How Your Local Pawn Shop in Barberton, OH Determines the Value of Items

September 7, 2018 8:23 pm Published by Leave your thoughts

People who browse pawn shops and end up buying things do so because of the great deals they can find. But like other types of businesses, pawn shops want to make a profit on their sales. It’s for this reason that pawn brokers educate themselves on the value of the products they purchase from clients. There isn’t one single way for a pawn shop to determine the value of an item, and they will always draw from their research and experience to ensure they are offering reasonable prices.

Read on for a better understanding of how your local pawn shop in Barberton, OH determines the value of the items you bring in for pawning!

Experience with products is key

The most experienced pawn brokers stay in the loop regarding the market values of merchandise they see on a regular basis. For instance, all brokers should know the current value of gold, silver, platinum, precious stones, musical instruments, watches and electronics. Between experience and industry knowledge, a pawn shop will have a good idea about prices. In cases like these, brokers don’t rely on saved files or databases. Adjusting the purchase price accordingly is common when a unique and/or antique item comes their way. Unique products are well researched to determine a fair price for both parties.

Requests for expert opinions

Expert opinions are not always needed, but when they are, a call gets made. They have to reach out because, unlike what you see on pawn shop television shows, most pawn shops don’t have onsite experts sitting around waiting to determine the value of merchandise. Instead, a shop that wants a thorough assessment and professional opinion before making a seller an offer will typically contact an expert in that type of item. Examples of items best looked at by an expert include some firearms, artwork and vintage cars, clothing and jewelry.

Search online/catalogued databases

From time to time, pawn brokers will end up researching rare or unique items they are less than familiar with. The internet is full of easily accessible databases with information on things like stamp collections, rare books, paintings and more. And resellers and pawn brokers alike often frequent selling sites like eBay for helpful (and comparable) information. Pawn brokers can spend hours searching online to properly value a potentially rare item before deciding if it’s worth it to price and sell in their pawn shop in Barberton, OH.

Personal sentimental value

It’s difficult to price an item that carries more sentimental value than monetary value—family heirlooms, for example. That being said, many pawn brokers will also take personal sentimental value into consideration. This is especially possible when a pawn shop is familiar with the seller. Let’s say that a pawn broker is familiar with a person who comes in to pawn their grandmother’s vintage pendant for fast cash. The broker may offer more money for sentimental value because of the existing relationship.

If you have an item you would like to sell or pawn, feel free to bring it to Sydmor’s Jewelry and Pawn Shop. Call or visit us today!

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