In our last installment in the “Selling Your Yacht Fast” series we discussed the benefits of hiring a professional yacht broker. Now let’s take a little closer look at the critical role your broker plays throughout the entire selling cycle.
Selling an upscale yacht is a complex transaction, similar to selling a piece of high end real estate. It is the kind of high-value transaction that can involve a lot of risk. Yacht brokers work hard to not only make the sale of your yacht go easily, they are there to protect your interests, just like a real estate agent would do when you selling your home.
A broker will likely ask you to sign a “Central Agency Listing.” This means your broker has “the listing” and will serve as the liaison for any and all information regarding the listing between you, other brokers, and of course interested buyers.
Along with removing the burden of handling the flow of information regarding the sale of your motor yacht to interested parties, there are many other advantages of letting your broker do the “heavy lifting.”
Any decent broker will likely already have a “built in” following of clients. He will know what they like, and the kinds of yachts they may be in the market for. He will likely already know a few interested buyers as soon as he sees your boat!
Brokers also know the market well, and they have a solid understanding of how to properly price your particular make and model yacht for your particular area.
Another advantage is that working with a broker gets your boat listed and seen in venues you could not do on your own, for example in YachtWorld. YachtWorld is one of the world’s largest online photo and video databases of new and used yachts for sale, with well over 100,000 listings. YachtWorld’s advertising services are only available to eligible yacht brokerage firms and dealerships. You could not get your vessel listed with Yachtworld on your own without a broker.
Quite honestly, in terms of advertising, there really is nothing you can do to compare with the power of a yacht broker’s listing, especially with luxury yachts where you really need to reach a global market of potential high-net worth buyers.
What Your Broker Will do For You
You may think you are hiring a broker for a single purpose: to get you the most money for your yacht, in the least amount of time. That’s true, but ultimately the responsibility of your yacht broker is to reduce stress and make the transaction go smoothly and painlessly. He or she will help to do that all along the process by:
- Advertising your boat and developing a marketing strategy for ultimate exposure of your boat.
- Pricing your boat realistically for the current market.
- Pre-qualify responses to your listings, and screen-out unrealistic buyers.
- Showing your boat to pre-qualified potential buyers.
- Communicating all offers from interested buyers to you.
- Negotiating the selling price on your behalf. This is where the advantage of a savvy broker, and skilled negotiator really comes into play!
- Drawing up sales all sales agreements/contracts and accept deposits.
- Arranging for sea trials and schedule surveys/inspections.
- Coordinating your closing.
- Transferring funds to you, and probably help you in finding your next boat!
Removing the Hassles of Selling a Yacht
The bottom line is, the one real role of your broker is to remove the hassles of selling your yacht. He or she is there to protect your interests, and to pre-qualify buyers, so nobody’s time is wasted. But the most important reason why you should use a broker when selling your yacht, is a good broker will be an honest and ethical broker, who will keep everything about the transaction “above board.”
What it all boils done to is this, when it’s time to sell your yacht, should 26 North be your broker? Of course we think that we should. But whether you choose us or not, ask these critical questions of any broker you are considering:
- Do you have a CRM?
- Do you offer HD Videos?
- What boat shows do you attend?
- What were the last three boats you sold?
- What does your company offer beyond the regular MLS’s and magazine Ads?
- How do you differentiate your listings from the thousands already online?
In fact, I encourage you to call our competitors and ask them these questions first, then call us – and compare the answers. Once you do, I’m confident your will know who is the best broker for your boat!
NEXT WEEK: We’ll take a closer look at What You Can Do to Help Your Broker
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.