8 Key Reasons to Engage an Independent Buyer’s Adviser

If you are thinking about buying a boat, it can be tempting to go straight to the boat dealer who is also the seller’s broker or agent.

Here are 8 key reasons why you should consider talking to an independent boat adviser before you do anything else.

1. It’s Free

Finding yourself an independent agent who will work in your best interest when buying a boat surprisingly is free. It’s part of the overall service that is offered by an independent buyer’s broker.

In the event of a successful co-brokerage, the independent buyer’s broker should be paid through a share of the commission from the seller.  It costs you nothing and can save you thousands of dollars, time, energy and stress.

2. Boat prices are hard to understand

When you search for a boat price, you might notice various sale prices, and geographically how widespread the boats are.

You may also notice a boat listed by multiple brokers, and it’s not uncommon to find evidence online of a wide range of listed prices, especially if the boat has been on the market for some time.

It’s hard to validate and understand the price.

3. The boat market is illiquid in a number of locations

Illiquid refers to the state of an asset that cannot easily be sold or exchanged for cash without a substantial loss in value.

Illiquid assets may also be hard to sell quickly because of a lack of ready and willing investors or buyers to purchase the asset.  It’s not uncommon to find boats that have been on the market for more than a year.

4. The boat market is hard to read

As a result of:

• an illiquid boat market
• the sales price of the same boat varies from broker to broker, and
• lack of publicly available information on boat sales/transaction prices creates a boat market that is hard to read.

When the market is hard to read, there is a potential risk of paying too much for your boat, or alternatively, not offering enough to secure the boat you’re keen on.

This creates risk and uncertainty.  Have a chat with an independent buyer’s adviser who is knowledgeable about the market conditions, and who can steer you in the right direction regarding price when buying a boat, reducing risk and uncertainty.

5. It’s hard to know which boats are for sale, even those boats with ‘For Sale’ signs

It’s natural to want the best price for your boat when selling.  However, many boat owners price their boats at what they want for them, rather than the actual the market price.

In other words, they are just testing the market.  With so many boats flying ‘For Sale’ signs, you might gain real insight by speaking with an independent buyer’s adviser to identify which boats are genuinely for sale.

6. Understand why many boats have been on the market for a long time

The reason some boats have been on the market for a long time can vary.  The boat can be overpriced; suffer from inadequate marketing; it could be a ‘lemon’ or need lots of repairs.

It’s important to know the reason why the boat is still on the market and if the market is illiquid, what the realistic transaction price might be.

7. Ensure new boat buyers don’t pay a higher price than seasoned boat owners

If you ask a seasoned boater about the worth of a boat that’s listed for sale, you might hear them say something like “offer 60% of the asking price and see what happens from there”.

If the market is illiquid and a timely transaction will only occur with a substantial drop in value, make sure, when you are buying a boat, you’re not paying more than a seasoned boater! If you approach the seller’s broker first, their job is to sell the boat to you for the highest price possible.  If you are new to the region or new to boating, you just might make their day!

By talking to an independent buyer’s broker you’ll understand more about the market demand for the boat and if a lower price is relevant in the current market.

8. The seller’s broker works in the best interest of their client and themselves

When you approach the seller’s broker, their interests lie with their client and themselves.

In that regard, their main aim is to sell the boat!  You may find a broker tries to sell you what they have in stock, rather than what best meets your needs.  And if you become a client in this deal, then there is a resultant conflict about who’s interest comes first.

Having an independent buyer’s adviser or buyer’s broker on your side when buying a boat significantly reduces risk.

Using a BASCO buyer’s adviser is a free service.  BASCO provides independent and trusted advice that takes risk and uncertainty out of boat ownership.

Ready to engage an Independent Buyer’s Adviser? Let a BASCO Boat Boat Adviser assist you through your journey to boat ownership.