The practice of pawning may be as old as time, but if it’s new to you then you may be unsure whether you’re ready to dive in and give it a try. While a pawn shop’s primary business is generally lending money on collateral, they often let customers know if they are interested in outright buying valuables when they believe the item has significant resale value.
But sometimes the question for a potential seller becomes, are you ready to pawn something you own? Four things will lead you to your answer.
1. You’re Ready to Let Go of Your Belonging
The first sign you’re ready to pawn a watch or piece of jewelry could be an emotional one. Perhaps there is an electric guitar in the corner of your living room gathering dust that is in perfectly good shape. Then, one day, you are ready to let go and free up space in your home. You realize you can still play again, it just doesn’t have to be this specific instrument.
And just like that, you have crossed the first threshold of pawning: letting go of something in your possession that may be worth more to someone else.
2. You’ve Had It Appraised Independently
This next step requires gathering a little information. To successfully pawn a belonging, it helps to first have an idea of what that object is worth. Your local pawn shop will usually give you an estimate if they are interested, but consider looking into its value first. Unless it’s a piece of electronics whose market value is more easily understood, you can also hire a professional appraiser who specializes in the type of item you need assessed, whether it’s:
- Art
- Antiques
- Gold
- Gemstones
- Jewelry
- Collectibles
- Something rare and unique
The process will likely include a detailed inspection of the object’s condition, its origin, and comparison to similar items.
3. A Pawn Shop You Trust Wants to Buy Your Item
It helps to know your wish is reciprocated. You know a pawn shop is interested because they will tell you, and there are a few ways this may go down:
- Pawn shops signal their interest in buying something by offering an immediate, no-obligation appraisal.
- You may notice signs posted in a nearby pawn shop.
- There could be a running promotion that invites people to bring in high-demand goods like gold, jewelry, electronics, or designer items.
- They may advertise that they are paying top dollar for specific items, which encourages people to bring in valuable possessions for an appraisal.
When they are interested in a certain genre – say, vintage Star Wars collectibles – they may advertise their willingness to purchase those types of items on social media. However, If you ever feel pressured to sell against your will, head for the exit.
4. The Price Is Right – Or You Just Really Need the Cash
Most of all, you need the money. Either the price is right. You’ve decided you would be lucky to score $150 for that guitar you never play. Or, something has happened in your life and you need cash soon to cover an unexpected expense. Still, think about how to respond to an offer so you’re not caught off guard. When you visit a pawn shop, the staff will often assess the item right in front of you. If you get an offer based on its market value, condition, and demand, think through the steps you can take next:
- Say yes enthusiastically, and walk out with the money you need.
- Respond with a counter offer and see where that takes you.
- Ask for more information (always get terms for paying back a loan).
- Say you will think about it, leave, and look elsewhere for a better offer.
- Turn them down politely, as you just realized you are not ready to say good-bye to your valuable.
Talk to Fullerton Pawners About Pawning Your Belonging
At Fullerton Pawners, we are used to speaking with people from all walks of life who have lots of questions about the goods they want to sell or use as loan collateral. There is no obligation to sell, just an opportunity to make a transaction when you’re ready. If you’re curious about the potential for selling something, let’s talk!
Contact Fullerton Pawners online, or call us at 773-637-9999 to discuss pawning an item, as well as our many other services!