YATCO’s Broker of the Month series examines the influences and catalysts that brought these brokers into the world of yachting, who influenced them, and what they seek to change in the industry.
Axel Stein is the Founder and Principal Broker at MMG Yachts.
- How did you get your start in yachting?
- Is there anyone in particular who influences you – someone in the industry that you look up to, and why?
- What do you enjoy most about the yachting industry and what do you wish you could change?
- Do you have any advice for someone wishing to join the yachting industry?
- What are some of the challenges you come across at work, and how do you approach them?
- What is your favorite yacht currently for sale and why?
How did you get your start in yachting?
During my first year in college, I was seeking a part time job that would allow me to dabble in an industry I wanted to be in. Since I was about five years old, the boating/yachting industry definitely had my attention; so much so that I drew up “my boat factory” on a sheet of paper which we still hold today. I became a sales broker for a local Miami company when I was still a teenager and I have never looked back. This has been my passion and my career my entire adult life.
MMG Yachts was founded in 2017 for me to have the freedom to better serve our clients without bureaucracy and cookie cutter business models I experienced in prior companies.
Is there anyone in particular who influences you – someone in the industry that you look up to, and why?
There are many great and very accomplished people in this industry which have indirectly influenced me. I love success stories, so the founders and partners of many of the powerful “boutique” brokerage houses we have today are the colleagues I study and look up to the most. It’s great to see their roadmap and how they successfully compete with the huge multinationals; that is the end goal for me. Small company, big service.
What do you enjoy most about the yachting industry and what do you wish you could change?
What I enjoy the most is being around my strongest passion day in and day out. It almost never feels like work. I also really enjoy the clients I get to meet and become friends with, they’re usually a fountain of knowledge, which is amazing.
On the knowledge topic, that is what I wish we could change about the industry; the minimum level of knowledge one must have about yachts to be a licensed yacht broker. Don’t get me wrong, I enjoy training new brokers, but many companies don’t put any time or effort into educating and training their junior sales team, which later becomes everybody else’s problem when they are faced with large or complicated deals and haven’t been provided with the right tools to help their clients.
Do you have any advice for someone wishing to join the yachting industry?
The yachting industry has many avenues you can take!
Think about what your strengths are, where you want to start, where you’d like to work and then decide what part of the industry you want to focus on. There are so many capacities – sales, charter, crew management, marketing, management, surveying, yacht building, etc.
If the question is regarding sales brokers only, then I have three pieces of advice:
- never stop learning;
- be patient; and
- be persistent.
This business is a rollercoaster, especially the first few years, but it’s worth it.
What are some of the challenges you come across at work, and how do you approach them?
The challenges I face usually stem from trying to do something that is out of my capacity or my role. For example, complex offshore companies and registries on a deal, or engineering solutions during a build. These are not my roles, but I love the challenge of coming up with solutions, even if I will consult with a professional in that field so I don’t leave anything to chance.
What is your favorite yacht currently for sale and why?
Aventura Florida United States
My favorite vessel currently for sale would be the Benetti 120 Classic PAPAITO. This yacht represents great value for those seeking a perfectly sized family and charter boat that was one of the most successful semi-custom series ever launched by the Benetti Yard. For the current price on the market, there is no other 300GT boat that is in ABS class, MCA compliant and has been refit already. I strongly advise potential buyers and brokers to take a look in person – this is one of the best deals in this market segment currently.
