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Old 02-05-2016, 15:54   #1
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Broker or No Broker

We are getting ready to retire from our cruising years, and sell our cat. The big question is rather to use a broker or not. Looking for your distinguished opinion on this subject.
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Old 02-05-2016, 16:00   #2
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Re: Broker or No Broker

Scams, escrow, rubber cheques, lookiloos, endless phone calls, buyers who never show up, buyers who expect you to do their homework for them regarding haulouts, survey, documentation change.

What's your time worth
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Old 02-05-2016, 16:48   #3
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Re: Broker or No Broker

Not sure what the broker mafia in Florida is like these days?...... But any reason why you cannot do both?
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Old 02-05-2016, 16:50   #4
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Re: Broker or No Broker

Only bought one never sold one
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Old 02-05-2016, 16:55   #5
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Re: Broker or No Broker

Pick a time frame and try marketing it yourself. Say 6-8 weeks. If you are getting reasonable traffic looking at it, then your marketing is working. You will have a number of brokers contact you while you do this - one might stand out as good if you decide to let a broker market the boat. The biggest thing you loose self-marketimg is a listing on Yachtworld.
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Old 02-05-2016, 17:30   #6
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Re: Broker or No Broker

I sold a 27' boat at around $30,000 without a broker, it was the best of all possible situations but still a PITA. Boat was parked in an area of high foot traffic in the marina and the buyers were a young couple that had looked at all the bargain price boats and decided they wanted one that needed nothing.
They were locals in a small marina area, neighbors sort of, still had to kind of accept on faith that the bank check would clear. Took them for a couple test sails, showed them as much about the boat as was possible before even accepting a written offer. Taught them how to dock and operate under power etc. Had to handle the boat for sea trial and survey, walked them into the marina office to help them jump thru the hoops required to get a slip etc. etc.. They got a larger boat a few years later and are now committed to a plan to remove to a boat in the BVI's.
Just the other day they once again thanked me for getting them started in a lifestyle they love. So rather a rewarding experience but overall a PITA. The boat sold within a month and I didn't start getting any serious responses from the usual online places I advertised on until it was all but sold.
I got best response from the "For Sale" sign on a boat parked next to the best coffee place in the harbor.
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Old 02-05-2016, 17:41   #7
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Re: Broker or No Broker

We are on our 10th cruising cat. Of the 9 we have sold they have all been sold by owner. You should make a few more $'s selling by owner, but the person that benefits is the buyer as you have vastly more experience and knowledge of the boat than any broker, and this benefits the buyer immensely.
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Old 03-05-2016, 01:50   #8
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Re: Broker or No Broker

Unless you are in a rush, give it a try on your own. If you aren't getting results, you can always get a broker later. If you are successful, you keep the 10% brokers fee.


Even if you are in a rush, no guarantee the broker will sell it that much quicker.
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Old 03-05-2016, 04:16   #9
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Re: Broker or No Broker

Unless the rules have changed since I was a broker you can do both.

There are two types of broker listings. One gives an exclusive to a single broker. Doesn't mean you or another broker can't sell the boat but the listing broker will get a (smaller) commission no matter who sells it. This type of listing should come with a guarantee from the broker to put time and money into advertising and showing the boat. If it doesn't then the broker isn't doing his/her job.

The second listing is an open listing. You can list the boat with numerous brokers if you like and sell it yourself. As long as you don't sell it to a buyer that was originally introduced by the broker then you can sell it without any commission. The broker(s) generally don't want to spend money advertising an open listed boat but if it's a good deal and a good boat they will still work hard to sell it for the commission. Open listing can get more brokers working harder to sell your boat since each broker you list it with can benefit from receiving the listing and the selling commissions.
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Old 03-05-2016, 05:31   #10
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Re: Broker or No Broker

Quote:
Originally Posted by JusDreaming View Post
We are getting ready to retire from our cruising years, and sell our cat. The big question is rather to use a broker or not. Looking for your distinguished opinion on this subject.
I don't know where you are located exactly, but I just bought my first sailboat through a broker named Steve Purcell on Marco Island in Florida and I cannot recommend him highly enough. If you'd like his contact information, PM me.

Good luck!

-t
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Old 03-05-2016, 07:56   #11
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Re: Broker or No Broker

As far as I know (think) there are only three states that require a broker to be licencesed. Calif, Florida, cant think of the third. I am in California and have always sold by owner. I bought through a broker once because I needed a slip and that seemed the only way to be guaranteed one. He got me one for 3 months because they were going to remodel. He and the brokerage owner promised me that they would get me something else before the end of the 3 months. Yeah! guess what happened. If you go through a broker get it in writing or save the commission and do it yourself.
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Old 03-05-2016, 08:56   #12
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Re: Broker or No Broker

In this letigious society I look at using a broker akin to cheap insurance. Dealing with the public on a large ticket item can be arduous and outright dangerous. I know of a current litigation against the seller three years after the sale for not disclosing that the boat had been grounded at sometime in the past. Not withstanding the lookie loo's, financing not coming through, people not showing up and legions of neophytes trapesing through your boat it can be very dangerous. A few years ago, here in Newport Beach, a couple showed their boat to a prospective buyer. A couple with a baby came aboard their 50' power boat and during the sea trial, murdered the senior couple tying them together with duct tape. Wrapping them with anchor chain they were thrown overboard to drown in 100' of water. 10% commission to alleviate any of these issues? Count me in !
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Old 03-05-2016, 09:27   #13
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Re: Broker or No Broker

Yacht Murderer: I 'Never Really Felt Evil' - ABC News
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Old 03-05-2016, 09:37   #14
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Re: Broker or No Broker

A good broker is worth their weight in gold but not every broker is good.
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Old 03-05-2016, 09:47   #15
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Re: Broker or No Broker

An opinion from a buyer. When we started off on this journey we started out with a broker. 3 trips across country close to $6,000.00 in travel expenses working with a broker and no boat we changed our game plan (one of the boats he sent us pictures of that made us schedule the last trip had to have had their pictures taken on the maiden voyage as it was not even able to float on its own when we got there). We have purchased 3 boats and one from a dealer and the other 2 by owner. We will be looking again in 3 years and will start our search with boats for sale by owner.
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