The siren song of a Miami luxury pawn shop pawn shop promises fast cash for your unwanted items. But, as with any financial transaction, it pays to be educated. Here’s what you need to know before pawning your jewelry, gold coins or luxury watches.

Pawnshops offer quick loans backed by your item’s value, with the shop holding the property until you pay back the loan and any associated fees. The most popular items include electronics (phones, tablets, and gaming consoles), jewelry, power tools, and musical instruments. Rare collectibles, antiques, and vintage toys can also bring in good money.

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The condition and brand of the item matter greatly. Bringing in clean, functional equipment with original packaging and documentation will help you walk away with the most money. Jewelry with significant gold or silver content will often bring in a better return than costume jewelry or broken pieces. High-end jewelry and watches can also command a premium if they are in mint condition, especially when paired with a watch box.

Understand that a pawnshop will typically loan you only about 70% of the true market value of your item. This is due to risk mitigation and the need for a profit margin. A thorough research of your item’s value and a quick online appraisal will give you the confidence to negotiate effectively and maximize your profits. Also, remember that you’ll need to pay interest on your loan if you don’t redeem it within the agreed-upon timeframe.