Finding the right yacht broker is an important step in buying or selling your vessel. They will have access to a wealth of resources and information and all the right contacts. You want to establish a relationship with a knowledgeable, reputable, well connected broker that can not only help you expedite the process of buying or selling your boat at a fair price but who can also provide you with valuable recommendations regarding boat insurance coverage and quotes, marinas and storage.
If you are a buyer that doesn’t have the time to find your dream boat or are uncertain about what boat would best fit your needs a yacht broker can offer unbiased opinions and invest the necessary time to procure a vessel as well as provide recommendations for boat insurance and other needed resources. On the other hand if you are looking to sell your yacht a yacht broker may be able to assist you in spreading the word to interested shoppers. The Internet helps in providing a wealth of information on possible brokers in your area and you can sift through these to find the one that is a good fit for you. Here’s a list of yacht brokerage firms in the U.S. listed by state https://www.yachtworld.com/byp/categories/BrokerageSales/YachtBrokerageFirms.html.en.
After you have identified a few brokers that may be a good fit set up an appointment to meet with them or at least spend a few minutes on the phone asking a few questions about their business practices.
Here are a few questions to ask a potential yacht broker if you are selling.
Are you a full-time broker? You should always choose a professional broker rather than a hobbyist, as buying or selling a yacht can be a complex process and the broker will need to have been operating for some years and be able to offer a full service to their customers.
What is the duration of your listing agreement? What are the terms of terminating the agreement? Similar to working with a REALTOR you will likely be committed to your yacht broker for a specific duration. Make sure you understand the terms of your agreement.
If you are selling a boat. Ask them what they will do to market your boat. The majority of yachts are found online so make sure your boat will have a strong online presence.
Ask for a list of the boats that your broker has sold in the past year.
These are some great questions to ask a yacht broker if you are shopping.
Ask for a list of yachts the broker has procured for buyers in the last year.
See how well connected the broker is. Ask for a recommendation to a boat insurance company and/or a specialized marine lender. Your broker may also be able to identify boat features that may create discounts on boat insurance coverage or tax benefits.
Do they use an escrow account for client’s funds?
Will they attend the sea trial and provide the survey to your boat insurance company?
If you are selling a boat, your broker contract could be crucial in matching you up with the right sort of buyers without wasting time on general advertising, which could take months. If you are buying a boat your yacht broker’s expertise could be instrumental in helping you identify any problems and negotiating a fair deal. Follow the steps mentioned above to ensure that you select the best yacht broker for you.