Advice on selling our 1994 Hunter Passage 42

[Wanderwind]

Hello Hunter Owners!

First of all, this is NOT a for sale ad! We are looking for advice... Please let me know if this isn't the right forum for this type of question...

With a heavy heart, we have decided to sell our 1994 Hunter Passage 42 and are trying to navigate the process as first-timers.

We want to figure out what to do to make the boat appealing to buyers, both price-wise and with regards to repairs etc. I asked a broker for recent sales and found that they range from $25k to $93k. They are all over the place! How did someone sell a P42 for $25k?!

It's the condition I'm worried about -- We are due for standing rigging replacement, the aft A/C died, the house bank (2x 8d AGM) aren't taking a charge, the gelcoat is shot and the acrylic is crazed. The electronics are also about 20 yrs old but they mostly work but have a couple of issues (ST8002 LCD is black but I found someone who replaces the polarizer in them so it could be fixed relatively cheaply.)

Does it make sense to fix these things? Or price it to try to sell it to someone who is willing to take on these projects?

On the other hand, it just got a bottom job, new AGM start battery, new sail, new black-water tank/plumbing, new HVAC in the Saloon, bow thruster and in-mast furling....

We're paying for a slip in a marina in the mean time at a little over $1k/mo plus boat loan payment, insurance, etc... Getting rid of these expenses makes me a motivated seller...but I've never sold a boat this size...do we need a broker? What's the going rate for commission?

Feeling kinda lost here...

Thanks in advance,
Daniel

 

[Don S/V ILLusion]

The good news is you are in Florida so it’s a good time to sell. The bad news is that boat is a liability to you now with slip fees, insurance and loan payments so the broker fee becomes a minor concern. A current condition, quick sale and finding a good broker with good references should be your priority. A “condition and value” survey would give you a good market value basis to start.

 

[Wanderwind]

A “condition and value” survey would give you a good market value basis to start.

That is an excellent idea! Seems like it would be a good thing to share with prospective buyers as well as helping me figure out a reasonable listing price. Thank you for that, I'm going to get that done ASAP!

 

[shemandr]

I would look at the broker question like this: If you can find a broker that will list and market your boat you should go that way. The marketing costs them time and money. Many brokers will not take a boat that they feel won't give them a return on their time and money. Some brokers will take a listing and basically show up at the sale to collect their commission - you don't want that guy! So if you find someone who will list your boat, it should be a time limited contract so you can move on if the broker isn't successful..
Since you self described novices at selling a boat this size I'd favor using a broker. They can screen out the keel kickers, the bottom feeders and the scammers. And guide you with regard to hauling the boat for bottom inspection, sea trials, the boat loan process for the buyer, deposits, contracts, contingencies, the survey, delivery options as well as pricing advice. I've sold a boat through a broker and never met, talked to, or had any contact with the buyer. It was very nice. Last time I sold it was 10%. A number that would make a real estate broker blush. But...
Do expect to hear a high opening price (To draw your business), and a lower final price ("Because the boat has problems").
Take high quality pictures and now I suppose a video. It should be under 5 minutes and I would skip the fluff like music and graphics. People just want to see what they are buying, in my opinion. They don't want a sales presentation.
With regard to seeing what is being sold clean the boat aggressively. Remove all personal items, and clutter in the stowage areas. That means cleaning supplies, buckets, bumpers, extra lines and whatever you don't need for a test sail. Buyers want clean and clutter free. I walked away from a J30 because when I looked in a cabinet to check the thru hull installation, there was so much crap in there I couldn't see the thru hull. I was NOT going to unpack and repack every area of the boat I wanted to see. "Thanks, but no."
Don't forget to make listings in local media and provide online access to pics to potential buyers. I have sold boats with supermarket bulletin board ads. Do you have a sign on the boat?

 

[Wanderwind]

Thank you @shemandr - lots of good stuff in there! Great advice on cleaning the boat up. I really need to think about it from the potential buyers perspective. I've got most of the personal stuff off the boat but left cleaning stuff, extra lines, hoses, power cords, etc etc... And you're 100% right! I need to get that crap off the boat. It would definitely look better to a buyer cleaned up.

I do not currently have a sign on the boat. The marina bulletin board might work for going the FSBO route, but I guess that's where you have to decide if the 10% commission to the broker is worth the exposure for listing it on yachtworld... I don't have it listed with a broker yet.

Thanks again for th tips!