This is NOT a back door approach to sell this boat with out an add! I am considering selling my boat due to health reasons, as it just gets no use and is a 2003, so it will just age and lose value while getting little or no use. My questions: I see you can list your boat for sale on this site - is it worth while for a larger boat in the $200,000+ price range? or is that better left to a broker? Don't want a lot of tire kickers that like to look at boats but not buy one If I go the broker route anyone know someone that is good in the Charleston SC area? (I bought the boat in CT and would use that dealer in a heartbeat - but alas the boat has been moved to SC) What is the going rate for brokers - I am told 10% but wondered if that is negotiable. Have many add ons, like a new assymetrical (from this site) that has never been used. Many other items - better to sell these items or include with the boat? My sence is to dump them at 1/2 price and that they will not substancially raise the value of the vessel. Any thoughts on this issue are appreciated. Ed
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This is a tough one....
Ed, Having faced a similiar delimma with my old boat, I found after a year of advertizing that I still had not sold and had spent $500. Since I was moving to a newer and larger boat, I found that a trade-in was the best method for me. The trade cost me a total of 20% off the fair market value- 10% commission and 10% to cover unknown problems with the boat. The dealer did not inspect the boat first. In your case where you simply want to sell and not replace, your choice of option would (IMO) depend upon several factors- Is your boat a popular size? Is there a dealer locally and is this brand of boat popular in your present area? Does your local dealer have any of these to sell or is there a shortage of this model? Is there a cost advantage for someone to buy your used boat vs an identical new one, or is the cost very close? I think that brokers still want 10%. I would argue that no additional deduction should be required for a 2003 vessel. Still, 10% of 200K is a whopping $20,000!! If you don't want to personally deal with prospective buyers, do you have a family member that would handle that task for you? Perhaps a child that could use a few thousand bucks for college or a first home? The point is if you have to give any 5, 10 or 20K, why not give it to someone close to you instead of a broker. Especially someone who might get the money anyway. On the other hand, brokers do have trafic from people wanting to buy. Some people would prefer to deal with a broker as opposed to an individual, epecially on a high-ticket item. However, a $200K boat is a lot like a $200K house and they are sold every day by individuals. Anyone else have thoughts? Rich
Ed, Having faced a similiar delimma with my old boat, I found after a year of advertizing that I still had not sold and had spent $500. Since I was moving to a newer and larger boat, I found that a trade-in was the best method for me. The trade cost me a total of 20% off the fair market value- 10% commission and 10% to cover unknown problems with the boat. The dealer did not inspect the boat first. In your case where you simply want to sell and not replace, your choice of option would (IMO) depend upon several factors- Is your boat a popular size? Is there a dealer locally and is this brand of boat popular in your present area? Does your local dealer have any of these to sell or is there a shortage of this model? Is there a cost advantage for someone to buy your used boat vs an identical new one, or is the cost very close? I think that brokers still want 10%. I would argue that no additional deduction should be required for a 2003 vessel. Still, 10% of 200K is a whopping $20,000!! If you don't want to personally deal with prospective buyers, do you have a family member that would handle that task for you? Perhaps a child that could use a few thousand bucks for college or a first home? The point is if you have to give any 5, 10 or 20K, why not give it to someone close to you instead of a broker. Especially someone who might get the money anyway. On the other hand, brokers do have trafic from people wanting to buy. Some people would prefer to deal with a broker as opposed to an individual, epecially on a high-ticket item. However, a $200K boat is a lot like a $200K house and they are sold every day by individuals. Anyone else have thoughts? Rich
What I did, Ed
My last boat, I advertised to about a dozen brokers on a non-exclusive basis, but with broker-protection at a 5% rate (figuring they'd have to split a commission anyway in many cases). I provided them a detailed listing with color photos. I did not sign contracts with any and was not asked to. I had quite a bit of action from two brokers. However, I also advertised it here on HOW. My idea was to put a detailed listing here, strip the price to pretty much what I was willing to take, and use this URL as a resource for expensive print ads in the paper, and marine trades. I was also going to invest in an ad with photo in the sports section of the newspaper. HOWever, I sold it off this site within, I think, two days. So, I can surely endorse HOW as an excellent (and VERY cost-effective) tool. Good luck. Rick D. PS: as to the extra gear, you are wise to consider selling it seperate from the boat if it won't add to the value. However, maybe another approach would be to show the boat with them and indicate clearly that those items are not included. A smart buyer will negotiate them back in, but perhaps at a premium or by way of expedited sale. That's what I'd try, with the disclaimer that that's not how I have done it (as my wife keeps reminding me...).
My last boat, I advertised to about a dozen brokers on a non-exclusive basis, but with broker-protection at a 5% rate (figuring they'd have to split a commission anyway in many cases). I provided them a detailed listing with color photos. I did not sign contracts with any and was not asked to. I had quite a bit of action from two brokers. However, I also advertised it here on HOW. My idea was to put a detailed listing here, strip the price to pretty much what I was willing to take, and use this URL as a resource for expensive print ads in the paper, and marine trades. I was also going to invest in an ad with photo in the sports section of the newspaper. HOWever, I sold it off this site within, I think, two days. So, I can surely endorse HOW as an excellent (and VERY cost-effective) tool. Good luck. Rick D. PS: as to the extra gear, you are wise to consider selling it seperate from the boat if it won't add to the value. However, maybe another approach would be to show the boat with them and indicate clearly that those items are not included. A smart buyer will negotiate them back in, but perhaps at a premium or by way of expedited sale. That's what I'd try, with the disclaimer that that's not how I have done it (as my wife keeps reminding me...).
Over the past year. . .
. . .I've been looking for a live-aboard in Charleston. I can't vouch for volume (and confess I'm learning as I go), but the two broker representatives who have been conducive and understanding regarding my process are Bill Schock with The Hull Company (843.577.7222), and Ron Stoddard with St. Barts Yachts (843.577.7377). Best wishes, Tom
. . .I've been looking for a live-aboard in Charleston. I can't vouch for volume (and confess I'm learning as I go), but the two broker representatives who have been conducive and understanding regarding my process are Bill Schock with The Hull Company (843.577.7222), and Ron Stoddard with St. Barts Yachts (843.577.7377). Best wishes, Tom
Correct up front problems yourself.
Ed: I would do an up front survey (yourself or pay for one) to know about any problems that may arise during a buyers survey. Be sure that the boat smells fresh and is as spotless as you can get it. Clean bildges, lockers, engine etc. Take EVERYTHING that is not going with the boat off. Have the boat looking 'bristol'. Be sure that you know if the boat has blisters or not. This will kill more sales than anything. Spending some upfront money will help with the net proceeds from the sale of the boat. Then you can try an approach of selling it first here on the HOW site for a month or so and then the broker method if there is not enough traffic. If you sell it on the HOW site, you know that you can always drop the negotiated price by 10% and still be at the same net as you would have been. I think most buyers are going to expect this reduction on the asking price anyway.
Ed: I would do an up front survey (yourself or pay for one) to know about any problems that may arise during a buyers survey. Be sure that the boat smells fresh and is as spotless as you can get it. Clean bildges, lockers, engine etc. Take EVERYTHING that is not going with the boat off. Have the boat looking 'bristol'. Be sure that you know if the boat has blisters or not. This will kill more sales than anything. Spending some upfront money will help with the net proceeds from the sale of the boat. Then you can try an approach of selling it first here on the HOW site for a month or so and then the broker method if there is not enough traffic. If you sell it on the HOW site, you know that you can always drop the negotiated price by 10% and still be at the same net as you would have been. I think most buyers are going to expect this reduction on the asking price anyway.
We Sold Ours on HOW
We put an ad here on HOW, Soundings, Boat US Magazine. We sold it using HOW. Never got any action on the other ads other than a month after it sold some brokers called to see if they could help. We bought a 420 a year ago, wish that your 426DS was available then. Bill
We put an ad here on HOW, Soundings, Boat US Magazine. We sold it using HOW. Never got any action on the other ads other than a month after it sold some brokers called to see if they could help. We bought a 420 a year ago, wish that your 426DS was available then. Bill
selling your boat
Ed,first let me say that I sorry to hear of your health troubles. Next let me just say if your health allows you can try to sell yourself,with some luck you can.Most brokers earn there money in that they advertise and deal with the tire kickers so you don't, as well as take care of the legal side of the deal. I feel pretty sure I know of the dealer/broker in CT. that you made mention of. With a boat in that price range they might be willing to co-broker with a broker in your area or it is not unheard of for someone to travel to buy a boat. Boats are bought and sold and transported all the time,especialy in this price range.Let me suggest you make a phone call to Ct. and speak to them to get there thougths and see what they can do for you.You could be pleasantly surprized ! As far as the going "rate" for a brokerage fee let me suggest that everthing is negotiable,boat price,boat extras,strorage, well you get the picture.As far as you delema over what to do about you "add ons", I tend to agree that you don't get you money back on them. Unless they are boat specific to your boat only sell them outrite.Winter covers/dinghy etc always get somehow lost in the mix and people tend to think they should be thrown in to "make" the deal.They become the soft lights and romantic music of the deal. Better (IMO) to price the boat fair and be firm. Good Luck !
Ed,first let me say that I sorry to hear of your health troubles. Next let me just say if your health allows you can try to sell yourself,with some luck you can.Most brokers earn there money in that they advertise and deal with the tire kickers so you don't, as well as take care of the legal side of the deal. I feel pretty sure I know of the dealer/broker in CT. that you made mention of. With a boat in that price range they might be willing to co-broker with a broker in your area or it is not unheard of for someone to travel to buy a boat. Boats are bought and sold and transported all the time,especialy in this price range.Let me suggest you make a phone call to Ct. and speak to them to get there thougths and see what they can do for you.You could be pleasantly surprized ! As far as the going "rate" for a brokerage fee let me suggest that everthing is negotiable,boat price,boat extras,strorage, well you get the picture.As far as you delema over what to do about you "add ons", I tend to agree that you don't get you money back on them. Unless they are boat specific to your boat only sell them outrite.Winter covers/dinghy etc always get somehow lost in the mix and people tend to think they should be thrown in to "make" the deal.They become the soft lights and romantic music of the deal. Better (IMO) to price the boat fair and be firm. Good Luck !
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