Should you’ve ever spent your morning commute daydreaming about beginning afresh along with your profession, this function is for you. Every week, our Cash group speaks to somebody from a distinct occupation to find what it is actually like.
At the moment, we chat to James Constantinou, proprietor of pawnbroker chain Status Pawn.
You’ll be able to’t prepare for it… I used to be born into wheeling and dealing, shopping for and promoting, so I picked it up from expertise. It is one thing that I like doing, and there is not a course for it. If we’re speaking about my staff, they’re all extremely expert people who’ve educated and develop into specialists of their fields. We now have round 60 specialists who all excel in a spread of specialisms – equivalent to gemologists or artwork. My abilities lie in pulling them collectively and protecting the work going. These of their specialised fields may have levels, diplomas and have studied for years. They will take a look at the pretend Rolexes from in the present day and evaluate them to the true ones from 10 to fifteen years in the past – there’s nearly no comparability. It is actually troublesome to inform the distinction between pretend and the true deal in some circumstances.
Folks assume my job is a number of TV, helicopters, boats and aeroplanes… However the day-to-day working of the enterprise is not at all times like that. There are the conventional complications of staffing charges, leaky air conditioning models and floods – and all different issues that go alongside. It is not fairly as glamorous as the way it’s portrayed.
It is a false impression to say we cost excessive and unfair rates of interest… The month-to-month price begins at 2%, and I do not advise folks to take a pawnbroking mortgage out for a yr or two – we solely supply as much as seven months, and most of our prospects redeem in round three.
You’ll be able to’t go into the excessive road and borrow £100,000 inside an hour… however in one among my shops, you may, so it is fairly rewarding to assist folks after they want it. If you find yourself approached by somebody who wants money for one thing pressing and has been to the banks to borrow and denied, and then you definately’re in a position to step in a manner that different lenders aren’t in a position to.
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There isn’t any typical day… At the moment I am at residence as a result of we’ve somebody right here doing a little work, however I am nonetheless on the cellphone. I’ve received an E-type Jag appraisal and a cherished quantity plate, so I am serving to the group. There are guys at Gracechurch Avenue coping with some bullion in the mean time, so I am serving to with that. Between the group, I am serving to us get offers throughout the road and shutting them.
I’m involved in gadgets value £50 to £1m… It is not all concerning the cash. I consider you want extra of a ardour relatively than a ability to do the job properly.
A standard beginning wage on this trade… is round £30,000.
One of the best perk is… attending to see all of the wonderful property that are available in and drive the flowery automobiles. I’ve cherished assembly all of the improbable folks alongside the way in which, too. From the place I got here from and particularly since I left college, I by no means in 1,000,000 years thought I might be on this place.
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James Constantinou
Opening the doorways to our enterprise in Could 2009 was an enormous second, after which… Our first buyer walked by way of the door and we jumped out of our seats like “Oh God, someone’s actually noticed us!” Two of us ran to the counter to serve him, and he mentioned, “Oh sorry, I thought this was a hairdresser’s.” We needed to level him subsequent door.
I make errors weekly… Should you do not make errors, then you do not study. Up to now, we have purchased watches and items of artwork which have turned out to not be real. That was early doorways, so these gadgets would not get us in the present day. As a fledgling enterprise, you are going to make errors. It was a tough lesson to study, however a journey we needed to undergo.
We do not contact stolen items… That is one other false impression that perhaps occurred within the Forties or 50s when the trade wasn’t as regulated. I would say a pawnbroker is among the final locations you’d take stolen items to. I am not saying it is by no means occurred in 15 years of buying and selling, however when it has, very early on, these gadgets have ended up within the fingers of the police. When folks are available in, they’re recorded, we take copies of their passport and driving licences and ask to see proof of buy. We’re additionally members of associations the place, if a luxurious merchandise will get stolen, it will get reported. For instance, if a Rolex will get stolen, it will get placed on the stolen watch register. The very first thing we do earlier than buying is examine all of those databases to ensure the property aren’t stolen.
We’re solely custodians of products, we not often personal them… Solely about 20% of the gadgets stick with us the total seven months and find yourself going to market. For these offered, we solely look to recoup the cash owed to us. Any overage we might obtain is returned to the shopper. This surprises lots of people, even these with contracts worded as such.
We do not typically flip folks down… and depart them strolling away with nothing. Most issues have a price of types. We normally current figures to folks, and I would say that half or perhaps 60% of them are accepted. Typically it isn’t the quantity they need to hear. More often than not it is about managing some prospects’ expectations of their merchandise’s value, particularly with the truth of being in a time of financial downturn. Luxurious items aren’t as buoyant as they have been 4 or 5 years in the past. A person got here in just lately with a one-off hand-built trike that he purchased for £100,000, nevertheless it was too specialist for us, and the market was very restricted. We let him know that it wasn’t one for us.
Folks typically assume they’ll earn money from royal memorabilia… Restricted-edition royal memorabilia from 150 years in the past may be value so much. However a mass-produced King Charles mug hidden in a cabinet for ten years is nugatory.
However gold is the other… It’s a good funding and regarded bricks and mortar. However lately, we have been seeing large hikes in its costs and price – a 66% improve previously three years. Gold makes a fantastic funding for folks with spare cash who’re searching for greater returns.
A diamond bulldog keyring is one among my favorite gadgets… One of many first issues that got here into the shop in 2009 caught my eye. It was a bulldog keyring made from 18-carat gold and a diamond-studded collar. The bulldog was stood on his again legs and is now sitting on my keys. I cherished the workmanship and thought it was an uncommon merchandise, which is why I’ve nonetheless received it on my keyring now. I get many individuals commenting about it. It is not value a fantastic deal, however it’s sentimental to me.
I do not plan on retiring… I do not need to solely have the choices to take a seat at residence or play golf. I wish to rise up within the morning and have a objective. Even when I am not going into the workplace, I am up at 6/6:30am on daily basis. I are inclined to work 24 hours and typically even sleep dreaming about work and offers. I am consistently linked and at all times getting messages on WhatsApp all through the day. A number of the group go residence and message me within the evenings and we’ll have a dialog at no matter time as a result of they’re simply as devoted and passionate as I’m. There’s not a time I change off – until on vacation.
