by Captain Jason Powell
The yacht brokerage industry is fairly unregulated. There are only a few states that require licenses and I think that most would agree that there really isn’t a strong correlation between the amount of regulatory control and the quality of service. Similar to all industries, there are some very good yacht brokers, and also some very bad ones. There is a lot more to the business than simply putting a boat on the Internet and waiting for it to sell. Unfortunately, there are a few in this business who don’t do a very good job and so earn us all a tainted reputation. I’ll go into more detail as you read on.
The purpose of this article is to provide journal readers with some guidelines to follow that will hopefully result in hiring the right broker to facilitate their boat sale or purchase, as well as to make it a seamless and enjoyable experience for all parties involved. There are lots of variables to consider as well as many, many situations that must be addressed and resolved by drawing from past experience. There isn’t a “yacht sales” handbook to refer to. It’s up to the involved parties to work through the many issues. In many cases there is quite a bit of money involved. It’s important to keep focus on the transaction, keep things progressing smoothly, and not let emotions take over. The mismanagement of even a minor issue can oftentimes lead to either buyer or seller getting “cold feet’ or they begin to feel as though they aren’t being treated fairly. Things can go south in a hurry once customers start to have those thoughts. A simple failure to return a phone call promptly can start that ball rolling.
When seeking a broker
There is nothing wrong with calling around to interview a number of brokers in your area. If a broker takes offense to that then that is probably someone you should avoid. As a consumer, you have the right to call around just as you would if you were putting a construction job out to bid. You should be comfortable with the person/company that you hire.
Asking for a list of references is a good idea as well. Call around to some area marinas to see how the marina owners/managers feel about the broker. I know of a couple of brokers in my area with a well-documented history of passing bad checks and other types of fraud, yet they somehow stay in business. It amazes me that they’re still around. Referrals and repeat business are the bread and butter of this business.
After you get off the phone or after you meet with the broker, what feeling do you walk away with? I’m not insinuating that you have to become your broker’s best friend, but keep in mind that if you don’t care for his or her personality then there is a good chance that prospective buyers may not enjoy working with him or her either. I think that most readers would agree that it’s a lot more enjoyable working with someone who you like as long as they are also able to provide topnotch professional service.
The purpose of this article is to provide journal readers with some guidelines to follow that will hopefully result in hiring the right broker to facilitate their boat sale or purchase, as well as to make it a seamless and enjoyable experience for all parties involved. There are lots of variables to consider as well as many, many situations that must be addressed and resolved by drawing from past experience. There isn’t a “yacht sales” handbook to refer to. It’s up to the involved parties to work through the many issues. In many cases there is quite a bit of money involved. It’s important to keep focus on the transaction, keep things progressing smoothly, and not let emotions take over. The mismanagement of even a minor issue can oftentimes lead to either buyer or seller getting “cold feet’ or they begin to feel as though they aren’t being treated fairly. Things can go south in a hurry once customers start to have those thoughts. A simple failure to return a phone call promptly can start that ball rolling.
When seeking a broker
There is nothing wrong with calling around to interview a number of brokers in your area. If a broker takes offense to that then that is probably someone you should avoid. As a consumer, you have the right to call around just as you would if you were putting a construction job out to bid. You should be comfortable with the person/company that you hire.
Asking for a list of references is a good idea as well. Call around to some area marinas to see how the marina owners/managers feel about the broker. I know of a couple of brokers in my area with a well-documented history of passing bad checks and other types of fraud, yet they somehow stay in business. It amazes me that they’re still around. Referrals and repeat business are the bread and butter of this business.
After you get off the phone or after you meet with the broker, what feeling do you walk away with? I’m not insinuating that you have to become your broker’s best friend, but keep in mind that if you don’t care for his or her personality then there is a good chance that prospective buyers may not enjoy working with him or her either. I think that most readers would agree that it’s a lot more enjoyable working with someone who you like as long as they are also able to provide topnotch professional service.
