5 Reasons to Use a Yacht Broker
5 Reasons to Use a Yacht Broker
By: Blake Stephenson, Intrinsic Yacht & Ship
When you decide to buy or sell a boat, you are immediately faced with your first question. Do you use a yacht broker or do it on your own? It may seem appealing and even easy to go through the process without the help of a professional, but a yacht broker does much more than just create a contract and take a commission.
YACHT BROKERS ARE YOUR BEST RESOURCE, BEFORE, DURING, AND AFTER THE SALE
A great yacht broker should be with you before, during, and after the sale, so you want to be sure you are working with someone you trust and like. Before the sale, a good broker will set expectations. If you are selling your boat, they can provide insight into the market trends and advice on how to get the highest price for your boat. If you are looking to buy, they should really understand what you are using the boat for and listen to what you want and need, this helps when you discuss a budget. During the sale, the yacht broker will be there during the survey and will learn about the boat with you. They can provide feedback and help answer questions. This is also hugely beneficial when you decide to sell because your yacht broker knows your boat better than almost anyone else. After the sale, you may still have questions or need a trusted opinion on things such as service repairs, warranty claims, or if you are looking to bring in new crew members. Your yacht broker will be able to provide advice and introduce you to a team of people they trust.
SET EXPECTATIONS AND REMOVE EMOTION
Like anything else, we can get emotionally attached to our boats. We spend hours working on them, spending time on them, and making memories on them. This can make things much harder when it comes time to sell and sometimes can create an idea that your boat may be worth more than what the market dictates. Having a yacht broker be sensitive to this but also set expectations for you is very important. When looking to sell your boat, you and your yacht broker should discuss exactly how much you are trying to get out of the deal. They may recommend you get your boat professionally detailed or fix minor things to increase the value of your boat before the sale. If you are buying a boat, be honest with your broker about what you want, need, and what you will use the boat for. This gives your broker the full picture so they can advise you on specific brands and keep your budget realistic.
YACHT BROKERS ARE DEDICATED TO YOUR TRANSACTION
You’re busy. Selling your boat is a yacht brokers full-time job. They should consistently look at reports to see how your boat is performing on websites and in search results. Based on the data your yacht broker may recommend a price adjustment to attract more likely buyers to the listing. Yacht brokers are available outside of the usual 9-5 because they work with your schedule. As a buyer, it costs you nothing to have a yacht broker guide you through the purchase process. The marine industry standard 10% commission is paid by the seller and only paid when the boat is sold.
YACHT BROKERS SPECIALIZE IN MARKETING BOATS
It seems easy to take a few pictures and write out some information about your boat to post on Craigslist or Facebook for free, but there is much more to it than that. Your broker will make your listing stand out on multiple websites and most importantly, make sure it is being seen by the right people. A good broker knows what information buyers and other brokers are looking for in a listing. You should look for a broker who provides exceptional photography, video walk-throughs, and drone footage to include in the listing. Marketing your boat does not stop with listing it on multiple MLS sites, the listing should be sent out in e-blasts to other yacht brokers, current and former customers who may be interested in the boat, and on social media. Ask your yacht broker for their marketing plan specific to your boat.
LEVERAGING INDUSTRY RELATIONSHIPS
A full-time yacht broker is often involved in many groups and associations. These are created to help yacht brokers network with each other, stay accountable to industry standards, and encourage communication. Look for a yacht broker who is involved in these groups, attends boat shows, and has relationships with other people in the industry outside of sales. When you are looking to buy or sell these relationships prove invaluable, a yacht broker can provide a list of reputable surveyors, finance and insurance companies, maintenance companies, and more. Yacht brokers also often share ‘coming soon’ listings strictly with other yacht brokers and dealerships, you want to be sure your listing is being shared with those people and therefore reaching even more potential buyers.
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To get in touch with any of the qualified brokers at Intrinsic give us a call at 410-263-9288.
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