A Yacht Broker to Navigate You Through the Process
Type of AgreementsThere are two kinds of broker agreements. A central agency agreement, sometimes referred to as an “exclusive listing,” in this case you hired a specific broker to sell your yacht.
Brokers have exclusive access to websites such as YachtWorld.com, which has become the gold standard for searching from anywhere in the world. It functions much like the Multiple Listing Service (MLS) of the real estate brokering community. This is important. By listing on YachtWorld, your broker has agreed to sell it through a co-brokerage agreement that requires your broker to split the typically 10-percent commission with the buyer’s broker. About 70-percent of all brokerage sales are co-brokered. Remember, that in this type of agreement, if you bring the buyer or even ending up donating your yacht, you are still liable for the broker’s commission.
The second type is an open listing agreement. This means you give more than one broker the right to sell your boat. However, you maintain the right to sell your boat on your own. The down side is that no broker is guaranteed the commission so it is highly unlikely that they will spend the time and money to list your boat on YachtWorld.
Advertising Your Yacht
After reaching an agreement, advertising your yacht is the first step. Typically, the broker will arrange to have your boat photographed and write compelling descriptions of the images. They also list the specifications which include the year built, the manufacturer, model, specs and a soliloquy of the boats condition and current status. Your broker will do the research and have access to recent sale prices and generally have the experience to price your boat realistically.
MarineMax yacht brokers have access to robust advertising resources including a sophisticated system of inventory and lead management. When you list with MarineMax, your yacht automatically will appear on the following internationally known websites: Yachtworld.com, Boats.com, Boattraderonline.com, PowerandMotorYacht.com, Usedboats.com, and Yachtbroker.com. Listings include excellent images, video tours and walk throughs and detailed descriptions to attached buyers. As the world's largest marine retailer, we have a vast database of interested buyers that we share your yacht with through email communications, social media and one-on-one communications. We offer nationwide advertising in magazines such as Power & Motor Yacht, Marlin, Boating, Yachting, Showboats International, and more of the Industry's finest print magazines.
NegotiatingYour broker controls communications keeping emotions out of the negotiation. They prequalify potential buyers to assure yours and their time is not wasted. They show your boat to the prospective buyers, saving you frustration and time when buyers do not show up or find themselves not interested.
All legitimate offers from potential buyers will be communicated to you. Your broker will negotiate the selling price. This is where your broker will earn his or her commission.
Making the SaleYour broker will draw up sales agreements and accept deposits, typically putting them in an escrow bank account. Most brokers today have applications that they can access through their computers, tablets or even their smart phone that guide them through the process saving you from mistakes along the way.
They arrange for the required marine survey and sea trials. Many sellers prefer not to be present at these events. Many selling brokers don’t allow it in their agreements.
Lastly the selling broker coordinates the closing, transferring all funds to the appropriate banks and institutions as well as documenting and registering the vessel for the new owners.