When it comes to selling your boat, you have two main choices: going the DIY route and handling it all by yourself or teaming up with a boat broker to do the heavy lifting. Each option has its perks and downsides. In this article, we will discuss the pros and cons of selling by yourself and using a broker to sell your boat, helping you make an informed decision on how you want to sell your yacht.
SELLING YOUR BOAT PRIVATELY – PROS AND CONS
Frustrating experience when buyers don’t turn up and or waste your time.
PROS:
- Tell the story of your boat
- Save money on commission
- Full Control
- Direct Communication
- Personal touch
CONS:
- Emotionally attached
- Blind to some areas of wear and tear
- Time wasters
- Low ball offers
- Fielding calls 24/7
- Unsure of legal requirements
- Handling negotiations
- Sales is a skill you may not have
- It takes up your time – which you probably don’t have
WHAT IS A BOAT BROKER?
A boat broker is like your boat-selling partner. They take care of everything – from marketing your boat to setting up sea trials and handling paperwork. Choosing a broker means less stress and more free time for you. They’re experts in selling boats and know how to attract the right buyers.
USING A BOAT BROKER – PROS AND CONS
CONS:
- Commission fees
- Limited knowledge of the boats history
- Potential Pricing Disagreement
PROS:
- Buyers often feeling more confident dealing with a brokerage business
- Sales professional working for you
- Incentivised to get the best price for you
- Don’t need to deal with calls from potential buyers 24/7
- Negotiations are done for you
- Sea trials and survey are done for you
- Legal processes are taken care of
- Handover is done by the broker
- A broker can identify best value additions in preparing the boat for sale
- Professionally marketed videos, photos, and descriptions
Ultimately, it all comes down to what works best for you at the time of selling your boat. Think about what suits you best, and that’s how you should make your choice. If you like being hands-on and in control, or maybe you’ve sold your own boat before and had a good experience, perhaps selling your boat privately is more your style. But if you’re leaning towards a hassle-free and smooth experience, or you are used to hire professionals to work for you, leveraging a boat brokers time could allow you to better use your own precious time.
You could ask yourself a few questions to help you decide:
- How much time do I have available for selling my boat currently?
- Do I feel confident in the legal sales process?
- Do I think a broker would do a better job?
- Do I want to deal with people coming to look at my boat?
- Could I use my time to make more money instead? Or do something more important to me elsewhere?
If you choose to hire a broker to sell your boat, there’s no better than the crew at Davis Marine Brokerage, so give us a call to discuss your boat and what you need. We’re here to help.
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