Many people, in dire hope, to save money, try to buy yachts on their own. But they fail to realize that this act can cost them substantially more than the fees of the broker itself. Plus generally it’s the seller who has to pay the commission so why would someone shy away from the broker? Read below to know more.
Firstly, we would like to clarify the roles of a Yacht Broker, which are:
1. Consultants to buy or sell the boat
2. Helps with listing
3. Represents buyers or sellers while buying or selling the boat
Generally, the seller pays the commission but it’s the broker’s duty to assist both the buyer and the seller.
How does a broker help the buyers?
- Basic Probing:
Brokers pay more attention to you when they are working for you. They diligently attend to your every need and requirement while showing you the best option that fits your set prerequisites. They can also fetch you similar options, their history (usage), the reason behind the sell and like. Prices are available for everyone but only a professional broker will be able to get you all the insights that your eyes will miss on your own. They have an industry resource which is unavailable to the public.
- Assisting with Marine Insurance and loan:
Get yourself some additional leverage and time to negotiate the prices by being pre-qualified for a marine loan. At Miami Yacht International Sales, we assist our clients to work through loans and insurance while buying a used yacht for sale.
- Putting an offer on your behalf:
Many people, while buying a used yacht on their own, end up putting an offer that is higher than its realistic or actual price. This will not fetch them any profit in future in case they want to sell it. Brokers can assess the true value of any yacht or boat and will always try to put a fair and realistic offer from your end. Brokers can also help potential buyers to draw the terms of sale and a timeline of these terms.
- Complete Paperwork:
Being in the industry for so long, the yacht brokers tend to know all about appropriate paperwork. They can check for any outstanding loan on the vessel with a paper trail for VAT where required.
- Used yacht investigation and trial:
Buyers aim to try before a buy. But a novice buyer will never be able to tell the hidden problems with the boat. Our tip? Take a broker with you. They have been on several boats to know all the possible hidden problems and how to look for them. Buyers might have to pay for the inspection. Brokers, in turn, can help you estimate the cost of correction and upgrades on your own potential yacht.
- Negotiating and cracking the deal:
Move your negotiations to a successful closure while avoiding unexpected problems.
- The Safeguard:
Safeguarding against existing loans or any encumbrances is very important. Brokers use client account to move your funds for a favorable purchase. Independent transactions, that do not involve a broker can be risky.
- After Sale service:
After sale services of a broker includes maintenance, moorings, help find a local training center to help you gain the best hand at your boat.