Selling Your Boat, To Broker or Not?

[geoleo]

I have sold 1 home and 2 cruising sailboats thru craigslist

[valhalla360]

1) Is the boat nearby making a showing easy?
2) Do you have time to do showings when the buyer is available?
3) Do you have the temperament to treat it as a business arrangement rather than selling your 1st born?
4) Do you have a good feel for the real market value?

We haven't had great luck with brokers. For a few thousand in my pocket, I can deal with the occasional tire kicker.

Just download a sales agreement online and make sure to go to your bank for the money transfer and have your bank confirm that the money is in your account and they can't claw it back.

[MicHughV]

Brokers get a lot of heat these days....the good, the bad and the ugly....

The 10% brokerage fee is often touted as the big "turn off" when listing with a broker...but the actual broker selling the boat does not get that 10%......the " house" takes the big slice, typically 5%, and if the broker has to share the commission with another broker (very common with MLS listings), his commission gets cut in half again...so he might be lucky to walk away with 2.5%.....a far cry from the 10%.......so his motivation to sell a boat depends very much on a variety of reasons. If he has to drive a long way to show a boat for only 2.5% commission, knowing beforehand he is dealing with a tire kicker, his reluctance is understandable.

Setting a reasonable "selling" price for your boat is the big question. Most sellers, anticipating the 10% fee, tend to add this to their asking price...with the result the boat sits on the market for a very long time.

I've tried both routes, and after having to deal with the umpteenth tire kicker wasting my time, elected to go the broker route. You can recognize a tire kicker as they walk down the dock and you'll know right away to get them off the boat as soon as you can before they waste your entire day.

But, the bottom line is the same. An appropriate selling price and clean boat is key.

That's the problem, most boats for sale, are just left to languish at a marina, with the owner far away. The broker is not going to clean the boat for you, that is up to you.

A prospective buyer has the option of looking at many boats in your size and price range, so to make yours stick out is the key.

One advantage a broker will have over an " owner" selling his boat, is his ability to access other similarly listed boats, the year, condition, etc, their " ask" price and their " selling" price, when they were sold, how long they were on the market, etc....this is often a hard pill to swallow, as a broker will tell you right away" look here, this is what these boats are selling for" dashing your hopes right off the bat, prompting you to consider selling the boat yourself...

But you could easily " waste" an entire year trying to sell your own boat...in the meantime, your dockage, insurance and likely boat payment do not stop.

If you are making boat payments, there is the very real chance you will be " underwater", ie, your boat is worth less than what you still owe as time drags on...and YOU will have to bring $$ to the closing table.

Think wisely, before selecting your options.

[zstine]

I just sold my boat for $40k (asked $44.9k) advertised on sailboatlistings.com. I had 4 offers in 4 months. 1 deal failed b/c Covid. 2nd deal failed b/c of crazy buyer's broker. 3rd offer sold the boat. 4th offer received 2 days after 3rd, so I had a back-up. I had 6 people look at the boat, 4 of them made offers. There were several others who called/emailed, but I didn't have many 'tire-kickers'. The buyer who brought his broker demanded 10% and that I sign a listing agreement so the broker had rights on the sale. I didn't like that and the broker/buyer walked.


If a buyer brings a broker, make sure the terms of the broker's payment are clear and do not sign over listing rights of the boat or the broker can take his commission even if you sell to another buyer. If you listed the boat yourself, I would only offer 5% of the selling price to a broker OR tell the buyer to pay the broker directly.


With no broker, you need to write up a Purchase and Sales agreement (find a standard one on-line and modify to your liking) and sign over the USGC documentation and a Bill of Sale (form CG-1340) assuming you are documented, they need to be notarized. That's it. Documentation took me a few hours total. Was easy and worth saving almost $5k IMO. Buyer paid with a bank certified check. no issues

[aybabtme]

I'm about 2h away from the boat, so I'm thinking it'll be painful to drive there for every showing. I might try to list it myself for a week or so and see how it works out. If it's too much trouble, I'll get a broker? How does that sound?

[valhalla360]

Originally Posted by aybabtme

I'm about 2h away from the boat, so I'm thinking it'll be painful to drive there for every showing. I might try to list it myself for a week or so and see how it works out. If it's too much trouble, I'll get a broker? How does that sound?

If you aren't in a rush, that's a great option.

You can always bring on a broker later but once you sign with a broker, you have to run out the contract or pay them even if you find the buyer. and the broker does nothing.

[zstine]

Originally Posted by aybabtme

I'm about 2h away from the boat, so I'm thinking it'll be painful to drive there for every showing. I might try to list it myself for a week or so and see how it works out. If it's too much trouble, I'll get a broker? How does that sound?

Don't be worried about scheduling a time that works for you. For example, I scheduled 3 showings in 1 day so i didn't have to drive as much. If you are like me, you have a long list of stuff to do to the boat to help it sell. So I imagine you are going to travel to the boat every few weeks anyway. Just schedule showing the boat when you plan to be there. But yes, if that's too much of a PITA, then broker up.

[sailcrazy]

Following. We have sold a older 33' sloop by word-of-mouth.....it was a hassle and PITA!. Some years ago we listed our boat with a local broker...we found more interest than he did, but nothing ever came of it and we still have the boat. On the other hand, we initially bought our boat via a broker, who was extremely helpful on several fronts;the boat was in a different city and country, she earned every dime of her commission, and I was glad to pay it. Unlike a car, with no warranty or guarantee, selling a boat means you (the seller) need to explain/have an answer for every little thing a potential buyer-or surveyor-may come up with. Seems a good broker (operative word-good), who can run interference for you and save you the day-to-day hassle, may well be worth the cost. Just like a realtor....some are really good, and some.....should not even suit up-they just get in the way!