Selling a boat, advice, state of the market & sea trials
Discussion
Rum Runner said:
With regards to photos,as brokers we have to work with what we have got. Many owners will not pay for a valet. Also we would rather people see the boat with warts and all so to speak as many people travel a long way to view .
The last thing you want is a over sold boat, wastes time and destroys reputations.
On a boat with value as yours carries, I would strongly advise you put it through a proper broker and the process done to BMF / MCA standard. Title and paperwork, is a issue if buyers require finance its a long process these days. Control of the funds and outstanding bills, survey, engineers report on engines is all a concern for buyers.
Trying to save a few K by not wanting to pay a broker commission could end up costing you help of a lot more and waste a lot of time.
Many brokerages will feed out to all the major top ten dealer sites such as Yachtworld, Yachtmarket etc.
Feel free to contact me, you maybe out of my geographical area but I can point you in the right direction.
I have a very good relationship with Princess from whom I bought the boat new. I had intended listing it with them and did a similar thing when I sold my Phantom 42. I'm honourable enough to ensure they are suitably compensated for their efforts. We have already discussed a figure which I'm happy with. The last thing you want is a over sold boat, wastes time and destroys reputations.
On a boat with value as yours carries, I would strongly advise you put it through a proper broker and the process done to BMF / MCA standard. Title and paperwork, is a issue if buyers require finance its a long process these days. Control of the funds and outstanding bills, survey, engineers report on engines is all a concern for buyers.
Trying to save a few K by not wanting to pay a broker commission could end up costing you help of a lot more and waste a lot of time.
Many brokerages will feed out to all the major top ten dealer sites such as Yachtworld, Yachtmarket etc.
Feel free to contact me, you maybe out of my geographical area but I can point you in the right direction.
Paperwork wise I think it helps being a 1 owner boat bought new in the UK as a private purchase and kept in the UK all its life. There are no Vat issues and the paper trail is simple. We also have a full consumer credit licence on which I am listed, so that may help. But I take your point.
I suspect I will be buying my next boat through Princess, in fact I already know which one it will be subject to availability when mine has sold. So to some extent I'm proving your argument, although there isn't actually anything available privately. All the private sales tend to either be oddball manufacturers or else people living in a dream world price wise. I think a broker can be useful in advising the owner of what constitutes a sensible offer. I'm possibly slightly unique in that my day job involves negotiating and I think I know what's fair.
Henry
Henry what you said is very fair, one thing I would say and we do find it happens, as you well know it can be the same with cars.
If a fairly recent ( age wise )used boat goes on brokerage with the same franchised dealer there can be a conflict of interest. In hard times when people are selling new boats in some cases less than cost, often a buyers interest in the used boat is swung by the dealer into a heavily discounted new boat.
Also the main dealer will sometimes over price the used boat as to not make the depreciation look scary to a potential new boat purchaser.
End result is that some of these boats end up being over priced and hanging around the dealers on brokerage for long periods. They also quite often stipulate sole brokerage agreements .
I am not saying it is always the case, just more point that it does happen.
If a fairly recent ( age wise )used boat goes on brokerage with the same franchised dealer there can be a conflict of interest. In hard times when people are selling new boats in some cases less than cost, often a buyers interest in the used boat is swung by the dealer into a heavily discounted new boat.
Also the main dealer will sometimes over price the used boat as to not make the depreciation look scary to a potential new boat purchaser.
End result is that some of these boats end up being over priced and hanging around the dealers on brokerage for long periods. They also quite often stipulate sole brokerage agreements .
I am not saying it is always the case, just more point that it does happen.
Edited by Rum Runner on Thursday 19th January 14:55
Rum Runner said:
Henry what you said is very fair, one thing I would say and we do find it happens, as you well know it can be the same with cars.
If a fairly recent ( age wise )used boat goes on brokerage with the same franchised dealer there can be a conflict of interest. In hard times when people are selling new boats in some cases less than cost, often a buyers interest in the used boat is swung by the dealer into a heavily discounted new boat.
Also the main dealer will sometimes over price the used boat as to not make the depreciation look scary to a potential new boat purchaser.
End result is that some of these boats end up being over priced and hanging around the dealers on brokerage for long periods. They also quite often stipulate sole brokerage agreements .
I am not saying it is always the case, just more point that it does happen.
I've spoken with Princess today and it's going on their brokerage. I'm still listing it independently but their fees are very sensible so I'm not looking to cut them out of the equation, merely reinforce what they are doing. I have set the price and there are enough boats outside the Princess network to make valuing it realistically a fairly easy job.If a fairly recent ( age wise )used boat goes on brokerage with the same franchised dealer there can be a conflict of interest. In hard times when people are selling new boats in some cases less than cost, often a buyers interest in the used boat is swung by the dealer into a heavily discounted new boat.
Also the main dealer will sometimes over price the used boat as to not make the depreciation look scary to a potential new boat purchaser.
End result is that some of these boats end up being over priced and hanging around the dealers on brokerage for long periods. They also quite often stipulate sole brokerage agreements .
I am not saying it is always the case, just more point that it does happen.
Since buying the boat in 2007 the list price of a new 42 has increased by 25%, on top of that Vat has also gone up from 17.5 to 20%. I know what the cost (to a dealer) price is of a new P42 and there would be a significant jump even if they were working to merely pass the boat on, particularly given all you are buying is depreciation.
That being the case I'm happy there is no conflict of interest.
Henry
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