When it comes to buying and selling a boat, there’s an important element to consider before you list your boat or start looking for the boat you’re going to buy. A professional yacht broker is one of the greatest assets when it comes to buying or selling a boat.
Think of them the same as you would a real estate agent that you would hire to list or buy your home. They represent your house, help you get it ready to list on the market, and sell the house. A professional yacht broker does the same for those that are wanting to sell their boat, and for those looking to buy, they ensure you are fully prepared with the paperwork and financing as they find you the perfect boat.
If you’re in the market to buy your first boat, upgrade the one you have, or simply just want to know the best way to get your boat ready and listed for sale, hiring a professional yacht broker is the way to go.
Let’s take a look at what the benefits are of hiring a professional yacht broker for your boating needs.
They know the market
Whether you’re the buyer or seller, you’re going to research the market and educate yourself on what other comparable boats are out there to what you have or are looking for. Being that you’re not a broker, you’ll only be able to access limited data on the internet guides you’ll find during your research. Just like there is for cars, there is a Kelley Blue Book type guide for boats for sale that will list basic information you need to know about the boats listed inside. But the information is limited in detail in most cases, but a professional yacht broker has access to the full breadth of data you will need to properly evaluate a particular boat.
A broker will also be able to have access to what boats aren’t listed yet on the market for sale, but are forthcoming and may be perfect for you to buy. They are also able to access the sold-boat data that buyers cannot get, and they’ll prepare for you a Comparative Market Analysis of pre-owned boats that they believe are right for you.
They’re experts at what makes a boat tick
We mean this in the sense that they’ll be able to help examine a boat that you’re considering, and diagnose if it is in the condition that the seller claims. This experience that comes by hiring a yacht broker can save you time, and most importantly a good deal of money. Because they’re able to diagnose, objectively, the condition of a boat before you even would consider putting an offer on it. You and anyone else looking to buy or sell a boat can look up the prices of similar boats, but intimately understanding the differences in prices for even the same boats, comes from the years of knowledge and experience only a professional yacht broker can offer.
Know the best offer to make to ensure a successful transaction
When you’ve found the perfect boat to buy, it’s then time to make an offer. So many times, in this stage, buyers without brokers can make an offer that ultimately gets turned down. And they watch the boat of their dreams sail off into the sunset without them. Working with a yacht broker means you will get guidance on what a realistic offer to make is, as well as help ensure your chances of buying a pre-owned boat for a reasonable price happens. Your professional yacht broker will prepare all the necessary paperwork required to make an offer on a boat, and all you have to do is sign. Trying to take this stage on yourself can be incredibly frustrating for buyers, and end up taking the fun out of buying your boat.
They handle all the legal paperwork so you don’t have to
Hiring a professional yacht broker means you’re getting the experience and knowledge of someone intimately familiar with all the required paperwork for the county, state or province, and governments that must be completed before a sale can be finalized. Things they’ll ensure is filled out correctly and approved are the Offer to Purchase, Bill of Sale for licensing and registration, and any other tax documentation that is necessary. In Florida, for instance, there are 23 forms that are required at the closing of a brokerage boat. If your boat is going to be flying under a foreign-flag, then that number increases to 27.
Assist during the Sea Trial
Before you buy a boat that you’re considering, it’s paramount that you schedule a Sea Trial with the seller, as well as pay for a survey to be done. A yacht broker will be there with you for both of these, and during the entire process of the Sea Trial and the survey, they’ll be able to help you determine how to properly address the inevitable yacht survey issues that arise. The survey is part of the required paperwork for you to submit to your lender and insurance carrier, so you want to ensure that they are done in the best way possible.
Negotiate on your behalf
Buying a boat can be a true test of your negotiating skills, but it doesn’t have to be. When you hire a professional yacht broker to handle the buying, they are the ones that do the negotiating for you. They’ll know the minute details of the inside and outside of the boat you’re buying that can help in lowering the purchase price and get you a better deal.
There are many benefits to hiring a professional yacht broker to buy or sell a boat. These are a few of the more important ones to take into consideration no matter where you are currently at in the process of buying or selling your boat.