Helping someone sell a boat

[JonathanSail]

Hello,

I've got a friend that has mentioned my helping them sell their boat. I've helped other sell their boats with success in the past and have enjoyed the process, but those were small boats of little value. The boat that my friend wants to sell is likely to sell for around 100k or so I am guessing. The reason that I've helped folks sell their boats in the past has been because they were less familiar with selling and marketing online. Due to their age/etc. they haven't wanted to learn about these things but also didn't want to list the boats with agents. I've told this friend who recently asked me about helping them sell their boat that it will be best for them to work with an established broker since that broker can properly handle all of the paperwork and details that will need to be handled during the sale.

Now I'm curious what would be involved in selling this boat. I assume that the buyer may be represented by an agent and that after looking over the boat an offer and purchase agreement would be negotiated and agreed upon. After that a surveyor hired by the buyer would need to look the boat over and then a sea trial would also be in order. After that final negotiations would take place and then to complete the purchase I'm assuming that a lawyer or the buyers agent could produce the contract and advise on processing of all necessary paperwork. I'm not sure that I would want to involve myself with all of that, or that I would be able to handle it properly but I wanted to get a better idea of what is involved and if folks sell their boats themselves how do they handle it? Do most sellers hire agents/brokers to handle all parts of their boat sale? What percentages and fees do the agents/brokers typically take?

I've read up a bit on this online, but haven't found the kind of information that this forum is so good for which is often the kind resulting from first hand experiences of experts in unique situations.

Thanks,

Jonathan

[minaret]

Typically if you don't want to involve a broker and their accompanying exorbitant fee, you can use a marine documentarian to do all the legalese for you. Average price for handling a transaction with all accomanying docs is about $500-$900 depending on complexity. Many brokers use a documentarian, but they will not tell you that. These days you are just paying them so you can list the boat on Yachtworld. In some cases it might be worth it.

[Tony B]

Just say "NO"

[Ocean Girl]

The market for boats 100K and up is pretty bad, and that's in this bad market. From what I hear, 50K and under are doing the best. Boats on average are taking at least a year to sell. My 2cents would be to find a reputable brokerage house and list with them. If your friends are hell bent on trying to sell themselves, them I'd put a 6 month goal. List in craigs list, boat us, soundings,** manufacture forum**. If you don't sell after 6 months, then list with a broker. Again just my 2cents.

I use to sell boats. I was 25 and only did it for one year so not a lot of experience. I stopped because I just couldn't handle the 'used car salesman' atmosphere. The flip side I just loved rummaging around boats and helping people connect with their dream boat. I sold a bunch of boats!

Anyways, if you are serious, pm me and I will give you a general sketch of the selling process along with a copy of a recent purchase agreement from a reputable brokerage house you can use as a template.

I am in transit ( on land headed for Wyoming ) so it may take a day or up to a week to get you this info.

Cheers,
Ocean Girl

[Sea-Dog]

If you want to remain friends ... document the understanding of what services you will be providing and what each friend's expectations are.