Selling a boat is similar to a real estate transaction—it’s usually too complex and involves too much value to risk doing it on your own. Good yacht brokers work hard to facilitate the sale of their listings and to protect the interests of their clients, just as a real estate agent would do when you sell your house. Here are the top 10 reasons why you should strongly consider using a yacht broker to sell your boat.
- Yacht Brokers have a network of clients and may have a number of buyers in mind right from the start.
- Yacht Brokers know the market well, especially in their specialized segment, and they have a solid understanding of how to properly price a boat.
- A yacht broker gets your boat listed on the pages of a specialized multiple listing service (“MLS”). These services are not available to individual owners/sellers.
- A yacht broker can help establish fair-market value for the boat through access to actual sold boat data in the specialized MLS services. These sold boat data services are not available to the public.
- A yacht broker will devise a marketing plan and determine how a boat is to be advertised in the most appropriate media. For example, the strategy to market a 34′ Carver powerboat is much different than the strategy to market a 64′ Jeanneau sailboat. Employing a yacht broker provides the best chance of reaching the most interested and qualified audience for your boat.
- A yacht broker will prepare the listing for distribution in various electronic and print media, for print and email distribution to clients and other brokers, and for distribution to prospects at boat shows, open houses, and walk-in inquiries. Sellers will see their listing advertised on various websites and the MLS selected by the broker.
- A yacht broker will help you stage your boat and advise you of any improvements that should be made to make your boat competitive in the market, identify possible problems and solutions, and help organize upgrades and repairs.
- A yacht broker understands the principals of the brokerage profession—things like certificates of ownership, security agreements, bills of sale, and other documents needed to register and transfer titles to boats. A yacht broker understands maritime and admiralty, as well as mortgaging and transferring title to documented vessels. A broker understands listing agreements, closing statements, deposit requirements, and escrow accounts to safeguard funds.
- A yacht broker can assist with the sea trial and survey – The buyer will usually request a sea trial and the services of a marine surveyor. Buyers pay for the surveys and for hauling the boat out of the water for inspection. Your yacht broker will usually attend the sea trial and marine survey and help you determine how any discovered deficiencies should be addressed in the purchase negotiations.
- A yacht broker will employ the art of negotiation. A broker can use his or her position as a middleman to keep the negotiating between buyer and seller moving toward a successful conclusion.Yacht Brokers have a network of clients and may have a number of buyers in mind right from the start.
Certified professional yacht brokers bring a lot to the sales process, which is why you should strongly consider using one to sell your boat.
Mike Wales is a California-licensed maritime and business transaction attorney and co-owner of AGL Yacht Sales, Inc., along with his wife Leilani Wales, CPYB, a licensed, certified, and bonded professional Yacht Broker. You may contact Mike at email@example.com or at 480.250.5651.