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Do you know the biggest question boat owners have when they are ready to put their boat on the market? It’s how do I sell my boat? Followed by what is the best way to even market a boat?
Many boat owners find themselves overwhelmed when faced with selling their boat. While it is similar to selling a house or a car, selling a boat requires different skills and knowledge. There is a much smaller market for boats and many people don’t really know how to tap into that market. Simply put they don’t know where to find the potential buyers.
After years of selling boats, we have identified these common goals of our clients:
First, owners usually like to sell their boats fast and at the highest price point. Second, they often want to hire a trusted and reliable broker to find them a buyer. Third, sellers desire the process to be easy and convenient for themselves.
Fourth, they want the process completed in a reliable manner. Fifth, the owners need to know that the transaction will close safely. And lastly, they refuse to pay a fortune in fees.
So whether you are a boat owner with only one or all, of these goals in mind, this article will help you understand your options. We will show you how each method will help you achieve your objective by weighing the pros and cons.
It’s important to Weigh the Pros and Cons When Selling Your Boat
Let’s begin by breaking down each of your options.
Selling it yourself is most suitable for boats that are:
And for boat owners that have:
Conversely, do it yourself isn’t well suited for boats that are:
Or for boat owners that:
Pros of selling your boat yourself (DIY)
Cons of selling your boat yourself (DIY)
A DIY Boat Sale Means You’re in the Drivers Seat of Your Boat Sale
When owners want to sell their boats—especially if the owners are not well-known within the boating community—they often hire an agent to find a buyer. Many times, the agent has no boat experience or network so the agent reaches out to many boat brokers, hoping one of the brokers has a buyer. Typically, there is a co-brokerage agreement where the agent splits the commission with the boat broker who brings a buyer.
Pros of appointing an agent
Cons of appointing an agent
The help of a traditional boat broker is fitting for boats that are:
And for boat owners who:
Using a traditional boat broker isn’t as suitable for boats that:
Or for boat owners who want:
Pros of a traditional boat broker
Cons of a traditional boat broker
A Traditional Boat Broker may Lose Initiative or Proactivity if Your Boat Doesn’t Sell Quickly
There is an elite service called Enhanced Brokerage offered by Digital Boat Brokers. Digital Brokers are specialists in marketing boats. Especially global internet marketing that has more depth and breadth of reach to potential buyers. Different packages are designed to meet your specific goals, as described below. Commission structures are disrupting the traditional boat brokerage model and are driving transaction costs down.
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Employing the services of a Digital Boat Brokerage is highly recommended for boats that are:
And for select boat owners who:
Employing a Digital Boat Broker is NOT advised for boat owners who:
Pros of Employing a Digital Boat Broker
Cons of Employing a Digital Boat Broker
A Digital Boat Brokerage has More Depth and Breadth of Reach to Potential Buyers
Occasionally the stars align and a boat owner finds a buyer that wants to pay top dollar to buy their boat yesterday and doesn’t have to pay a commission. We call these unicorn deals the “OMG, that’s amazing!!!” boat sale. However, reality is that boat owners are at a loss to know where to find potential buyers. Moreover, many boat owners have an emotional attachment to their boat. This clouds their ability to properly estimate the market value of their boat and the length of time to close the deal. Finally, the process of selling a boat overwhelms some boat owners: the endless calls, enquiries, social media messages, showings, sea trials, regulations, paperwork, etc.
So, whether you go DIY or employ a full-service elite broker to handle every aspect of the deal, this is what everyone would love to happen. Happy seller, happy buyer, happy broker. That said, a seller needs to know what the next steps are if they don’t get to enjoy an immediate sale. A savvy boat seller needs to ask their broker, “what is the plan to keep the sale project on track?”
We advise boat sellers to answer three questions to get clear on the best strategy for selling their boat. The combination of answers will highlight the best option in your situation.
1. What kind of boat sale are you expecting? a. OMG that amazing! b. As fast as possible. c. Whenever it happens.
2. Which statement best describes you? a. I’m in a hurry to sell at the high price possible. b. If someone offers the right price, I’m ready to sell. c. I know what my boat’s worth so that’s what I expect to get for it.
3. There are different levels of service available so which level is right for you? a. High — I want someone to handle all the details and get the results. b. Mid — I’ll get an agent or list with a traditional broker. c. Low — I’ll do it myself.
Read More: Step if You Can’t DIY Sell Your Boat
By answering these three questions and understanding your goals and objectives you will be able to select the perfect option. If you want help understanding the next steps to take to put a sold sign on your boat, book a Strategy Call today.
About BASCO Boating
We provide a Boat Sale Strategy Session (free of charge) to help you understand the exact three things that you should be doing right now to sell your boat faster at a good price. If you want to find out how to triple your boat enquiries, viewings, and offers in 90 days, click HERE to make time to Zoom.
BASCO is the most reliable and effective boating platform in Asia-Pacific. We strive to address issues faced by the boating community in the traditional boat brokerage by investing our time to understand our clients and their needs so as to provide accurate information and present our best practices to help them achieve their innermost dreams about life at sea.
BASCO consists of 3 divisions, BASCO Connect, BASCO Advise, and BASCO Trade.
Here are some of the services we provide
1. We educate boat deciders/searchers about boating and boat buying 2. We help buyers buy boats 3. We help boat owners sell and maintain their boats and 4. We help boat service providers get more work and grow their businesses.
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We Can Show You How to Sell Your Boat