3 Tips For Negotiating At A Pawnshop

If you are buying or selling something from a pawn shop, it is important that you understand the art of negotiation. Learning how to properly negotiate will save you a lot of money, and will make you a respected seller and buyer. Here are a couple things you need to know about negotiating.

1. Know What You Have

One of the biggest mistakes people make when they go to buy or sell an item, is not knowing what the item is worth.  For instance, if you are selling an electronic item you should look up similar make and models online to know what is a fair asking price.

If you are buying or selling something more unique like an artifact, jewelry, or painting, it is important that you get it appraised. You should be able to take your item to a private appraiser. They will be able to determine the authenticity of the item and give you an estimated price of what it is worth. This way, you know what to ask for.

2. Be Ready To Walk Away

A good manager of a pawnshop will be able to smell desperation. If they can tell that you are desperate for money, or for a certain item, they will use that to their advantage. This is why it is important that you give the feeling that you can walk away at any time. Don't let them know your personal situation. Try not to say things like "you are the ONLY one who has this item" or "I am really strapped for cash I have to sell NOW" because it will give all the power to the other party.

Instead, act as though you are on the fence about buying or selling your item. That way they will be more motivated to make a deal with you.

3. Recognize You Might Not Get Full Price

When you are selling to a pawnshop, it is important to realize that they have to buy and sell for a profit. Therefore, if you are selling a piece of jewelry that is worth $200, they won't buy it for $200. Instead, they might buy it for 50–70% of the value. This way they can make a profit when selling it. If you don't want to deal with that, then sell it privately. Otherwise, you need to be prepared to go a little lower, because the pawnshop has to make something off it or they have no incentive to buy it.

By learning these important negotiating techniques you can get the most out of buying and selling at a pawnshop. Additionally, consider taking your item to a pawn shop that specializes in the type of item you're trying to sell. For example, if you have a diamond necklace to sell, take it to a jewelry pawn shop.