February 13, 2020 - Pawn Resources
Walking into a store with your once-prized possessions, there is no guarantee how much, or how little, the pawn shop employees will offer for them.
Plus, have you ever haggled with a Texan? You better come prepared if you want a specific price.
Take a deep breath and get ready. You’re about to receive a crash course on the techniques of pawning and selling in this fine state.
Pawn shop selling 101 begins with understanding the nature of these unique shops and how they operate. Unlike some businesses, this process isn’t always so black and white.
You’ll find there are a lot of pawn shops in the El Paso area. Each has its own character and opinion of what your items are worth.
Use these 5 tips to make your pitch, get good deals and get the most out of your pawnshop experience.
The first thing you want to do before stepping foot into any pawn shop is to research its reputation.
No two pawn shops are the same. Some have a great reputation, others not so much. Often times, they also specialize in certain items such as jewelry, antiques, or memorabilia.
In order to get the best deal on your items, find a reputable pawn shop in El Paso who takes a special interest in the type of items you want to sell. Those who do will find them more valuable than those who know nothing about those particular items.
While you can sell your items to a pawn shop, these businesses also serve as money lenders. This process is called pawning.
Here is how pawning works in Texas: you put valuable items up for collateral. In exchange, the pawn shop holds onto that item until you pay it back in full. The advantage to this is that if you don’t pay the money back, it won’t harm your credit.
The pawnbroker simply sells the item you provided as collateral in order to earn back the money lent.
A large part of selling or pawning your items is negotiating the price. Pawnbrokers are aiming to get the best deal on items purchased so they can resell them for a higher profit.
Know the value of your items before going in and always aim higher than the price you hope to receive. From that high value, you can haggle down to a more reasonable price.
Another important detail when selling your items is to make sure you present them well.
Don’t bring in antiques that aren’t polished and dusted. Instead, make sure the items look their best. Also, point out their best selling features to the pawnbroker in order to highlight the item’s value.
Do you intend to pawn your items instead of selling them? This is a great way to gain a quick loan, but make sure you never miss a payment.
When you break the contract on your pawned item, your collateral becomes ownership of the pawnbroker to do as he or she wishes. He or she can sell your item and even charge you additional fees depending on the terms outlined in your contract.
Does selling at a pawn shop sound like too much work? If you don’t feel like driving around El Paso looking for a deal, try pawning your items online instead! PawnGuru.com makes it easy with their online platform to create item listings and make a profit.
Whether you shop or sell, closing a sale is as simple as a mouse click!
David Stiebel is one of the cofounders of PawnGuru. David was educated at MIT, where he studied Math. He subsequently worked at Bain as a data scientist before starting PawnGuru in 2015. He started PawnGuru to build a better tool for pawn shops and consumers to connect.More Articles