Notices
The Boating Forum

What % are Brokers charging

Old 12-07-2020, 02:42 PM
  #1  
Senior MemberCaptains Club MemberPLEDGER
Thread Starter
 
Join Date: Sep 2003
Location: CA & San Carlos, Mx
Posts: 23,324
Received 1,229 Likes on 781 Posts
Default What % are Brokers charging

$200,000 sales price

Does this include sea trails, do advertising and ramp launchings, etc?
Old 12-07-2020, 03:47 PM
  #2  
THT Sponsor Admiral's Club Member
THT sponsor
 
Join Date: Feb 2017
Location: FL.
Posts: 689
Received 754 Likes on 245 Posts
Default

Most are 10% , they should sea trial with the owner, check proof of funds prior to sea trial, deal with the contract , etc..
A good broker will have a large wed presence.
Old 12-07-2020, 03:48 PM
  #3  
Admirals Club Admiral's Club Member
 
Join Date: Nov 2016
Posts: 3,654
Received 3,462 Likes on 1,575 Posts
Default

10% is the going rate.
Old 12-08-2020, 06:33 AM
  #4  
Senior Member
 
Join Date: Sep 2006
Location:
Posts: 708
Received 110 Likes on 80 Posts
Default

10% generally, though for frequent customer and listed/sold 100% in house might be a small discount. Broker does photography, builds listing, pays for all advertising. Pre qualifies prospects. Shows boat. Attends survey. Has escrow account for funds. Negotiates between buyer/seller and provides contracts. Coordinates with lender(s) as needed. Collects and pays sales tax and provides all documentation. MAY (often small additional cost) complete USCG documentation transfer.
Likes:
Old 12-08-2020, 06:56 AM
  #5  
Admirals Club Admiral's Club Member
 
Join Date: Oct 2008
Location: Cary and Carolina Beach NC
Posts: 336
Received 52 Likes on 40 Posts
Default

Yep... when i sold the cat earlier this year and did some price shopping they were consistently 10% and provided what's mentioned above. I ended up finding one for 7% out of sheer luck when i was looking for other marine services.
Old 12-09-2020, 01:24 PM
  #6  
Senior MemberCaptains Club MemberPLEDGER
Thread Starter
 
Join Date: Sep 2003
Location: CA & San Carlos, Mx
Posts: 23,324
Received 1,229 Likes on 781 Posts
Thumbs up

Originally Posted by JohninFla View Post
10% generally, though for frequent customer and listed/sold 100% in house might be a small discount. Broker does photography, builds listing, pays for all advertising. Pre qualifies prospects. Shows boat. Attends survey. Has escrow account for funds. Negotiates between buyer/seller and provides contracts. Coordinates with lender(s) as needed. Collects and pays sales tax and provides all documentation. MAY (often small additional cost) complete USCG documentation transfer.
Great post with lots on info. Thank you
Old 12-09-2020, 01:29 PM
  #7  
Admirals Club Admiral's Club Member
 
Join Date: Jun 2013
Location: Miami, FL
Posts: 2,047
Likes: 0
Received 321 Likes on 187 Posts
Default

A good broker will do everything. The seller will just have to provide some documents and then sign closing docs. The seller does not necessarily have to be present for the seatrial either. Although my clients usually prefer to be there
Old 12-10-2020, 06:21 AM
  #8  
Senior MemberCaptains Club MemberPLEDGER
Thread Starter
 
Join Date: Sep 2003
Location: CA & San Carlos, Mx
Posts: 23,324
Received 1,229 Likes on 781 Posts
Default

Appreciate all the great responses. Thanks
Old 12-10-2020, 07:22 AM
  #9  
Senior Member
 
Join Date: Aug 2012
Posts: 9,228
Received 1,590 Likes on 922 Posts
Default

Are you asking as a seller? If you find a broker willing to charge less commission, I'd ask why - if a good broker can secure you a sale just 10% off asking price $180,000 - that gives him $18,000 and you $162,000

If a not so good one charging say 7% can only secure a sale at 15% off asking price - $170,000 - that's $11,900 for him and $158,100 for you.
Old 12-10-2020, 07:58 AM
  #10  
Senior Member
 
Join Date: Jan 2020
Location: PNW
Posts: 220
Received 52 Likes on 43 Posts
Default

Along with the 10% they also try to get you to dock the boat at their location - usually in some of the more expensive moorage for the area at an additional cost. A good broker will take care of everything about the transaction and as the owner you should be able to sit back and wait for a check (as long as you keep the boat in showing condition).

IMHO - the 10% number hasn't kept pace for the reality of prices on boats, just like Real Estate. As the average price has risen astronomically there should be some room to cut the rate and still make enough money to make a respectable living as a broker. Many do have a minimum number to list a boat as well if you selling at the bottom end of what are typically brokered boats. Real Estate is getting some real pressure on the historic 6% they have had, and for same reasons I expect that pressure will be coming to boat brokers as well.
Old 12-10-2020, 08:09 AM
  #11  
Senior Member
 
Join Date: Dec 2009
Posts: 525
Received 62 Likes on 34 Posts
Default

Originally Posted by Clinker View Post
Are you asking as a seller? If you find a broker willing to charge less commission, I'd ask why - if a good broker can secure you a sale just 10% off asking price $180,000 - that gives him $18,000 and you $162,000

If a not so good one charging say 7% can only secure a sale at 15% off asking price - $170,000 - that's $11,900 for him and $158,100 for you.
Forgive me but that's a very convoluted way to justify a percentage-based fee for service. The boat is "worth" what the market dictates. You can look at comparable sales and determine value and list accordingly. If your broker says he will list at 8%, your boat doesn't suddenly become worth less money! That broker is going to take 3% if the boat is sold by a different broker.
I've sold a few boats, one over $100,000., on Boattrader. I "protected" brokers so paid a sellung commission but saved myself the listing commission.
Old 12-10-2020, 08:54 AM
  #12  
Admirals Club Admiral's Club Member
 
Join Date: Aug 2011
Location: Tampa, FL
Posts: 2,176
Likes: 0
Received 539 Likes on 255 Posts
Default

Originally Posted by Fortu View Post
Forgive me but that's a very convoluted way to justify a percentage-based fee for service. The boat is "worth" what the market dictates. You can look at comparable sales and determine value and list accordingly. If your broker says he will list at 8%, your boat doesn't suddenly become worth less money! That broker is going to take 3% if the boat is sold by a different broker.
I've sold a few boats, one over $100,000., on Boattrader. I "protected" brokers so paid a sellung commission but saved myself the listing commission.
Important to note that there are ways a good broker adds value and captures prospective deals in a way that a poor broker won't, so while you're right that the boat isn't materially worth more many times a good broker adds value by reaching or providing services to a broader range of prospective buyers that facilitate a higher offer for the boat.

Old 12-10-2020, 02:20 PM
  #13  
Admirals Club Admiral's Club Member
 
Join Date: Sep 2017
Location: Gloucester, Massachusetts
Posts: 1,539
Received 580 Likes on 332 Posts
Default

Funny you should ask...

I just listed my boat as for sale by owner here and on CL. I inquired with the dealership that services my boat about their brokerage rate. It is 10% and they do everything.

If I were to list my boat (22 Center Console) with a broker, I would do it at a dealership that has a steady flow of buyers coming through the door for this specific type of boat. Sure, they may steer the buyer towards one of their own boats, but most dealers in my area don't have much supply of good, clean used center consoles. I am sure it's different if it's sporty, cruiser, etc., which are completely different vessels.

Old 12-10-2020, 04:28 PM
  #14  
Admirals Club Admiral's Club Member
 
Join Date: Aug 2018
Location: Wentzville, MO & Port Charlotte, FL
Posts: 266
Received 171 Likes on 68 Posts
Default

Listed my boat on boattrader myself. It's in the $300k range. Have a deposit already on it and a sea trail tentatively scheduled. Have had numerous people contact me about the boat. In this market a five year old could sell a boat. No way would I pay a broker 10% no matter how good they are. Take some pics with your phone, pay the $100 or whatever boat trader charges, and as long as it's a fair price for the condition it will sell. I even had 2 dealers wanting to buy my boat. A broker, even a good one isn't doing anything you can't do yourself.
Old 12-10-2020, 05:03 PM
  #15  
Senior MemberCaptains Club MemberPLEDGER
Thread Starter
 
Join Date: Sep 2003
Location: CA & San Carlos, Mx
Posts: 23,324
Received 1,229 Likes on 781 Posts
Default

Originally Posted by blb078 View Post
Listed my boat on boattrader myself. It's in the $300k range. Have a deposit already on it and a sea trail tentatively scheduled. Have had numerous people contact me about the boat. In this market a five year old could sell a boat. No way would I pay a broker 10% no matter how good they are. Take some pics with your phone, pay the $100 or whatever boat trader charges, and as long as it's a fair price for the condition it will sell. I even had 2 dealers wanting to buy my boat. A broker, even a good one isn't doing anything you can't do yourself.

I live in Mexico, and the folks buying boats now are in the states, and paying about 2-3x more than will here.

I don't expect a lot of customers to spend a grand to fly down for a look see so I was thinking of placing the hull in San Diego with a broker at a dock close to their airport.

Make sense, or am I a 5 year old too?
Old 12-10-2020, 05:15 PM
  #16  
Admirals Club Admiral's Club Member
 
Join Date: Aug 2018
Location: Wentzville, MO & Port Charlotte, FL
Posts: 266
Received 171 Likes on 68 Posts
Default

Originally Posted by Bullshipper View Post
I live in Mexico, and the folks buying boats now are in the states, and paying about 2-3x more than will here.

I don't expect a lot of customers to spend a grand to fly down for a look see so I was thinking of placing the hull in San Diego with a broker at a dock close to their airport.

Make sense, or am I a 5 year old too?
Wow get offended much? I said a 5 year old could sell a boat in this market, which they probably can. Nothing in regards to someone being a 5 year if they can't sell a boat. Now to you're question depending on the boat, value, and demand they yes will people will absolutely fly to see it. If you're selling a 10 year old bayliner nope, probably not going to get anyone to fly to Mexico or even San Diego for that matter to see it. However you put a 3 year old Freeman up for sale and see what happens. Before you get offended again, this is a U.S. based website with an overwhelming majority of it's users based in the U.S. So expect people to respond as if you are based in the states unless you clarify it.
Old 12-10-2020, 05:32 PM
  #17  
Senior Member
 
Join Date: Oct 2011
Posts: 324
Likes: 0
Received 19 Likes on 16 Posts
Default

when i brokered my boat [70k] the fee was 10%. but the first 10k was 15%. what you should discuss if a buyer puts down a small deposit he should have a time limit in how many days he has to commit to the deal, and the boat does not stop being advertised until he commits to the deal, either by putting a bigger sum down or paid in full. i was held back 6 weeks because of this but it finally went thru.
Old 12-10-2020, 05:32 PM
  #18  
Senior MemberCaptains Club MemberPLEDGER
Thread Starter
 
Join Date: Sep 2003
Location: CA & San Carlos, Mx
Posts: 23,324
Received 1,229 Likes on 781 Posts
Default

Originally Posted by blb078 View Post
Wow get offended much? I said a 5 year old could sell a boat in this market, which they probably can. Nothing in regards to someone being a 5 year if they can't sell a boat. Now to you're question depending on the boat, value, and demand they yes will people will absolutely fly to see it. If you're selling a 10 year old bayliner nope, probably not going to get anyone to fly to Mexico or even San Diego for that matter to see it. However you put a 3 year old Freeman up for sale and see what happens. Before you get offended again, this is a U.S. based website with an overwhelming majority of it's users based in the U.S. So expect people to respond as if you are based in the states unless you clarify it.

I'm just like a guy living inland or in the NE with his hull in Florida. How is he going to sell it if he isn't there?

A good salesmen and a lot with visibility adds value in my experience.
Old 12-10-2020, 05:35 PM
  #19  
Senior Member
 
Join Date: Sep 2013
Location: UsA
Posts: 1,647
Received 405 Likes on 268 Posts
Default

Originally Posted by blb078 View Post
So expect people to respond as if you are based in the states unless you clarify it.
Location in his profile. Don't get butt hurt.
Old 12-10-2020, 05:37 PM
  #20  
Senior Member
 
Join Date: Sep 2013
Location: UsA
Posts: 1,647
Received 405 Likes on 268 Posts
Default

Originally Posted by HS2300 View Post
Funny you should ask...

I just listed my boat as for sale by owner here and on CL. I inquired with the dealership that services my boat about their brokerage rate. It is 10% and they do everything.

If I were to list my boat (22 Center Console) with a broker, I would do it at a dealership that has a steady flow of buyers coming through the door for this specific type of boat. Sure, they may steer the buyer towards one of their own boats, but most dealers in my area don't have much supply of good, clean used center consoles. I am sure it's different if it's sporty, cruiser, etc., which are completely different vessels.
Most good brokers list boats and get traffic from yachtworld and other sites they have access to and use extensively.

Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2021 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.