Are You New To Selling Items At A Pawn Shop? This Handy Guide Is For You

It may seem quite simple a task to sell your items at a pawn shop but if you’re new to selling items at a pawn shop then it may not be as easy as you think. Visiting a pawn shop and haggling for your price when selling your item can be intimidating. For this reason, we have created a simple guide that will assist you to sell your unwanted items that are in good condition at a pawn shop and make a quick buck out of it.

First, let’s understand the fundamentals of the pawn shop

You take an item to the pawnshop and their professional appraiser will assess it and offer you a price. If you’re happy with the offer, they will pay you cash immediately and keep your item.

What are the items that will fetch you good money at a pawn shop?

Pawn shops prefer gold jewellery, as they can melt down the jewellery and sell the pure gold making these metal precious. So, selling gold jewellery in Sydney to the pawn shop is the best option. Besides, electronics are preferred by pawnbrokers, which include smart phones, laptops, tablets, gaming consoles etc. These items have high demand, so pawn shops know they can easily resell them and make some profit. Among other things, antiques are also in great demand.

What items you should sell to the pawnshop?

Ideally, you should sell items that aren’t useful to you or you don’t get sentimental value out of it; however, it’s up to you to decide.

You’re in a tight financial spot but don’t want to sell your item to the pawn shop. No worries, you do have another option

If you don’t want to sell your item, you can still pawn it and get instant cash. When you pawn your item to avail the pawn loan for the short-term, the pawn shop will place your item of value in their custody until you pay off the loan amount and interest and redeem your item back.

Your credit won’t be affected even if you fail to repay the pawn loan

In the unlikely event wherein you fail to pay the pawn loan amount, the pawn shop will keep your item and resale it to get back the loan money and interest while booking some profit to keep the business operational. The best thing is your credit line won’t get affected if you don’t repay the pawn loan and that you just need to part with your item.

Make your items ready before you take them to the pawn shop

It is imperative to clean your item thoroughly so that it looks almost like new and ensure it operates properly as intended. When it comes to electronic devices and gadgets, make sure you delete all of your data, so that your sensitive information is not misused by anybody.

How to negotiate at the pawn shop

Before you approach a pawn shop, you should research online about the items that you want to sell. When you collect information about your item – you’ll know about its current price, availability etc and you’ll be more confident when negotiating a price for your item at the pawn shop. Secondly, you’ll also want to research reputable pawn shops in your region.

Let the pawnbroker make the offer first

Speak as little as possible to refrain from giving away any details concerning the price of the item because it can affect the offer pawnbroker makes. So, patiently wait and let the pawnbroker make an offer first else if they get an idea of item’s value then they’ll try paying you less. Be ready to walk out if you aren’t happy with the offer, as you can always approach another pawnbroker and second-hand dealers in Sydney.