Take My Boat….Please!
I am told that the second happiest day in a boater’s life is the day the boat is sold. It may very well be the happiest day; “buyer’s remorse” should be taken into account when the boat is purchased! Using the logic that nobody needs a boat, great care and a colossal amount of effort must be taken when selling a boat. For sailboat owners, it is particularly true when one considers the fact that only 1 in 7 boats sold are sailboats.
There are many strategies available to the seller: the important thing to note is the more exposure the boat has to the buying public, the greater the chance of selling at or near asking price. Develop a marketing strategy and execute. If using a yacht broker, fully understand their marketing strategy and fees. Be sure the boat is accessible and ready to be shown. Print out flyers with plenty of pictures and a well written advertisement containing “features and benefits” of the boat. These can be used for postings at community bulletin boards, yacht clubs, and left aboard as handouts.
Have a look through the advertisements in the various “Boats for Sale” websites. Are the pictures worthwhile? Does the write up create excitement? Do you get a sense of urgency to buy the boat? It is doubtful. Often the pictures are an afterthought or taken at the last minute. Why in the world would anyone advertise pictures of a boat under shrink wrap? How can anyone get a feel for the deck layout, the cockpit arrangement, or the anchoring setup when the photographer has to crawl around under a shrink wrap cover? I understand many boats come on the market during the off season; there is no legitimate reason to wait until the boat is laid up and under cover to photograph the boat.
Photos will create interest in the boat; a showing might very well sell the boat. Any buyer worth their salt will want to give a very close inspection of the boat. The prospective client will want to look in lockers, under floor boards, snoop around the engine compartment, and anywhere else access can be gained – as it should be. It makes sense that the boat be in spotless condition for the showing with a total absense of extraneous gear, the sellers’ person items, and anything else not included in the sale including food, magazines, clothing, bedding, half used cleaning products, dirty rags, and so on. Yes, this is the seller’s responsibility to make the boat clutter free and clean for the showing – not the broker’s! Selling a boat is difficult enough: work the details in your favor. When showing the boat, open it up and air it out beforehand. The object here is to make the buyer fall in love and often love is at first sight.
If you are aware of problems with the condition of the boat, it is best to fully disclose the problems prior to survey. The buyer will be greatful for your honesty and it will help in building a trusting relationship between buyer and seller. Every boat has its share of problems – leaks, cosmetics, vibrations, and so on – some worse than others. As a seller, it is best to correct any known major problems before putting the boat on the market otherwise it could become a sticking point in future negotiations. If the seller is unwilling to make the repairs, it should be pointed out to the buyer that this has been reflected in the asking price.
If all goes well with the showing, follow up with the buyer. Perhaps an offer was made. Now what? If the offer is accepted, a purchase agreement will be drawn up either by the broker or the seller. Along with a signed agreement, a deposit to hold the boat is put into escrow and typically a survey and sea trial will follow before closing the deal. Once the survey is reviewed by the buyer, the original offer may be retracted based on recommendations in the survey. If the problems aren’t too serious, a counter offer will be made and it will be up to the seller to decide if the number is acceptable. If preparations were made to sell the boat with obsessive detail, the day the deal is closed will perhaps be the happiest day in the life of a former boatowner.
