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The most common mistakes Pawnbrokers make when valuing Louis Vuitton products
As a pawnbroker, you see hundreds of items passed over the counter every week. Anything from knock-off Rolex’s to high-quality Louis Vuitton bags. For obvious reasons, it’s important to value these as accurately as possible. Valuing these incorrectly, especially overvaluing products, may result in a loss for your business. If you’re taking in handbags, or if you want to, it’s very difficult to know the value of each and every Louis Vuitton product. We’re here to help. In this article, we will outline
- Mistakes that are prevalent when valuing Louis Vuitton products, perhaps due to the wide production of fake or knock off products
- Tools that will help you discern whether the item in your hands is real or fake
- Bravo’s built-in resource to help you evaluate these products
Let’s dive into some of the most common mistakes pawnbrokers make when valuing Louis Vuitton products.
Checking the quality and plastic
Unfortunately, many fake Louis Vuitton products, especially handbags, make it past the counter and onto the other.
So, how can you tell the difference between a real Louis Vuitton handbag compared to a fake?
Generally, these fake products are made of much lower-quality material, in fact, some of the products make use of colored plastic – so shiny yet fake looking it may just blind you.
Secondly, you want to analyze the printing. Knock off Louis Vuitton products will also usually have very poor printing – not noticeable at a glance, however, a close-up inspection should give you a much greater idea.
Finally, the bag itself is probably a little worn down. We’ve all heard the phrase: “you get what you pay for”, and that’s especially true with designer labels including Louis Vuitton. If the bag itself is worn down, this may be a sign that it’s a fake – made with the cheapest quality material they could find.
Authenticate using AI
Entrupy is the world’s first and only on-demand authentication solution for handbags. It’s simple to use. You:
- Place the device directly on the item
- Open the app on your Entrupy configured iPod
- Follow the onscreen prompts in the app to take images
Entrupy uses its AI algorithms to analyze the images to determine authenticity. Within minutes, you’ll find out whether the Louis Vuitton you’re evaluating is real or fake.
Plus, each Entrupy authentication comes with a certificate that is backed by the Entrupy Financial Guarantee.
Click here for more information on Entrupy.
Not using the estimator!
Once you’ve determined the product to be genuine, where do you get specific price points for buys and loans? As we mentioned previously, you most likely see many products come across your counter – it’s quite frankly impossible to know the exact value of each and every item, especially without in-depth market research on the spot.
Using Bravo’s estimator tool, you simply search for the product once on our dashboard, e.g. “Louis Vuitton Neverfull MM” and let Bravo go to work. Once in the estimator screen, simply rate the condition of the product, and receive our price guide summary. This summary includes the average sale price, buy amount, loan default rate, and most importantly an estimated pawn value alongside plenty of other figures to assist you in creating the right price for your store.
The Bottom Line
With Bravo’s exclusive Estimator, you take the guessing out of all your products. With that being said, it is still important to validate the authenticity of products passed over the counter – ensuring you not lose any money and instead actually create impressive profit margins.