For Sale: Brokers Fees

[aclmck]

Originally Posted by daletournier

Could you tell us the name of the brokers in those two countries? Im looking online at boats in those countries amongst other's with intentions of flying to Europe in November.

A big part of the business I had involved sales, ive given 4 brokers the opportunity to build a relationship with me, none have tried.

If a broker explains to me that he will be charging me to buy a boat from him I will be explaining to him that I will be deducting his commision from my offer, therefore I will not be paying his commission.

After doing Just what you are i found that if you are intending to fly to Europe then you will get a brokers better attention by asking which airport to fly into ,how to get to the boat and then tell them a date you intend to be in their area, one thing i found was that in some areas they will then produce boats that were never advertised but are for sale in that marina or one nearby
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The boats i looked at are now sold but as i pointed out in a previous post the brokers are not hiding the fact so you are well aware before making an offer on the boat, in my case i simply deducted the commission amount before my offer.
on Yachtworld if you look at the Lagoon 400 for sale in Italy it is clearly stated and highlighted that this is the case.

In My case i asked each Broker what the rules were for a sale Step by step , when monies were to be paid, when surrey is done what are the rules etc,
and although similar their are variations in some countries that made me uncomfortable (italy being one of them) i would always be in that country beside a boat i was buying with a translator to ensure my interests were being maintained.

[aclmck]

Originally Posted by DailyLunatic

Does Broker get percentage, or is his fee fixed? I assume he will get more money the higher the selling point. He does better if price is high.

Ask to whom he has the fiduciary responsibility.

If he blinks at that... run. You don't want to deal with a broker that will not/cannot answer that question, or is unfamiliar with the concept of a fiduciary responsibility.

Its a good question to have in your back pocket for most financial transactions.

I ran into something similar when I bought my house. Oklahoma apparently splits the buyer/seller fees. Realtor wanted to represent both seller, and me (and thus get both ends of the transaction). That's the way its done, he claimed. I caused a stink and got a different Realtor for my end. Lots of evil eyes at the table, but at least my end got represented...

If fees are split as in my example, is there a way to arrange for your own Broker to represent you, the buyer? Pay him the Buyer side of the Transaction.

-sterling

My Understanding is that the broker gets paid half by the buyer and half by the seller, so by using a buyers broker it may or may not work to your advantage,as i have said before though these commissions are clearly stated at the outset the brokers are not hiding the fact that the buyer has to pay something, in all cases it was a 50/50 split between the buyer and seller and any smart buyer will be deducting this amount from his final offer anyway