Purchase Your Own Boat – Tips to Select the Right Broker

A boat broker or yacht broker is of great help while buying a vessel. Boats/yachts are a onetime investment and one cannot afford to make mistakes with the purchase. Below mentioned are a few advantages of hiring a broker instead of doing the buying yourself.

•Boat brokers are highly experienced when it comes to knowing the boats or dealing with sellers/manufacturers. You could use this experience for your advantage to strike the right deal.

•If you are buying a pre-owned boat/yacht having a broker by your side is much more important as you wouldn’t know how honest the seller is being and what problems pre-owned boats come with.

•Be it a new boat or a used one, it is important to know the real value of that vessel and only then proceed with the buying process. Who else than a boat broker to guide you the through the pricing structure that prevails in the market?

•Once you know the price of the boat/yacht you would also need to negotiate the prices to align with your budget. Brokers are excellent negotiators and will help you strike the right chords during the negotiating process.

•Boat brokers will also help with the financing and insurance procedures that need to be furnished for the buying to be complete.

•In order to validate your purchase and ownership, you would also need to complete a lot of paperwork with the buyer, bank, mechanic and others. Brokers will do these things for you and spare you the pain of finding time in your busy schedule.

purchase-your-own-boat-tips-to-select-the-right-brokerEight Things to Consider While Choosing a Boat/Yacht Broker

1. Reputation

A boat broker needs to be incredibly social and have contacts all over the buying/selling market to speed things up and keep the procedures as hassle free as possible. Exceptional brokers have a reputation of their own in the market and higher the reputation of the broker the better it is for you as a buyer. Be it negotiating the prices or completing the paperwork within a short period of time, a reputed broker will always have an edge over the rest.

2. Experience

Get to know the number of years the boat broker has been in this business and the number of deals he/she has successfully converted. It is always wise to hire experienced brokers since they are reliable and well versed with the buying procedure, thus letting you focus on your other affairs.

3. Specialties

There are many different models and types of boats/yachts in the market and mainly there are sail boats and power boats. Ensure that the boat broker you choose specializes in the type of boat you want to choose and knows the in and out of these machines.

4. Certifications

Each boat broker has to undergo a certified professional yacht broker (CPYB) exam to be a legit broker. Ask the broker you choose to show his/her certification before you make any business further. Certified brokers are the best since they are well aware of the boats/yachts and the paperwork and documentation involved with buying vessels.

5. Associations

There are many associations or organizations of boat brokers in America. Ensure that the broker you choose is a member of at least one of these organizations. The membership in these organizations establishes the fact that the brokers are qualified and permitted to the brokerage.

6. Paperwork

Choose a boat broker who just doesn’t complete all of the paperwork but a broker who involves you in the process, explains the terms and conditions of the purchase, your equities and your liabilities. It is not suited to trust a broker who is not open with you.

7. Payment

Also clarify the payment structure of the brokerage and how much commission the broker expects from this transaction. Generally brokers get paid by both sellers and buyers and charge 10% commission on each transaction. Choose a broker who is reasonable with commission percentage and does work before demanding money.

8. Personality

Lastly, choose a broker who has a good rapport with you, respects your choices, represents you rather than influencing you, will be always responsive and above all will be honest with you regarding the condition of the vessel, background of the seller, the boat’s price and its market value.

Print Friendly, PDF & Email