A Pawnbroker earns an average wage of $10.83 per hour. People in this job generally don't have more than 10 years' experience. A skill in Loan Processing is associated with high pay for this job. For the first five to ten years in this position, pay increases sharply, but any additional experience does not have a big effect on pay.
Job Description for Pawnbroker
A pawnbroker works in a pawn shop. Usually, clients will come into the pawnshop when they are in need of money, and they will leave items of value at the pawn shop, in order to obtain a loan. The value of the loan should be below the value of the item; then if the client does not return for the item, the item can be sold, and a profit can be made. Some customers will also come into the store simply hoping to sell an item. Other customers will come into the pawnshop looking to purchase items.Read More...
It is important to arrange merchandise in an attractive and effective manner. The pawnbroker should determine the value of an item, so it is important to have knowledge about the value of electronics, antiques, and other items. Some cash handling and cashiering duties may be necessary, so it is important to be able to carry out basic mathematical operations. The pawnbroker will also have to write out contracts and agreements. Inventory duties must be carried out periodically to keep an account of the items that are available. The pawnbroker may also have to travel, in order to discover and acquire goods that can be sold in the pawn shop, especially when inventory is low. Strong customer service skills are important so that clients and customers will return in the future.
Usually a minimum of a high school diploma is needed to become a pawnbroker. Entry-level positions are often available.
- Maintain store by doing daily duties.
- Formulate pricing policies by reviewing merchandising activities.
- Ensure availability of merchandise and services by maintaining inventories.
- Identify current and future customer requirements by establishing rapport with potential and actual customers.
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