It can happen to the best of us. Life happens and you need some extra cash. You may also find yourself suddenly having accumulated too many belongings. We are the answer for both of these issues.

Today we wanted to help you understand the process of how pawn shops work and how the process goes so you get a full picture if you haven’t frequented pawn shops before.

Let’s take a look at how you can turn your unwanted items into cold hard cash in your pocket.

How do Pawn Shops Work?

In this day of technology of course you can sell items online, but especially during this crazy pandemic buyers more than ever are flakey. They may or may not show up to purchase an item even if agreed to already or may not send payment even if they win a bid for auction.

Therein lies the beauty of pawn shops. We give you cash immediately.

If you want to retain ownership of your item, you can still do that by instead of selling, taking out a pawn loan.

Pawning is when you leave the store an item as collateral instead of selling it outright. You retain ownership, but they house the item until the contract loan is paid off. Once it is fulfilled you get your item back free and clear.

Like all loans, you will be charged more as time passes. A great tip for any future loans is that you can also pawn an item for less than it is worth. This helps enable you to get it back out faster.

What can you pawn?

All it takes is a trip into our shops to see the massive variety of items we carry. This means you, our customers, have a great deal of  room in what you can get money for. If we believe we can sell it in the store, we will make you an offer.

There will always be a market for Jewelry, gold, coins, diamonds, TVs, game systems, computers, and similar items. The same goes for many guns, knives, instruments, music gear, household appliances, and tools.

If you believe something has value, don’t hesitate to bring it by and get a knowledgeable opinion.

What kind of price can I expect to get?

This is a win-win situation. The pawn shop wants to make you happy so that you not only sell this item but become a returning client. They have to balance that with being able to turn a profit on the item themselves.

Many people come in with a number in mind, only to find that the pawnbroker doesn’t find as much value in the item as the seller does. This issue is usually based on a retail number the seller had in mind. Full retail includes the stores mark up. It is not the true value of the item.

How to estimate your selling price

When first thinking about the item try and remember how much you paid for it. That will give you the retail approximation.

Next consider the timeline. How long have to had it?

What kind of condition is it in? The better the condition the better and higher the offer.

Check price against an auction site such as eBay. What are similar items going for? This is a good indicator of what kind of offer you may receive as the offer will often be 50 to 80% of the asking price on eBay.

Ways to Boost the Value

There are some things that you can do to increase the potential value of an item when you sell it at a pawn shop.

Make sure your items have all of the parts it came with and that are needed to work properly. If it has accessories, bring them as well. Wipe it down and clean it up as best you can (as long as it isn’t an antique then please do not clean). Remember the better the presentation the more likely the sale at a higher price.

Want to Learn More?

Stop in or call one of our two convenient locations.

889 Airport Road South, Naples, FL 34104 | 239-434-7296

1331 Homestead Rd N, Lehigh Acres, FL 33936 | 239-369-2274

 

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