick-and-mortar Pawn Shops in the United States, as well as several online pawn shops. This is a huge industry and it is expanding rapidly. 25 Million Americans spent over $15 Billion at Pawn Shops last year.

We launched Pawntique as a boutique online pawn shop last year. We’re a family owned business located in Portsmouth, NH but we serve customers all over the US. My family has been in the jewelry business for three generations and I’ve been an entrepreneur and small business investor all my life. I founded a small metal fabricating business in 1986 that grew to be a successful automotive and telecom equipment parts supplier. Since selling the company in 2000, our family has focused on small business loans to help companies grow, particularly in the Internet marketing arena.

Like many people, I’m a big fan of Pawn Stars and Hardcore Pawn and all the interesting people and items that come into their shops. The idea of Pawntique grew from that nationwide fascination with pawning. We saw an opportunity to participate in the trend by utilizing our Internet marketing talents, money lending experience, and jewelry expertise. Pawntique combines all these capabilities. We lend money to individuals and small businesses using their valuable jewelry and upscale assets as collateral. Our customers appreciate the convenience and confidentiality of the Internet to conduct the transactions.

I look forward to sharing some of the interesting items that come into our pawn shop and explaining how pawn shops work. I‘m also inviting some of my colleagues in the pawn industry to contribute their experiences. If you have questions or comments about the pawn shop business, let me know and I’ll be sure to cover them in future articles.

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Thrift Style Living

Today we’re excited to introduce and feature LaCheryl Cillie, founder of Thrift Style Living. Over the last thirteen years of collecting antiques, LaCheryl has developed an enormous passion for auctions and estate sales. “There is an excitement that bubbles from deep within for such events,” she says. Here’s an insight into her business and passions, along with some great tips for everyone!

Remember the first apartment, or your first house? You found a great place, but you could not afford a bedroom or living room furniture, and you did not know where to go or who to talk with to get what you wanted at a price you could afford. Maybe you just simply love to dress but find the ever rising cost of quality clothing and accessories not so affordable in a tough economy – that was me and the start of it all!

How do I continue to get the best in a tough economy without giving up quality, or becoming buried in a mountain of debit? Thrift Style Living was born to offer solutions and answers in a tough economy! This “how to be a savvy shopper website” seeks to arm the average consumer with knowledge so they know how to recognize and shop for the best, whether it is furniture, general household items, designer clothing, jewelry or antiques and collectibles.
I have been doing estate sales, and have been a licensed auctioneer for over a decade.
I have also written a book about understanding estate sales, auctions, and second hand shopping.

My 5 Pieces of Advice for People Making a Conscience Lifestyle Change:

Be open minded about shopping all of the different second hand venues. Flea markets, auctions, estate sales, garage sales, pawn shops, thrift stores, consignment stores, online stores and websites – A diamond in the rough could be anywhere at any time!
Educate your eyes – Be sure to visit traditional retail settings, or places which will aid you in the recognition and understanding the value of quality items. Also check out decorating or trade magazines , newsletters and price guides.
Do not buy junk – Search for quality! If you look long enough you can find what you are looking for. Just do not give up, be patient. It is better to buy high quality used items than poorly made new things.
Always buy what you love – But it is always helpful to think in terms of possible investment or resale of an an item, either locally or online.
The money saved or made as a result of thrifting can be used to fund other other areas of your life.

Favorite Shopping Venues

My favorite second hand shopping venues are thrift stores and estate sales!

All Time Favorite Thrift Store Find

Assorted Victorian Sterling Silver Goblets, Flatware, Saucers bought for 25 cents to 3.88 each
Coco Chanel Vest for 4.99, Prada Jacket $19.00, Donald Pliner Italian Leather Shoes $3.88. Christian Dior Chapeau for $0.59.

Final Comments
Thrift is not a dirty word and “The Best Can Cost Less!” - Quality Counts!

Be sure to check out LaCheryl’s website: www.thriftstyleliving.com

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Pawnbroker Symbol

Here’s a little Trivia for our Pawn Shop fans:

Do you know the origin of the Pawnbroker’s Symbol?

The pawnbrokers’ symbol is three spheres suspended from a bar. The three sphere symbol is attributed to the Medici family of Florence, Italy, owing to its symbolic meaning of Lombard. This refers to the Italian province of Lombardy, where pawn shop banking originated under the name of Lombard banking. The three golden spheres were originally a symbol medieval Lombard merchants hung in front of their houses, and not the arms of the Medici family. It has been conjectured that the golden spheres were originally three flat yellow effigies of byzants, or gold coins, laid heraldically upon a sable field, but that they were converted into spheres to better attract attention.

Most European towns called the pawn shop the “Lombard”. The House of Lombard was a banking family in medieval London, England. According to legend, a Medici employed by Charlemagne slew a giant using three bags of rocks. The three-ball symbol became the family crest. Since the Medicis were so successful in the financial, banking, and moneylending industries, other families also adopted the symbol. Throughout the Middle Ages, coats of arms bore three balls, orbs, plates, discs, coins and more as symbols of monetary success. Pawnbrokers (and their detractors) joke that the three balls mean “Two to one, you won’t get your stuff back”.

Saint Nicholas is the patron saint of pawnbrokers. The symbol has also been attributed to the story of Nicholas giving a poor man’s three daughters each a bag of gold so they could get married.

Source: http://en.wikipedia.org/wiki/Pawnbroker

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Tips for Selling to Pawn Shops

Everyone knows selling goods to a Pawn Shop isn’t the best way to maximize your profit (if any), but when the need for cash arises, here are some tips that may help give you some leverage with the Pawnbroker.

1. Do your Due Diligence
In any business transaction, it’s important to first do your own due diligence. Having an idea of what the item is worth is a good start. Certain items like antiques, art, automobiles, jewelry and watches can be easily appraised for a reasonable price. Going to a certified appraiser to having your items checked out is a good start. Just having some knowledge of what your items may be worth will give you some leverage if the Pawn Shop tries to give you a low-ball offer.

2. They Don’t Need to Know
Where you got an item need-to-know basis, and they don’t need to know. Telling a Pawn Shop you found it at a tag sale is a green light for them to make a low offer because they think the item has no emotional value to you. It gives them the message that you’re perhaps more likely to part with it for a smaller profit since it doesn’t mean much to you.

Pawn Shops don’t need to know how much you paid for it, so if they ask, just politely decline answering them.

Remember, it’s the Pawnbroker’s job to determine an item’s value because they’re there to make a profit. If they’re really interested in buying your item(s), they’ll spend the money to have it appraised. Telling them how much it’s worth is not your job, they need to figure this out.

3. When it’s Time to Negotiate
If you share the amount you’re looking for on an item, it will most likely lead to the Pawnbroker getting the better deal in this transaction. Simply letting the Pawn Shop make the first offer, at least you can see if you’re in the same ballpark for the price you’re looking for. Remember, Pawn Shops need to make a profit, so many times they’ll make an offer at 1/2 price for what the item is worth.

4. Know when to Walk Away
Pawn Shops will never offer you retail price on an item, probably not even wholesale price. They are in the business of making money. If you don’t feel comfortable with an offer they’ve made and you’re too far apart, just walk away. If you think you can do better than taking your items to a Pawn Shop, try selling them online first using some free or low-cost websites.

Tips for Selling at a Pawn Shop

1. If you want to catch the attention of a Pawnbroker, think small. Items such as jewelry, a silver service piece, old firearms or artwork will grab the attention of the owner. Few Pawn Shops are equipped to deal with large items such as furniture or large decorative items or accessories. 2. Pawn Shop owners [...]

Pawn Shops Directory

As you may have seen we’ve given our site a fresh facelift with some new templates. Along with this most recent site upgrade, we’ve constructed a Pawn Shops Directory where users can now locate Pawn Shops around the country or in their state. The devel…