Negotiation Strategies for First-Time Pawn Shop Sellers

If you're eager to get a bit of extra money in your pocket and you have some possessions of value that you no longer need, a logical solution is to load them in your vehicle and attempt to sell them at your local pawn shop. If you haven't previously been through this process, there's no reason to feel intimidated. To have confidence going into the negotiation, use these strategies:

Research What Each Item Is Worth

It's important to quickly disregard the sentimental value of your item and focus on its actual worth. You can often attain this information through online research. Remember as you look online that the asking price for an item and the price at which it was sold are two separate things. If you're looking on an online auction site, for example, make sure that you evaluate the sold listings rather than the for-sale listings; the former category will show you how much someone was actually willing to pay for the items and can help you determine a value to place on your own similar item.

Be Clear about Your "Fair Price"

If you want $100 for your item, you might be tempted to ask for $200—then, when the pawnbroker counters your offer with $50, you can negotiate back and forth and attempt to get your desired price. This approach can waste both of your time and tax the pawnbroker's patience. Instead of going through the offer/counteroffer process, simply state what you feel is a fair price for your item. Provided you remember that the pawnbroker needs to make a profit on the eventual sale of the item, beginning the negotiation by explaining your fair price and how you got to that number can make the entire process quicker and easier.

Keep a Bottom Price in Mind

Before you get caught up in the negotiation process, try to decide what your bottom price will be for each item. For example, say you want to get $100 for an item, but you'll be satisfied to walk away with at least $75. Keep this bottom price in mind throughout the negotiation, and if you can't get it, don't be afraid to take your business to another pawn shop. You want to feel pleased with the transaction, and ending up with less than your bottom price could leave a sour taste in your mouth.

Look for an establishment in your area like Maine Pawn Shop to get started.