Address
11,Cove Drive,
One 15 Marina Club,
Singapore 098497

Phone
+65 9155 4060

Online Boat Auctions versus Traditional Boat Brokerages

It is the large number of vessels sitting on the market for sale, many for a very long time, which prompted BASCO to bring Online Boat Auctions to Asia.

The needs of boat owners, particularly those wishing to sell, did not seem to be particularly well served by the traditional boat brokerage model.  Something more effective is needed.

Here’s a comparison of the traditional brokerage model and innovative online boat auctions… the way forward.

Traditional Brokerage

  • Your vessel is just one of many being advertised and shown.
  • Your boat may remain on market for months or even years.
  • There is minimal advertising specifically on your vessel.
  • There is little motivation for buyers to act, and you wait for them.
  • A price reduction is encouraged by brokers to create buyer interest in the activity.
  • Upside sales potential is limited by advertising an asking price.
  • The seller risks overpricing the vessel and thus sees little interest, or underpricing and selling for less than the vessel is worth.
  • The seller must negotiate all aspects of the sale.
  • Sale conditions are very common.
  • Few offers are received and multiple offers at one time are extremely rare.

Online Marine Auction

  • The entire focus is on the online auction vessels only.
  • Results in offers in 30 – 60 days or less.
  • Extensive advertising featuring your vessel exclusively.
  • Potential buyers act on vendor instructions, you maintain control of the sales process.
  • The online auction provides a catalyst to promote buyer interest.
  • Realises the vessel’s true market value. There is no limit on upside sales potential.
  • Eliminates the guesswork in determining the asking price of the boat.
  • All the conditions of the sale are set in advance, thus eliminating negotiations.
  • The boat is sold without conditions.
  • All offers are presented to the Vendor before and during the online auction.

 

If you are thinking of selling your boat, we recommend that you go to market without a price first.  With extensive marketing to raise awareness, you’ll have a response from the marketplace within 60 days.

BASCO – Boat Auction Services; Independent and Trusted Advice for Boat Owners in Asia.  Give us a call, we’d be delighted to assist you.

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