When you are shopping for a used yacht, you’ll find there are many advantages to working with a professional yacht broker. Yacht brokers are much like real estate agents. They work on your behalf to help you find the yacht best suited for you. Also, like real estate agents, yacht brokers typically earn their commission from the selling party; not the buyers in the transaction.
Instead of simply calling the broker listed on a yacht you are interested in, it is beneficial to seek out a yacht broker of your own. Finding a yacht broker of your own entitles you to a more personalized experience. They will be able to sit down with you one-on-one and decipher exactly what it is you want, what you can afford, and the best options that suit you. Not to mention, yacht brokers like real estate agents, represent you in all inquiries and transactions.
One of the benefits of working with a yacht broker is that they can objectively tell you about the condition of a yacht before deciding whether or not you should take the time to look at it. Yacht brokers will be able to tell you how long the yacht has been on the market, the history of the yacht, and the motivation of the selling party. Any person could take the time to read an online listing, but it takes a well-qualified sales professional to know the current market conditions, similar yachts available on the market, and information on recent sales.
“We can access the sold-boat data that buyers don’t have readily available to them,” said Michael Galati, sales manager of the Galati Yacht Sales location at Marina Jack in Sarasota, Florida. “We prepare a CMA (Comparative Market Analysis) for our customers when they shop for a pre-owned boat. Even if all the information is not there in our back-end site. We have a network of other brokers we can call to help fill in the blanks.”
Not only will the CMA help buyers understand the used yacht market they are shopping in, but it also will give them an edge in making an educated offer for the boat they wish to purchase. Plus, your yacht broker will be able to help to negotiate the deal.
When it comes to putting in an offer, your yacht broker will be able to help you decided on a realistic proposal that increases your chances of getting the boat for the best deal possible, and with the necessary components to protect your interests. Your yacht broker will prepare an Offer to Purchase agreement that will include obligations that you and the seller have agreed to, and when those obligations will be complete. Yacht brokers will also ensure your deposit and any further funds moving forward, will be placed in a secure escrow account.
Training and integrity are additional reasons to enlist the help of a yacht broker. Especially when you are buying a pre-owned yacht. While it’s not the case in every state, the state of Florida’s Yacht and Ship Brokers Act requires that brokers handling the sale of any pre-owned vessel 32 feet and over must be licensed. As well as to undergo a criminal background check and be bonded.
In addition, professional yacht brokers ensure all paperwork is handled professionally and proficiently; along with any other documentation, licensing, registration, titling, and other components needed to complete a sale.
To continue, a yacht broker will typically attend the sea trial and survey needed to complete a sale. Although the buyer will have to pay for these services, the benefit of having a yacht broker there with you is so they can help address any issues that come up. Plus, they can help you estimate the time and cost of fixing the issues, and obtain quotes for items you may be unfamiliar with.
Finally, when you work with a yacht broker, you are not just getting one person’s help with the sale process. Instead, you are gaining access to the broker’s entire network of contacts and referrals. Those who can help you throughout the entire life cycle of owning your boat. “The biggest thing we bring to the table beside our extensive knowledge of the market is our local connections with marinas and other marine service providers,” Galati said. “If you are new to boating, we can point you in the right direction. Whether that is to have the boat stored or maintained properly. It’s a relationship business”. Contact us today to start on your boat buying process.
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