If you have been reading along in this series, you probably have come to realize that selling a motor yacht is not easy, even for the best broker! As the seller, you need to work with your broker, and do everything you can to make the sale of your yacht easier, and not harder.
Too many times we see large motor yachts that are poorly maintained. As an owner, you need to realize that the condition of your boat is typically the most important factor to selling her quickly and for the best price.
Lack of proper maintenance will depreciate your yacht faster than anything else. Do not be “penny wise and pound foolish.” For example, refusing to change sagging headliners that may cost you a few thousand dollars to replace, will cost you well beyond the replacement cost when a buyer presents an offer. Sellers also need to remember that maintaining your boat is not an improvement. Do not make the mistake of thinking that maintenance adds value. It maintains value, improvements improve value. Premium dockage, and keeping your engines well maintained and serviced, are not improvements, but they will help you to be sure you get the true market value for your boat.
Location, Location, Location
Where you decide to dock your boat when it is up for sale, also can make a very big difference. Location is vital to getting the best offer for your yacht. No matter how great you think your boat is, the truth is, typical buyers will not travel to preview your boat if it’s off the beaten path. Having your yacht positioned in South Florida will without question bring you the most frequent and the best offers.
Consider how many boat and yacht brokers are in South Florida….thousands. This alone is the reason why you should position your boat in South Florida. On the buy side, why would a broker want to travel to Georgia, when there are 20 other boats to look at in Fort Lauderdale? Even if you’re boat is on the top of a buyers mind, it will be the last one to consider if it can’t easily be seen in a central location. A potential buyer in South Florida has a wealth of boats to look at. Even if your boat is at the top of his list, and it is elsewhere, there are just too many in South Florida to grab his attention. Trust me, he will make an offer here, before he ever gets to see your boat docked elsewhere, I see this happen all the time.
How Yacht Management Can Help
Finally, the last thing to consider is your crew and who will maintain the boat while it is up for sale. There are more affordable options beyond having a fully crewed boat. Yacht management companies that specialize in caring for yachts for sale such as our sister company Florida Yacht Management can be an affordable option that provide a win-win for buyer, seller, and broker.
FYM offers full-time management with the most advanced online software – On Demand Yachting. They can offer crew when needed through their Select Crew Program. They also know what’s involved for showings and how to have the boat ready for a survey. This alone will not only save you thousands of dollars, but help the entire sales process.
Having this service attached to the sales side also gives the less experienced buyer the support and confidence they need when buying their next boat. Knowing that they will have a complete team looking after their needs, again, makes your boat that much more attractive.
NEXT WEEK: We’ll take a closer look at how to set your price.
It’s not always easy to stay on top of what’s new in motor yachts. If you would like to benefit from our expertise in these areas, or if you have any questions or comments about this blog post, do not hesitate to contact our Sales Specialists, or call us at (855) 318-6328.