Should you use a yacht broker to buy or sell your boat, or do it yourself? In our latest video, we discuss the pros and cons of each.
How do we know all this? Well because we’ve experienced buying and selling both with a yacht broker, and by ourselves. Not to mention Will’s time as a yacht broker, which gave him an inside perspective.
**Wink, Wink – Big News is shared at the end of the video above!
Pros of Using a Yacht Broker
- All follow a standardized process for buying/selling boats
- Experienced third-party mediator/negotiator
- Contracts, agreements and documents are well-crafted by lawyers
- Easy closing process with third party closing agencies
- Marketing: professional photos, paid print and online advertising
- Market analysis tools, such as past sales data
- Industry references: insurance, financing, surveyors, service techs, etc.
- Network of buyers/sellers
Cons of Using a Yacht Broker
- Cost of commissions
- Variable service quality and experience
- Potential to ruin deals with ego or selfish commission greed
- Some have restrictions on what they’ll list, ie. certain age, length, price
Pros of Private Party
- Money savings on commissions
- You control listing details and sales process
- Your knowledge of the boat is more valuable
Cons of Private Party
- Time-consuming: listing details and photos, answering questions, scheduling/preparing for showings
- Advertising costs to post on sites like Boat Trader, inability to post on sites like Yacht World
- Dealing with PEOPLE, people can be challenging, to say the least
- Pay for a closing agency or do it all yourself
- No standardized process to follow
In Summary
We know this seems lop-sided when you look at the length of the lists. However, some items weigh more heavily than others. So, honestly, we think each situation is different, and don’t have a solid suggestion on whether you should ALWAYS use a broker or go private-party.
Watch the video for a more in-depth explanation of each bullet point. Plus, we share some big news at the end of the video!
1 comment
Comment by Dennis Ford Jr
Dennis Ford Jr February 13, 2021 at 5:52 pm
Great job Team Word, this is a must view if someone is looking at selling or buying a boat or yacht. #semperfi4life #buildingthebrandforlife