Selling an expensive boat
- Thread starter mitffonsok
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I just bought the house next door without an agent. Completely private sale. So much easier and smoother than going through an agent. However, like real estate, the boat brokerage industry offers exposure. If I hadn't lived next door and mentioned to my neighbor that I'd be interested when he decided to sell, no deal would have ever been made. I knew my neighbor, have great respect and admiration for him as a person. Neither of us fought to squeeze every penny we could out of the other and both of us left feeling good about the whole affair. I can see it going the other way too.
If I get the chance soon, I'll bring this up with my father, he has experience in this area, both as a buyer and a seller of high end sailboats.
- Will (Dragonfly)
If I get the chance soon, I'll bring this up with my father, he has experience in this area, both as a buyer and a seller of high end sailboats.
- Will (Dragonfly)
Interesting discussion. Can you sell it without a broker? Of course you can.
But you also have to think about this not as a person SELLING a million dollar boat, but someone BUYING one. Unlikely that that person will be looking on SBO classifieds or craigslist for a boat. And to list on YachtWorld you have to be a broker. And then there is the problem of commission splitting. Often people in the market for a million dollar boat will have a broker doing the leg work and negotiation for them. You'll have to offer a split commission or they will never present your boat.
But you also have to think about this not as a person SELLING a million dollar boat, but someone BUYING one. Unlikely that that person will be looking on SBO classifieds or craigslist for a boat. And to list on YachtWorld you have to be a broker. And then there is the problem of commission splitting. Often people in the market for a million dollar boat will have a broker doing the leg work and negotiation for them. You'll have to offer a split commission or they will never present your boat.
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John This is a solid and realistic view held by many.
More and more I am not sure "time is worth money". Time is time. It is in it's own sense in limited quantity. We each have an unknown amount and the freedom to spend it how we choose to experience or are driven to do. For some it is money.
But that thinking doesn't help us understand why a High School superintendent would take a job as a dish washer in a diner, or sign on to a crew that was going to dig ditches.
Yes that could be a problem or an opportunity. There is also the possibility that the hired agent is working for Mr/Ms Big Bucks. A "shared commission" is not in the cards as it would taint the relationship with Mr/Ms Money Bags.
This is being made to complicated. Complicated by the vision or feelings of the persons involved. Are all boats bought quickly because of splashy adds in Yacht Broker? Not likely. Why would such boats be listed for years?
I've bought and sold houses and boats without brokers, the houses were easy, selling a boat turned out to be a PITA and sucked up more of MY time.
Friend of mine is a broker, his personal boat was a newer ('06?) Valiant 50 eye-popping beautiful, took about a year and a half to sell a $500,000 boat. Boat was in San Diego (32 north), buyer was from Washington (44 north) very small market in these price ranges.
Friend of mine is a broker, his personal boat was a newer ('06?) Valiant 50 eye-popping beautiful, took about a year and a half to sell a $500,000 boat. Boat was in San Diego (32 north), buyer was from Washington (44 north) very small market in these price ranges.
While I have not sold smaller (!) sailboats for several decades, one important part of this inquiry is about the commission. I am not aware of any law or rule, legally speaking, that mandates ANY percentage dedicated to a commission. This is just one more line item that the broker agrees to.
First find a good brokerage that specializes in your size/class of yacht. Then winnow out the ones that have a reputation of posting a listing with a set of pictures on YW and then heading for the golf course and the club bar.
Make no mistake, "selling" the boat will take work.
OTOH, when a single commission equals a year's wage (Oh My) for someone, they had better prove that they will work hard for that one annual-income customer.
I know of good brokers that really work their (electronic or paper) "rolodex" every single day (!) and spend the time to build/acquire customers and listings.
And some I have met that do not.
Not too different than real estate.... commissions vary, and work ethic varies as much or more.
Your quest seems sincere, and you just have to "choose wisely".....
(insert movie reference)
Remember that it was the simple wooden cup of a carpenter, and not the flashy gold one......
First find a good brokerage that specializes in your size/class of yacht. Then winnow out the ones that have a reputation of posting a listing with a set of pictures on YW and then heading for the golf course and the club bar.
Make no mistake, "selling" the boat will take work.
OTOH, when a single commission equals a year's wage (Oh My) for someone, they had better prove that they will work hard for that one annual-income customer.
I know of good brokers that really work their (electronic or paper) "rolodex" every single day (!) and spend the time to build/acquire customers and listings.
And some I have met that do not.
Not too different than real estate.... commissions vary, and work ethic varies as much or more.
Your quest seems sincere, and you just have to "choose wisely".....
(insert movie reference)
Remember that it was the simple wooden cup of a carpenter, and not the flashy gold one......
I had diner with a friend that is in the business of building/designing aluminum boats. They are selling like cars. Through Dealers. They have had good times and times when they laid off workers and shut plants. The current situation is they can not find enough workers to make the boats. They are selling out. Good Times
If there ever is a time for a owner to sell his/her boat I would think now is a good time.
If there ever is a time for a owner to sell his/her boat I would think now is a good time.
And I'll go ask a chiropractor if chiropractic is valuable! ;^)
Of course he will say it's a valuable service. Because it is. The real question is if it is worth the time effort aggravation and risk of doing yourself. That's a question that only the OP can answer.
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True, but I don't understand that kind of thinking. At the end of the day you still gave up (say) 10% of your boat's value.
In any case, I've never heard of a broker signing up for something like that. Maybe if they KNEW the boat would sell for much more then you are wanting for it. Otherwise they sink time and money into a boat that they can't sell and make money.
Based solely on the premise of "get rid of it". All of the conversation seems to be very open to interpretation and there is a relationship between need of sale (time) and want from sale ($$)
This. When we were buying the First 36.7 in Miami, I was working with a broker friend who works for a brokerage that deals ONLY in motorboats 70-100 feel long. 26North yachts. Trust me that is a different breed of cat from your typical guy who has a lot full of 30 foot sailboat from the 70s and 80s.
https://www.26northyachts.com/sell-your-motoryacht/strategy-guide/
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I'm not saying you were wrong at all, it was just a personal comment about how I'd look at that! ;^)
Me, I would spend some considerable effort interviewing brokers to dial me in on the actual value of the boat. Clarity and objectivity are important. What Kings Gambit said. Then I would be scrutinizing the broker pool. At this price range I would want a gray-beard with lots of sales experience, industry connections and a stellar reputation. Someone with the negotiating skill of a diplomat. Negotiate a sales plan, fee, and options, then sit back. What Jon Hansen said. Once a special boat is on the market the best buyer’s brokers work the coconut telegraph and quickly learn that a serious and credentialed seller’s broker is representing the boat. That enhances your selling position. It adds cache’. I can’t tell you how many possible boats my broker squelched because they were represented by a shady broker. Reputation in this business is everything. Then there is the shear hassle of having to weed the lookie-lou shoppers from the serious, compounded by the need to show it on a moment’s notice.
Bottom line, I would spend my effort studying the true market value of the boat, recent sell prices, and become an expert on the real value and special nature of your boat. Then I would use that knowledge to shop for a broker and coach the broker on how you want the boat presented. Make your case and observe broker feedback. The process will illuminate which broker you should work with and those to walk away from. Plan to talk with many. So yes, I would definitely use a broker, but not just any broker willing to represent me.
Bottom line, I would spend my effort studying the true market value of the boat, recent sell prices, and become an expert on the real value and special nature of your boat. Then I would use that knowledge to shop for a broker and coach the broker on how you want the boat presented. Make your case and observe broker feedback. The process will illuminate which broker you should work with and those to walk away from. Plan to talk with many. So yes, I would definitely use a broker, but not just any broker willing to represent me.
I wish I knew your real name to greet you properly, but this forum message will have to do. I wanted to introduce myself and try to convince you that you will be best served by finding a broker who will give your boat the best exposure and not just throw up some pictures on YachtWorld and go play golf. I am a broker for Denison Yachting specializing in high-end sailboats, and I can tell you that I certainly work hard for each seller and buyer that I work for. I not only create a stellar listing on YachtWorld, but I create a fully edited video walkthrough with each owner showing off the "upgrades" or "special features" of his vessel. Yes, some brokers are lazy, but the good ones will work hard to earn their commission and you will be happy you chose to take off most of the hassle of selling your boat and put it in the hands of a brokerage firm who does it every day, knows the laws and pitfalls, and can hold your hand along the way. I personally have lived aboard my 35.5 Hunter for the past 2 year and my passion is sailing. I race in the local clubs and take my boat out at least 2 or 3 times a month. My love of sailing is infectious and my clients catch the fever! So please consider giving me a call to learn more of how Denison Yachting could facilitate a much faster and easier sale of your boat. Amanda Haley 954-444-2283
Check out the links below to read more about us and my personal brokerage profile!
https://www.denisonyachtsales.com/list-your-boat-with-denison/
https://www.denisonyachtsales.com/2017/11/amanda-haley-florida-yacht-broker/
Check out the links below to read more about us and my personal brokerage profile!
https://www.denisonyachtsales.com/list-your-boat-with-denison/
https://www.denisonyachtsales.com/2017/11/amanda-haley-florida-yacht-broker/
No issue. I know full well where I would fall in that equation, but that would be tempered between the potential income and the speed of it's arrival as the circumstances dictated.
I will say that it would be nice to have the problem! ha ha