The Importance of Building a Long-Lasting Relationship With Your Yacht Broker
Posted on Mar 25, 2021
Posted on Mar 25, 2021
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You are about to spend your hard-earned money and whether it's a $50,000 boat or a $5 million, your money means a lot to you. That is a very important reason why it is important to establish a good relationship with your yacht broker. They know the ins and outs of models and manufacturers, as well as know every corner of upcoming boat shows, and can save you a lot of effort of aimlessly wandering around. Daily, the good ones keep a finger on the pulse of the market, they know which boats have been for sale for a long time and why, also which ones have had recent price reductions, and which boats have just been listed for sale. Or, if you are selling your boat, you want to ensure that they are familiar with the market and is familiar with your boats current market valuation, and that you will be getting maximum marketing exposure so that your boat will sell for top dollar as quickly as possible.
If you are buying, when you're spending this kind of money, you want to make sure you get maximum satisfaction from the transaction. As a customer, you want to know you're getting the best deal possible and the best boat for your money. This is where a good yacht broker comes in. One of the first questions that most people have when shopping for a new yacht is: where the best place is to search for a new or used yacht? Not all yacht sales websites are trustworthy, and when you find one you like, there is no guarantee that they will return your call after you have made an inquiry. If you're lucky enough to even get a return phone call or email, you must be patient for a little bit as they need to dig around to find the information you're looking for. Most yacht sales websites these days show an entire mls of boats for sale and do not specify which ones they are the central agent or are even familiar with. This is not generally a bad thing if you have a good broker, as once they get all the information about the vessel, they can generally tell you everything that is available in a certain range or asking price but not many specifics beyond what you see in the listing information. An experienced broker can and should be immediately contacting the listing agent and asking industry peer-to-peer questions that only someone with experience would know to ask.
If you are selling, your broker should understand the importance of the task. Whether you are getting out of the boating life, or trading up, or trading down, or moving from a cruising style boat to a sportfishing center console, they should be asking these questions to better understand what it is you are trying to accomplish, and what your future goals entail. Be sure and find someone who can give you this information and more with a personalized approach. Ask for a list of boats they have previously sold, as well as boats which they are currently the central agent. This could tell you how other people have trusted this person currently and in the past. Most importantly ask for a plan on how they will market your boat. Some tend to "set it and forget it". Meaning they will list the boat on most major mls websites and hope for buyers to inquire about your vessel. For a good yacht broker, this is simply the first step in a long line of ways they will gain the maximum exposure of your boat for sale to people who are looking to buy.
Here are some of the things you need to know to find the right broker.
1. Pick someone local. This is very important. A local person is familiar with the local yachting community, which means that you can rely on him to look after your interests and rely on their knowledge if you attend any boat shows. He will also know the best local businesses that are available to provide anything you may need such as maintenance, repairs, or cleaning. If you travel or are a snowbird, when you are away, your broker can be at the dock and make sure everything is okay for you, while you are out of the area.
2. Check their professionalism. Ask for references. Anyone can fill their website with fluffed-up testimonials but talking to real people will give you the confidence you require to ensure this broker cares about their clients as more than just paychecks. Be sure to check how they behave with other industry peers as well as people in general that you encounter while with them. Also, check their online presence. If you have any doubts or feel uncomfortable, you can easily find about their online reputation with a quick google search.
3. Check their delivery and setup. A good broker will ensure that you are happy with your sale or purchase from the beginning and throughout your lifetime of owning the boat. They also get a lot of clientele from word of mouth and know if they do a great job for you, you will refer others to them, and contact them when you decide to trade-up or sell your boat. Many good yacht brokers even form friendships with their clients that go above and beyond any business dealings. If you have followed step 1 and picked someone local, the odds are good you will be seeing them out on the water, and you can never have enough friends where boating is concerned.
You might have heard the term that "you get what you pay for" and it is 100% true in products as well as yacht brokers. If you hire someone who doesn't appear to give you what you are after, you could end up paying for their failure to properly find and convey any problems with the boat. The good ones know exactly what to look for and what to avoid, such as the "too good to be true" boat, or even if the surveyor is worth his salt and doing a good job finding any potential problems with the boat you are going to buy. Some brokers go into the business from lifelong experience or come from a family who were boat owners, so they grew up on the water and around boats. Some prefer to get into the business simply for profit, over time it isn't hard for people to begin to tell the difference on who is genuine and who is in it simply for profit.
You might have spent years idly browsing the web and looking for the perfect boat for your plans and if you have already purchased, hopefully, you have found it. At some point, after the initial sale is done, take a moment and send an email or make a phone call to your broker and see if they try to get to know you further and are willing to listen to how you are enjoying (or not enjoying) your purchase and your life on the water. A great broker should have already contacted you to "follow up" after the purchase or sale of your boat and checked in on how things are going. If considerable time has gone by and you have not heard anything whether it is checking in or even a follow-up "thank you for your business", this could be your final clue in whether you should refer any friends, use this person for any future transactions. We truly hope that you have only positive experiences in anyone your work within the yacht sales industry.
Boating is a wonderful way to enjoy nature whether you are out fishing with friends or cruising with family, either way, it is an ideal place for experiencing the serenity that only boat owners know of. So, you can either go on your own or hire someone who can greatly assist you. Finding the best yacht broker is not always an easy task, but once you find the right one it can make a world of difference in your search for the dream boat and hopefully if nothing else, to make a new friend.
Henry Pedroso
1-305-282-1763