How To Make Money By Selling Goods To Pawn Shops

by Mia Moore

published – Dec 19th 2022

Pawn shops don’t have a good reputation, let’s be real. Stereotypically, you might be picturing a down-on-his-luck family man selling off a precious family heirloom so he can continue putting food on the table. These places are all too often seen as shady establishments where desperate people go to do business.

A lot of the time, this is undeserving and unfair. Many pawn shops are legitimate businesses that are actually a useful shopping option for the consumer. They help you raise cash fast by buying items from you in a short space of time.

Alternatively, they can offer you a loan for the collateral you put forward, that a bank may not want to give you. Don’t get me wrong, I can assure you that I’m not secretly a pawn shop owner trying to put myself in a positive light. Like most businesses, pawn shops aren’t perfect by any means.

I simply want to show you some of the benefits of dealing with these stores and how you can make a profit. In this article, you will learn all the tips and tricks you need to know in regard to selling items to a pawn shop.

shaking hands How To Make Money By Selling Goods To Pawn Shops earn work jobs make money online from home sell business professional cash research products shop store review deal value appearance expert authenticity value condition price profit document maintain verify consult haggle offer negotiate accept decline relationship reject broker renegotiate examine barter compare item appraiser evaluate clean assess worth — photo by geralt from pixabay

How do pawn shops work?

If you are in the need of some immediate cash, you can always sell items to a pawn shop. Even if this choice is a last resort. Once you bring in an item in to sell, the broker will first examine your item in order to determine its value.

If they aren’t familiar with the item or don’t have the right expertise, the broker will then consult an outside party. This is usually an appraiser or other professional, who will come in and assess your item for them. The appraiser will then estimate the true worth.

After this is complete, the broker will then make an offer to you that they believe is fair for both parties. Obviously, you will then either accept it and take the money or decline. If you reject the offer, you can either try to renegotiate a price or take your item somewhere else to sell.

What can I sell at a pawn shop?

You can pretty much sell any physical items to a pawn shop. This might include:

electronics
musical instruments
jewelry
collectibles
antiques

You can also sell typical household items like clothes and furniture. Digital products like eBooks, for example, are better off being sold online. You should always prioritize items that you are most willing to sell.

You don’t want the pain and regret of selling a sentimental item that has a lot of meaning to you. Conversely, you might not be able to buy it back if you change your mind later on.

Can I negotiate the price with a broker?

You can haggle or barter with the broker to get a higher amount of money. It’s best to do this if you believe your item is of a much higher value than what has been offered. I suggest you ask for a high price initially as it is much easier to haggle down than it is to haggle up.

Before you ever step foot in the pawn shop, you should try to find out what the item is worth based on a second opinion as an additional measure. It is helpful to compare prices online on websites like:

A lot of these platforms allow you to search for sold or completed listings. Here you can view what prices similar items have gone for, which will be a good barometer for you. This is very much necessary if you don’t want to make the mistake of selling your items at a much lower price than its actual worth.

Should I do my own research before selling to a pawn shop?

Doing your own homework is always beneficial. It’s really important that you do proper and detailed research before you go off selling an item. The more you know, the more money you will make.

You may already know you can get a better price from another store than what is offered. The seller can then use this example as ammunition when negotiating with a broker. You might actually convince them to match this price or even give you an improved offer.

If the item you want to sell is antique or old, then it is beneficial to get it independently appraised yourself. You can then be more trusting with the evaluation seeing as you are directly involved.

Which brokers should I do business with?

You need to be careful regarding which pawn shop you go to. Some are reliable, but some are not so much. Always try to seek out and read reviews and testimonials about them first.

If you know anyone who already uses pawn shops for selling, ask them who they use. Specifically, enquire about whether they’d value your item fairly and offer you a good deal.

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Can I use pawn shops via the internet?

In this digital generation, many pawn shops now operate online. Having this option offers convenience to the consumer and it’s simpler to compare different businesses for the best offer.

You can often go straight for the highest paying broker and get the money transferred to your bank account directly. This can be achieved without stepping foot outside your home sometimes.

Do I need to take any documentation with me?

When you take in items like art pieces, a collectible/collection, make sure you carry the proper documents. This way you can ensure and verify the authenticity.

Brokers might not want to buy items from you without documentation as they don’t want to buy any fakes. This is totally understandable as I’m sure you might agree. If you get your item appraised externally, carry the appraisal report with you when you go to do business.

Do goods need to be clean & well maintained before selling?

Always make sure that you thoroughly wipe down the item to ensure that it’s squeaky clean. Clearly, the item will sell for more if its appearance is tidy and it is in good condition overall.

Although, some items such as jewelry or antiques can degrade and lose value with too much vigorous cleaning. Be careful not to be too aggressive and think it through before you start scrubbing away.

Does it help to have a personal bond with a broker?

If you plan on selling more items, it’s important to develop a positive relationship with the broker. This will increase the chance of them offering you better deals in the future.

They will warm to you if you get into the habit of bring in items to sell on a regular basis. After all, you are making them a profit each time you do this so this is an incentive. Having an affable relationship with a broker might mean they offer you a better price compared to someone they don’t know personally.

audit How To Make Money By Selling Goods To Pawn Shops earn work jobs make money online from home sell business professional cash research products shop store review deal value appearance expert authenticity value condition price profit document maintain verify consult haggle offer negotiate accept decline relationship reject broker renegotiate examine barter compare item appraiser evaluate clean assess worth — photo by mohamed_hassan from pixabay

To sum it all up, always:

do your research beforehand
carry the relevant documents
negotiate
make sure your item is clean so it looks as new as possible

Selling to pawn shops is a great way to earn quick cash. Some items sell like hotcakes and will get you a juicy profit compared to other avenues of selling. Seek out the pawn shops in your local area and pay them a visit in order to familiarize yourself.

Being your own boss and making a living selling to pawn shops isn’t for everyone. A lot of time, it’s much simpler to work for somebody else as an employee.

If you are currently on the hunt for a new job then I would suggest trying out jobscan. This little tool will optimize your resume for you and also offer up job interview tips.

Selling your unwanted goods can be great for earning money both off and online. If you want some further advice then check out 47 eCommerce Online Selling Tips To Catch & Keep Buyers For Life!

Do you still use pawn shops for buying and selling in this day and age? How far away is the nearest pawn shop from where you live? Please don’t forget to share this with your friends and like it on social media. You can subscribe to our newsletter and comment below too. Thanks for reading!