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.