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How to Assess an iPhone in 5 Steps

Original post written by David and featured at PawnGuru.com – where consumers can get multiple offers for their items from local pawn shops. As a co-founder of PawnGuru, I learn a lot about different industries and… Read More

Original post written by David and featured at PawnGuru.com – where consumers can get multiple offers for their items from local pawn shops.

iphone

As a co-founder of PawnGuru, I learn a lot about different industries and markets on a daily basis by helping people sell or pawn their items.

As the demand for the latest smartphone soars, so does the demand for older gadgets. Why? Think about this: just this weekend, one of my friends lost his iPhone 6 in a lake. Given the price of a new one, he opted to buy a used iPhone 5 at a pawn shop in Detroit.

Many consumers have an old iPhone they want to sell and make quick cash – and guess who they are going to come to – YOU, the pawnbroker! When they come to your shop, here is a 5 step evaluation process you can use to determine what to offer.

1) Model

First, you must evaluate the model of the iPhone or other cellular device the consumer is wishing to sell or pawn. If it is the latest iPhone 6+ or a Galaxy S6 edge, try to refrain from hurdling over the counter, cash in hand, ready to buy it outright or give a loan out of pure joy. However, we’ve found that in all reality there’s more variation in what pawn shops will actually accept for iPhones, Androids and other smartphones. Some pawn shops are more interested in technology, and feel more comfortable performing the steps necessary to get a smartphone ready for sale – while others avoid carrying them entirely.

So moral of the story is, an old phone that is 2+ years older, is definitely less appealing to take in – as the technology is more antiquated than newer phones. You’re looking at $0-$40 offers right off the bat. So a take away from the star: the newer, the better the offer to give.

2) Condition

Once you’ve decided that the old phone brought in is worth buying or loaning on, next check the condition it is in. If the cell phone does not work then it’s probably best to walk away immediately.  If the cell phone has any major scratches or cracks on the screen then consider significantly lowering your offer.

3) Carrier

Offer price can also depend on cell phone carrier. A Sprint or Verizon wireless phone is often more expensive than AT&T and T-Mobile phones because Sprint and Verizon use technology to “lock in” people to their carriers.

4) ESN/MEID/IMEI check

An ESN/MEID/IMEI checks for 3 things.

1. The phone was reported lost or stolen in the past.

2.The phone is still active on the owner’s wireless carrier account.

3.There is money owed on the wireless carrier account to which the ESN/MEID/IMEI is connected.

If the phone is cleared on these 3 things, then move on to phone completeness.

Perform an EDN/MEID/IMEI check here.

5) Completeness

If the seller has the paper work, box, usb, and wall outlet that came with the old phone , then the value for the iPhone escalates. If not, the opposite happens, and the value is significantly hurt for lack of completeness.

6) iCloud Lock

The last thing to check for is the iPhone’s iCloud activation status. If the iPhone is under iCloud, than it might not be the right deal for you as it will extremely complicate and limit any possible resale opportunities on that phone.

In Conclusion

After you evaluate an iPhone, the last thing to check for is how much you should offer based off of your current inventory and buying budget. Consumers backed with this knowledge will know to shop around, so be sure to put out a competitive offer to secure their business. If you have any questions or need advice on how to create lucrative offers to draw in more iPhones for your inventory, shoot me a message at help@pawnguru.com. We’re always eager to help!