Why you should use a Buyer's Broker

With the rise of the Internet and yacht sales sites like Yachtworld and Boat Trader, many boat shoppers feel that they can do all the research and work through the process of completing a sale by themselves, and have no need for a buyer's broker. Many people falsely believe that they can get a better deal by going directly to the selling broker. A selling broker would always like you to think that because it gives them a bigger commission, but the truth is that a selling broker foremost represents the seller, and always wants the highest price possible for the boat. Below I will provide you with the top 8 reasons why you are best served by using a buyer's yacht broker.

1) It costs you nothing. The buyer's broker gets his pay by splitting the sales commission when a boat is sold. The buyer's broker takes all the risk, investing his time, effort, and usually a lot of gas to view boats and work with you. If you decide not to buy a boat after looking for a while the buyer's broker gets no pay. There is no risk to you.

2) The selling broker may be a very nice guy/gal, quick with a joke and knowledgeable about yachts, but remember they already have an established relationship with the seller. They may be friends at the local yacht club or fishing buddies. Legally they can still represent both the buyer and seller, but which relationship do you think will be more valued? Yes, the selling broker wants the deal to close, but he will always be trying to get the most money possible for the seller, that's his job.

3) Brokers tend to be more honest about a boat's condition with other brokers. This can save you a lot of time when shopping, because a selling broker always wants to show his boat, and will be quick with euphemisms like 'needs a little TLC' with potential buyers. Brokers develop relationships with each other and it's easier for us to get the straight facts on a vessel before making the effort to drive and see a boat.

4) A buyer's broker can save you money! Unlike real estate where the selling prices of homes are a matter of public record and can easily be found online by anyone, only Yacht Brokers can access sold boat prices. We can establish comparable boat sold prices to help you negotiate the lowest price for the vessel you are planning to buy......Now, this is where someone always points out "the buyer's broker is getting paid on commission, so he doesn't want a lower price". That's not true, because as a Yacht broker I split my commissions with the brokerage firm, and as a buyer's broker the commission is also split with the selling brokerage firm. The end result is about a 2% commission, which means that saving you $5000 on the price of a boat only means $100 difference in my commission. That's not a lot of incentive, I have far more incentive to prove that I am working directly for you to get the best price so that you send me future business through a recommendation to your friend. Future business is worth a lot more to me than a couple of hundred dollars in extra commission on this one deal.

5) Florida and California Yacht Brokers are licensed and bonded. We've been finger printed, background checked, and have a bond on record. We have ethical standards that we uphold and are required by law to do so. Because we are licensed and bonded, you always have recourse in these two states if you feel you have been treated wrongly.

6) A buyer's broker brings a lot of knowledge to the table. You may have owned and used boats in the past and be a knowledgeable buyer, but most yacht brokers get into this business after an extensive marine background. For example I've worked as a Navy electrician, civilian marine electrician, worked for a boat builder, and spent many years working as a professional Captain. Also my wife and I spent almost 10 years living aboard boats full time and cruising. This sort of background can be very useful to most buyers when determining which type of boat will best suit your intended use.

7) Another set of eyes when inspecting potential Yachts. Because of #6, we can provide valuable input when inspecting potential boats. We know the sort of problems to look for on different boats, and while a selling broker will never point out non-obvious flaws, as your buyer's broker I am working for you and I want you to have the most information possible.

8) And finally, half jokingly, I'd like to point out that in this difficult time of high unemployment by using a buyer's broker you are in fact employing 2 people rather than just one selling broker. It's better for the local economy and our Country. :-)