Buying a yacht with broker representation vs no representation

[sailpower]

Originally Posted by Bulawayo

A broker just adds to the costs in many parts of the world but does often bring buyer/seller together via marketing. Beyond that I have not seen any value.

Wouldn't bringing a buyer to the seller be the value?

[Dave22q]

Buyer representative is generally not worth it. If you can find a knowledgeable person you trust pay him a consulting fee for a list of things to check and a suggested maximum price. Most brokers would not touch a small transaction like this. Much more important is to spend on a survey especially if you are not an expert. One overlooked flaw can easily turn a reasonable transaction into a disaster.

[TrentePieds]

Quote: "Wouldn't bringing a buyer to the seller be the value?"

That was so when communication and dissemination of information was costly and difficult. It is no longer so.

Brokerage as a "profession" is obsolete and continues to exist only because (as far a real estate brokerage is concerned) it is a "closed shop" protected behind legislation manifesting itself as licensing requirements. It is patently obvious that in that "profession" licensing is not proof of competence nor of honesty. That is why the "profession" fights so hard to retain its "self policing" privilege conferred by the same legislation that permits licenses to be bestowed by the "self policing" agency.

"Yacht brokers" are not subject to licensing in this jurisdiction. Greater caution should therefore be exercised in regard to yacht brokers than is necessary in regard to real estate brokers.

TP

[nautical62]

Originally Posted by sailpower

Wouldn't bringing a buyer to the seller be the value?

Quite the opposite. If there is any value to hiring a buyer's broker, it's that it prevents the buyer and seller from coming together, hopefully providing a more objective middle man.

In terms of knowing about boats for sale through a broker, I don't need a broker for that. I can get online and see that for myself without it being filtered by any individual broker. I can also find boats for sale by private individuals which a broker would never bring to my attention.

[hamburking]

Originally Posted by sailpower

Wouldn't bringing a buyer to the seller be the value?

Not in a world where you can search the world from your desktop, and you can reach a global market with just a few keystrokes.

Welcome to the 21st century.

[jmschmidt]

How much do you know about boats?

Personally I wouldn't waste money on surveys or brokers. I'm perfectly capable, as are many on this forum, to conduct a survey on small pleasure craft (say under 60') which would be far superior to most I've had to pay for. Unfortunately if you need insurance or financing, no matter what your level of knowledge and experience you need a survey.

As for brokers, if you don't trust yourself to negotiate for a used car you my find some comfort in a boat broker.

But make no mistake, you have absolutely no practical legal recourse against incompetent surveyors or less that honest brokers. With the boat market, even for new boats, it is still LET THE BUYER BEWARE, I don't care how many certifications surveyors and brokers have or how many "professional" organizations they belong to.

[parrotsailor]

Originally Posted by BAOSIN

I am planning on buying a used MacGregor 26. It's not a big boat and is not expensive. Would it be worth it to get an agent to represent me? If I don't use an agent and just represent myself, will I be able to extract a discount from the selling agent?

Thanks in advance.

If the boat is listed with a broker go get your own. It costs nothing and then your broker can look up boat models and years and get the SELL price .Go see the boat and if your happy then place a bid thru your broker.Its quick money for him and costs u nothing. Make sure the trailer is sound and the rigging.Buying this litle mcgreg26 should not be a big deal. The outboard on the back of it is probably a major piece of the price. Good Luck and have fun.

PS

Boats are not an investment they are a liability.The Seller needs to rid himself of the liability. IF someone is paying slip fees etc then you have leverage. If it is sitting for free in someones back garden then less so unless they are moving