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Old 21-01-2016, 08:16   #1
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Brokers question

I'll explain my story and plans at a later date but for now this is my first sailboat purchase. I'll be flying into Ft. Lauderdale and renting a car on March 26th and will be looking at boats until I find the one that I want and will buy it right then. I've researched extensively, inquired about a couple sailboats, and therefore have been contacted by a couple brokers.

My questions are these: What is my obligation to use one or more than one broker to set up boats to peruse? If two brokers have boats for me to examine is it bad form to look at some boats with one broker and some through a second broker? Is it like buying a home where you contract with a Realtor for a predetermined period of time? What if I find a FSBO un-brokered boat?

Basically, I don't want to be rude but intend to get what I want.

Thank you for your input.

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Old 21-01-2016, 08:58   #2
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Re: Brokers question

I think you can do anything you want, but if you sign an agreement between you and a Broker, then I'd assume your obligated to the terms in that agreement.
I started out looking myself, pretty much like your doing, talked to several Brokers and chose one I liked to be my Buyers Broker.
What I was finding that she could set up boat viewings much better and faster than I could, I would often contact Brokers that had a boat for sale and they wouldn't return the call etc., bu they would return hers.
My assumption was that the took a call from another Broker much more seriously, I assumed they got bunches of tire kickers, people who were bored and said what do you think, wanna go look at some boats today?

I'd spend the first few days, with the thought in the back of your mind that you are Broker shopping as well as boat shopping, just in case you decide you may want a Buyers Broker
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Old 21-01-2016, 09:02   #3
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Re: Brokers question

If you get a good Broker, one that is knowledgeable, they can very much help determine what boats to look at, and which are a waste of time, may take a dozen or so to weed through first though.
You may be like me and end up with something completely different than what you thought you wanted
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Old 21-01-2016, 09:30   #4
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Re: Brokers question

So I can "broker shop" as well? Sweet! First new thing I've learned.
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Old 21-01-2016, 09:36   #5
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Re: Brokers question

Remember that the broker represents the seller. That being said a good broker can be a big help so talk to several and if you "click" with one use him if that suits you. A great broker can ease your process while representing the seller.
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Old 21-01-2016, 09:41   #6
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Re: Brokers question

Didn't you shop Realtors until you found one you liked?
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Old 21-01-2016, 09:48   #7
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Re: Brokers question

I didn't shop Realtors. I used a family friend.
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Old 21-01-2016, 09:55   #8
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Re: Brokers question

That's interesting. Maybe a different mindset to Australia, but we would generally visit whichever brokers have the home or vessel of interest with no hesitation about 'offending' another broker. In most cases this works in the buyers favour as the broker informs the seller that there is indeed competition in the marketplace that the broker has no control over. If trusting one broker to negotiate on your behalf with other brokers, I can't see it as being particularly financially viable. Buyers brokers generally split the commission with the selling broker, so would they be more keen to sell a yacht they have listed or sell one another broker has listed at half the commission? Unless the buyers broker is independent, in which case does that leave less wiggle room and incentive for the sellers broker to negotiate a deal?
Personally I would be visiting any brokers that had yachts of interest, arranging inspections and I wouldn't be coy about letting them know I was looking at another yacht with another broker later in the afternoon, and also that the purpose of your visit is to find and secure a vessel with cash 💰
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Old 21-01-2016, 14:03   #9
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Re: Brokers question

Quote:
Originally Posted by monte View Post
That's interesting. Maybe a different mindset to Australia, but we would generally visit whichever brokers have the home or vessel of interest with no hesitation about 'offending' another broker.
Me too, I really don't get this idea of a buyers broker.

If I see a boat on the internet or one with a brokers sign on it at a marina, I contact that broker. If I want a boat or a house in an area, I visit as many local brokers as I can and take a look at what they have "on their books". Then I arrange with each broker to look at any that I am interested in.

Do you guys employ someone to buy your car for you as well?
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Old 21-01-2016, 14:20   #10
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Re: Brokers question

As darylat8750 noted, the broker works for the seller, not the buyer.

I note you plan to look at boat until you find the one you want and "buy it right then."

BE SURE TO HAVE CONTINGENT ON SURVEY AND SATISFACTORY SEA TRIAL IN THE CONTRACT.

The survey will tell you the condition of the boat and costs of any required upgrades or things things that need to be fixed before you purchase. Depending on the age and size of the boat, you may also require a engine and rigging evaluation. All these are a buyers expense, but better to know these a walk away from an expensive repairs.
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Old 21-01-2016, 14:35   #11
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Brokers question

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Originally Posted by StuM View Post
Me too, I really don't get this idea of a buyers broker.

If I see a boat on the internet or one with a brokers sign on it at a marina, I contact that broker. If I want a boat or a house in an area, I visit as many local brokers as I can and take a look at what they have "on their books". Then I arrange with each broker to look at any that I am interested in.

Do you guys employ someone to buy your car for you as well?

Of course not , nor my lawnmower, but then the boat cost a little more than either.
Maybe you can find the boat you want in a week or so, and maybe you can get the selling Brokers to respond.
My search took months and as I was out of State, but close my Broker set up appts of boats for me to see on weekends, set up the Escrow accounts, recommended a good Title search agency, recommended several good surveyors that I picked from etc.
Yes she got half of the sales commission, but that commission was going to be paid anyway, just if I didn't have a Broker, the sellers Broker was happy as they got it all.
So what do you see as a downside to having a buyers Broker?

On edit, if you don't have a buyers Broker, then the only "expert" is working for the seller, unless of course you think your an expert


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Old 21-01-2016, 14:39   #12
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Re: Brokers question

Brokers have available to them assets we don't, like actual sales prices of comparable boats, in my case we found out exactly what the PO paid as he only had it for a year or so.
In my case the PO sort of stripped the boat, as in took everything that wasn't nailed down, but was in the Survey, like handheld, grill etc. my Broker got it all back, without one I guess it would have been Lawyer time.


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Old 21-01-2016, 15:11   #13
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Re: Brokers question

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Originally Posted by StuM View Post
Me too, I really don't get this idea of a buyers broker.
Nor do I, but I'm Dutch and if dealing with a broker, it's usually cos they're the ones selling the boat we're interested in. So you could meet a number of brokers when looking at boats, tho a lot of boats are sold w/out a broker involved.

Having someone help you buy a boat isn't that usual here. At least not for the price range mere mortals usually shop in

There are several (former) world cruisers who now make a (part-time) living helping people look for their blue water cruisers -- but they're not brokers.
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Old 21-01-2016, 16:29   #14
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Re: Brokers question

Quote:
Originally Posted by StuM View Post
Do you guys employ someone to buy your car for you as well?
As a matter of fact I have been using a car broker for about 20 years now. I don't have to subject myself to the song and dance at the car dealership (uh, I have to discuss this offer with my manager .... let's go see the business manager to sell you crap), get better trade in prices for the old car and get a better price on the new car. On top of all that, I don't have to go to different car dealers if I want to buy a different brand car.
Oh, same warranty and the car comes from a local dealer who services it as if I had purchased it there.
Not a single down side I can see ...... and several thousand dollars left in my wallet as compared to buying from the dealer

Re the original question, I contacted all the selling brokers myself as I had no one person I could trust as a buyer broker.
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Old 22-01-2016, 04:21   #15
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Re: Brokers question

The input is much appreciated. Thank you all.
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