How would you do it? Broker, by owner, where would you list it, with who, etc...?
When I sell the Blackfin (next year) I'll sell it on my own.
I listed my 28 Bertram with a broker. I did all the "showings", in the end sold it myself to a guy in Delaware. I wrestled with the broker on his "cut".
I paid him maybe 5%.
In the end if you have a desirable boat/engine package in good shape and you want to "$move it$", it will sell.
Greetings All, As a boat broker of 15 years or so, with over 50 years on the water as a retired naval officer and 100T skipper, I can both identify and commiserate with each of your comments. Here are a few thoughts...
Prior to engaging the services of a boat broker, interview the individual. Ask if she or he has had experience with and actually sold boats identical to yours. Ask some leading questions regarding systems, electronics, engine, performance and desirability (of the boating public), for boats similar to yours. If the broker responds with accurate knowledge and experience, and you like their tone, take the conversation to the next level. If not, 'thanks for your time'.
The next level should be a discussion of sales tactics, specific sites, and other methods of exposing the boat to the marketplace. If you're satisfied that your boat will be professionally marketed, your next conversation is regarding the selling fee. Just as in the real estate community, boat brokers rely upon networking. When I first entered the industry, the 'norm' was a commission of 10% of the selling price. That's sill the 'norm' today. If, as the 'selling broker', bringing the buyer to the seller and closing the deal, I would expect 70% of the 10% commission, with 30% accruing to the 'listing' broker. That's no longer the case, today. Nearly all brokerage commissions are split 50%-50%, in recognition of the work each broker puts into the process for their seller and buyer. Having said that, brokerage commissions are negotiable.
If brokers, and their fellow real-estate agents were to compile a time card spent in the process of preparing, marketing and selling a single listing, the economic shock may be too much for the 'ticker'. In many, many cases, that individual has been working for way less than $1.00/hour (...now I know why we need ObamaCare!)
OK, you need to know what $$$ your boat should be marketed at. Your broker should have access to 'sold boats' on YachtWorld, YachtCouncil, or the 'spot-on' value prices in Ed McKnew's "Powerboat Guide". Values reflected in NADA, ABOS and BUC, always seem to fall short of or exceed reality. In my experience, the YachtWorld 'sold boat' database is the best reference in the industry. A combination of several sources, combined with an evaluation of current similar boats on the market, will allow you to arrive at a fairly accurate market value.
All boats deserve to be professionally marketed if you decide to employ the services of a broker, and the broker accepts the listing. Having said that, I've politely (I hope) suggested to buyers in the past that they advertise and sell the boat on their own. That holds true if the boat is an older, less desirable style in today's market, or if it's maintenance has been lacking along the way. If I'm being asked to market a boat that I believe will sell in this economy, and understanding that the seller wants it 'gone yesterday', I'll suggest that both of us put on a 'full court press', with the seller and the broker simultaneously seeking a buyer. Depending upon the boat of course (type, price, condition, age, power, etc.), I may offer to fully advertise it in all my sales outlets, and if I bring a buyer, I'll expect to receive 10% of the selling price. However, if the owner attracts a buyer and sells it himself (herself), I'll be glad to assist with all the paperwork for a fixed fee ($500-$700). For that, I'll prepare the Yacht Purchase and Sale Agreement, receive and hold escrow funds at our bank, oversee the transfer of funds at closing, and prepare the notarized USCG Bill of Sale and closing statements for both parties. I offer that service just as an option for the seller, who will be under no obligation to pay a brokerage fee. That way, the boat receives maximum exposure that will culminate in a quicker sale. As an independent broker, owning my company, I have the flexibility to offer that service. Many brokers do not possess that option.
I believe that there are some boats that are best represented by a professional broker, for a variety of reasons, but that's a whole other subject for another day.
So, to wrap up, I'm just here to assist any of my boating brothers and sisters on the Forum. I love DownEast boats, and just purchased a Jason 35 a couple of weeks ago. Many of you know I assist Steve Law selling his excellent 25', 28' and 32' SeaWorthys, which are exceptional boats, built by an exceptional, knowledgeable, and trustworthy builder. I also deal with large sportfishermen and motoryachts, having sold Cabos, Flemings, Vikings, Hatteras, Bayliner Pilothouse Motoryachts, Symbol, Marlows, Grand Banks, and a ton of Boston Whalers.
I'm always available just for a chat. Happy Boating! Larry Bussey, Northeast Yachts, Portsmouth, NH. 603 433-3222 [email protected]