Buying Your Luxury Motor Yacht: The Role of Your Broker
Buying a luxury motor yacht is a lot like buying a high end real estate property. Chances are, if you own a motor yacht, you have likely purchased such a property, and if so, you realize just how invaluable your real estate agent was in helping you to find, and obtain the home of your dreams. The same can be said of a yacht broker when it comes to buying your boat.
The broker is retained by the seller. As such, he or she is highly motivated to sell a particular yacht. The yacht broker will know that boat inside and out, and be able to answer any and all questions you have about the vessel. If you are looking through the multiple listings of yachts, such as on Yacht World, you will be looking at central agency listings, available by a given broker.
If you are not already working with a broker, you can contact the broker directly listed for the boat you are interested in, but you are probably better off finding a well-recommended broker on your own, who can get to know you, and can not only help you find the yacht you want, but represent you in your inquires and throughout the buying process.
Every Step of the Way!
Your broker is there to help you during every step of the yacht buying process. During your initial inquiry, your broker will get to know your wants and desires. He or she will be able to objectively tell you if the particular boat you are interested in is really suitable, and of course will know of similar boats to provide you with options. After that, once you’re are serious about making an offer on a yacht, your broker will:
- Help you obtain financing – Brokers have contacts with lenders and can get you pre-qualified for a loan if necessary, to give you some extra leverage when making an offer.
- Handle your offer – A professional broker can help you decide on a realistic offer, and can handle the paperwork and deposit, that is usually held on escrow pending sea trial.
- Set up your sea trial and survey – As the buyer of a pre-owned yacht, you will surely want a sea trial and engage the services of a marine surveyor. Your yacht broker can make this happen. The buyer pays for the survey, so, you only want to do this with a boat you are seriously interested. Your broker will help to determine the costs to repair anything found in the survey, and know how to use that during final negotiations.
- Handle all of the paperwork – The sale of a luxury yacht is a major transaction with lots of paperwork. Professional brokers are familiar with all the paperwork requirements for each country, state or province.
- Be your negotiator – The broker can use his or her position as a middleman to keep the negotiations between buyer and seller moving to a successful conclusion.
After the Sale
Then, after the sale, your broker can help you find the best place to dock your yacht, recommend yacht maintenance facilities, and even refer you to boating classes, yacht clubs, or discuss the possibilities of offsetting your operational costs by putting your yacht in charter.
It’s all about building a relationship! And, of course, when it comes time to sell your boat, and upgrade to a bigger or newer model, your broker will be there for you then too!
Next Week: We’ll discuss how to find the size and style of yacht that suits your needs.
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 954-900-9988.