REPRINTED FROM SEA MAGAZINE, AUGUST 2012 WRITTEN BY BOB SHERMAN, YACHTSOURCE “I’ve been boating for many years, and am quite knowledgeable about boats. What’s the advantage of having a broker represent me with my next purchase? It seems like I could save money shopping for myself.”
Like many professions, there is no shortage of yacht salespeople who would like to have your business. Granted, not all salespersons or Brokers have extensive boating knowledge, years of experience, and sterling reputations. Fortunately, there are also many true professionals who can provide you a wealth of knowledge and valuable advice, every step of the way. Regardless of your strong boating background….if you don’t go through the “buying process” on a regular basis, it makes sense to work with someone who does.
To keep things going smoothly, the guidance of a professional and reputable Broker can make all the difference in the world. Buying a boat is a major purchase….probably your largest expenditure, with the exception of your home. There are overwhelming types and models of boats to choose from. There are countless decisions to make, and a lot of money is at stake. An experienced Broker has been through this process hundreds of times. All that knowledge can be put to work for you, to help you make sound, educated decisions.
Oddly enough, you might appreciate a trusted Broker’s expertise and guidance even more if something goes wrong, than if things are going right. A good parallel is an airline flight. You don’t think twice about your Captain’s skills unless your plane happens to lose both engines over the Hudson River! Suddenly that skill really matters. This may not be life or death, but having a good Broker “at the helm” of a transaction can only be a good thing for a buyer, experienced boater or not.
Keep in mind that it’s a rare boat deal when all goes smoothly from start to finish. There are almost always some snags in a transaction, especially in this economy. In fact, it takes very little these days to hit a deal breaker. The Brokers are the ones that continuously resolve issues and keep it all together. That’s why we Yacht Brokers have jobs. If our job was that easy, everyone would be doing it.
A good broker will have a sixth sense, to not only guide you to the right boat, but will also be on the alert to avoiding potential problems before they even arise. It’s important to know when to scrutinize facts and do more investigation; when to persevere; and sometimes…when to cut and run. A Buyer’s choice of lender, surveyor, or mechanic could also make a big difference in your experience. A good broker will help you choose only from the very best sources available.
CYBA Yacht Brokers use special contracts that have been revised and fine-tuned by Maritime attorneys over many years. In addition to covering the basics, they fairly address the most common complications up front, to help avoid problems or misunderstandings down the line….things you may have never even thought about. These contracts provide the best protection for all parties involved.
Lastly, the Seller pays the brokerage commission, which is split between the brokers. It costs a Buyer no more to have their own Broker represent them. Whether buying or selling, you will be more comfortable knowing that your trusted Broker is there, helping you make sound decisions before, during, and after the sale.