Broker or No Broker

[dingoman]

Can some of you inform me as to if I should use a broker, or not when buying my first cruiser? And if not please advise as to where is the best place to look for noy broker boats. Thanks, PS Please no brokers respond

[sailorboy1]

Unless you are thinking of paying a broker to work with you there isn't really any plus to not have one on the buyers end. If you are going to buy a broker listed boat the boat has already really been priced in a way that has commissions build in.

To find a good one who is going to work with and look out (at least some what) check around at the marinias and yacht clubs for names.

[dingoman]

Thanks for the reply. As a buyer then, what are the advantages of buying a broker listed boat? It seems like 90% of boats are listed by brokers. I of course would like to purchase a vessel without it being an inflated price for commisions etc...............Maybe such as in realestate there is not a lot of ways around it?

[hummingway]

I had never bought a boat before and I appreciated that the broker had researched the tiltle and knew it was lien free and the owners to sell to me. They also managed all the paper work except registration and even there they made sure it all went smoothly. I don't know what percentage he took from the seller but he did work to get them to accept my offer when they were dragging their feet so while he may have added to the cost of the boat I was glad for his involvement. On the other hand I didn't take some of his answers to my questions that seriously since his job was to sell me the boat.

[hglad]

Wheather its your first or last boat you better look at every boat that meets your criteria you can find broker or not. It is the only way you will ever become knowledgeable about boats and what is fair value.

HG

[skipmac]

Hi Dingoman,

I used to be a broker so can give you my opinion from the inside.

Yes the broker will be getting a commission, but I also found that much of the time, boats that were for sale by owner only were priced higher than the same model I was selling. I would attribute that to owners that were too emotionally attached to the boat or that had an inflated idea of the value. So, buying from a broker does not necessarily mean you pay more.

A "good" broker (I'll be the first to admit that there are a lot of bums in the business) will help you select the right boat, steer you away from the lemons and guide you through the paperwork process including clear title, documentation and insurance.

If you are buying a boat a long way from where you live the broker can also set up appointments so you have boats waiting to see when you hit town. Again a good broker will also know if the listed boats are in good condition or sinking at the dock.

I think more important will be a good surveyor. If you end up buying a boat in FL let me know, I have a really good one to recommend.

[dingoman]

Thanks everyone for your replies.I think I have a better understanding of it now!!!!

[sailorboy1]

Originally Posted by dingoman

Thanks for the reply. As a buyer then, what are the advantages of buying a broker listed boat? It seems like 90% of boats are listed by brokers. I of course would like to purchase a vessel without it being an inflated price for commisions etc...............Maybe such as in realestate there is not a lot of ways around it?

Skip gave a good answer. There are good and bad brokers, just like in real estate (and the system works a lot like real estate). Brokers are tytpically getting a 10% commission. And yes they work for the seller, but like in houses the buyer really pays for it in the price. But if you have you own broker and he is not trying to sell you one of his listings, then hopefully he just wants you to hopefully buy the right boat. But you need to do your own homework as to pricing etc either way. And get your own surveyor as that is really the only protection you have.

[gettinthere]

Just remember, the broker gets paid by the seller. so who does the broker work for? Follow the money. There are very few that will truly work for YOU.

You have to be totally prepared with knowledge and understanding of the boat & the market. Then it won't matter who represents the boat.

Do your homework on how to 'survey' the boat so that when you have the real survey done, you will be much less likely to get suprised. Those suprises cost money, even if you walk away from a deal, you've paid good money for the surveyor and the haul out, plus your time and efforts..

A good source is owner groups. If you find a model you are interested in, you might find a good choice within an owners group.