What ‘Pawn Stars’ Can Teach You About Buying For Your Tank
Pawn Stars is a great show to watch (and study) to learn the art of negotiating. Here’s what I took away from the show that you can use when buying coral, fish, or equipment.
*note: its highly likely that your local fish store (LFS) will negotiate their prices, but you won’t know if you don’t ask!
Tip #1: Do your research
The pawn shop owners – Rick and The Old Man – never buy anything they aren’t familiar with. And if they don’t know how much something is worth, they have no problem calling in (and paying) someone who knows what the value of the item is.
Reeftank takeaway: Know what the value of the item is before you buy. Hint: google the item and see how much it is going for new and used. Keep in mind that prices are region specific. For example, in my area, pink lemonade frags are almost worthless as there is plenty of the coral in town. Online though, it goes for $60/inch.
Tip #2: Be willing to walk away from the sale
Rick and The Old Man have no trouble saying no to a customer’s offer. Why?
Because the best negotiating tool you have is being willing to walk away from the sale. And this fact is true if you are buying or selling an item. If the item isn’t right for you as a buyer, then walk away. Trust me, there is always another one just like it out there and as my father always said, “There is always someone willing to take your money”.
If you are selling an item and the buyer wants to lowball you and you know the item is worth more than they are offering, just say no and let the buyer deal with it. (Chances are they will counter offer you at a higher price).
Reeftank takeaway: There is always another item out there…don’t be attached to the one in front of your face.
Tip #3: Don’t sell in desperation.
It amazes me how many people walk into the store on “Pawn Stars”, get their item appraised by an expert, then settle for a price that is hundreds, if not thousands less than the item is worth. Most of the time, these people are desperate for the money. They lost their job, they need cash, etc, so any amount of money sounds good to them. They hear an offer and their mind walks out of their body.
Reeftank takeaway: If you are desperate to sell or buy an item, you holding a losing hand at this game. Instead, use time to your advantage and be willing to pass on cheap offers (see tip #2) and re-list your item, or bump your post on the message boards.
Keeping a reeftank can be an expensive hobby, but if you use these tips, you can keep more money in your pockets and add some nice corals, fish and equipment to your tank
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