The Sellers Guide to Getting a Boat Sold in the Caribbean

Selling your boat can be more difficult than buying it was. Instead of just picking out which boat is right for you, you now have to make your boat right for as many potential buyers as possible. With a limited number of buyers for each type of boat, a used boat can take months or even years to sell if not done correctly. Few of us can justify keeping our boats on the market for any extended period of time once we have decided to sell. An unsold boat can cost you thousands or sometimes tens of thousands of dollars a year in maintenance, storage and insurance expenses. If you want to upgrade to a larger boat or move off to other adventures, those plans might even be on hold until your current boat is sold. Making the effort to carefully prepare your used boat for selling is essential to getting the best price, in a reasonable timeframe. Used boats that are in good condition will sell for more money and faster than boats that are cluttered, that show as neglected, or are unrealistically priced. 

Getting Your Boat Ready to Sell: 

A boat that appears to be neglected spells trouble for buyers. Even at a very low price, most buyers will not purchase what appears to be a project boat. For many buyers, being so far from their home base can make the idea of trying to tackle any significant boat projects themselves’ very daunting. Selling nearly 100 boats a year, we have found that time after time, and without any doubt, properly prepared boats sell faster. The goal is to make your boat show as gently used and very well loved. Below are some tips for making your boats appearance and condition more attractive to buyers. Hiring a Boat Project Manager can make this process very easy. Ask us for our recommendations. 

• Clean the boat thoroughly. A clean boat is very desirable. Be sure to make the boat shine inside and out. Smell is also very important to that first impression. Holding tank, fuel, and bilge odors will turn buyers off the minute they walk into that hot and stinky interior. It’s remarkable how fast a clean engine bigle and main bilge will persuade a buyer to make an offer. 
• Buff and Wax the boats hull, deck and stainless steel hardware. A properly waxed hull and deck (smooth surfaces only –not the nonskid!) gives the boat a newer appearance and makes it easier to keep clean too. Metalwork that is rusty not only looks bad, but will degrade faster than when kept polished. Rust stains on other surfaces must certainly be cleaned off too. 
• Remove clutter from the boat interior. Don’t distract a buyer with your personal items and non-boat gear scattered throughout the cabin. Eliminate unnecessary items from the cabin and showcase the available storage in the boat. Think about how boats are shown at the boat show. With the exception of essential gear such as charts, guide books, winch handles, sail ties and spare parts, there should ideally be nothing else on the boat. There should really not be anything stowed onboard that is not in a locker or put away – nothing sitting out cluttered about. Ensure the boat is tidy, ship-shape and ready for sea. When stored during the off season make sure to put all sails, canvas, and gear in one cabin or on one bun (put the cushion aside so you don’t crush it!) k. It’s important to keep the interior open and easy to move around in for people to view.
• Make minor repairs. Take care of any small cosmetic or mechanical repairs to demonstrate the boat is properly maintained. If the fans, lights, and latches all work, logic dictates that it must be a well cared for boat. Some of the biggest things that effect price are also very cheap to complete. If the headliner is falling or not properly secured, glue or screw it back up. If there are extra pieces of equipment that do not work and/or haven‟t for some time, remove them and fit a simple cover late. Broken hinges, latches and handles are also cheap and if they are fixed, the boat is worth much more. If anything is not working correctly, a pump or seacock (etc…), leave a note on the chart table making all aware, this clarifies that your boat is the kind that gets all this sort of stuff fixed, every time, because you notice it too. 
• Make minor upgrades. Consider varnishing and oiling inside and out, tidying up wiring and plumbing with tie-wraps, and replacing degraded cordage and canvas. If the compass is cloudy, the electronics displays are broken or crazed, the dodger windows opaque, the bimini and sail cover zippers broken, stainless fittings corroded or cracked, change them out now. It won’t cost nearly as much now as you will lose out of the sale price. 
• Change the engine/transmission oil and filters. A savvy boat buyer will always check the engine oil. Clean oil and filters (with date written on them) is a sign of a well maintained engine and boat. Clean the engine room, and battery area as well as steering gear areas too. 
• Clean the bilge. A dirty bilge or one with standing water will make the boat smell bad and could potentially clog a bilge pump. It also makes the boat look poorly cared for and raises questions as to the source of the collected water as well. 
• Keep it dry and smelling fresh inside. The cabin should be dry, mildew-free and have a pleasant smell. If the boat is on land or a slip (instead of a mooring), ask to have the bow pointing into prevailing winds or get a waterproof companionway cover, as most of these entry hatches are not watertight when directly assaulted. 
• Consider offering a ‘marine insurance survey’ with the boat. A valid survey on file may help speed up the selling process, and will also showing buyers the boat is in good condition – and that you know it too. A survey will also help identify any issues that could be fixed prior to an offer, or at least be put on the table, so as to not wreck the deal at a later stage. 

Pricing your Boat to Sell: 

Pricing a boat competitively will produce more inquiries, more boat showings and ultimately more potential offers from buyers. A boat that is priced to sell will simply sell faster.

What does ‘Priced to Sell’ mean? 

We have found that by carefully evaluating advertised prices and inventories for similar boats on the market, by searching local and international boat listings, and also by searching the actual sold boats database, that we can very accurately determine what your boat is worth in many cases. We also have to consider regional differences in pricing, as well as the effect charter work will have on a boats value, in addition to its current condition and the desirability of the design to sailors today. You may also be surprised to see how some boats hold their value better than others. 

Be very careful to resist the urge to set the asking price much higher than the expected selling price, hoping for more money or with the intent to leave room for negotiation. Most buyers will offer less than the asking price on a used boat, thats a given. That said, we have found that you will not even get showings, let alone offers, in this current market if your price is too high. From our experience, we know that this means we need to have the price of your boat in the top third of ‘attractiveness to buyers’ relative to comparable boats that compete with your boat. We have found this very nearly a rule today. By placing the asking price within 5-10% of what we know to be the realistic selling price, we should sell your boat before any competing vessel. That same process could otherwise take many months if the price was set higher than reason dictates. The key is to get inquiries into this office so that we can sell your boat. Most importantly, set the price for what we have found the boat is worth on the market, and not on how much money is owed on the boat, or what you ‘feel’ the boat is worth. Buyers do not care about anything but getting a great deal on the boat of their choice. Think back to when you bought this boat. Always consider the other side of the table. 

Keep the ‘For Sale Boat’ in Selling Condition: 

Be realistic when selling a boat and understand that it may take longer than expected to sell, particularly when it is not prepared and priced as suggested. If the boat is still in use, be sure to keep the boat in the recommended selling condition as long as the boat is for sale and on the market. Be as flexible as possible with boat showings throughout the boating season. We have learned that with proper marketing and honest representation, and a boat properly prepared for sale, we can often sell before any comparable on the market. 

Location, Location, Location!!! 

While we do regularly sell boats that are located anywhere in the Caribbean, occasionally other parts of the world as well, the best place to stage your For Sale Boat is right here in the BVI, at the island of Tortola, and ideally directly here at Nanny Cay Marina. Over the past 3 years Antigua has come more and more to be a strong second options, and we also have an office located there. By having the boat placed at the docks directly in front of our offices, and kept in showing condition, we can show her to as many potential buyers as possible. Because you have made the extra effort to sell your boat for the best price, and placed her here to sell before any others, the deck is stacked well in your favour, with the intent of getting the best price, fast.

When the ‘Offer’ Comes, Consider It Very Carefully 

Almost without exception, the next offer that comes in is lower. This is contrary to what we encourage our buyers, as of course we are now able to hint – or even boldly state – as to the previous offer price, and that it was not suitable. We often now know more about the boat, and can present her in a more informed and attractive light, but nonetheless, the same lesson is borne out again and again – it‟s painful to see it so clearly each time! 

We cannot reinforce this strongly enough. Time and time again, a seller will say to me: “this is the first offer, and/or it‟s only been a few weeks, it’s a little low, let’s hold out for better”. We are here to get the sale you want, and will follow your instructions, but almost every time we have taken this path, the seller has lost in the long run. Sometimes the next offer comes many months later and much, much lower. With each one of these boats, not only did the seller spend for many additional months of ownership costs, but ended up selling his boat for less that he could have that first time around! Maybe this is partly due to the condition of a boat slipping as it sits in storage not used, falling further from that freshly prepared and presented state. Maybe this is because buyers see the boat has been for sale for some time and then offer lower prices, figuring the seller must be more eager to sell, or that something is wrong with the boat. Whatever it is, it’s what happens again and again. So please, when that first offer comes in, especially if it is in the range of real selling prices for comparable boats that we showed you, seriously consider getting the deal done. 

Our goal is to help you sell this boat. Follow these instructions, and we stand the best chance of getting there first. We’ll provide the information and the advertising, you get the boat ready, and together we will get her sold!