How to sell your yacht?
Selling your yacht is an important emotional and financial moment for anyone owning a vessel. It is important to consider these five questions when starting this process.
- Why do you want to sell it? What is your real reason and what is your answer if asked by a potential buyer?
- What type and size of boat you have? What is the condition of your boat?
- Do you want to sell it yourself or via a broker? Do you have the time to deal with the process?
- Do you need a quick sale or you have the time to wait?
- What is the bottom price you are ready to sell it for?
Why do you Want to Sell Your Yacht?
Before putting your yacht on the market you have to give yourself a clear answer why you want to sell. Is it because you don’t use it that often or maybe you don’t like it? Is it because you want to move bigger or maybe you don’t need such a big boat? Do you just need the cash or maybe boating is not your thing? Whatever the reason is, you should make it clear to yourself because depending on it, you might take a different approach for the sale. Your reason will determine the time you are ready to wait until the yacht is sold, the bottom price you are ready to sell it for, etc. When meeting potential buyers, don’t assume, talk to them and create their profile, how serious they are and if it is necessary to tell them the real reason you are selling, especially if there is a bad story involved. People are superstitious, they don’t like negative stories. A good answer would be that you are going bigger or maybe there are lifestyle changes for you and your family.
Depending on what type and size of a boat you have, you might determine your decision whether to deal with the selling process yourself or get involved with a broker. The tendency is that if you have a big boat, you better look for a broker. Sportfishing vessels and luxurious superyachts would have different market areas. If you decide to sell your boat on your own, you will have to think about where to advertise, how to advertise and how to reach the clients, also you have to calculate the expenses involved in marketing. If you go via broker you will have to pay a certain commission usually after the sale is done. Generally, the buyer is the one who pays the commission to the brokers, because it is already included in the selling price. Choosing the right broker is a challenge, but if you do it, you can be sure that getting someone to take care of the whole process is much easier and smooth than doing it yourself and in some case might actually result cheaper. The broker would advertise at the right market to the right clients at no additional cost. Listing websites like YATCO are usually accessible only to registered brokerage companies, which means that a broker gives you access to that scene. The brokers organize visits, sea trials, take care of the correspondence with the potential buyers, have more experience with “fake” clients, deal with documentation and help you price your boat properly. Having a good broker makes your sale experience hassle free.
Generally, listing with a broker leads to a quicker sale. You have to answer yourself how quick you want to sell you yacht. That would result in differences between the price when you have the time to wait and when you want the sale now. Determine your bottom price without forgetting the costs for advertising, broker and maintenance. In addition, depending on your reasons for sale, you might be open for trades.
Talking about maintenance, make sure that you present your . Nice, clean, shiny, pleasant smell and well-ordered areas are a must when presenting your boat for the first time. Go through the technical maintenance before putting your yacht on the market so you can ask a certain price for a reason. Once you or your broker has qualified the customer as a real buyer, don’t hide any problems and be honest, because a future survey would reveal them anyway and it would look worse in that moment. For best first impression, make sure you will have the engines started from the first time without any distracting and turn-off sounds. It is a good idea to start the engine an hour before you start the visit with the potential buyer.
Make your yacht presentable, the way you would like her if you were the buyer. Be open for negotiations and know the best features of your yacht that make her special.
When the right buyers come and the sale is about to happen, the more complicated part comes with all the paperwork and money transfers. If you have hired a broker, this process would be simplified as he would prepare it for you and you would just have to read and sign it. However, the complexity also depends on if you are selling a ten meter boat or hundred meter superyacht when the transactions involve millions of dollars.
Answer yourself the questions above which would make your decisions easier.