Common mistakes to avoid when pawning

If you want to be successful in pawning, there are mistakes that you have to avoid. Knowing what not to do puts you on the right path to a successful negotiation. If you are considering selling to your local pawnshop in Western Sydney, continue reading below.

1. Not getting an appraisal for your valuables

Pawnbrokers are incredibly knowledgeable when it comes to valuing your item, but it is always recommended that you carry out some research in advance so that you can help the broker in their estimation. Perhaps even have your original receipt to hand if you still have it. Understanding the value of your item will help you start negotiations from a knowledgeable standpoint.

2. Ignoring the forces of demand and supply

Nevertheless, while you might have bought an item like a piece of jewellery for a lot of money, this does not always mean that it will have the same value for the pawnshop. The value might be determined by how quick they can resell the item if at all it can be resold. For example, if you are selling a quality watch that cost you a high price, you might expect to recoup what you paid. However, it's important to note that your item needs to be in the best condition and with the original packaging to help capitalise on its value. What's more, if the pawnshop has an extensive inventory of the same type of watches that are not selling, they might offer a lower price. At the same time, you need to consider whether your item is in demand or not, as even if the pawnshop doesn't currently stock a similar item to yours it might simply be because there is no market for it.

3. Over-negotiating

It is surprising how many people walk into a pawnshop thinking that they can buy or sell items at whatever price they dictate. There is a lot of influence on TV programmes to over-negotiate for pawned items. The notion that a pawnshop is the place to work out a deal for valuable items also has a role to play. Remember that a valuation has to be realistic, so feel free to push for what you think it fair but remember that the pawnshop works appraising items all day long and is probably in a better position to understand the item's real worth.

At Cash Away Pawnshop, we will give you an appraisal for your item free of charge so that you can secure a fast loan against your possession. We are always happy to help clients understand the market demands so if you have any questions feel free to ask. It is our pleasure to help you raise some quick cash against your valuables, and we are always discreet and fair. Reach out to us today and we will convert your valuable piece into money promptly.