8 Important Steps When Selling a Yacht
1. Decide if you want to sell it alone or with a help of a broker
Let's assume you have the knowledge to sell a yacht on your own, but you don't have the time to invest into the sale. Yacht sales can get time consuming and sometimes you wish to have a help from a specialized person. Here the yacht brokers step in. A yacht broker is someone who helps you buy or sell your boat, negotiate prices, marketing yachts for sale, drawing up legal documents, and giving you expert industry advice. The only downside is that you will need to pay a commission to your broker.
2. Make sure the condition of a boat is at it's best as it can be
Keep it minimal.
This means removing all of your gear like fishing poles and unnecessary equipment that does not come with the yacht. The buyer will most likely imagine a yacht being his, rather that the yacht filled with other people belongings.
Clean the boat interior and exterior.
If anything turns off a potential buyer is a dirty and not cared-for yacht. Make sure you scrub the yacht from top to bottom. Scuppers and drains under hatches are places that get quite dirty, as are outboard wells and stowage areas under center-console units. Make sure you polish the stainless steel fittings and clean the teak woodwork so everything is in top shape. If there is a faded gelcoat consider waxing and polishing it.
Fix any broken equipment.
Prior to attempting to sell the yacht fix any malfunction equipment (especially engine). If the engine had a regular service made on, that's a plus and don't be afraid to add it to the notes.
Repair cosmetic problems.
When you are preparing to sell your boat, consider investing some money in cosmetic repairs. Canvas tears, broken canvas zippers, worn deck carpet or tears in seat upholstery can be an easy fix. These items make a big difference.
3. Research the market prices of similar boats and set the asking price
Once you've fixed all external and internal problems of your yacht you can start exploring for a price. If you are a U.S. citizen you can start checking the Nada Boats website where you will find an estimate value of the model of your yacht. Based on that information you can set your asking price. Another source of prices can be websites such as:
4. Preparing photos, videos and technical specifications
Preparation is very important. To get a maximum effect on the buyers you should start taking photos or even videos of your yacht. A lot of times we are getting questions from potential buyers concerning photos and technical specifications. Buyers love a large portfolio of photos, so you should take as many of photos as you can. A large upgrade would be a video tour of the yacht. If and when the buyer makes a contact, you can send them more technical specifications, bills for replacement parts or maintenance and upgrades.
5. Getting online
After you have prepared outstanding photos and gathered technical documentation it's time to advertise it on the web. This will get your yacht online exposure and reaching the right clients / buyers. Getting online is fairly simple. You can post your ad here on Marinebroker.net, all you do is to register as a seller by clicking the "Submit your Ad" button in the top right corner. After registering the system will point you directly to the form used to submit your ad. After filling out the form and pasting your photos the ad will start showing on our market. Buyers will have the option either to call you over the phone or contact you through the form displayed next to your ad.
6. Online communications
After submitting your yacht online you can start advertising the ad to attract more potential buyers. Usually a broker (if you hire one) will advertise your yacht on social channels or search engines to reach out to people that are buying a yacht. If you know how, you can also do it yourself.
7. Onboard visits
Potential buyers will like to see the yacht in person so expect onboard visits. If you are far away from the yacht location this means a lot of travel. If you don't have time for this you can leave it to the broker who knows how to present the yacht to potential buyers.
8. Sealing the deal
If you and a buyer negotiate a deal and reach an agreement, you should be prepared with all the paperwork necessary to complete the transaction. A buyer could change his or her mind after a handshake, but not after signatures and a financial transaction. Make sure you have all the papers ready so the transaction can go as smoothly as possible.