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Blog | How To Sell Your Yacht

How To Sell Your Yacht
Home » News » How To Sell Your Yacht February 1, 2023

Plenty of boat owners face a time when it’s right to change their yacht for a different size or model or sell it so they can raise money and plan a new purchase. Interested buyers, on the other hand, like buying second-hand yachts because of the fair market price and the easy selling process.

If you are looking to sell your yacht, you should know that finding a boat buyer is not that easy. The best way to make the most out of your yacht sales process is by partnering up with a yacht broker who can help you ensure a smooth yacht sale.

Yacht Sales: Using A Broker Vs. Doing It Privately

There are two main ways to sell a luxury yacht: privately or with a broker. The yacht market is well saturated nowadays, and finding the right broker can help you expedite the process. Also, it’s common for potential buyers to use yacht brokers because of their excellent working knowledge and experience with yachts, both of which are factors that can ensure a successful sale.

What Is A Yacht Broker?

If you haven’t heard of the term yacht broker before, you should think of it as a realtor for your luxury boat. There are plenty of brokerages out there nowadays that specialize in buying and selling luxury yachts. Since most of them are known as directories for yachts, the main process involves them protecting your interests and listing your boat for you. A yacht broker also helps with balancing negotiations between buyers and sellers. They will make sure that everyone gets a fair deal and help you sell your vessel.

Professional brokers like 26 North Yachts that have a solid track record have better chances of making sure the sale process goes smoothly and that the potential buyer remains interested in your yacht from the very beginning. They are also your point of contact if you want to attend boat shows (where owners are selling yachts) or arrange a sea trial.

On the other hand, private sellers who want to sell their old boat at the right price without using a broker must have better knowledge of the market and the entire process. They also need to prepare the boat (clean it, paint it, make it stand out, etc.), find the right selling price, initiate an advertising campaign, deal with inquiries, negotiate the sale and purchase price, and handle all the paperwork and legalities.

In the parts below, we will show you why working with a broker makes a significant difference in the way you sell your boat and how you can ensure a smooth transaction without the stress and preparation if you choose to sell privately.

Things Potential Buyers Should Know

Let’s give some perspective on some of the main things you should arrange if you want to sell your boat fast. Just like you would do with a property and a real estate agent, selling your boat quickly requires some preparation – and working with a broker who knows the nautical market can help you navigate a timely sale.

  1. The importance of setting the right price

First on the list of things to know is your yacht’s worth. While many owners are confident in their boat’s worth, the industry does not always agree with that. A fair market price is the only way you can sell your yacht fast – so it is important to have a clear understanding of the prevailing market dynamics, as well as the overall condition and features of your boat (and how big of interest they might attract).

This is where brokers excel – they know every boat’s worth and understand how crucial marketing is when advertising a yacht. Through the use of effective and targeted marketing, they will advertise online and entice people to why it’s wise to spend money and buy your yacht.

Prospective buyers in the yachting world are not easy to find, which is why experienced brokers use a proven advertising strategy where they advertise the yacht on their own website but also get the boat listed across as many directories as possible.

  1. Professional photos and videos

Another important factor that can entice an interested buyer into becoming a new owner of a yacht is good photography and videos of the yacht for sale. Commissioning these can help potential buyers understand how enjoyable the yacht is. Content is among the several factors that most brokers use in their step-by-step guide to selling a yacht.

In most cases, yacht brokers that are selling a specific boat dedicate a full page on their website to it, presenting its photos and videos as means to:

  • make the advertisement more authentic
  • present more technical details and information about the boat
  • attract more attention with photos and videos, showing the yacht from every angle
  • make the yacht more memorable and unique
  • allow people to save the photos or bookmark the URL

A good PR initiative can also get the yacht listed across different directories, getting proper editorial coverage for newsworthy stories.

  1. The show biz

If you want to ensure a smooth yacht sale, you have to be present in the show biz. We obviously refer to the boat show industry and yachting events. Experienced yacht brokers know it by heart – they attend boat shows, open houses, and other exhibitions to see the current market rates and establish connections with prospective buyers. This process is a vital link in organizing a good sale at a fair price.

If you want to sell a yacht on your own, doing this would be a time-consuming process for you, and the lack of market knowledge won’t help you form a price based on a variety of factors. That is why the show business requires brokers to be the best, whether it’s boat shows, VIP yachting events, or connections with prospective buyers.

  1. Negotiation phase

Brokers are essential in the negotiation phase, which is among the last ones leading to a final sale of a boat. They will work with buyers or other brokers representing them to find the right price that works for both parties and reach a purchase agreement. Keep in mind that there are continuous changes in prices based on various market conditions, which is why it’s wise to seek professional assistance when selling a luxury yacht of any type.

Having such guidance through the negotiation phase is the only way to ensure the best price and have your boat set for sea trial and final paperwork. It is also something that gives you total peace of mind, having your yacht’s condition fully laid out on paper.

  1. Location

Most buyers will like to see the yacht for themselves, which is why it is important for you to keep it somewhere accessible for those who want to view it. In our experience, this can mean changing locations while looking for a buyer and besides trade shows, exploring new markets for your yacht. However, in many cases, buyers do tend to contact the broker and arrive at the location where the yacht is kept to see all of its glory in person.

  1. Paperwork

There is plenty of paperwork involved in a yacht sale – something that a broker can help you out with. The paperwork is essential to the process, and important to be ready ahead of time so that the final sale is not held up. While the paperwork varies due to different legislations, it’s the usual required documents typically include the following:

  • Bill of sale: This document outlines the basic terms of a transaction between a seller and a buyer – used to legally verify and transfer the ownership.
  • Warranty documentation:: Used as proof that there are no outstanding claims against the boat.
  • Maintenance papers: These are all the records containing your annual boat maintenance.
  • Proof of compliance with RCD (Recreational Craft Directive): You need to check if your boat needs to be RCD compliant, which is a European directive certifying your boat’s eligibility for sale and use throughout Europe.
  • VAT Invoice receipt
  • Guarantees: The boat guarantees you have as the ones you need to prepare and pass on to the new owner
  • Boat registration document
  • Technical specifications document
  • Insurance certificate

Once the sale is made, you should not forget to cancel your insurance. Our advice is to do it right when the funds have cleared, and all of the documentation is completed.

  1. Sea trials

Once you have a serious buyer and a deposit from them, they may request a sea trial. For those of you who are unaware, a sea trial is one of the last steps that follow the negotiation phase and is usually set after a deposit has been made and the contract has been formulated. The deposit is made to ensure that the sea trials and negotiations take place and that the potential buyer is serious about the purchase.

Brokers possess the right knowledge when it comes to sea trials and the yacht market. They have the right expertise and know when is the best time for a trial, which can last anywhere from a few hours to a few days. Once it is done, the final paperwork process can begin.

As a yacht owner, we will advise you on the best way to prepare your yacht for a sea trial, ensuring that the buyer understands every detail about the boat and informing them of its authenticity.

How To Sell Your Yacht

Questions You Must Ask Your Potential Yacht Broker

Now that we explained how the sale of boats works let’s move on with some of the main questions that prospective sellers should ask their broker before they decide to list their boats with them.

  • “When should I sell?”
  • “How much can I get for my boat?”
  • “Where will you list my boat?”
  • “How long does it usually take to sell a boat like mine?”
  • “Will you advertise my boat on other channels besides your website?”
  • “What advertising methods do you use?”

Some statistics show that most boats are sold from February to April, which is logical as most buyers looking for a vessel are active during the spring and summer seasons. However, autumn is also a good season from a financial perspective, which is why you should not worry about dealing with your yacht sale privately and hire a broker instead.

Summary

If you are finally ready to sell your yacht and use a professional broker, you can trust our team at 26 North Yachts for all of your unique needs. We have decades of combined experience and are continuously learning new methods of selling yachts. Our knowledge of the industry and the connections that we have with prospective buyers can help you make the most out of your sale.

We pride ourselves on adapting to everyone’s lifestyle, budget, and purpose and are willing to support every seller but also help them find a new vessel for their unique needs. Once we find a buyer for your boat, we will handle the negotiation phase on your behalf, ensuring that everything is up to date while you focus your energy on more important tasks in your daily life.

We Are Your #1 Yacht Broker

If you are asking yourself, “how much is my boat worth,” or cannot estimate a price that is in your best interests, you need to work closely with an expert. At 26 North Yachts, we are specialized in connecting buyers with people selling yachts. We have sold hundreds of yachts and know what every buyer wants when looking for a new yacht.

We can help you or any other yacht owner to prepare their boat, make high-quality photos and videos, do effective marketing and advertising, attend boat shows, consider alternative ways to sell your boat, and ultimately find the right buyer.

Our focus is to build a strong relationship with every boat owner and agree on selling their property at an estimated price. Ideal for all of you who don’t have the time and knowledge to sell yachts on your own, we work as your exclusive yacht broker.

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