Why You Should Use A Yacht Broker

May 27, 2020Articles

why you should use a yacht broker (and why it should be us)

If the boat you’re wanting to buy or sell is currently based in the Caribbean, the real question to be asking is why shouldn’t you list with BVI Yacht Sales. The negative impact of the pandemic on the world economy is undeniable, The Dow and the FTSE saw their biggest quarterly drops in the first three months of the year since 1987, US unemployment has hit a record high, and most problematic for us in the BVI, travel and tourism is one of the hardest hit sectors, thanks in part due to restrictive border closures, such as the now just over 2 month closure into the BVI, and the abundance of grounded flights.

We know what you’re thinking- how does any of this equate to choosing BVI Yacht Sales as your broker? Well, compared to 2019, the average of all Caribbean yacht brokerages is down ~40%, whereas we are currently sitting just over +20% (as of May 20th 2020) compared to our sales last year, with even more vessels currently under offer. Despite the trends, we continue to prove ourselves as a key stakeholder for yacht sales across the Caribbean, and continue to sell despite the adversities we all currently face. So, even if it’s not us: Why should you use a yacht broker?

We can help you determine a fair asking price

If you’re a seller: Most boat brokers are lifelong sailors or boat owners with a wealth of experience and knowledge in analyzing aspects of a boat to come to a fair asking price. In addition to this, brokers have access to a large database of recently sold boats that help indicate what price your vessel should sit at based on what other boats have sold for in the area, and other general market trends.

If you’re a buyer: If you have come to us for help finding you the perfect boat, we can accurately gauge which vessels both fit your requirements and are worth the asking price, and consequently worth your time. With a broker helping you, far less of your time will be spent looking at sub-par boats, and with the connections many brokers have with other brokerages, it will often be a far quicker process!

Your vessel gets a comprehensive advertising strategy

While selling your boat yourself may seem appealing, yacht brokers are able to put together a far more comprehensive advertising strategy than the average seller. Our sole purpose is to get boats bought and sold, and as such we have experience in knowing which advertising streams work the best for which boat. In addition to this, yacht brokers are the only ones able to post on sites like YachtWorld, an extremely high-traffic listing site.

Yacht brokers complete all listing preparations

If you’re a seller: Brokerages take care of the very time consuming process of complete all listing preparations, including meticulously recording everything to be included in a sale in the boat’s inventory. The yacht brokers also prepare the listing for a multitude of both electronic and print formats, and ensure that high quality, professional photos of the boat are taken.

If you’re a buyer: One of the great aspects of buying from a yacht brokerage as opposed to buying privately, is that the inventory will be 100% true and complete. Everything that is written as listed on the inventory will be included with the boat, and written into the contract before sale. 

Yacht brokers can advise you on the best pre-sale preparations for your yacht

Before putting your vessel up for sale, yacht brokers can look at the boat and help you decide if you want to sell the boat as is, or complete a few minor repairs that could increase the final sale price of your boat. Having a yacht broker do this for you means that there won’t be any unnecessary waste of money fixing issues that have potentially no real impact on the selling price. Brokers can also advise the best place to moor or store your vessel on the hard during the sale process based on the time of year (particularly important in the hurricane belt!)

Brokers arrange and are present during the sales process trials and surveys

If you’re a seller: Once an offer has been made, most buyers request that there be a clause in their contract stating that the sales agreement is subject-to a sea-trial and a survey. Having your broker arrange and deal with these aspects takes a weight off the sellers mind- not only do you not have to take time out of your busy schedule to arrange and be around for these, but your broker will be there with the buyer to help answer any questions that may arise as a result of these.

If you’re a buyer: The yacht broker will be able to arrange any sea-trials or surveys to work around your schedule- you won’t have to be viewing a boat at a strange hour as it’s the only time that could work for the seller. As professional sailors, the yacht brokers will also be able to answer any questions while out on the trials, and advise on how much, if any, the repairs would cost.

Any boat deposits are kept safely in an escrow account

A big aspect of buying a boat is putting down a good-faith deposit conditional to the outcomes of any trials and/or surveys. When selling or buying privately, it will rarely be guaranteed that the deposit is in a safe account, or that the deposit will be refunded if warranted under the contract. When using a brokerage, these are all factors that you can be sure of- all the money is kept in escrow until the boat is paid in full, and has no remaining debt.

The negotiation

A yacht broker is a great intermediary person between the buyer and the seller, so negotiations between the two will never have to feel awkward. A good broker can help guide you down the path towards a successful conclusion that both the buyer and the seller are happy with.

A smooth closing

If you’re a seller: You can be sure that when all is said and done, and the payment is secure, that all relevant forms and documents will be filled out so that the boat is officially, and legally, sold. The broker will make sure that everything runs as smoothly and quickly as possible, and make sure that any buyers know the date of acceptance, payments and closing.

If you’re a buyer: In addition to the broker ensuring that all the correct forms are filled out in a timely manner, a broker will also be able to advise you on your new boat- from everything from how to have it delivered to the best place to have it moored when you aren’t out sailing! 

At BVI Yacht Sales we cater to everyone, we have a range of used boats for sale for every buyer in the market, from ready to sail away today yachts, to project catamarans- we are committed to finding you the perfect yacht of your dreams, at a fraction of the cost of a new vessel. We are also committed to all our sellers who have wisely decided to list their yacht with us- we continue to tirelessly marketing your used yachts for sale across multiple platforms, ensuring we find the perfect buyer for you.

If you’re considering selling your yacht, contact us today for a free, no obligation valuation – there’s a reason we consistently top the market for Caribbean yacht sales. We can be reached through email at [email protected] or you can contact any of our brokers directly here!

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