3 Frequently Asked Questions about Yacht Sales Brokers
1. Will a yacht broker try to get me the best deal?
Many buyers may question if the broker works on behalf of the buyer to get the best deal or works with the seller to get the mostmoney for commission purposes.
The answer is that a good yacht broker will work hard to get you, the buyer, the best deal there is by doing their due diligence and checking comparable boats.This allows us to get the actual value of the boat on the current market before presenting it to the buyer.When this is done, the potential buyer can make a reasonable offer to seller.
A broker should always present the value and not what he/she thinks it’s worth. That is what makes a broker a great broker. In our industry, yacht sales brokers cannot be compared to a regular salesman trying to scam you for a buck. Why? Yacht sales brokers seek to obtain:
i. Happy clients
ii. Long term relationships
iii. Positive word of mouth
iv. A good business reputation
2. Do you need a yacht sales broker to buy or sell a boat?
Having the internet makes it easier to try and put your boat for sale on social media, which we call FSBO (For Sale By Owner). However, do you know where to market your boat to get traffic, the right price to sell it at, or how to do all of the closing procedures?
It is a broker’s job to market your boat for sale on a database like YachtWorld.com. In addition, they can help you make the best deal by using all the information on these databases, which are only accessible to brokers. This narrows down your search. Obtaining the right comparison for brand, year, condition, etc. with recently sold boats is necessary to help buyers/sellers make the right decision.
Lastly, negotiating the right price is not an easy task. After all, trying to sell it by yourself sometimes means you are overselling or underselling due to the lack of market knowledge.
3. How to find the right broker?
- Check their website and see how they present themselves.You will also want to see the other boats listed for sale by observing the professional pictures, detail specs, and how they are advertised on various websites.
- Call some yacht brokerage offices and check their vibe over the phone. It may be a good idea to visit their office as well.You will want to have conversations with brokers until you eventually get the one that makes you feel comfortable.You should get along like friends. Trust and empathy are important, and your broker should be reliable. Why reliable? You may have questions after hours or want to go see boats over the weekend, so it’s super important that the broker understand he/she needs to be always dependable, no matter the time of day.
- Professionalism and knowledge are crucial, too. Ask as many questions as possible in an interview style to make sure the broker knows their material. Truthfully, they will represent you so it’s in your best interest that your broker knows what he/she is talking about.The should help you make the right decision if they see something wrong with a boat.