Appraisal skills are key to a pawnshop’s success

The last several years have been a good period for pawnshop industry. Unfortunately, even in this very good business atmosphere for pawnshops I have seen clients badly hurt by not implementing and following the basic and proven proper pawnshop management procedures. This always pains me because by the time I get to such a client much damage to the business has already been done. Fortunately, I have been able to help the client the implement proper procedures to help save the business.

One of the central tenants of MIM Pawnshop Skills and Services is the proactive approach to pawnshop management.  I believe the best defense is a good offense. Pawnshops have to employ the basic strategies that have made pawnshops a successful industry from the beginning.  One of those basic strategies is properly trained appraisers.

The central concept of operating a pawnshop is to lend money in exchange for collateral. In order to lend money for collateral a loan value must assigned to the item the pawner brings in and in order to set the loan value a proper appraisal must be made.

Experience teaches that assessing ones staff’s appraisal skills is big factor in the success of a pawnshop. Appraisers can be key to a successful pawnshop business. They can make the difference between success and failure. What makes successful appraisers? They need the confidence and motivation that can only come from proper procedural training that gives them a foundation of knowledge to carry out their tasks. They also need to keep their skills updated.

Following proper procedure on jewelry and precious metals cannot be overemphasized. The picture you see at the top of the page is a picture of a FAKE gold chain accepted by numerous pawnshops in the Phillipines. This fake gold was even was accepted by some of the big pawnshop chains that should really know better.  Do not let this happen to you. Following the proper appraisal procedures would have detected this metal as fake and saved the pawnshops some lost revenue.

Accepting electronic gadget items can also be profitable for a pawnshop provided that the appraisers have the proper knowledge and skill to perform an appraisal. It is especially important that the appraiser have updated knowledge on electronic items such as laptop computers, digital cameras, cell phones and even original watches. Appraisers must have updated knowledge on all models, makes and their prices so when the item is foreclosed it is easy to sell. They have to stay on the pawnshop motive on “how fast can you sell the items” when foreclosed. This gives the best return for your investment.

Whether you are talking about diamond appraisals, precious metals appraisals or electronic gadget appraisals, MIM Pawnshop Skills and Services appraisal training courses outperforms its competitors. My training is part lecture but very much a hands-on course that takes the student from the beginning to the end of a procedure. I believe in the hands-on method where the more you practice a skill the better you get at it. I believe that a hands-on approach to training works especially well for adult students. After a hands-on training course adult students come away with better skills than an all lecture course.

I go over the material as often as is necessary and I am always there to guide and answer questions. I have been in the pawnshop industry my entire adult life and I take pride in teaching the procedures that have worked for me throughout my career. I know these procedures will work for you. Finally, I take the right amount of time on a subject and cover the points necessary to perform proper appraisals of gold and diamonds.

If you are an established pawnshop, my appraisal training courses will give your staff the confidence and motivation that leads to more accurate appraisals that go to your profit margin.

We also have appraisal training courses for those who are interested in getting into the pawnshop industry or those wanting to start a small capital home-based business. My training will give you the confidence you need to get you started.

Please feel free to use the contact form below to contact me by email to inquire about any of MIM Pawnshop Skills and Services’ training programs.

One Response to “Appraisal skills are key to a pawnshop’s success”

  1. Nabhendu Kothari Says:

    True, but interesting, as are many of your pages. I read through the archives over the past week,
    and I must say I think I’m found a new favorite.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: