Pawn psychology – cash for gold

The work requires speedy character assessment and discernment of the situation. Most transactions are completed in 15 minutes or less.

Southside was established just two months ago, at 160 Redfern Street, Redfern. The shop is stocked with all manner of goods, from power tools to mobile phones, jewellery, DVDs, violins and hi-fi equipment, some of it “hocked” and some sold outright to the business. All of it is priced much lower than recommended retail.

“Jewellery is, on average, about 80 per cent cheaper,” Mr Tarabo says. “We’ve got iPods from $45, computers from $200.”

“This is definitely the place to visit for a bargain, or for cash when that’s needed.”

Southside offers loans of up to $50,000, over three months. Market value is offered on cars, boats, jewellery, electrical appliances, even scrap silver and gold. “We offer the best prices on gold in Sydney,” Mr Tarabo says.

Interest rates are comparable to those of credit cards.

Mr Tarabo and co-worker, Agrim, need to be diligent with respect to paperwork. In fact, electronic records are kept of all transactions – and twice weekly communication with the local police helps to ensure that everything is “above board”.

“It’s not in my interest to deal in stolen goods,” Mr Tarabo explains. “It is in my interest to maintain the trust of customers and the wider community.”

Before setting up on Redfern Street, Mr Tarabo operated a business in Liverpool. Some people were less than encouraging about him moving to Redfern. “They’d make negative remarks about Redfern,” he recalls.

“But I’ve found it to be a good place. I’m enjoying it here – there’s a culture of bargain-hunting, a positive culture. I’ve had no problems.

“And the cafes are cosy, too!”

Source: South Sydney Herald July 2009 www.southsydneyherald.com.au