Sell your pre-owned boat faster & more profitably
You have decided to part with your yacht and want to start the selling process? Or you have been trying to sell your boat for some time, but have not been successful so far?
Selling yachts and boats is a process that requires both time and the necessary expertise and industry knowledge. In this article, we have summarized the most effective measures for a successful boat sale.
The demand for used boats
The demand for pre-owned boats and yachts has increased tremendously over the past year. Especially in times of travel restrictions and social distancing, the desire for a private retreat on the water has become more and more present for many people.
To start with, new owners are increasingly opting for a used model. However, caution is advised, especially with used boats from the Internet. Many buyers are aware of the dangers of a deceptive ad from the Internet and are very selective in their boat search. Therefore, a professional ad is required in order to be remembered positively by the buyer.
The requirements for a used boat
With the increased demand and growing awareness of rogue sellers on the market, the requirements for a used yacht have also changed. Buyers primarily prefer little maintenance. Thus, the standard is also moving towards maintenance-free used boats and yachts.
In addition, design is becoming increasingly important. Sleek, modern designs with lightweight boat materials are popular, as are elegant retro designs.
Comfort also plays an important role. The boat should feel like a home on the water. The comforts of home such as long beds, a heater and comfortable seating are desired.
The more of the above criteria can be met, the greater the popularity on the market and the associated opportunity to sell your used boat.
Selling a boat – Expert Tips
1) How do I want to sell?
Before it comes to the actual sale of your boat or yacht, you should think about how you want to sell it.
If you want to do the boat sale on your own, ask yourself the following questions in advance:
- Can and do I want to invest the necessary time in the sales process?
- Do I have the necessary expertise and industry knowledge?
- Am I a good salesman?
Due to the possibility of advertising one’s own boat quickly and easily on various online marketplaces, the private sale has gained popularity in recent years. The following pros and cons must be considered when selling on your own:
Advantages:
- No broker commission or fees
- Direct negotiation channel with prospective buyers
Disadvantages:
- Very time-consuming and tedious process
- Very good market knowledge required
- Independent handling of test drives, appraisals and administrative work
The time needed to sell boats or yachts should not be underestimated. If you can’t or don’t want to spend it, you should use a yacht broker for the sale. Yacht and boat brokers take care of the entire selling process, from marketing to closing.
2) Preparations for the sale
Before the sale, your vessel needs to be spruced up. First impressions are crucial, so scrubbing, cleaning and maintenance must be done. Pay special attention to these items:
Eliminate mechanical problems
Potential buyers can often be put off by the smallest little things. Thus, lights that don’t work should be replaced, loose handles tightened, etc.
Engine maintenance
A maintained and properly running engine is an absolute must when selling. If you are not a professional in this field yourself, be sure to contact an expert in this regard.
Eliminate moisture
Water stains in the wood or moldy corners during an inspection will rapidly reduce your chances of selling. If necessary, remove water from the air inside the boat with technical or chemical means.
Clean and polish
Make your gem sparkle by polishing the hull and deck to a high shine. The underwater hull must be freed from salt crusts and streaks. If necessary, the antifouling should also be briefly sanded and renewed with a thin coat.
Dirt and dust should also be removed from everywhere below deck. Clean windows and spotless upholstery go a long way toward making a good first impression. Any quirks in the gelcoat or wood finish should definitely be removed.
It is always worthwhile to call in an expert to professionally repair various defects in order to really achieve the desired sales price. Potential buyers often insist on a discount even for minor defects.
If you have had your boat serviced regularly and professionally, there will be no major work to be done at the time of sale. For more information on boat maintenance and service, read this post.
3) Advertise the boat
If you want to advertise your yacht or boat as a private person, you need to consider on which platforms you want to present it. Where did you find it at that time? Maybe that is also the right place to resell it.
There are countless online marketplaces for boats out there. Therefore, even as a seller, you should choose the platform on which you want to offer your gem wisely. The danger of encountering dubious or deceptive offers is also present on the seller’s side.
Do enough research and pay attention to whether there are platforms that are designed for specific types of boats. If you have a powerboat for sale, you won’t have much success on a marketplace designed primarily for sailing enthusiasts.
Once you know where to advertise, it’s a matter of creating the ad. Sufficient and high quality visuals are a must in order for your ad to be an eye catcher. Make it easy for potential buyers to imagine themselves at the helm of your boat.
In addition to high-quality photos, the text also plays a crucial role. Technical data and facts are essential. But to get prospective buyers to take a closer look at an ad in the first place, you need to lure them in with attractive and compelling headlines.
Of course, you can also leave the advertising to the professionals. With Merk & Merk your used boat will be put in the best light. The high-quality premium ads are seen by nearly 1 million potential buyers each month. The listing is done on all leading boat platforms, such as YachtWorld, TheYachtMarket, Yachtall, etc.
4) Set the boat price
To determine a realistic price, do market research. Especially with used boats, prices can vary greatly depending on condition and regular maintenance.
You should remain realistic, but still leave room for negotiation. Year of manufacture, special configurations and extras also play a role in determining the price.
5) The inspection
For the inspection and test drive, the first impression is crucial. Again, make sure everything is clean and tidy. If possible, try to make an appointment that promises favorable weather conditions.
Also important: Never hand over your boat during a first test drive, but stay on board. This is the only way to clarify important details and answer any questions that may arise.
The inspection currently represents a major hurdle in the sales process, especially for private sellers. Travel and contact restrictions, as well as lockdowns, make it difficult to get prospective buyers directly on board to show them the ship.
At Merk & Merk, a strategy has been developed to provide an authentic boat tour even in times of a pandemic. Potential buyers experience a virtual boat tour in real time via video transmission.
The yachting expert guides through the boat and immediately reveals any defects that are noticed during the tour. Prospective buyers can ask all their questions and clarify details live. This is the only way to build trust between buyer and seller.
With the help of a virtual boat tour, potential buyers get the feeling that they are on board themselves. It is not unusual for a sale to be made immediately after the tour. Click here for a virtual boat tour with Merk & Merk.
Boat sale with a broker
When it comes to hiring a broker to sell a boat, many owners are unsure of what this means for the sales process.
Selling through a central yacht broker does not preclude other brokers from being involved in the sale. It simply means that all communication with other parties will go through your broker.
So, for example, if another broker brings forth a serious prospective buyer, the deal will be closed through your broker. The commission is then agreed between the two broker parties.
For you, this means that you are only obligated to one broker, your central agent. Even if the sale takes place through another broker, this has no influence on your negotiated commission.
Another significant advantage of working with a yacht broker is the network. Merk & Merk has generated an ever-growing database of thousands of yacht enthusiasts for over 15 years. Learn more about Merk & Merk’s actions and sales strategies here.
Conclusion:
Ultimately, it’s up to you whether you want to sell your boat privately or through a broker. If you decide to sell on your own, you should be aware of the considerable amount of time involved. In addition, as an owner, you should have the necessary industry knowledge and negotiating skills.
The assignment of a yacht broker is always connected with the payment of a commission, but usually also means a faster and better sales result. In addition, you do not have to worry about advertising, viewing the boat and concluding the contract.
Do you have a boat for sale and would like an initial, non-binding consultation? Feel free to contact us – our experts are looking forward to your inquiry!