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Random Quote: Life's a peach. You slurp your way through the sweet and juicy but sooner or later, you hit the pits!
I am not trying to start a bashing war but I would really like some honest, no Bs, experiences of using a broker to sell your boat. I have tried using many brokers in the past when I have bought boats and 85% of those experiences have been equivalent to a car salesman. Needless to say, I am not fond of using them as a buyer.
My question is: What are the benefits (if any) of using them as a seller? I dont see them doing anything different than posting the boat on websites, doing some negotiating, passing information and collecting a fee. Am I wrong? if so, why?
Also, if there are benefits to using one, what is a reasonable fee? I dont see a chunk of 10% being worth it. At some price point, that's a big fee for what I see, at this point, as the same effort a seller could do. Sure there are those guys where money is no object and they dont feel like messing with it but I would think to the average joe, its probably not worth it.
It is hard for a knowledgable boater to understand the benefits of having a broker. I was in yacht sales in the past and understand your reservations. In addition some brokers are not worth speaking to. However, there are people out there that either don't know what they want or don't have the time to look around for a good boat. Also read the thread about best excuses on this web site. Brokers can wead out the not serious buyers. One good rule that every one should follow - no boat rides unless you have a signed offer with money down - fully refundable. This weads out not serious buyers. If you call on just about any boat out there you'll get told that it is in perfect shape and then you go look at it and its a POS. Brokers can preview the boat and point out things the buyer had not thought of. What that's worth is up to the experience of the parties involved. Advertising is expensive and boats can be on the market for years. Money transfer, loans, and leans can be an issue that brokers are experienced in that can make or break the deal. And in the end almost every boat deal comes down to within 10% of the asking price which just so happens to be the going brokerage rate. That's when the real negotiations start between the 3 or 4 parties involved.
Yes it's damn hard for me to understand why anyone would use a broker (unless we are speaking, strictly of yachts) I personally would never deal with a broker again, and I am sure there are many others out there that have the same opinion that I do. I beleive you can actually lose a potential sale.
I am the same way I found most brokers to be idiots and at 10% for what? Boat sales website and magazines thats about it. this is why I am using Jim at BOE at a discount rate of commission. Kind of like Forsale by owner for boats. I have to show the boat but they handle the closing and transaction they do comps which I do any way. If you want the exposure for your boat then but not outrageous commissions use a service like this....Having said all this JIM PLEASE GET ME SOME LEADS !!!!!
__________________ "God is not our side because he hates idiots" TGB and U
"There are 2 kinds of people in this world those with guns and those who dig..........you dig"
I had used them coming in and out of boats.Two out of three times I was very happy with the brokers.That 10% fee can be cut if to talk to the broker firm.Tire kickers can cost you time in money if you are selling.Becoming a tirer kicker when buying thru a broker can steer you to boats that you are interested in till you find what you are looking at.Buying an out of state boat,brokers know ways around to save you tax dollars,transport fees.They can also help you out with getting insurance.If you are selling,all moneys are backed thru a broker were it sits in limbo till the deal has gone thru and the same if buying.Will I every use a broker again?Yes!
If it wasn't for a broker, I never would have found my boat. He set up my demo, took care of the odds and ends of included gear, handled all the details, and even bought the trailer from me. He earned his commission, and both buyer and seller ended up satisfied.
Game On! - 10/18/2007 7:23 AM
I dont see them doing anything different than posting the boat on websites, doing some negotiating, passing information and collecting a fee. Am I wrong? if so, why?
If it were that easy, wouldn't everyone be doing it? Yes, on the surface I am sure it seems simple, I am sure alot of things seem simple, untill you have to actually do it.
A good broker is worth every penny. They will represent the vessel accurately, motivate the seller to price it within reality, know what yard to haul at, advise the neophyte about costs, taxes, transport, short hauls, maintenance, surveys etc. They choreograph the deal and put every bodies schedule together for survey. (buyer, surveyor, engine surveyor, haul time and yard, boat driver) and even bring lunch sometimes. They qualify the buyer and boat title, then protect both parties with escrow services.
That's after paying Yacht world etc. $$$$ for the listing and dealing with a bunch of tire kickers.
If I never got a referral from a broker I would still recommend them highly. The good ones make my job easier and will only represent quality craft.
I can think of three in S. Florida who I know qualify there listings to a high standard. Its nice to here a client say "Broker Bob is listing the boat"
__________________ Baitkiller= Accredited Marine Surveyor
Bait fear me, fish just laugh.....
The little Dutch boy was just buying time...
I would like to also add...When I was shopping for a boat, and would call "for sale by owner" listed boats, more times than not, I would never get a call back. I even email people that list their email address never to get a repsonce back. These are the same people that are reluctant to let a broker help them sell. I do not understand why people compare used car salesman to boat brokers. Boat brokers DO NOT OWN THE BOAT THEY ARE TRYING TO SELL. They can not tell a customer "you can buy it today for 20grand, but tomorrow it will be 25grand" Also, why do owners feel that once they give their boat to a broker, then it's out of the owners hands and they have no say in the matter. A broker can not sell your boat, let me repeat.....A BROKER CAN NOT SELL YOUR BOAT. Only the owner can decide to sell, all the broker can do is bring you a legitimate buyer, signed contract & deposit, it is up to the owner to decide if he wants to take the deal or not.
My experience is that most brokers are bad, a few are good and a few are very good. I sold my 2002 32 ft. Regal 5 months ago. It was with a very good broker only 30 days nefore it sold. Prior to that, it was with a bad broker for 18 months without selling. The bad broker had it listed at an unrealistic price (even though it was low compared to similar boats lsited on Yachtworld, no boats of similar make and model had sold in Florida during the preceding 12 months). It also seemed that all the bad broker wanted to do was play around with the internet listings to try to generate interest. The good broker listed at a realistic price, had the boat cleaned and waxed until it was spotless, and had me park it at a marina that had a lot of passers-by traffic. He also researched many of the objections people were making about the boat, and had responses prepared ahead of time. He not only found the buyer, he showed the baot, sea trialled it, was present for the survey and, in short, "sold" the boat all of the way through the buyer's evalaution process.
I feel like this guy was well worth the 10%. If anyone wants a reference in the Florida Keys, feel free to PM me.
My experience is that most brokers are bad, a few are good and a few are very good. I sold my 2002 32 ft. Regal 5 months ago. It was with a very good broker only 30 days before it sold. Prior to that, it was with a bad broker for 18 months without selling. The bad broker had it listed at an unrealistic price (even though it was low compared to similar boats listed on Yachtworld, no boats of similar make and model had sold in Florida during the preceding 12 months). It also seemed that all the bad broker wanted to do was play around with the internet listings to try to generate interest. The good broker listed at a realistic price, had the boat cleaned and waxed until it was spotless, and had me park it at a marina that had a lot of passers-by traffic. He also researched many of the objections people were making about the boat, and had responses prepared ahead of time. He not only found the buyer, he showed the boat, sea trialed it, was present for the survey and, in short, "sold" the boat all of the way through the buyer's evalution process.
I feel like this guy was well worth the 10%. If anyone wants a reference in the Florida Keys, feel free to PM me.
My experience is that most brokers are bad, a few are good and a few are very good. I sold my 2002 32 ft. Regal 5 months ago. It was with a very good broker only 30 days before it sold. Prior to that, it was with a bad broker for 18 months without selling. The bad broker had it listed at an unrealistic price (even though it was low compared to similar boats listed on Yachtworld, no boats of similar make and model had sold in Florida during the preceding 12 months). It also seemed that all the bad broker wanted to do was play around with the internet listings to try to generate interest. The good broker listed at a realistic price, had the boat cleaned and waxed until it was spotless, and had me park it at a marina that had a lot of passers-by traffic. He also researched many of the objections people were making about the boat, and had responses prepared ahead of time. He not only found the buyer, he showed the boat, sea trialed it, was present for the survey and, in short, "sold" the boat all of the way through the buyer's evaluation process.
I feel like this guy was well worth the 10%. If anyone wants a reference in the Florida Keys, feel free to PM me.
I think the trick is to find the right broker. I just don't see myself answering the phone, returning calls, talking with the tire kickers waiting for people to show for appointments etc....To me not having to do that is worth the commission alone, never mind arranging sea trial, haul out paperwork etc... All this takes time and time costs money being self employed as I am.
A good broker will do all these things and much more, the trick is finding the good ones. Maybe some advice on what constitues a good broker would be helpful.
__________________
1967 BW Nauset w/ 88SPL Johnson
I sold a boat using a broker last year. I too thought the 10% fee was too high. Then the broker found me a buyer in Sweden who bought the boat at my asking price with no survey. He handled all the paperwork.
I know I never would have found this Swedish buyer on my own so I think the broker earned his money.
Unless you are retired, living near the boat and willing to put up with callers that are more curious than serious...a Broker is worth every penny. I have known many both bad and good. Most of the bad ones I have known also sold new boats at the same time. Using the used boats as "bait" and then trying to talk the buyers into purchasing the new ones. The best broakers I have known were only in the business of selling used boats.
brokers are great for large boat purchases.......over 40' but you must have an experienced one otherwise he is just a car salesman.....I have owned over 10 center consoles and I have sold all of them on my own......the boat really sells itself......
I think most experienced boaters can handle spending their money on their own.
When you sell a boat yourself, ask yourself the following questions.
1. How much is my time worth? (answer calls, show the boat, be there for the survey, determine who is a tire kicker and who is serious, etc)
2. How much does appropriate advertising cost? (My local paper alone wants like $50 per week to advertise--how long does it take a boat to sell and what are you willing to pay for good exposure))
3. Is your paperwork in order to complete a sale, have you verified funds or held them in escrow
4. Market evaluations to what comparable boats have sold for and how long they have been on the market. Helps price the boat appropriately and/or gives advice to what should be done to the boat to make it more marketable and for what cost..
5. How much is your time after the sale to deal with phone calls about how to use stuff or something broke 6 months later?
Good boat brokers hustle and earn their sales. They save the seller a lot of time and aggravation.
Benefits of a boat Broker?? 
