Pawnbrokers need to have a particular set of skills, and this is due to the nature of what they do. For many people, the experience of pawning items is one never (or not yet) experienced, only watched. This fact has contributed to the industry's current popularity, with numerous big-hit TV dramas showing a bit of what pawning looks like.
While this has contributed to painting a generally good picture, the idea still seems sketchy. This piece helps to highlight the qualities to spot an excellent pawnbroker by a Rhode Island pawn shop.
Here are some of these qualities:
Accounting skills
Solid accounting skills? Check! Pawnbrokers must be excellent when it comes to money. They must also be well-versed in lending and banking processes and policies, as they must be able to set favorable lending rates and loan terms and establish reasonable interest rates. To accurately negotiate, buy, and sell items in their inventory, pawnbrokers must also be aware of current market trends and prices, such as the price of gold.
Negotiating Skill
Pawnbrokers must be excellent negotiators and great price hagglers at all times. Many movies point to this fact – the best negotiations occur in pawnshops. When purchasing an item, they must negotiate well so that clients will be satisfied and they can get their profits too. This is a key asset for pawnbrokers.
Determining the worth of goods and items
For pawnbrokers, the items that go through them can be largely termed as unpredictable and inconsistent. Many of these professionals come across a very diverse range of products; many can never predict what would come in through their doors next for sale or collateral. Items in a pawnbroker's inventory can range from vintage diamond (or any other precious substance) engagement rings to rare antique musical instruments to old television sets.
In handling all of these, a pawnbroker must be able to thoroughly evaluate an object to determine its worth and resale value. Some of these evaluations or tests necessitate the use of magnifying glasses, balances and weights, special telescopes, and other equipment.
These tests are conducted to determine the nature of the items brought in – one might need to weigh them in the case of jewelry or check minute details such as scratches and text (hence the use of a magnifying glass).
Learning to appraise the worth of goods effectively is a unique and challenging skill, and pawnbrokers must have it in spades.
Reading people
The types of people who do business with pawnbrokers are diverse, as what they offer appeals to a wide range of individuals. Additionally, the range of services a pawnshop offers varies widely – customers may visit a pawnshop for a modest loan or to sell a one-of-a-kind item. Hence, pawnbrokers must be able to relate with people easily. They should be easy conversationalists yet be able to assess people from a distance and pick up behaviors that point to certain traits such as stress, sadness, or anxiety.
The Bottom Line
Checking client reviews and comments from first-hand experience is the greatest approach to successfully gauging the credibility of a pawn shop. How do the personnel interact with their customers? In terms of customer service, what are their ratings? Consult with friends and internet resources. If all of the reviews and experiences are favorable, the pawnshop is trustworthy.
If you are in the area, visit FastCash, the premier RI pawnshop. Consider these the next time you wish to perform a deal, and you will not regret it.
