Learning During the Selling Process

[Jim Cate]

G'Day all,

Here's a "learning while selling" story:

A few years back when we had already purchased Insatiable II we got serious about selling I-one. I spent a couple of weeks tarting her up, placed all the appropriate ads and waited for the buyers to flock in waving money at me.

A fair number of lookers, one who would have bought the boat but lacked adequate financing, no real action. We wanted to go offshore in the new toy, so reluctantly placed I-one in the hands of a broker we knew. He said "ya know, I think the lack of response was your price point... it's so low for a boat like this people think there's something wrong with it". " Hmmm... oh, ok, I guess I would take more, so go for it", I said. So he bumped the listing from 95K (my price) to 125K (his price). Off we went to New Caledonia. A couple of months pass, and I received an e-mail from him : "Jim, we're not getting any action on your boat. I think that you are asking too much for her".

Well, she finally sold 18 months after my initial efforts, for 87K, and I was damn glad to get it.

I don't think the broker was dishonest or really misleading, but it surely was a lesson for me. 18 months of marina fees and grudging upkeep on my part were a real drag. A dose of fiscal reality early on would have been a better idea IMO.

I have no intention of selling I-2 until I'm taken off in a pine box or wrapped in my hammock and tipped over the side (hope against hope), so maybe I'll never have to make this sort of decision again!

Cheers,

Jim

[Cheechako]

Yeah, when I sold my Hans Christian 38 (pictured at left) every one listed was $135k or so...yet they never seemed to sell. Mine was listed for that on the broker's advice and was on the market about 18 months also and sold for $90k (pre-recession)