The ‘influencer’ yacht broker
Gary had finally found the boat he wanted to buy last Fall. Buyers usually find the boat themselves, and Gary was no exception. He had been at it for a while, and had a very clear idea of what he was looking for. Gary’s fancy was a 50 ft Amel monohull lying in Croatia. And as it turned out, finding the boat was the easiest part of the story.
What followed was an emotional journey dealing with a boat seller who had chosen a sailing personality known for their YouTube channel to assist them in the sale. The fellow Amel owner was to leverage their online viewership to attract a buyer for the sistership, collecting a hefty fee in the process despite having never been involved in the professional business of selling a yacht. In representing our buyer, we became the transaction broker of the seller and their YouTube associate, educating them in all aspects of the IYBA purchase agreement, deposit, and pre-purchase survey.
While Gary ultimately secured the purchase, many of the headaches and frustrations could have been avoided with the right resources to support the private seller.
There are many circumstances where a boat owner will choose to sell their boat without a broker:
- The price point may not support it: much of the yacht brokerage market commands an 8-10% sales commission, driving brokers to focus their interest on inventory above $200,000 or even $300,000.
- There is not enough equity in their boat to make room for a sales commission: the seller is “upside down”, meaning their mortgage balance is higher than the estimated net proceeds of the boat sale.
- The seller is an experienced boat owner with the skills and the time necessary to lead the selling process.
It’s no wonder some sellers don’t believe in yacht brokers.
