How to sell my yacht: The Ultimate Guide
You are about to sell your yacht and you want to do it quickly and right. The best way to sell your boat in the least hassle way is to understand the process.
Hence, in this post, we will detail the steps on how to sell your yacht.
What are the main steps of selling a yacht?
The first thing to do before putting your boat for sale is to prepare the boat. When you say to prepare the boat, it means that you clean it, repair minor problems, fix all defective equipment, and prepare all the paperwork relating to the boat.
Once you’re done with the cleaning process, take good-quality photos and videos. Then, determine the right price. Getting an estimate of your boat’s value, will depend on several factors, such as the size, age, and model of the boat.
However, this process requires knowledge and extensive experience. That’s why going to the last step is to seek the expertise of a yacht broker. This is especially if you don’t have the knowledge and connection to sell the yacht on your own.
Tips on how to get your boat ready for sale
Selling a boat is a tedious task, especially if this is your first time doing it. Hence, here are some helpful tips you should consider when selling your yacht.
Know the right time to sell your yacht
The best time to sell a yacht is at the beginning of the boating season. You might be wondering, when is that time? Some would say that spring is the best time to sell a yacht as the weather gets warmer.
However, others would claim that months from February to April have many boat buyers. Many people are looking for vessels during the spring and summer seasons. Moreover, the fall season could be a good time to sell a yacht.
Make a complete listing of your boat
When selling a boat, you must prepare a complete description and detailed listing of the boat. Collect all the documents and pictures so that you can show them right away to any potential buyer.
A yacht broker can also help you create a complete listing and transacts with the right buyer.
Check if the technical maintenance is well-documented
There are a few points to check that can help you in the sale process, including:
- Belts, cables, and hoses
- Cabin lights, window latches, water taps
- Fluid levels
- Safety gear
- Propellers and hulls
- Boat’s key systems
Make sure the boat is ready for visits and trials
Buyers may need to envision themselves as the owner of the boat; therefore, showing your yacht in good shape can be a good selling point.
When preparing the boat, remove all your personal belongings and gear that are not for sale. Taking off your items doesn’t mean turning the boat into an empty vessel. Staging is the key to making it aesthetically appealing to buyers.
Add a fruit basket, a bouquet of flowers, pillows, towels, and many more. Making a good impression can make a difference, which becomes an integral part of the selling process.
Prepare all the paperwork for the yacht sale
Before selling your boat, get the documents in order and prepare everything ahead of time. Here are some required documents to be presented:
- Bill of sale: This document outlines the terms of the transaction between the seller and the buyer. It also includes the legal transfer of ownership. In the document, you can see the description and hull identification number, purchase date, price, and the signature of both parties.
- Maintenance papers: These show detailed records of your yearly maintenance.
- Warranty documentation: It’s proof showing that there are no outstanding claims on the boat.
- Proof of compliance: Check if your boat requires compliance with any authoritative bodies in your area. This additional document will certify your boat’s eligibility for sale and use.
- Guarantees: This document should be prepared and passed on to the next owner.
- Technical specifications
- Insurance certificate
- Boat Registration Document
Be ready for pre-purchase yacht inspection
A boat pre-purchase inspection done by a professional marine surveyor is required. It helps you inform of the overall condition of the boat and determine the boat’s value.
You will receive a written report that entails a description of the boat and the onboard system, plus the conditions of the vessel and the current state of the equipment. If your boat went through this inspection, many buyers will make an offer.
Know how to negotiate
Negotiation is part of our everyday life. This is also true when buying and selling a boat. Know your expected price selling range, then negotiate with the buyers between that range.
There are four main points that boat buyers usually negotiate, such as following:
- The cost of repairs to be done
- Accessories included in the boat that buyers wanted to remove to lower the price accordingly
- The global price when comparing the boat’s price to cheaper units in the market
- The free-charge extras, like installing hard-standing storage in advance or delivery of the boat where the buyer wants to keep it
Register the sale of your boat
Last but not least is making sure that you have done all the paperwork so that it can be registered with the appropriate authorities.
Work with a professional: Alternative way
All these tasks may seem daunting if you do it all by yourself. Selling your yacht by yourself is impressive, especially if you have the knowledge, communication skills, negotiation, documentation, and lots of time.
If you’re not familiar with the process, do it right with the use of a professional yacht broker. We’ve seen that selling a yacht is a time-consuming process, so we at Fort Lauderdale Yacht Broker can assist you throughout the process while keeping your best interest in mind.
A good yacht broker has a detailed knowledge of the process and the market. He has an access to in-depth database of brokers around the world. Here at Fort Lauderdale Yacht Broker, our team of professional brokers is highly experienced in the sale of a yacht.
With years of experience and expertise, our brokers can advise you on a realistic price based on the market and the boat’s condition. Here’s how yacht brokers work when selling a yacht:
What will a yacht broker do for the seller?
Yacht brokers can make the selling process go smoothly from the beginning up to the end. Here are some ways a yacht broker will help you sell your boat:
- Determine an appropriate asking price: To ensure your boat will be sold timely, it’s necessary to ask for a fair price. A professional broker can establish a fair-market value for the boat through access to brokerage firms.
- Plan an effective promotion: The broker will prepare a strategy for how the boat is to be advertised most effectively. He will make a strategy that has the best chance of reaching the most interested and qualified audience for your boat.
- Prepare to list: The broker will prepare the listing for the public in different electronic and print media. Sellers who have listed their boat for sale with a YachtWorld broker will see their listing promoted on Yachtworld, on the website of the Yachtworld broker, and on other sites.
- Prepare the listing for multiple listing services: When you list your boat with a Yachtworld broker, your broker will also prepare the listing for co-brokerage using the private BoatWizard MLS. The YachtWorld comes with over 2000 member brokerage firms, all who have access to it can enter this MLS system.
- E-broker: A professional broker has multiple tools and services that can help him promote your boat to buyers and other brokers.
- Follow the YachtWorld Member Policies: All professional yacht brokers are under the Yachtworld policies. While listing agreement varies, it contains the same elements that you would expect in any legal agreement.
- Prepare the boat: The broker can give you advice on any improvements and repairs that you should do to make your boat competitive in the market. He will also help you identify potential problems and solutions. The broker can help you relocate your boat for easy access viewing during the listing process.
- Gives professional service: As an expert in the field, a yacht broker understands the principles of the brokerage profession, such as certificates or transfers of ownership, bills of sale, security agreements, and other legal documents needed to register the boats.
He is knowledgeable of the maritime and admiralty liens for every type of vessel they represent. They know about agency contracts, listing agreements, and mortgaging.
- Assist with the sea trial and survey: The buyer usually requests a sea trial and the services of a marine surveyor. Your yacht broker will attend these activities and help you address any seen deficiencies during the purchase negotiations.
- Showcase excellent negotiation skills: Your broker acts as a middleman to keep the transaction between you and the buyer to get a successful conclusion.
Indeed, yacht brokers are great to help the sales process. If you’re looking for one, consider the professionals at Fort Lauderdale Yacht Broker. Call us at 754-704-9436 to know more about our services.