| Your broker hasn't called in months and you're still | | | | yourself to make it look worthy of the asking price. |
| making payments to your lender, insurance company | | | | Do not limit the cleaning to the top-sides; get down in |
| and marina. The For Sale sign has faded and fallen off | | | | that engine room and make it sparkle. A spic-n-span |
| the boat. Your broker suggested your boat would | | | | boat will bring you exponential returns. Make sure you |
| make a good donation to a charity because no | | | | get the clutter out. Clean out every closet, cabinet |
| offers have come in and there is little interest in your | | | | and cubby hole of personal gear, clothing and old |
| boat. Stressed? | | | | Doritos. The emptier the better, as it makes the |
| If your boat is buried in the "graveyard" of old boat | | | | boat appear larger. If you are using the boat while it's |
| listings, you have lots of company. A premier on-line | | | | being marketed, purchase a couple of gear bags and |
| listing venue for boats and yachts for sale had more | | | | bring your personal items with you when you use the |
| than 115,000 boats listed at the time of this article, | | | | boat and then take them home when you're done. |
| up from 83,000 listings just over a year ago. It | | | | 4. ENGINE HOURS AND MAINTENANCE HISTORY. |
| stands to reason, if you want your boat sold it had | | | | Ask three different mechanics the life-span of an |
| better stand out from the rest. Here are a few | | | | engine and you will get three different answers. 1,500 |
| things you can do to: | | | | hours on a gasoline engine? 3,000 hours on a diesel |
| 1. PRICE IT RIGHT. Overpricing is the single most | | | | engine? What is the normal amount of use in a |
| common reason boats don't sell, and you need to | | | | season? There are no hard and fast answers as it |
| listen to your broker. If price didn't factor in, potential | | | | depends on how the boat was run and the |
| buyers would simply purchase a new boat free from | | | | maintenance history. Run the engines hard and you'll |
| the headaches of past ownership. | | | | shorten the life. The safe answer is to ask a |
| Boats, like art, are only worth what a buyer is willing | | | | manufacturer's representative and arm your broker |
| to pay so put yourself in the buyer's shoes. Chances | | | | with the information, as buyers have preconceived |
| are, you'll be a buyer yourself for your next boat | | | | notions about engine and generator hours (usually |
| once yours is sold, so don't expect to sell your boat | | | | from their friend Ralph who really knows boats) and |
| at retail and buy your next boat at wholesale. | | | | it is up to your broker to dispel any misinformation. If |
| Guidebooks on the market may tell you the "book | | | | your engine hours are higher than the norm, expect a |
| value" of your boat, but when sellers greatly | | | | lower offer. |
| outnumber buyers, that book is only good for | | | | If you are the meticulous type and keep every |
| sopping up spilt oil in the bilge. Unless you have a one | | | | receipt and work order for all repairs and |
| of a kind vessel, setting the price too high drives | | | | maintenance then you get high marks. This will go a |
| away potential buyers in an already saturated | | | | long way towards convincing a potential buyer that |
| market, so making it known you are negotiable alerts | | | | you maintain your boat. If you do not have these |
| buyers that you're unlikely to waste their valuable | | | | records then spend some time with your marina's |
| time. | | | | Service Manager or whatever repair service you use |
| 2. PROFESSIONALISM Your yacht broker is in Fiji for | | | | and obtain copies. |
| the winter and his wife is answering the phone. | | | | 5. MARINE SURVEY. No buyer wants to waste time |
| There are yacht brokers and then there are | | | | or money on a boat that will not pass muster. A |
| proverbial "used car salesmen" who talk the talk but | | | | buyer in contract will spend hundreds if not |
| fail to walk the walk (or the dock for that matter). | | | | thousands of dollars on a survey and the last thing |
| Choose your broker wisely and rely on satisfied | | | | they want to do is walk away from the deal. The |
| customer referrals. Don't be afraid to ask what he | | | | boat advertised as having a current survey will |
| she is going to do to earn your business. Where and | | | | receive inquiries faster than one without. The survey |
| how are they going to advertise your boat? Will they | | | | also provides you with a list of discrepancies to repair |
| advertise only locally or nationally/internationally? Are | | | | and helps price the boat at fair market value. If your |
| they going to take pictures and submit complete | | | | boat sits on the market for a year, you will have lost |
| listings of all options and history? And very | | | | more than the cost of a survey. |
| importantly, are they willing to enter into a | | | | 6. EXTENDED WARRANTIES. If your boat is less |
| co-brokerage shared agreement with other brokers? | | | | than six years old you might be eligible for an |
| A fair portion of most brokers' business is | | | | extended warranty or after market protection plan. |
| co-brokerage and it is a very important aspect of | | | | Buyers love guarantees and warranties provide them |
| selling your boat. Remember, you are paying a fair | | | | with peace of mind. You do not have to buy it when |
| commission (typically the industry standard is 10%), | | | | you first list your boat (unless not doing so will put it |
| so make the broker earn it. | | | | out of date) but tell your broker to include it in the |
| 3. CONDITION I can't tell you how many times an | | | | advertising as a point-of-purchase inclusion. |
| owner has told me their boat is "an absolute 10" but | | | | Spending a little money now will save you thousands |
| when I get there it's an absolute five. If your boat is | | | | in the long run. If your boat lingers for one full year |
| advertised as mint, meticulous and turn-key but in | | | | on the market, it will cost you five to seven percent |
| reality is imperfect, unkempt and broken key, will a | | | | in depreciation along with the out of pocket |
| potential buyer meet your asking price? To the | | | | expenses of dockage, insurance and upkeep. It |
| contrary: any buyer still interested is going to low ball | | | | makes sense to price it right, clean it up, and work |
| the offer, citing wear, tear, and repair. | | | | with your broker to ensure your boat successfully |
| So clean up your boat. Hire a detailer or clean it | | | | sells. |