Selling scrap metal is a great way for a person to earn some extra income. It may take some work, however, if the individual does things right, they can earn good money. If an individual is new to selling scrap metal in Baltimore MD, there are few mistakes that they should avoid making. These mistakes can end up costing the individual money.
Not Preparing the Materials Properly
A scrap yard will never encourage sellers to properly prepare their scrap metal. This is because if the scrap metal isn’t properly prepared, they don’t have to pay as much for it. For example, if a seller goes to the scrap yard with copper wire that hasn’t been stripped, the scrap yard will pay less. Preparing the metal ahead of time can double and possibly triple the amount of money that the scrap yard will pay.
Not Understanding the Metal Grades
It is not uncommon for a person who is new to scrapping to expect too much or too little from their haul because they don’t understand the different grades of metal. For example, copper comes in four grades with insulated copper wire being the lowest and bare bright wire being the highest. When the individual knows the grade of the metal that they are selling, they can avoid losing money on the sale or expecting more than the metal is actually worth.
Going To a Scrap Yard With a Poor Reputation
When a person is new to selling scrap metal, they might not know which scrap yards have a good reputation and which ones don’t. Before selling to a scrap yard, the individual should do some research. The seller can talk to an experienced scrapper or they can read online reviews to find a reputable scrap yard.
Know What You Should Get Paid
Most scrap yards are going to offer the seller the lowest price possible. Before going to the scrap yard, the seller should determine how much they are going to get paid. There is an app called iScrap to get the average prices on various types of scrap metal. The seller might not get an exact dollar amount but they will have an idea of what to expect.
Selling Scrap Metal in Baltimore MD can be lucrative if the individual avoids making the most common mistakes. For more information, contact us.