Vessel transactions usually involve large financial investments. Transactions today usually exceed $100,000, and in some instances can exceed $3,000,000. If you had a $100,000 income tax problem, would you attempt to handle it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in yacht brokerage without the professional assistance of a qualified Yacht Broker. But if you are still not convinced of the value of a Yacht Broker, here are a dozen or so more reasons to use one.
WHEN BUYING A VESSEL
Professional Yacht Brokers have resources available to them that most
vessel buyers do not have. In particular their access to sophisticated
and reliable multiple listing services can save time in narrowing the field
of yachts that meet a buyer's requirements. A broker's participation in
professional yacht brokerage associations also provides the connections
necessary to find those boats that are not yet on the market or that are
not being actively marketed by their owners.
The Result: You, the buyer, have a qualified list of yachts
to choose from and more time on your hands to look them over.
A Yacht Broker can assist in the selection process by helping the buyer
clearly define his yachting requirements and by providing objective information
needed to evaluate each vessel. Sometimes it is necessary to have that
more objective point of view.
The Result: You the buyer, have a better understanding of what
you want and need and a list of pros and cons to help with that final decision.
Yacht Brokers can help in the negotiation phase of the project. There
are myriads of negotiating factors, including but not limited to price,
financing, terms, date of possession and often the inclusion or exclusion
of repairs and furnishings or equipment. There may be give and take associated
with every step and often it is good to have an objective, experienced
broker to help sort it all out, to prepare a purchase agreement and to
manage the escrow.
The Result: A smooth closing.
Yacht Brokers can provide local information on different vessel services,
such as, engine repair, dockage, and inspection services.
The Result: Quality and affordable services.
An experienced and professional Yacht Broker will advise the buyer throughout
the due diligence process of evaluating the chosen vessel. Recommending
the extent of the survey to be used in the inspection and helping to identify
the most qualified individuals to conduct the surveys are two key functions
of a knowledgeable and experienced broker during this phase.
The Result: A clearly defined survey report to ensure that the
buyer gets what is paid for.
The Yacht Broker can assist in yet another step in due diligence process,
making sure that the title to the vessel is clear. Title indicates ownership
of the vessel and can be mired in a confusing status of past owners or
rights of access. If the vessel is a foreign flagged vessel, set up as
a corporation, or existing under any number of other special circumstances,
the services of a professional yacht broker will become even more valuable.
The Result: A smooth closing and clear sailing for the buyer.
A Yacht Broker can help the buyer understand different financing options
and aid in determination of actual buying power. Given some basic information
about available savings, income and current debt, the broker can refer
the buyer to the lenders best qualified to provide the necessary service.
The Result: Long term financial stability for the buyer.
A Yacht Broker will guide you through the closing process and make sure
everything flows together smoothly.
The Result: A happy buyer.
WHEN SELLING YOUR VESSEL
A Yacht Broker is obligated to get maximum exposure to each and every
Central Agency Listing. Advertising to the public is a critical factor,
but the fact is that it is a rare occurrence for a broker representing
a yacht to provide the buyer. In most markets across the country, over
75% of vessel transactions are cooperative sales through other yacht brokers.
And who is best equipped to reach those other brokers, Your Yacht Broker!
Through worldwide Multiple Listing Services and other cooperative marketing
networks, open houses for other yacht brokers, or personal contacts, Your
Yacht Broker has the tools to maximize exposure to your yacht.
The Result: Qualified buyers on your vessel.
During the selling process, Your Yacht Broker can give you up-to-date
information on what is happening in the marketplace including price, financing,
terms and conditions of competing vessels. Often, Your Yacht Broker can
recommend repairs or cosmetic work that will significantly enhance the
salability of your vessel. These are key factors in getting your vessel
sold at the best price, quickly and with minimum hassle.
The Result: Quality offers.
Your Yacht Broker will know when, where and how to advertise your vessel
to the public. Responses to advertising are prescreened so that only qualified
prospects are shown through your vessel. You, the seller, can be free of
concern about the safety of your property as Your Yacht Broker accompanies
prospects during this preview process and beyond.
The Result: More free time for the seller.
Your Yacht Broker can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls. Your Yacht Broker can help you write a legally binding, win-win agreement that will be more likely to make it through the process. The Result: A smooth closing.
Your Yacht Broker can help close the sale of your vessel. Between the
initial sales agreement and closing (or settlement), questions may arise.
For example, unexpected repairs are required to obtain financing or a cloud
in the title is discovered. The required paperwork alone is overwhelming
for most sellers. Your Yacht Broker is the best person to objectively help
you resolve these issues and move the transaction to completion.
The Result: Less Stress for the seller.
