Seller Strategy Guide
A Guide To Selling In Today’s Market.
We have entered into a very new market in the past couple of years and it is extremely important to be with a broker who understands the new way of selling for today’s market.
This guide is intended to outline the process and provide you with tips that will help you achieve your goal of selling your boat in a reasonable amount of time for the most amount of money.
Signing up and the three steps…
Step #1 – Signed Listing Agreement.
We will provide a standard Central Listing Agreement and a copy of this can be provided upon request for your review.
A standard commission fee of 10% applies allowing for the opportunity to work with outside brokers maximizing exposure. Listing your yacht with us will include the following.
- Market analysis looking at sold boats and comparative yachts for sale to determine asking price.
- Asking price is extremely important. Yachts that sell in today’s market are priced to sell. Chasing the market in the hopes of a buyer presenting an offer does NOT work anymore. You must tell people in your asking price that you are a serious seller ready to sell. Do not go under the assumption that “if their interested they will make an offer.”
- We will take interior and exterior photos of the yacht so be sure she is in showcase condition.
- Detailed spec sheet of the yacht approved by representative.
- We will need copies of all documentation including insurance and cruising permits if required.
- Recommendations – I always recommend having a preliminary survey done. This can be an inexpensive way for a surveyor to bring up any issues before a buyer comes into the picture. There is nothing more frustrating having a boat fail survey for issues that could have been corrected had the seller known about them
Step #2 – Exposure.
- Published on all major MLS listing websites such as Yachtworld.com and YachtCouncil.com.
- Published in major yachting magazine such at Yachting and Boat International.
- HD video tour available.
- Promoted on www.26northyachts.com as featured vessel.
- Custom yacht website available.
- Online presence maximized with social media and key word utilization.
- The option to attend all major boat shows.
- Access to 26 North’s exclusive customer list.
- Email broadcast exposing your yacht to the brokerage community and interested customers.
Step #3 – Selling to Sold.
- Location: Position your yacht where she can be seen. A yacht in Fort Lauderdale will not only sell faster but will sell for more money than a yacht in a remote location like Grenada.
- Access: Make sure your broker is able to show the yacht for sale on short notice. Although ideally several days’ notice is preferred this is not always the case. The crew must be ready.
- Condition: Curbside appeal applies to yachts just as it does to homes. Your yacht should be in excellent showing condition and have been recently detailed.
- Agreements: Even before a buyer comes along review a Purchase and Sale Agreement so there are no surprises when it’s game time.
- Contacts: We work with many documentation companies and maritime attorneys and can provide contacts for everything to allow for a smooth closing.
How a buyer decides on a particular yacht takes many things into consideration. Whether it’s the layout, condition, location or price it all comes down to one key element, VALUE.
Do you remember when you were looking to buy a boat? What affected your decision? What made you choose this boat over the others you looked at? Put yourself in the Buyer’s shoes!
First impressions are very important and they can make or break the sale of your boat.
Sounds simple but waxing your boat can be some of the best money you will spend.
Give your yacht a thorough cleaning from stem to stern.
Make sure that you clean and varnish bright-work as needed.
Paint the bottom and keep it clean with a professional bottom cleaning service.
Detail the interior.
Make sure your boat smells good. There is nothing worse than a musty smelling boat.
Store away personal items that make it difficult for potential buyers to imagine their items in your yacht. Clean the boat out and remove anything that is not staying with the boat. If the boat is full of dive gear that you don’t plan on leaving with it, remove it.
Remove all your personal books and take the “junk” off the boat.
Clean the bilges and ensure that they are dry, clean and odor-free.
Perform Basic Maintenance.
Service your engines and change the oil! Remember the engines will be surveyed just as the hull was. Paint or touch up the engines if needed.
Top off all of your fluids.
Top up your batteries
Make Necessary Repairs.
There is no greater disappointment to a buyer than to find that equipment onboard is not in working order. The fact that you may not necessarily get much value for an upgrade on your boat does not mean that the Buyer has not put a value on it. We have seen time and time again a deal fall apart because a piece of equipment did not work and the seller knew in advance and did not tell his broker. If your watermaker does not work, do not put the watermaker on your equipment list. This means that the surveyor does not need to test it and the Buyer cannot complain that it does not work when it was never included in the sale in the first place.
Check and repair inoperative equipment or remove it from the equipment list.
Check for leaks and repair them in advance as a good surveyor will find them anyway.
Check if your tender(s)
Try not to embellish things as the vessel will be surveyed and all the detailed verified.
Get your paperwork in order
If your yacht was built in 1993 but wasn’t launched until 1994, it is still a 1993 and should be listed as such. However a boat built in 2007 may be either a 2007 or a 2008 model so ensure you get this correct in your listing agreement. Many deals have been lost at the last hurdle when a buyer suddenly thinks that his new boat is actually a year older than he thought. Your tenders need ownership paperwork too!
An engine that has a new alternator and injection pump is not a “completely rebuilt engine”. Accuracy is important and builds credibility with your listing and the broker representing you and always try to remember that your Listing broker is on your side. You and he have exactly the same objective, namely to SELL your yacht. If it does not sell, he does not get paid so be upfront about what you know about your yacht.
Check for liens on the boat as buyers hate to discover this after they have decided to buy your boat. If your ownership is corporately held, ensure your company is in good standing and you have approval in writing from the company to sell the vessel.
Keep all of your repair and purchase receipts and maintenance records. Buyers love to see good records to increase confidence in the yacht they are planning to own.