Finding The Right Boat Broker: What To Look For

Buying a boat is a significant financial decision, and for those looking to get the best price for their boat with minimal effort, a broker is usually a sensible choice. A good boat broker can make boat buying more fun, and after all, we buy boats for pleasure. But how do you find a good one?

First, it's important to understand what a boat broker does. Boat brokers are middlemen who facilitate the sale of a boat by handling the details of the transaction, including pricing, listing, advertising, showings, sea trials, and communication with other professionals such as surveyors. They also have access to valuable information about the market and comparable sales, which can help buyers and sellers make informed decisions.

When choosing a boat broker, it's essential to consider their qualifications, experience, and reputation. Look for a certified professional yacht broker with several years of experience in the industry. Research their work history and the brokerage firm they work for. Pay attention to how well-known the firm is and how many successful transactions they have facilitated.

It's also crucial to assess their responsiveness, marketing strategies, and ability to provide thorough explanations. A good broker should respond promptly to inquiries, utilize various advertising platforms, and be willing to educate their clients throughout the process.

Additionally, it's worth examining their listings to ensure the write-ups are well-written, the photos are of good quality, and there is sufficient information provided. Ask for references from previous clients and check online reviews to get a sense of their track record and satisfaction rate.

Before selecting a boat broker, understand their fee structure. Typically, brokers charge a commission of 10% upon the sale of the boat, but this may be negotiable for large yachts. Be wary of brokers who ask for funds upfront or suggest unethical practices, such as avoiding import duty.

By considering these factors and doing your due diligence, you can increase your chances of finding a good boat broker who will represent your interests and guide you through the boat buying or selling process.

Seek out local knowledge by asking other boaters, marine repair shops, boatyards, or other locals in the industry for recommendations

When looking for a good boat broker, it is important to seek out local knowledge. Ask other boaters, especially those who have used a broker multiple times and can vouch for their good experience. You can also ask for recommendations from marine repair shops, boatyards, or other locals in the industry. They will be able to provide valuable insights and point you in the right direction.

By talking to people in the industry, you can learn about the brokers they have worked with and their experiences. This will help you identify reputable brokers who have a track record of satisfied clients. It is also beneficial to inquire about brokers who have experience with the type of boat you are interested in and understand the unique market for that particular vessel. This way, they can better assist you throughout the buying or selling process.

Additionally, you can seek out professional organizations, such as the Yacht Brokers Association of America, which sets standards of ethics and business practices for its members. These organizations often provide certification programs and hold their members accountable to a code of ethics. By choosing a broker who is affiliated with these organizations, you can have added peace of mind knowing that they adhere to certain standards.

When considering a broker, it is also important to do your own research and vet the candidates. Visit their offices, ask about their experience, and evaluate their level of professionalism. A good broker should be busy, have a physical office space, and be willing to listen to your needs.

Check if the broker is part of a professional organisation, such as the Yacht Brokers Association of America, which sets standards of ethics and business practices for its members

When looking for a good boat broker, it is important to check whether they are part of a professional organisation such as the Yacht Brokers Association of America (YBAA). The YBAA sets standards of ethics and business practices for its members, providing a list of member brokers. It also offers a certification program that educates brokers in the field, tests their knowledge, and holds them to a code of ethics. Violation of the code can result in termination of membership and loss of certification.

The YBAA is not the only professional organisation for yacht brokers. Other groups include the Florida Yacht Brokers Association, California Yacht Brokers Association, Northwest Yacht Brokers Association, British Columbia Yacht Brokers Association, Ontario Yacht Brokers Association, and Gulf Coast Yacht Brokers Association. All of these organisations contributed to the creation of a certification program that educates brokers, tests their knowledge, and holds them to a code of ethics.

Brokers who are not members of any professional organisations may be very good, but it is important to do your research and vet candidates. Check their qualifications, professional history, and whether they have any testimonials or reviews from previous clients.

By choosing a broker who is a member of a professional organisation like the YBAA, you can be confident that they are committed to upholding high standards of professional competence, character, and ethical conduct. They will also have access to resources and support that can enhance their success and benefit their clients.

Look for a broker with experience and knowledge of the type of boat you are interested in

When looking for a good boat broker, it is important to look for one with experience and knowledge of the type of boat you are interested in. This is because an experienced broker will have an extensive network of connections with boat and yacht brands around the globe, which guarantees results in finding your dream boat. A knowledgeable broker will also be able to provide you with a superior selection of premium brands and models that meet the finest criteria.

A good broker will also be able to assist you throughout the discovery and purchasing process, providing exceptional service and ensuring that your interests are protected. They will be able to provide you with accurate information and answer any questions you may have about the vessel. Additionally, they can help you determine if there are similar boats on or off the market, the history of the yacht, how long it has been on the market, and the motivation of the seller.

When evaluating the experience of a broker, it is important to research the brokerage firm and the professional history of the individual broker. You can even test their knowledge by cold-calling them about one of their listings to see how they represent a boat.

A broker with experience and knowledge of the type of boat you are interested in will be able to provide you with valuable insights and guidance throughout the buying process, ensuring that you make a well-informed decision.

Ensure the broker is responsive and communicates effectively

When looking for a good boat broker, it is important to ensure that they are responsive and communicate effectively. A good broker will respond to your inquiries promptly, typically within 24 hours. They should also be willing to answer any questions you may have and provide clear and honest explanations throughout the boat-buying process.

It is essential to find a broker who is friendly and responsive, as you will be dealing with them daily until you find the boat you want. A good broker should be patient and not pushy, allowing you to make decisions without rushing you. They should also be attentive to your needs and preferences, asking relevant questions to understand your requirements and budget.

Additionally, a good broker will have strong connections in the boating industry. They should be able to link you with marine lenders for financing options and provide useful advice or recommendations based on their knowledge of different boat models and manufacturers. They should also be able to suggest comparable models if your desired model is unavailable.

When evaluating a broker, consider their job history and past dealings. Look for a broker with a successful track record of sales and high customer satisfaction rates. You can research their reputation by scanning their website, checking online ratings and reviews, and asking for recommendations from other boaters.

A responsive and communicative broker will keep you informed throughout the boat-buying process and ensure that your interests are protected. They will also be able to provide valuable insights and guidance based on their industry knowledge and experience.

Ask about the broker's marketing strategy and whether they will use multiple platforms, such as print, the internet, and social media

Marketing is a key part of a boat broker's job. A good broker will use all available sources to aggressively market and advertise the boat. They should be able to answer any questions about the vessel and provide accurate information.

Ask the broker about their marketing strategy. A good broker will use multiple platforms, including print, the internet, and social media. They should be able to provide a list of websites and print publications, as well as social media platforms they use.

• Will they use multiple listing services, or just local or print resources?
• Will they use Enhanced Listings on YachtWorld?
• Will they use other sites such as SailboatListings, BoatTrader, or Boats.com?
• Will they create a video of the boat, in addition to a photo gallery, for use online?
• Will they use social media platforms such as Facebook, Twitter, Instagram, or YouTube?
• If so, how many followers do they have?
• Will they post publicly on various forums, rather than just a personal Facebook page?
• Will they provide a monthly newsletter or email roundup with industry updates?
• Will they use PPC campaigns to get quick results?
• Will they use SEO to boost the website's ranking in search engine results?
• Will they use email marketing to keep in contact with prospects and provide updates?

A good broker will be responsive and provide thorough answers to your questions. They should be able to give you a written list of the marketing platforms they plan to use and explain how each platform will benefit the sale of your boat.

Frequently asked questions