YBBA: Selling/Buying - What Can A Yacht Sales Professional Do for Me?
SELLING/BUYING YOUR VESSEL
WHAT CAN A YACHT SALES PROFESSIONAL DO FOR ME?
There’s a saying in the industry; "If it was so easy - everyone would be doing it themselves." In truth, it's not so easy to sell a boat or find a boat that is a good match for you on your own. It takes time, commitment, know-how, and the right resources. If you are ready to buy or sell a boat, a Yacht Sales Professional can help turn your dreams into reality.
A Yacht Sales Professional is an individual who conforms to industry standards of skill, competence and character in service to their clients. As a member of a recognized yacht broker trade association and through continuing education and compliance with established codes of ethics, a Yacht Sales Professional maintains their expertise throughout their professional career. They may represent a buyer and/or seller as a professional broker in the sale of a recreational yacht, or may be the representative of a yacht dealer or yacht manufacturer in the sale of a vessel. Those who attain, and maintain, their credentials as a Certified Professional Yacht Broker (CPYB) further demonstrate their ongoing commitment to their profession.
So, why should you use a qualified Yacht Sales Professional? Because they have the experience and know-how to:
A Yacht Sales Professional is exposed to the boat industry all day, every day. There are tens of thousands of boat builders and hundreds of thousands of boat models; no one can know it all. But a professional broker can at least acquire enough knowledge in certain segments to be able to address the good and bad points (e.g. quality, value, and performance, to name three key considerations) of many boats. A professional broker will listen closely to your wants and needs and how they will fit into your lifestyle. The broker will help you find the right boat for you at the best value.
A Yacht Sales Professional will offer you a network of contacts by making use of: broker-to-broker relationships established over years of experience; yacht multiple listing systems (MLS); and, the best electronic media, some of which is only available to members of the boating industry.
A Yacht Sales Professional will help you establish the fair market value of a boat to help you determine a fair asking price or a realistic offer price. There is a bit of an art in pricing a boat. A professional broker will know comparable boats and where a specific boat fits in the marketplace. If you are a seller working on your own, improper pricing means fewer qualified buyers will be attracted to your boat and it will likely sit on the market piling up expenses without selling. A realistic price is one of the keys to successfully selling a boat. Anyone can look up asking prices on boats in the marketplace, but it takes someone in the business to accurately assess all the factors that determine the value of a specific boat (e.g. condition, outfitting, location) and to be familiar with selling prices.
A Yacht Sales Professional will prepare a complete and accurate listing of the specifications of your boat that will be used to develop the print advertising, electronic advertising, and entry into the multiple listing services (MLS). In a matter of hours, a full description and photographs of your boat can be made available to brokers and buyers around the world, or right next door, with a central contact person—your professional broker—available to answer questions, qualify buyers, and arrange showings.
A Yacht Sales Professional will help you prepare your boat for sale by evaluating its current condition, advising how to put it in "show" condition, and recommending services specializing in whatever type of work may be required.
A Yacht Sales Professional will outline an advertising and promotion strategy that is tailored for your boat. This will include print advertising, electronic promotion, MLS systems, and boat shows.
A Yacht Sales Professional will respond to inquiries and arrange for showings, with a broker present. A seller working on his own can be swamped with unqualified inquiries, no-show appointments, people “just looking,” and maybe, somewhere in that flood, a few people actually ready and willing to buy your boat. A professional broker takes care of this for you, ultimately finding the buyer for your boat.
The Yacht Sales Professional facilitates negotiation. The art of negotiating is one of the most important benefits of using a professional broker; they will provide you with one of the best negotiating tools you will ever have – the person who can say, "I'll have to discuss this with my client and get back to you." The element of time and insulation from immediate answers is one of the biggest leverage factors that both parties bring into any negotiation. Further, a broker can often help to structure a deal in creative ways to reach an agreement that might not have otherwise been possible.
A Yacht Sales Professional will keep small obstacles from becoming insurmountable problems.
Once an offer is accepted, the Yacht Sales Professional can ease the process of finalizing a transaction. This will include:
- Preparing the maze of necessary paperwork.
- Making sure all aspects of a deal are properly conducted in a timely manner pursuant to the contract.
- Helping the buyer obtain financing with the best possible rates and terms.
- Providing the buyer with a list of recommended marine surveyors to represent him in determining the condition of the boat.
- Orchestrating the haul-out or launch and sea trial.
- Providing the buyer and seller with knowledge to properly address the nearly inevitable yacht survey issues. The buyer will have the severity of any identified problems put in context and the names of people who may estimate costs and perform necessary repairs. The seller will get advice on how to adjust the transaction, if necessary, after survey, as well as advice about who to contact to confirm repair estimates.
A Yacht Sales Professional will safeguard funds in an escrow account. They will assure that any existing loan or other encumbrances will be paid off, or otherwise satisfied, at the time of closing and that no other liabilities remain outstanding. This is critically important to the buyer and the seller, and can be a potentially serious hazard in a private transaction not involving a broker.
Yacht Sales Professionals subscribe to, and abide by, a stringent Code of Ethics. The role that they play between the buyer and seller requires substantial ethical responsibilities to ensure that both parties are treated honestly and fairly. Without a professional broker, this ethical standard is left to chance and blind trust between unknown parties.
You will find that when you work with a Yacht Sales Professional, you will build a lasting relationship and partnership. They will be available to answer questions and provide assistance even after the transaction is completed. They will value your loyalty, anticipate referrals and future business and will be rewarded by having helped you fulfill your boating dreams.
*Reference YBAA Article, 2017.