If you are ready to sell your boat or yacht, you may be on the fence about whether you should sell it yourself or work with a yacht broker. A lot of people choose to take the sell-by-owner route so they do not have the extra cost of paying a broker. The truth is, selling a yacht comes with a lot of ins and outs, and unless you are knowledgeable about the market, it can be tricky to navigate. Learn how working with a professional broker can help you with selling your boat and improve the overall experience while getting you to the outcome you want.
The Disadvantages of FSBO
When you are listing a boat to sell, FSBO may seem like a great choice. You have full control over the entire selling process from showing off the boat to potential buyers, arranging inspections and reviewing contracts. However, that is just the tip of the iceberg when it comes to selling a yacht. While it may be nice to manage those certain aspects as you see fit, FSBO comes with a plethora of disadvantages that can easily be avoided by enlisting a broker. From struggling to spark interest in what you are selling to accidentally invoking some serious legal issues, there are a lot of problems that can be stopped before they happen when you trust in a yacht broker.
Those who choose FSBO for yacht sales generally run into a number of problems in terms of potential buyers. Some people struggle to get leads in the first place due to a lack of knowledge or resources for effective marketing. Not only that, but it is easy to become overwhelmed with seemingly legitimate inquiries that turn out to be nothing more than spam, scams, and dead ends.
Lack of Time
Not everyone realizes the time and effort it takes to properly and successfully sell a boat. FSBO means that you are responsible for all of the appointments related to the sale, including showings. This can become frustrating and even a bit difficult, especially if you have a busy schedule from day to day.
Awkward Social Interactions
Conversations and negotiations can quickly become awkward during the FSBO process. Even though you are selling your boat, there is a good chance that you still think highly of it or have an emotional attachment to it for one reason or another. This may become problematic when it comes to a potential buyer who wants to negotiate.
Legal jargon can be difficult to navigate and nearly impossible to perfect, especially without the experience. Unfortunately, unless you are well-versed in the proper way to write up agreements, you leave yourself open for potential fraud or even lawsuits from buyers.
Every boat transaction requires the proper documentation. If you are unfamiliar with the papers that need to be drawn up or signed, you could find yourself being confronted with issues involving the Coast Guard, your state, and other legal entities. These issues can become quite lengthy to work out, which can actually hinder your ability to sell the boat altogether.
Seller Benefits of Working with a Broker
Yacht brokers provide a number of benefits that can help make your boat-selling experience a positive one. Their jobs are to get your boat sold for the best price, and they are experts in their field. Learn how hiring a broker to help you sell your boat can be extremely advantageous to you and your selling outcome.
Save Time and Money
While it may seem like paying a broker commission is a waste of time and money, it can actually save you both in the long run. Consider all of the time and money you could waste through constant research, showings, and test drives with buyers that were not even serious about the sale. A professional yacht broker will handle all of the fine details, making them an invaluable asset to the entire selling process.
While the boat you are selling may have been your pride and joy at one time, that does not mean it is worth as much as you want it to be. A broker will provide a sense of objectivity and help you keep your expectations for an asking price realistic. They will be able to compare the make and model of the boat and help you determine exactly what a fair asking price should look like without cutting you short or overpricing it, which would deter potential buyers. Your broker will always be realistic with you, which will help you in the grand scheme of things.
Do you remember those awkward social interactions that were mentioned earlier? Brokers have tons of experience working with potential buyers, which means they also have experience in areas of negotiations. The best part is that the broker will act as a third party during communications between you and the potential buyers, so you never have to personally experience awkward interactions. Not only that, but the yacht broker is more likely to be able to guide the entire negotiation process to a fruitful outcome for both you and the buyer, so it's a win-win for everyone.
Brokers have all of the resources for promoting your boat listing at their fingertips. This means that your listing will get a lot more exposure than if you were to take the FSBO route. From online outlets such as company website listings and social media posts to placing a listing in the local print ads, you can bet that your boat will get lots of exposure that will foster plenty of interested buyers. They can also help you showcase your boat in the most appealing way, prompting even more interest from buyers.
When it comes to the boat market in your area, your local yacht brokers know it better than anyone else. They keep themselves up to date on all of the latest ups and downs of the market, providing you with valuable information when trying to sell. Having a broker by your side to sell your boat means you have an advantage over those who choose FSBO simply because of the amount of knowledge and experience brokers have to offer. Trust in what they have to say.
Safe Transfering of Funds
You will not have to worry about whether or not you will get paid when you work with a broker. FSBO scenarios can be iffy, especially when it comes down to actually getting paid for the transaction. Working with a yacht broker can help you and the buyer feel safe knowing that all funds will be moved around legally and professionally.
Skip the Nonsense
Brokers will communicate with potential buyers for you, be it phone, email, or other forms of communication. That means that you will not have to deal with a seemingly endless number of inquiries to keep track of. It also means that they can filter out any inquiries that appear to be false or scamming in nature, saving you a lot of aggravation and a lot of time. Yacht brokers are able to screen all potential interests in your boat so you don't have to.
They Work Hard in Your Favor
The bottom line is that yacht brokers work hard to provide you with the best outcome when selling your boat. They will do everything they can to ensure everything goes as smoothly as possible and to help you get the best price for your sale because in reality, if they don't help you make the sale, they don't make the commission. Having a broker means having a professional in your corner with the same goal in mind: get the boat sold for the highest fair price.
Why a Broker Looks Better to Buyers
Not only does working with yacht brokers provide benefits to you as the seller, but it also helps buyers to feel more at ease and confident with the overall experience. This means that you will have more serious, potential buyers. Find out why working with a broker looks better than an FSBO experience from the perspective of the buyer.
Buyers want to feel that everything is done right, and proper documentation is a big factor. Since proper documentation of the yacht sale can vary from state to state, country to country, registration type, boat type, and more, potential buyers will feel more comfortable working with a seller that has a broker who knows what they are doing.
Contracts should always be kept up-to-date no matter how many times they need to be rewritten. A buyer can feel confident that everything is the way it should be with the transaction when contracts are current and detail all of the terms of the purchase.
Painless Closing Process
When it comes to closing, it can either be an exciting moment or a complete nightmare. Depending on whether or not all paperwork is in order and funds have been correctly moved from the buyer to the seller, there are multiple ways that closing can become a hassle. Buyers know that brokers have the knowledge and experience to provide a smooth closing experience.
Helpful Service Recommendations
Potential buyers may not know where to begin when it comes to buying a yacht. Brokers can really help them along by offering their professional recommendations for insurance, financing, documentation, and registration needs, all of which you would not be expected to know as a FSBO.
Tips for Finding The Right Yacht Broker
Choosing the right yacht broker can seem daunting, especially since you are trusting them with the important task of properly selling your boat. There are a lot of important factors to consider to make sure that you find a broker that will get the job done right. Fortunately, there are a few tips and tricks that you can keep in mind to help you find one that is reliable and effective. Learn how to start searching for a broker that is right for you.
Suitable for Your Needs
Yacht brokers are not all created equally, which means they all differ based on personality, specialties, and more. There are brokers that come from decades of experience and those that have only been around for a few years. Some brokers come from a massive brokerage while others come from independently owned operations. One broker may know more about fishing boats while another has more knowledge about cruisers. When you are trying to decide on a broker that is best for you, consider one that is most suitable for your needs for the best experience.
Advertisements and Reviews
Do your research into the brokers that seem to provide the best service. Take notice if they have enough of an advertising presence both online and in print. Make sure that they have promising reviews. A good yacht broker will have a known presence within the community for exceptional service and a job well done. Skip past the ones that have few to no reviews and little to no advertising.
Certifications and History
Any yacht broker you consider should be a professional in the field. This means that they should always have a yacht broker license to ensure you that they are undoubtedly trained and qualified to handle the sale of your boat. You may also want to consider someone that has at least a few years of experience in yacht sales. Generally speaking, the more experience and work history someone has, the more knowledgeable and successful they will be with your selling experience.
This is a big factor for many sellers to consider when choosing a broker. On average, brokers charge around 10% as their fees for their services. However, this can vary based on the brokerage company and the size of the boat to be sold. Think about how much you are willing to spend in conjunction with the services each broker provides to find one that you feel comfortable working with.
Market Your Yacht with Flagler Yachts
If you are ready to sell your yacht, let the experts help. At Flagler Yachts, we specialize in yacht brokerage. Our fully licensed and experienced brokers know everything there is to know about providing you with exceptional service through the entire selling process. We pride ourselves on being trustworthy and reliable, catering to all of our client's selling needs. Our range of expertise is extensive, including sportfish, motor, and express yachts, outboard boats, and more.
We use every resource available to us to maximize the exposure of your listing, including social media accounts, advert programs, and other online marketing platforms. Flagler Yachts brokers also perform screening of all potential buyers to better target those most likely to end in a sale. All of our negotiations are smooth and concise with a high success rate of reaching a positive outcome.