How do you find a broker?
several brokers by phone, email or in person before choosing
one to represent you. View the presentation of their other listings
In finding the broker who can best
in print and online. Do they present them as you would like
help you, your first task would be to
them to present yours? Send them an email. Do they respond
search through a comprehensive list of
quickly to it? Do they use the latest technology to answer your
brokers by going to www.yachtworld.
phone calls promptly? Do they subscribe to e-reports to find
com and clicking on SELL YOUR
when competitive or similar listings come onto the market? Do
BOAT. Alternatively, you may use this
they track prospective buyers with online tools? Can they email
same page to attract a yacht broker by
professional purchase and sales agreements to you? Can they
sharing your details with them – click
provide referrals from other vendors?
on ATTRACT A BROkER to get started.
YachtWorld member brokers have access
What is a Central Agency agreement?
to an unparallelled selling platform: they
can reach hundreds of thousands of
Most brokers will advise that the very best way they can
potential buyers instantly by simply listing
represent you properly is to be your sole agent. With only one
their boat on
www.yachtworld.com where
broker and one owner in the communication channel, a clear
it is automatically emailed to anyone who
understanding as to what is going on will be easy to achieve and
has already shown an interest in similar
maintain throughout the process of the sale. When you appoint
boats. The targeted distribution of this
a broker to be your sole representative, he therefore becomes
magazine alsos make sure your boat is
your “Central Agent”, sometimes known as “Exclusive Agent”.
seen by affluent buyers who are ready
Even in the larger brokerage houses, you will maintain a working
to purchase. YachtWorld’s reach extends
relationship with just one person.
globally and is specifically designed to find
The alternative to appointing a “Central Agent” is to appoint
the best buyer for your boat … quickly and
more than one broker, meaning that they each have an “open”
efficiently.
or “non-exclusive” listing. The perception is that you are drawing
Most countries have a governing
against a broad base of experience by spreading the net a little,
body which oversees the actions of the
which is true, but doing so means that your boat will appear
brokerage industry, such as the Association
on websites such as
YachtWorld.com multiple times, which can
of Brokers and Yacht Agents (ABYA) in
lead to confusion between buyers and brokers. This is made
the UK. Some countries even require
worse by “open” listings often varying in the quality of the
full licensing of their yacht brokers and
specification presented by the broker. Remember that if you
arrange training programmes throughout
appoint more than one broker, you will need to manage each of
the year to help maintain excellence,
those relationships to ensure that you and your boat are properly
professionalism and an understanding
represented.
of the very latest legalities involved in
transferring title and large sums of money
How much does it cost?
from buyer to vendor. A good yacht broker
will ensure that he uses this knowledge to promote the seller’s Yacht brokers charge a commission when the vessel is sold. This
interests throughout the sale, protecting him from the many sum is typically a fixed percentage of the sale price and will
pitfalls potentially involved in going it alone. be declared, in writing, when you sign your initial agreement
S
Ensure you do your homework and take advice on finding the with the broker. If you appoint a broker as your “Central Agent”,
inken
best broker to suit you and your boat. Brokers often specialise he may be introduced to a buyer through another broker on a
G
W
OR
in certain boat types, or sizes, or regions, so choose a broker co-brokerage basis, in which case the total commission would
: Ge
O
M
who already represents boats similar to yours and who operates normally be shared between the two brokers.
T
O
.c
close to where your boat is lying. You will want your broker to Up until the completion of the sale, you retain full ownership
PHO
ck know your potential market and to offer the best advice to get of your boat and so all of the associated running costs remain
i
S
T
O
©
your boat sold in the best way possible. If possible, interview your responsibility. u
DeCeMbeR 2008 YACHTWORLD.COM 3
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