So the time has finally come, has it? Looking to replace your old sweetheart with something newer and sexier? Or maybe it is just that the time has finally come, as it will come to all of us, where we must give up the sea at last. Regardless, it all means just one thing; you have to sell your boat!

This is, by its very nature, a very painful subject for most of you (at least, it has always been so for me when parting ways with my own boats!). But it is a subject that requires every bit, if not more conscious thought than when you bought that boat, lo, these many years ago. As a Yacht Broker of some experience, I have a few thoughts to share with you on the subject, free, gratis, and for nothing!

Two things that you should bear in mind when preparing to sell your yacht. First, you will not get as much for her as you think she is worth, and second, you will not be reimbursed for the time, money, and equipment which you have lavished on her over the years ( I am told the same situation arises with ex-spouses, but on this topic, I will remain mum!).

The first point will become particularly painful to you if, despite my best advice, you bought your boat new. New boats lose value like the 'Hindenburg' lost air; gone in a flash and a puff of smoke! While some very select yachts will not lose as much of their value as quickly as others, the same effect is noticeable on all. What does this mean to you? Prepare to get clobbered on your sale! It is for this reason that many boat owners are seduced into trading in their old boat for a new one (while still taking a loss!), but this merely postpones the inevitable reckoning, and often adds to the debt as well.

If you were better advised and bought your yacht used, you may still take a hit, depending how new it was when you purchased it, but there is some good news too! After a certain age, yacht values tend to level off, and as long as you have properly maintained the boat and kept her gear and equipment current, you should get about as much for her as you paid. Note! I didn't say you were going to make money on the sale, but you shouldn't lose much either. How can you ensure you get as much for your boat as possible? Appearances, appearances, appearances! As with people, first impressions are everything! You should ensure that your boat is as ship-shape as possible, clean and presentable. I have had the misfortune to show a boat, only to find that the head 'had a little problem,' and the owner hadn't bothered to flush the thing in two weeks. The couple viewing the boat understandably fled immediately after the hatch was opened! Complete records of repairs and maintenance are also good, as is a recent survey, since it demonstrates that the owner has been conscientious in keeping the boat 'up to snuff.'

Finally, market your boat effectively! Now you'll have to excuse me for tooting my own horn, but a yacht broker (NOT a new boat dealer!) is probably your best bet in this department. Yacht brokers know the market, the best places and methods of advertising, they will show your boat, and answer all the inquiries (and believe me, there can be a lot of these!). It is possible you may happen to know someone who has particularly lusted after your yacht for years, is as rich as Croesus, and is kind to your dog, and if so, by all means sell your own yacht! But chances are, you don't, and cannot afford the time, money and persistence required in getting your boat in front of buying customers.

A broker can also arrange financing for a buyer, set up a corporation, sort out the survey, and ensure that all the paperwork goes to the right people, at the right time, and with the right fees paid to ensure a proper and complete transaction. Chances are, you can't! Another point in the broker's favor is the fact that he can look at your yacht objectively. You can't! Things about your yacht that may irritate or concern a potential customer may not, and has never bothered you, but because you are so close to the subject, you just won't see it. But a broker will, and will take steps accordingly.

Why shouldn't you use a new boat dealer to market your yacht? You mean that wonderful, friendly old barnacle that sold you the new boat in the first place? Quite simply, because new boat dealers are just that. New boat dealers! New boat dealers have no earthly reason to market your boat; they are in the business of selling new ones, and will direct every prospective customer they get towards purchasing a new boat. If all else fails, they MIGHT steer someone towards your boat, but only after going through all of the rest of their new inventory first. Doesn't sound too good, does it? Finally, you may say to yourself, if one broker is good, a dozen must be better! Unfortunately, this is simply not the case. What happens when a client markets his boat through a number of brokers simultaneously is that none of the brokers are going to put much effort into selling the yacht. Why? Because all their efforts and expense will be wasted if another broker shows up with a buying customer! As result, you can bet that NONE of the brokers has made an effort or spent the money to PROPERLY market your boat. Your boat will simply remain on the market unsold for months. Eventually, you will start to get desperate, you will reduce your price (which will be interpreted by the market as 'something wrong with the boat'), and still your boat won't sell! This is the main source of the opinion of many people that 'yacht brokers are useless, and you'd be better off selling the boat yourself,' although in reality, the broker can't be blamed for looking after his own interest in this case!

How can you avoid this situation? First, you must be very realistic about the price you need to get for your yacht. I know you think your yacht is priceless, but trust me, it just ain't so! Check available sources to see what other boats like yours are selling for. Yachtworld is an excellent starting point, as are other 'boat for sale' websites. Price your boat in the middle of the pack, and don't forget you will be liable for the broker's commission! The boats you have seen for sale in Yachtworld and elsewhere all have this commission built into their prices (generally 10% of the sale price), and you will have to do likewise, or you will price yourself out of the available market!

Find a reputable broker, one you feel comfortable working with. Check the other listings that the broker has currently. If you own a large yacht, it is generally not a good idea to list with a broker that specializes in small boats, and the reverse is also true. Unless you have a truly significant and expensive yacht (something over $250000), you should try to use a broker that is relatively local, or at least regional. Although increasingly there are a number of brokerages that are adept at international deals, and especially with the advent of the Internet, this is generally only suitable for large and expensive yachts that customers will be willing and able to travel very long distances for. If this is for you, then I definitely think we should talk!

Finally, sign a central listing agreement! The listing broker will then take on virtually all responsibility for the sale of your boat, as it is in his best interest to do so, and will feel comfortable marketing your boat not just through the usual advertising, but through other brokerages as well, because he knows he will get paid regardless of where the customer comes from!

I hope this has been helpful to you, and if you follow the foregoing, you should be able to sell your yacht quickly and with the least anguish. Please give us a call if you have any more questions! Best Regards,

Eric Husher, Topsail Yachts

Topsail Yachts

The Hummocks 35 North Water Street Portsmouth, RI 02871, USA

Toll-free 877-369-3584 Tel 401-683-2334/401-714-7912 Fax 401-683-2334 Email Us Eric Husher, OGA

http://www.yachtworld.com/aib

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