Strategies of Pawn Brokers


Strategies of Pawn Brokers

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In Asia, apawn shop has been popularsince the most olden times. The Chinese tradition has the oldest traces of pawning. In Hong Kong the pawn shops are still popular and are in operation. Also in the southern Asia, India and Sri Lanka as well as Thailand are still havingpawn brokers all over the regions.These shops are often being operated as a feature of jewelrystores. Ornaments of gold, silver, and diamonds are frequently accepted as security items for pawning.A very important feature of the pawn shops is their symbol which consists of three spherical balls suspended to a bar. This was first used as a symbol in Italy and has been a source of identification of the business dealers in different countries for pawn brokers. The three spherical balls have different meanings based upon different traditional stories about the pawning. They also refer to some of the jokes famous among the dealers and their clients also.

The way the pawn brokers develop the standard procedure to determine the amount of loan to the individuals vary fromcountry to country and the traditions derived from their ancestors. They take some factors into account before lending money to someone. The first factor is to predict the amount of the resale value of the item which is to be pawnedin the market in the form of the range. The lowest range is the considered as the wholesale value of the item and the highest range is the retail price in the pawn shop.The brokers also keep into account the worthand the demand of the item being pawned. For instance they do not keep the items to pawn in over excess like the TV sets that they already have in much larger number. It is also determined by the pawn brokerthat if the customer will be able to return the loan to reclaim his possessionpurely depending upon his experience and instinctsand they are able to convince the clients to keep their best items to them.

A store having amore appealing atmosphere like a moderate amount ofquality branded items in a neat and orderly fashionhave a more chance of attracting the clients since it shows the loyalty and sincerity of the brokers to them.The main business actions of a pawnshop are the lending of money based on valuable items that clients bring in and they also take interestsin the form of security for their items for pawning. Some pawnbrokers also sell new branded items as the wholesaledeals in their own favor. Hence it can be stated that the money they lend is not just the loan but it is basically the price of the things they pawn. Some of them keep high priced and unusual items to the display which makes them even more attractive to the other customers even those who do not pawn but are just interested in the sale and purchase of the items from them.

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