Why Use a Broker to Help You Buy a Boat

A Yacht Broker Spain functions in the same way as  estate agents. They are mandated  either  to find and purchase a boat, or  hired to list, represent, and sell boats. Traditionally, the seller is the one who pays the commission to the yacht broker not the buyer, paradoxically the yacht broker has a duty to both buyer and seller in every transaction. The Italians ask for a commission from the seller and one from the broker which makes it more equitable.

Boat Dealers represent a particular make of boat. The transaction often includes a  trade-in to help the sale of a new boat. Dealers advertise their trade-ins, at reduced rates as they make up to 20% on the sale of the new boat. It is not unknown that dealers will refurbish the boat before putting it on the market. Dealers offer a pre-owned boat warranty program, similar to the car industry, particularly when it comes to smaller boats.

The broker’s role for the buyer

• Most pre-owned boats advertised on the net are either a “central agency listing” of a yacht broker, or a trade-in from a new boat dealer. If you are viewing a broker listing or a trade-in, the listing broker or dealer is more  likely to know the vessel inside and out. They have been selected by the owner/seller to exclusively represent this vessel (or the dealership may now own the vessel) and all inquiries must go through this yacht broker or boat dealer. If you are not already working with a yacht broker, and if you find a boat on a platform of interest, you may contact the listing broker directly. If you know nothing about boats it might be wise to select a yacht broker of your own.  Give him an idea of the boat that you want and your budget.  Inform that broker about all of the boats you are  interested in, and mandate that broker represent you in all inquiries and transactions.
• The Initial Contact – A professional broker will listen attentively in order to determine if the boat ticks all the right boxes. They can help you filter which boats are worth visiting through the condition of the vessel. They will help you find similar boats listed on the market and ones that are not yet listed. The broker can see the history of the boat, how long it has been on the market, and the if the seller is motivated to sell. Anyone can find  boats, but it takes a professional broker with his knowledge of current market conditions, a familiarity of similar boats, and information on recent sale prices and time on the market .
• Acquiring finance and Marine Insurance – It may be better to check if you pre-qualify for a boat loan before you start to look. That will put you in a strong position when negotiating prices. European Yacht brokers offers a variety of specialist marine lenders. 
• Bidding on a second hand boat – A professional broker can help you decide on a realistic offer that will not alienate the seller and make negotiating difficult or impossible. Your broker prepares an Offer to Purchase for. This part of the transaction is probably the most important to include a broker. It should clearly spell out the terms of the sale with suspensive clauses.  These should include a survey for any boat over 20000€ including obligations that you and the seller have agreed to, and when these obligations will be fulfilled. A 10% deposit on the boat, should be placed in escrow and subject to sea trial.