The sale of your boat, whether large or small, requires a lot more than a grainy couple of snaps and an online listing. In a multi-channel and demanding market, finding and engaging with the buyers who really matter will ensure you increase your chances of securing a high price and a quick sale. This will vary from boat to boat, but the fundamentals remain the same regardless of the size, type or value.
So how can a professional yacht broker help?
Be prepared:
Presenting the boat properly makes a world of difference to the speed of the sale and the final price. Your boat needs to be clean, clear of your personal possessions, devoid of any issues that might be found by a buyers survey, and accessible. Many brokers will have a walkway or sales area you could use that, in some instances, might come with a break on the storage cost for the first two months or so.
Secondly, it is important to put the broker in a position where he can fi eld all the questions buyers ask before they put their offer in. This will speed the process up, and put a stop to constant phone calls badgering you for information! That prep work must include:
- Full title documents, proving that you are able to sell all 64 of the 64 shares available
- CE certification
- Evidence of VAT status, and location post-Brexit
- Engine service records
- Evidence of all other works completed recently
Consider trading up:
Yacht brokers are often also dealers for a new boat brand. As such, you may well be able to use your boat as a part-payment for a new boat, particularly if the dealer has one in stock, outside his office, ready-to-go. These deals can often be more preferable to a brokerage agreement, that will take longer while a buyer is sourced and negotiated with.
Typically, there are two opportunities to trade up with a dealer:
- Against a new build, a dealer may offer you a “fallback” price for your boat, set against the final stage payment of your new boat. This will give you the opportunity to sell your existing boat for a higher price while the new one is being built, safe in the knowledge that you have an exit on the day the new one arrives
- Against an existing stock boat, a dealer may offer you an instant part-exchange value, typically if the value of the new boat is less than half of the value of your existing one. Assuming your current boat surveys well, you’ll swap straight over from one to the other, relieving you of the burden of selling the old one.
As a member of the BRBA, your dealer has access to a shared knowledge of market pricing and other tools that will ensure you get a fair price and a quick sale.
Your first offer will be your best one:
A professional broker may well have buyers registered in his CRM who are ready-to-go and looking for a boat just like yours. Furthermore, brokers often share listings with each other behind-the scenes, so appointing one broker will often give you access to all his partners and co-operating businesses. You won’t get access to that considerable amount of extra horsepower by doing it by yourself or employing a less-then-reputable broker to represent you.
KYC:
Short for ‘Know Your Client’, this is a big part of protecting you as a vendor. A professional broker will conduct a KYC check to ensure that your buyer is who he says he is, and that the source of the funds is reliable. The broker will have access to a number of industry-only tools that allow them to conduct all these checks, powered by banks, finance houses, and HM Customs. A professional broker will also run these funds through a dedicated client account before title is passed - not a facility that you will get in the process of a private sale.
Protecting you when the going gets tough:
Brokerage deals can be challenging, particularly when it comes to stage-managing viewings, negotiating over the purchase price, dealing with surveyors, getting quotes for remedial work that might be needed, supporting buyers through all their needs, and ensuring that the whole thing is conducted legally and correctly. In the process of selling a house, you’ll engage a number of different people to complete all these tasks - the professional yacht broker does them all. A member of an association such as the BRBA will be backed by considerable support and advice, as well as a raft of updates and training on the legal compliance needed to sell professionally.
Choosing the right broker:
The right broker will soon become clear to you, based on two simple criteria:
- Onsite - any broker near your boat will have a dramatically increased chance of selling her for you. Not only will they be able to conduct viewings quickly and easily, they may well know the boat inside and out anyway.
- Manufacturer/type specialists - there are many professional businesses who have carved a niche for themselves in certain brands or types of boats. So, if you have a 50’ catamaran to sell, or a Bavaria 32’, or a steel widebeam, there are specialists out there who will be experts in those sectors. Look at the boats they have for sale, and talk to them about how they might market your boat and for what % commission.
And finally:
It’s common for an owner to want to oversee this process, but generally at the upper end of the market, where a yacht needs high-profile exposure within specialist outlets, plus the commercial know-how of a professional and real-time knowledge of global markets, an experienced and well-connected broker is a necessary asset.