Selling an expensive boat

[mitffonsok]

I am preparing to sell 54' center cockpit sailing yacht. It is a beautiful boat and it is loaded with extras. I am getting a little too old to truly use her for offshore adventures. I am curious to know whether it is absolutely necessary to use a boat broker to sell a million dollar plus sailing vessel.

 

[justsomeguy]

I am curious to know whether it is absolutely necessary to use a boat broker to sell a million dollar plus sailing vessel.

Nope.

 

[Don S/V ILLusion]

My opinion is that people with a $1 million plus disposable income are often too busy earning it to waste time personally searching and therefore are more prone to rely on brokers. You might be narrowing the market by FSBO but if you are in no rush,...

Nice boat!

 

[jon hansen]

yes

 

[justsomeguy]

yes

He did say "absolutely necessary".

 

[jon hansen]

some people are salesmen, most are not. the fact he was asking on this web sight means he absolutely, positively is not a salesman. i stand by my statement. which is an opinion. that nothing was paid for.
just part of the daily chat.

 

[mitffonsok]

I’m not a broker or salesman. I merely wondered whether it was ridiculous to attempt to sell a beautiful boat like this without paying $100k to a broker who will post it it on Yachtworld.com and then kick back. My feeling is that this yacht should sell itself. There are only 8 of them in the world and this is the only one for sale.

 

[jon hansen]

me, i would tell a broker the amount of money i want in my pocket after the sale is over, period. then the % of the sale your so worried about sharing no longer an issue. but that's just me.

 

[Rick D]

I’m not a broker or salesman. I merely wondered whether it was ridiculous to attempt to sell a beautiful boat like this without paying $100k to a broker who will post it it on Yachtworld.com and then kick back. My feeling is that this yacht should sell itself. There are only 8 of them in the world and this is the only one for sale.

Of course, you have a point. However, I think I would have a maritime attorney assist with the sale. A lot less than $100K. Of course, you can cap the commission. I assume there are plenty willing to do so. Still, it would remain a chunk of change.

 

[jon hansen]

i didn't say cap the commission. if the broker made more, good for him. it's just how i roll. i get what i want, he's highly motivated. it's a win win
assuming that all a skilled broker does list your boat on the web seems a little naive to me. being a skilled salesman is hard work. if it was easy we all would be doing it.

but hey, just one's opinion that was free

 

[jon hansen]

where's crazy dave when we need him? he'd know more than I

 

[jon hansen]

i once gave an opinion here to a guy selling his compac sailboat. dave chimed in and said don't do anything hansen is suggesting it's all love baby

 

[Captain Larry-DH]

some people are salesmen, most are not. the fact he was asking on this web sight means he absolutely, positively is not a salesman. i stand by my statement. which is an opinion. that nothing was paid for.
just part of the daily chat.

I agree! And there are good brokers and bad. A good one will sell it quicker, put more money in your pocket with less effort on your part. He’ll deal with showing, no-shows, contract issues, sea trials and negotiations. He’ll spot risk faster than you and help reduce your risk, while navigating the time-wasting tire kickers to weed the dreamers from the buyers.

PS- Site not sight.

 

[mitffonsok]

Thank you all. This was the wide open opinion I was looking for. Excellent wisdom 360. Much appreciated.

 

[Kings Gambit]

No. But I think a broker would work to sell a "rare boat" in very good to excellent condition. I know if I had a $1M listing I'd work it hard. Only 8 boats of that class in the world; maybe nearly as few buyers. You can always try to split the sales commission with the other guy.

Just remember; it's always a buyers' market. Most owners are more in love their boats than potential buyers and tend to over-rate them. (Your muse that the boat could sell itself is indicative.) They may find themselves "offended" by a lowish offer as they perceive it which actually reflects the market value--if the owner really wanted to sell it. This tends to make direct face-to-face (i.e., buyer to seller) negotiations tough. (A buyer looking for a boat over time will likely know the market better than a one-time seller.) There are literally thousands of "large" boats up for sell every day over the range of prices to your ask; many of them quite nice. That's what I reminded the seller of, of the last boat I bought, every time we "talked."

 

[Joe]

I I am curious to know whether it is absolutely necessary to use a boat broker to sell a million dollar plus sailing vessel.

Only one way to find out. Selling it yourself to save a commission is a false hope.... the buyer knows what you're trying to do, especially at that price level... and they are going to expect a lesser price BECAUSE you aren't paying a commission.... Two people can't save the same dollar. But hey, go ahead and give it a shot.... you may find out that people who can afford a million dollar yacht are pretty tough negotiators.

 

[Will Gilmore]

What is the difference in cost between going through a broker and placing a couple of full page ads in Yachting magazine and the like?

- Will (Dragonfly)

 

[mitffonsok]

Isn't that win-win for buyer and seller? Lower sales price because no broker's commission. Also can negotiate commission with a broker who brings in the buyer.

 

[jssailem]

It can be a win win. There is no reason why not. Just go in to it eyes WIDE open.
Long before brokers folks bought and sold all sorts of stuff.
There is the legal side. I suspect you have that covered. There are the emotional and time elements. If you can accept the process why not. I have bought and sold homes, cars and a boat. Granted your boat will have a few more zeros in the price tag, but there is nothing to stop you from exploring this path. You might find it is not as scary as folks want to imagine it.

There are a number of practical issues, like risks associated with showing the boat, being available when potential buyers want to look. The expenses associated with marketing, and of course the attitudes of a buyer wondering what’s up with you trying to sell your boat without a broker.
On the other hand, you know the boat. You have an interest no broker can fake in the boat finding a good new home. There is an excitement in closing the deal.
So have at it. Have fun with it.

 

[Kings Gambit]

Isn't that win-win for buyer and seller? Lower sales price because no broker's commission.

This seems to belie an opinion that you can just tack the sales commission onto your price for the boat. That it's all a zero-sum game for you, where you get to pocket your ask. Oh--if it were true. I've yet to sell a boat, or anything else I've owned, for "what it was worth." EVERYBODY wants to be able to report back that s/he "got a deal." And, if the seller actually wants to sell the boat, the buyer often does "get a deal" b/c it's always a buyers' market.