If you are trying to sell your boat, you are probably wondering how fast you can finish the process. While there is no one-size-fits-all answer, the main factors are price, condition, and location.
Tips To Sell Your Boat
If you want to sell your boat price is often the biggest factor to consider. You want to price it right from the start in order to avoid it sitting overlooked and unsold in the current market. Start by checking popular internet sites to find a similar model to yours. Note the engine hours, recent upgrades, equipment, and other pertinent information to compare your boat to. Setting the right price from the start is crucial in the success of selling your boat. You should consider contacting a professional yacht broker to help you with this. Many brokers are cooperative, and they will be upfront about why a particular boat has not sold and can give an honest opinion as to what they think your boat is worth in the current market space. Others may not be so honest about what they feel your boat is worth and inflate the price just to get the listing, which actually does the seller a disservice.
Many people put their faith in the pricing guides from NADA and BUC. However, take those prices with a grain of salt. Some sellers have seen many inaccuracies with these guides, as they often do not factor in the true condition and value of extra equipment or upgrades. Once you have all of the data, take some time to analyze it. Be honest with yourself. Price your boat to sell. When it is priced too high, it can sit on the market for a long time without any potential buyers.
Prepare Your Boat
Once you have put a realistic price on your boat, and are ready for buyers to come look at it, you want to make a great first impression. A good price is just one step of the selling process, it also needs to be prepared to impress potential buyers.
Take the time to fully clean your boat, both on the outside and the inside. Wax the hull and be sure the bottom paint is in good condition. Pump out your holding tanks and deodorize if necessary. Buyers will look everywhere when inspecting the boat, so don’t forget to clean bilges, organize storage lockers and inspect engine compartments. This goes such a long way with buyers and is worth every dollar spent.
In addition to that, remove all of your personal belongings from the boat. Cluttered and unkept boats are not appealing to buyers. They want to imagine themselves on the boat, which can be hard to do when there is a ton of stuff in their way.
You also might want to think about surveying your boat prior to listing it for sale. These reports can be made available to serious buyers so they learn more about the condition of the boat before they put in an offer. The survey will point out what needs to be addressed and help any potential buyers decide on making an offer. A professional survey can add some credibility to your boat, and it will separate you from other sellers on the market. If you do plan to have a surveyor look at your boat, be sure they are accredited with an organization such as NAMS (National Association of Marine Surveyors) or SAMS (Society of Accredited Marine Surveyors), which hold their members to a strict code of standards and ethics.
Get Some Exposure
If you want to sell your boat, potential buyers need to see it. You want a spot where there is easy access, especially when many buyers are willing to travel to find their perfect boat. For those with a boat and trailer, think about placing it near a highway for more views. If it’s in the water, choose a marina that’s easily accessible. If you list with a broker, you should think about moving the vessel near the broker’s office. With that, the sales staff can easily show your boat to interested buyers that come to their office.
Pick the Right Broker
You might not want to use a broker to sell your yacht, but it is the best investment you can make to move your boat quickly. It will be a full-time commitment when you are ready to sell your boat. You will have to handle all advertising, showings, negotiations, and contracts. When you hire a yacht broker, you never have to deal with those details – it’s their job to do that. Make sure to find a company with the experience and a proven history of turning listings into sales.
Your yacht broker should do a market analysis of sold boat and current inventory to determine the most competitive listing price for your boat. When a boat is priced incorrectly, it can waste your money and time by sitting on the market for longer than it should. Make sure that your yacht broker is dedicated to your boat. While yours may be one of several boats in their portfolio, they must take time to become an expert on your boat in order to find the right buyer for your yacht. You never should feel that you or your boat are lost in a pile of other boats, or that they are using your boat to sell another.
You also want to ensure that your broker will prepare a high-quality listing for your boat. Before signing with a broker, take a few minutes to check their other listings. They should have quality pictures and accurate descriptions featured not only on their company website but also on the top sites such as YachtWorld.com, BoatTrader.com and Boats.com that buyers frequently go to when they are looking for a boat to buy. Your broker should also be communicating to you on a regular basis any updates, showings, leads and potential issues with your boat to keep you informed at all times. They also hold all funds in a protected escrow account which makes buyers feel more secure during the transaction. When it comes time for closing, your broker will handle all of the paperwork and legal documents to smoothly (and legally) transition your boat to the new owner.
Selling a Yacht Can Take Time
Typically, once you get an accepted offer and a deposit on your boat, you can expect to go to closing within a few weeks. With the right price and marketing, you can quickly find a buyer for your yacht. If you want an accurate timeline, think about asking for help from a professional yacht broker.
Let Us Help With Your Sale
At Yacht Brokers of Annapolis, we can market and sell your boat. From scheduling showings to finalizing contracts, we will take care of all those details. You can schedule a consultation by calling 410-206-2755.