We Yacht Brokers are very educated on marketing the lifestyle benefits of owning a boat. And those of us Yacht Brokers that truly have a yacht have a definite advantage. However what we do not particularly like are the difficulties associated with advertising a vessel in a bad market; it's challenging to say the least. But it must be done. A vessel, like autos and homes, takes a beating in a down market. Values can plummet overnight purely as an outcome of supply and demand. Should you find yourself in these circumstances of wanting or needing to sell your boat, you will understand the situation. All at once it looks like there are numerous miserable vessel owners, all of whom appear to own a yacht superior to yours, at a lower price than you are set to agree to.
At the same time there seems to be fewer genuine Buyers. Those Buyers that are out there are looking for a superior-deal. It seems that the only means to sell a boat is for the seller to get hit and get rid of the boat at a significant loss. The ironic part is that fairly often, that shortfall is needless. To a considerable level, those deficits in the yacht marketplace are many times due to the seller's not being prepared. Allow me to elaborate with several points.
Factor 1 - Do you really desire to get rid of your vessel? Your own psychological thought process is possibly the greatest beginning point in the route of effectively selling your yacht for its estimated true value. It's critical to be sure from the beginning that you truly do want to put your boat up for sale. The truth is that many owners are indecisive about the decision to put te boat on the market. Perhaps they are still in love with the boat and all the enjoyment that it gave them. Truth is, that unless you're totally committed and 100% positive in your own way of thinking, it simply will not transpire.
Factor 2 - Condition. You are looking for another house. You go down to a neighboring house that you viewed on the Web. As you are approaching the front door, it seems that the house has not been painted in a long time. As the Agent shows you inside the front door, you are hit with the disgusting odor of raw sewage, not a good impression. Then you come across the dining room with the rear wall and ceiling plaster board destroyed, pieces fallen all over the floor. Further research shows a considerable problem with the roof. And when you inquire about the heat and air conditioning you are informed that it has not worked in years. But the residence is a bargain you are told; just like you see it. Forget about getting that residence! Few people are looking to acquire a project at any cost.
It is the same way when buying and selling boats. There is a trend for Sellers to "quit" in effect before we actually begin advertising a vessel by dumping a dirty vessel that calls for 'catch up' repair, in the hands of a Yacht Broker, to all intents and purposes getting rid of the project. This is a call to failure. Your Yacht Broker will experience a hard time establishing interest at the same time as creating justifications for a yacht requiring significant maintenance. In other words if you are "finished with that boat", you will not be receiving any significant amount out of the transaction. It is advised to spend some money up front to get the boat in a saleable condition; doing this will cause your boat take center stage.
Factor 3 - What is your vessel's true value? It is harder to sell a boat for its true value in a downturn environment, but it is feasible. The important basics are
a. the acknowledgment of Purchaser mind set; Purchasers are looking for a bargain since they know it is a Purchaser's market,
b. your motivation, do you truly want to sell her or are you simply playing the field
c. the vessel's presentation; keep in mind, condition, condition, condition. Nicely maintained yachts consistently result in more money than poorly maintained vessels.
But selling a boat in a down economy requires that you, the Seller, accept the fact that a vessel is only worth what you are willing to take and a Purchaser is agreeable to pay you. It's similar for property. As your Yacht Broker, I will make available recent comparable sales of like boats; these sales tell us what the going rates are for sales of the identical model and year vessels. We utilize these figures to come up with a fair and realistic worth; one that we recognize Buyers will be agreeable to give.
Factor 4- Are you prepared to agree to what the market will bear? Setting the price of your vessel greatly higher than the market will bring will do little more than make you aggravated. Buyers regularly shy away from overpriced yachts just because they perceive the Seller as not being reasonable and therefore probably not willing to accept a lower price. That might not be what you, the Seller, would really do, but that is what Purchasers believe. If similar age and type yachts have been bringing in $145,000.00, you can disregard that you really want to receive $195,000.00; the marketplace will just not support it.
Factor 5- Presentation. The issue at this time is to appreciate that as Yacht Brokers, we are not promoting a vessel... we are selling a vision. And for that vision to grow to be reality a boat must "appeal" to a prospective Purchaser. The vessel must signal the Buyer to come closer and get a decent glimpse. Realtors name it curb appeal, I call it dock appeal. I had a vessel viewing yesterday and when the female Buyer walked onto the back deck of the vessel, she merely said€¦..WOW! The seller had completed his job properly; the yacht was spotless and tidy. I had no excuses to create on how the yacht presented itself.
In reality, a good number of new boat Purchasers know little about the realities of vessel ownership. These Buyers assume that boat ownership is merely dressing in their blue-and-whites, getting on the craft with their approving acquaintances waving, starting up the engines and cruising off over the horizon, with themselves in full control. In actuality, this depiction is a little delusional! Yet this is the reality that you as a Seller, must face. You and your Broker must make sure that in every point of the selling process, boat shape and setting the price, prospects are met with a display that delivers the dream to them. We must appeal to the Buyer psychology.
If we have completed our task appropriately the prospects will become enamored with your yacht and as everybody knows; lovers consistently spend money on their true love. We trust you have been persuaded to stay away from giving all the responsibility for the sale of your boat totally across to your Yacht Broker. We suggest that you stay pro-active and organize and maintain your yacht to high standards worthy of a reasonable value. None of the ideas here are incredibly costly. Instead they entail a little thinking and responsibility to offer the marketplace the greatest boat at the fairest price that you can deliver. Adhere to these items we have reviewed and you will expect to get more money out of the transaction, in the middle of possibly the worst boat market in decades.
We ship Used Trawlers, Motor Yachts and Cruisers worldwide. Located in Florida, USA. 904/556-9431
Interact with us at the Trawler Blog
At the same time there seems to be fewer genuine Buyers. Those Buyers that are out there are looking for a superior-deal. It seems that the only means to sell a boat is for the seller to get hit and get rid of the boat at a significant loss. The ironic part is that fairly often, that shortfall is needless. To a considerable level, those deficits in the yacht marketplace are many times due to the seller's not being prepared. Allow me to elaborate with several points.
Factor 1 - Do you really desire to get rid of your vessel? Your own psychological thought process is possibly the greatest beginning point in the route of effectively selling your yacht for its estimated true value. It's critical to be sure from the beginning that you truly do want to put your boat up for sale. The truth is that many owners are indecisive about the decision to put te boat on the market. Perhaps they are still in love with the boat and all the enjoyment that it gave them. Truth is, that unless you're totally committed and 100% positive in your own way of thinking, it simply will not transpire.
Factor 2 - Condition. You are looking for another house. You go down to a neighboring house that you viewed on the Web. As you are approaching the front door, it seems that the house has not been painted in a long time. As the Agent shows you inside the front door, you are hit with the disgusting odor of raw sewage, not a good impression. Then you come across the dining room with the rear wall and ceiling plaster board destroyed, pieces fallen all over the floor. Further research shows a considerable problem with the roof. And when you inquire about the heat and air conditioning you are informed that it has not worked in years. But the residence is a bargain you are told; just like you see it. Forget about getting that residence! Few people are looking to acquire a project at any cost.
It is the same way when buying and selling boats. There is a trend for Sellers to "quit" in effect before we actually begin advertising a vessel by dumping a dirty vessel that calls for 'catch up' repair, in the hands of a Yacht Broker, to all intents and purposes getting rid of the project. This is a call to failure. Your Yacht Broker will experience a hard time establishing interest at the same time as creating justifications for a yacht requiring significant maintenance. In other words if you are "finished with that boat", you will not be receiving any significant amount out of the transaction. It is advised to spend some money up front to get the boat in a saleable condition; doing this will cause your boat take center stage.
Factor 3 - What is your vessel's true value? It is harder to sell a boat for its true value in a downturn environment, but it is feasible. The important basics are
a. the acknowledgment of Purchaser mind set; Purchasers are looking for a bargain since they know it is a Purchaser's market,
b. your motivation, do you truly want to sell her or are you simply playing the field
c. the vessel's presentation; keep in mind, condition, condition, condition. Nicely maintained yachts consistently result in more money than poorly maintained vessels.
But selling a boat in a down economy requires that you, the Seller, accept the fact that a vessel is only worth what you are willing to take and a Purchaser is agreeable to pay you. It's similar for property. As your Yacht Broker, I will make available recent comparable sales of like boats; these sales tell us what the going rates are for sales of the identical model and year vessels. We utilize these figures to come up with a fair and realistic worth; one that we recognize Buyers will be agreeable to give.
Factor 4- Are you prepared to agree to what the market will bear? Setting the price of your vessel greatly higher than the market will bring will do little more than make you aggravated. Buyers regularly shy away from overpriced yachts just because they perceive the Seller as not being reasonable and therefore probably not willing to accept a lower price. That might not be what you, the Seller, would really do, but that is what Purchasers believe. If similar age and type yachts have been bringing in $145,000.00, you can disregard that you really want to receive $195,000.00; the marketplace will just not support it.
Factor 5- Presentation. The issue at this time is to appreciate that as Yacht Brokers, we are not promoting a vessel... we are selling a vision. And for that vision to grow to be reality a boat must "appeal" to a prospective Purchaser. The vessel must signal the Buyer to come closer and get a decent glimpse. Realtors name it curb appeal, I call it dock appeal. I had a vessel viewing yesterday and when the female Buyer walked onto the back deck of the vessel, she merely said€¦..WOW! The seller had completed his job properly; the yacht was spotless and tidy. I had no excuses to create on how the yacht presented itself.
In reality, a good number of new boat Purchasers know little about the realities of vessel ownership. These Buyers assume that boat ownership is merely dressing in their blue-and-whites, getting on the craft with their approving acquaintances waving, starting up the engines and cruising off over the horizon, with themselves in full control. In actuality, this depiction is a little delusional! Yet this is the reality that you as a Seller, must face. You and your Broker must make sure that in every point of the selling process, boat shape and setting the price, prospects are met with a display that delivers the dream to them. We must appeal to the Buyer psychology.
If we have completed our task appropriately the prospects will become enamored with your yacht and as everybody knows; lovers consistently spend money on their true love. We trust you have been persuaded to stay away from giving all the responsibility for the sale of your boat totally across to your Yacht Broker. We suggest that you stay pro-active and organize and maintain your yacht to high standards worthy of a reasonable value. None of the ideas here are incredibly costly. Instead they entail a little thinking and responsibility to offer the marketplace the greatest boat at the fairest price that you can deliver. Adhere to these items we have reviewed and you will expect to get more money out of the transaction, in the middle of possibly the worst boat market in decades.
We ship Used Trawlers, Motor Yachts and Cruisers worldwide. Located in Florida, USA. 904/556-9431
Interact with us at the Trawler Blog
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