Barry & Brett's Boat Buying and Selling Tips
After having had the satisfaction of being in the brokerage business for many years and assisting both buyers and sellers, we have decided to compile a brief list of helpful hints to individuals looking to sell their current boat, or buy a used boat.
Find a yacht broker whom you trust to help you find your next boat. While you may feel that you are better off alone searching for your next boat, a good broker that is well-versed in the boating market will most definitely have knowledge and resources which can help aid you in the purchase process. They will have leads in the direction of marine lenders, good accredited surveyors, and insurance for your new boat. They are also familiar with the entire purchase process, and can represent you, the buyer and see that all parts of the process are completed ethically. Here's the best news: buyers do not pay for a broker's services! Their fees are split with the listing broker and are all paid by the seller of the boat! Just be sure that you are comfortable with your broker, and feel that they have a good knowledge of the type of boat which you are interested in purchasing.
Try to identify your wants and needs and what you like & dislike about the many boats available on the market. Be sure to communicate this with your broker. In fact, it would be best to begin with a broker with a boat, or a small range of a few boats already in mind. To do this, make a list of all of the "must haves" and use it when searching for your next boat. Once you have narrowed down your search, take notes on each boat and see how they compare to your original "essentials" list.
Do not buy the first boat you see which puts a sparkle in your eye! This may sound like common sense, but you may be surprised at the number of people who rush into buying the first boat which they feel will fit their needs. Take your time, research through the vast internet resources now available. Be sure to seek out the chat rooms and get real world feedback from owners who have or have had the boat which you are looking at purchasing & hear their pros and cons. Do not get caught up in the glossy advertising! It is important not to take this point too far to the opposite extreme and spend several years chasing the perfect boat. Generally there are good boats for sale along with many boats that will need some TLC, and you do not want to miss the opportunity while taking too long to decide if a boat is for you.
Always inspect the boat in person for yourself. Do not buy a boat based on photos online or in an advertisement. It is impossible to see all of the details through photographs. Likewise, if the boat is over 20 feet, a pre-purchase marine survey should be completed on the boat after you have an accepted written purchase agreement. It is better to spend a little money up front than to have it come back needing tons of work after you are the new owner!
Interested in hearing more tips and information on buying a boat? Please contact us if we can help you find your next boat!
I want to sell my boat, why should I list it with a broker? Well, there are a number of reasons that listing your boat with a broker would be beneficial to you, but first I would ask what size and type of boat are you trying to sell. If it is a small runabout under 20 feet, you may first want to try and sell the boat yourself as you will save brokerage commission fees, but you will be responsible for completing all necessary procedures and paperwork with the buyer. When you sign a listing agreement with a broker, the broker is there to see your boat sale through from start to finish. It is important on larger boats to have a broker involved as they will properly market your vessel, and help you get more exposure than you could get on your own at a reasonable cost. Generally when the size and the price of the boat increases, the buyers decrease, so proper marketing through excellent information and ample, quality photographs. This is just the tip of the iceberg with the benefits you will receive when listing your boat with a broker. For more information, please contact us.
Before you contact a broker, remove as much personal gear as possible & make sure that the boat has a good overall appearance for her age. Just like they tell you in the real estate business, a house with less clutter and empty closets will sell faster than one packed with stuff. If you have extra gear which is not to be sold with the boat, remove it! Likewise, spend some time making sure the boat presents well and make sure that it is clean inside & out, and under the settee cushions! Again, this seems simple, but a clean boat will outsell a dirty one many times over, and the boat will bring more money if it looks as though it has been cared for & well loved. This will also help with the photo process when the broker comes down to take photos of your boat.
Be reasonable on your asking price if you want to see some activity on your boat. You can ask anything you like, but buyers are able to see for themselves what boats are available on the market and what sellers are asking for their boats. While your boat is special to you, the owner, this does not automatically mean that the boat will sell for an above average price. Exceptions are rare boats, or older boats that have truly had exceptional care. You want to price your boat reasonably or otherwise you will scare off prospective buyers. Likewise, listen to what your broker is telling you regarding market analysis & what boats comparable boats are selling for. Remember, the broker does not make any money until your boat sells, so they want to see you get your boat sold in a reasonable amount of time, and the also want to see you get a fair price for your boat.
Do not expect your boat to sell tomorrow. While it is feasibly possible to have your boat sell in a very short time frame, today's buyer is much better informed of the market and the options available to them. With this in mind, many people start looking at boats ahead of their intended purchase date as they want to see a variety of boats and see which boat will best fit their needs. If your boat is in good shape and fairly priced in the market, it should sell within a reasonable amount of time.
Interested in hearing more tips and information on selling your boat? Please feel free to contact us if we can assist you in selling your boat!
Tred Avon Yacht Sales, Inc.
201 Tilghman Street, PO Box 41
Oxford, MD 21654