Pawn shops offer unique services. They offer items at prices that you might not find anywhere else. You truly don’t know what you might find at a pawn shop. But whether you’re buying, selling or pawning an item, you’re looking for a good pawn deal.
If you’ve never been pawn shop shopping before, you might not know all the protocols and procedures, or how to get the best deals. Below we’ll tell you how to find good pawn deals when pawn shop shopping. These tips should be able to help seasoned veterans and newcomers alike.
Conduct your own research
The key to getting a good deal at a pawn shop is knowing what items are worth in various conditions. Whether you’re buying, selling or pawning an item, it pays to know the retail price. This can help you and serve as a starting point for negotiations between you and the pawn broker.
Sell it instead of pawning it
You can take an item into a pawn shop and use it as collateral for a loan. This is known as “pawning” an item. If you bring in a Rolex watch worth $5,000, you should be able to get a loan for a slightly lower price than that. If you pay back the loan, the watch will be returned to you. If you don’t, the pawn shop keeps your watch as payment.
But in this example, you could also sell the watch. This would net you a better price from the pawn broker because the pawn broker can immediately turn around and sell your watch, if they buy it outright from you. Because the pawn broker is assuming some risk on a pawn loan, the amount you’ll receive for the watch will be lower than that of a sale.
Don’t be afraid to negotiate
Unlike at a retail store, you can definitely haggle at a pawn shop regardless of whether you’re buying, pawning or selling an item. There’s an art to negotiating, and much of it is rooted in setting a price you’re willing to pay or receive beforehand and being willing to walk away if the pawn broker won’t meet you there. Try not to speak first when negotiating, don’t throw out an insulting or lowball offer and be realistic. The pawn broker needs to be able to resell your item at a profit, so they’re going to want to buy it for far less than its retail value.
Whether you’re negotiating a price for an item or telling the pawn broker the story of why you need to pawn a family member’s engagement ring, it would behoove you to be kind. This means treating the pawn broker and other employees of the pawn shop with respect. Try to see things from their point of view. Listen to them carefully, look them in the eye when speaking to them and don’t be afraid to make small talk or chat with them. After all, they’re just people trying to make a living like you, and a little kindness can go a long way in getting you a good deal.
Call for pawn shop services today
Now that you know how to secure some good pawn deals while pawn shop shopping, give us a call or pay a visit to Harrison Street Pawn. We specialize in guns and related services, in addition to the traditional pawn shop services we offer.