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If you've ever spent your greeting commute daydreaming astir starting afresh with your career, this diagnostic is for you. Each week, our Money squad speaks to idiosyncratic from a antithetic assemblage to observe what it's truly like.
Today, we chat to James Constantinou, proprietor of pawnbroker concatenation Prestige Pawn.
Read each the latest Money quality here
You can't bid for it… I was calved into wheeling and dealing, buying and selling, truthful I picked it up from experience. It's thing that I emotion doing, and there's not a people for it. If we're talking astir my employees, they are each highly skilled individuals who person trained and go experts successful their fields. We person astir 60 experts who each excel successful a scope of specialisms - specified arsenic gemologists oregon art. My skills prevarication successful pulling them unneurotic and keeping the enactment going. Those successful their specialised fields volition person degrees, diplomas and person studied for years. They tin look astatine the fake Rolexes from contiguous and comparison them to the existent ones from 10 to 15 years agone - there's astir nary comparison. It's truly hard to archer the quality betwixt fake and the existent woody successful immoderate circumstances.
People deliberation my occupation is tons of TV, helicopters, boats and aeroplanes… But the day-to-day moving of the concern isn't ever similar that. There are the mean headaches of staffing rates, leaky aerial con units and floods - and each different things that spell alongside. It's not rather arsenic glamorous arsenic however it's portrayed.
It's a misconception to accidental we complaint precocious and unfair involvement rates… The monthly complaint starts astatine 2%, and I don't counsel radical to instrumentality a pawnbroking indebtedness retired for a twelvemonth oregon 2 - we lone connection up to 7 months, and astir of our customers redeem successful astir three.
You can't spell into the precocious thoroughfare and get £100,000 wrong an hour... but successful 1 of my stores, you can, truthful it's rather rewarding to assistance radical erstwhile they request it. When you are approached by idiosyncratic who needs currency for thing urgent and has been to the banks to get and denied, and past you're capable to measurement successful a mode that different lenders aren't capable to.
There is nary emblematic day… Today I'm astatine location due to the fact that we person idiosyncratic present doing immoderate work, but I'm inactive connected the phone. I've got an E-type Jag appraisal and a cherished fig plate, truthful I'm helping the team. There are guys astatine Gracechurch Street dealing with immoderate bullion astatine the moment, truthful I'm helping with that. Between the team, I'm helping america get deals crossed the enactment and closing them.
I americium funny successful items worthy £50 to £1m… It's not each astir the money. I judge you request much of a passionateness alternatively than a accomplishment to bash the occupation well.
A mean starting wage successful this industry… is astir £30,000.
The champion perk is… getting to spot each the astonishing assets that travel successful and thrust the fancy cars. I've loved gathering each the fantastic radical on the way, too. From wherever I came from and particularly since I near school, I ne'er successful a cardinal years thought I would beryllium successful this position.
Opening the doors to our concern successful May 2009 was a large moment, and then… Our archetypal lawsuit walked done the doorway and we jumped retired of our seats similar "Oh God, someone's really noticed us!" Two of america ran to the antagonistic to service him, and helium said, "Oh sorry, I thought this was a hairdresser's." We had to constituent him adjacent door.
I marque mistakes weekly… If you don't marque mistakes, past you don't learn. In the past, we've bought watches and pieces of creation that person turned retired not to beryllium genuine. That was aboriginal doors, truthful those items wouldn't get america today. As a fledgling business, you're going to marque mistakes. It was a hard acquisition to learn, but a travel we had to spell through.
We don't interaction stolen goods… This is different misconception that possibly occurred successful the 1940s oregon 50s erstwhile the manufacture wasn't arsenic regulated. I'd accidental a pawnbroker is 1 of the past places you'd instrumentality stolen goods to. I'm not saying it's ne'er happened successful 15 years of trading, but erstwhile it has, precise aboriginal on, those items person ended up successful the hands of the police. When radical travel in, they are recorded, we instrumentality copies of their passport and driving licences and inquire to spot impervious of purchase. We're besides members of associations where, if a luxury point gets stolen, it gets reported. For example, if a Rolex gets stolen, it gets enactment connected the stolen ticker register. The archetypal happening we bash earlier purchasing is cheque each of these databases to marque definite the assets aren't stolen.
We are lone custodians of goods, we seldom ain them… Only astir 20% of the items enactment with america the afloat 7 months and extremity up going to market. For those sold, we lone look to recoup the wealth owed to us. Any overage we whitethorn person is returned to the client. This surprises a batch of people, adjacent those with contracts worded arsenic such.
We don't often crook radical down… and permission them walking distant with nothing. Most things person a worth of sorts. We usually contiguous figures to people, and I'd accidental that fractional oregon possibly 60% of them are accepted. Sometimes it's not the fig they privation to hear. Most of the clip it's astir managing immoderate customers' expectations of their item's worth, particularly with the world of being successful a clip of economical downturn. Luxury goods are not arsenic buoyant arsenic they were 4 oregon 5 years ago. A antheral came successful precocious with a one-off hand-built trike that helium bought for £100,000, but it was excessively specializer for us, and the marketplace was precise limited. We fto him cognize that it wasn't 1 for us.
People often deliberation they tin marque wealth from royal memorabilia... Limited-edition royal memorabilia from 150 years agone tin beryllium worthy a lot. But a mass-produced King Charles mug hidden successful a cupboard for 10 years is worthless.
But golden is the opposite… It is simply a superb concern and considered bricks and mortar. But successful caller years, we've been seeing monolithic hikes successful its prices and worthy - a 66% summation successful the past 3 years. Gold makes a large concern for radical with spare wealth who are looking for higher returns.
A diamond bulldog keyring is 1 of my favourite items... One of the archetypal things that came into the store successful 2009 caught my eye. It was a bulldog keyring made of 18-carat golden and a diamond-studded collar. The bulldog was stood connected his backmost legs and is present sitting connected my keys. I loved the workmanship and thought it was an antithetic item, which is wherefore I've inactive got it connected my keyring now. I get galore radical commenting astir it. It's not worthy a large deal, but it is sentimental to me.
I don't program connected retiring… I don't privation to lone person the options to beryllium astatine location oregon play golf. I similar to get up successful the greeting and person a purpose. Even if I'm not going into the office, I'm up astatine 6/6:30am each day. I thin to enactment 24 hours and sometimes adjacent slumber dreaming astir enactment and deals. I'm perpetually connected and ever getting messages connected WhatsApp passim the day. Some of the squad spell location and connection maine successful the evenings and we'll person a speech astatine immoderate clip due to the fact that they're conscionable arsenic dedicated and passionate arsenic I am. There's not a clip I power disconnected - unless connected holiday.
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