Learn How to Negotiate for the best price or payout
Negotiating Techniques and Advice for Buying and Selling
This guide will teach you how to get the most money for your items and how to get the best deals when you buy. This guide is intended for use within Pawn Shops, but many of these techniques work universally.
- Always do your research! Knowing what your items are worth and understanding the resale value gives you the upper-hand when negotiating. Click here for our guide to determining value.
- Don’t expect to get the full resale value for your item, but understanding how much it will be sold for will help you get the best payout.
- Once you know what it is worth decide what the least amount of money you are willing to take for it. Most stores will pay approximately half of what they will sell it for. If you are not willing to sell your item for this amount, than a Pawn Shop is probably not your best option. To receive the most money you would have to skip the middle man and sell directly to the consumer via outlets such as eBay or Craigslist, but these options will take more time and may not be the right choice for you if you need immediate cash.
- Never appear desperate for the money, even if you are! Explain that you know the resale value and you are looking for a fair offer. Always be willing to walk away. There are tons of Pawn Shops out there and you don’t need to take what they offer you if it is not fair.
- Make them make you an offer first! When attempting to sell your item the Pawnbroker will most likely ask you how much you are looking for. This is a common technique used to see if they can get it for less than what they would normally offer. If this happens just respond “how much are you willing to give me?”. This will give you an idea of what they want to pay for the item, but does not mean they will not pay more.
- Once you have received an offer, do not accept it right away. Explain that you have been shopping around and have received higher offers. Counter back with a number that is higher than what the minimum you are willing to take and let the negotiations begin. Be careful not to ask for a ridiculous number, but don’t start too low. If you start too high you may not even receive a counter offer and this will give them the upper hand in the situation. If you start too low you will have less room for negotiations and may not get what you are looking for.
- If you are purchasing items you should also do your research to see what the items are selling for new and used. Use online auction sites (ex. eBay – Completed Listings) to see how much the items have recently sold for. Don’t be afraid to ask for model #’s to do your research.
- When purchasing precious metals you should know the current precious metal market values. An excellent source for this is kitco.com. Most Pawn Shops will take no less than the market value of the item.