So now you have decided that it is time to sell your boat. You have done some research on the Websites that you clicked through to in the last blog. You have discovered that your beloved boat is not the only boat for sale. As I write this there are 120,569 boats for sale on Yacht World alone. Clearly you have some competition. If you want your boat sold first we have some work do.
With the universal acceptance of the Internet over the last few years, the Web is the first place most boat shoppers go to see what used boats are available, the new models that boat dealers have in stock, current asking prices, and other relevant information to help them make an intelligent boat buying decision. If they do not know how to access that information they ask one of their kids to do it for them.
By the time a client shows up at my office and tells me that they want to buy a boat they often know much more about a specific model than I do as a yacht broker and practically anyone else in the industry. They know what boats are available, what condition the boats are in, what current asking prices are, and what that specific boat model has sold for in the last six months. You have access to the same information and need to use that market intelligence to formulate your selling strategy.
In my next blog we will talk about pricing and begin getting your boat ready for sale. Have a terrific day on the water and I’ll see you next time after you have done your homework!
See you soon!
I mentioned in my last post that all of the boats that I have sold in the last 10 months have been to people outside of the United States. Everyday there is a story proving that you are not the only one experiencing this lack of American boat buyers. A story late last week about the boat show in Tacoma, WA focused on the number of foreign attendees on the dock looking for bargains.
It is an understatement to say that you have your work cut out for you if you live in the USA and have a boat for sale. This is indeed a buyers market. The chances are slim that your boat will sell quickly. Even if you have a popular model that is clean and has been extremely well maintained chances are she is still at your dock.
You have another option. Advertise your boat offshore and attempt to attract the attention of the boat shopper overseas who is looking for your model of boat. How do you do that? It is unlikely that you personally have the marketing expertise or connections to target that foreign market. You need to find someone who has tapped into that market, knows where to advertise and understands what steps are necessary to get that buyer to fly in to take a look at your boat. You only have a couple of viable options.
Doing it yourself by taking out an ad on Boat Trader Online or one of the other For Sale By Owner listing services is unlikely to yield any results any time soon. I deal with boats and boat owners everyday and am amazed at the number of people even in America who do not have a clue where to go online when shopping for a boat. Do not expect that guy hunched over his PC in Greece to find your Sea Ray in Erie, PA.
The chances of your boat being viewed online and brought to the attention of overseas buyers rises dramatically when you hand over that responsibility to someone who is already familiar with those markets and has a proven track record in attracting offshore boat buyers to the United States.
Your best option is to search for a yacht broker based in the USA who is familiar with and has listings similar to your model of boat. Check that brokerage out on www.YachtWorld.com or www.YachtCouncil.com.
Check to see if they have any boats listed overseas. Determine who the broker is on that brokerage team who has the most overseas expertise and call them. Tell him that you are frustrated with the lack of inquiries on your boat and that you wish to sell her to someone outside the country. Check out three or four brokers with similar experience until you find one that you trust and have an easy rapport. Verify that they are a Certified Professional Yacht Broker. You can verify that by going to www.cpyb.net. There are around 450 in this country. You may even have to talk to professional brokers who may not be from your hometown.
Feel free to contact me with any questions.
Have a splendid weekend and see you next week!