Looking to Sell

Selling Guide

The intention of this guide is to give you valuable tips and information from a Certified Professionally Endorsed Yacht Broker to help you achieve your objective as quickly as possible.

Presentation of your Boat for a Quick Sale

Exterior

First impressions are very important, and they can make or break the sale of your boat. Some buyers aren’t able to visualize what a boat could look like.

    Cleaning and waxing the boat is the best money you can spend.

    Clean and varnish brightwork as needed.

    If your boat is out of the water, keep it clean and covered. Paint the bottom and add new zincs.

    Tidy up your dock lines, sheets, and halyards.

Interior

    Make sure the heads are spotless and odorless.

    Store away personal effects that make it difficult for potential buyers to imagine their items in your boat.

    De-clutter by cleaning out compartments and removing any inventory that is not intended to be sold with the boat.

    Clean the bilges and ensure that they are dry, clean, and odor-free.

Basic Maintenance

    Replace the oil and change filters.

    Top off all fluids.

    Repair anything you already know is broken or defective, including all electronics, lights, and accessories.

    Check and repair inoperative equipment or remove it from the equipment list.

    Check for leaks and repair them in advance as a good surveyor will find them anyway.

    Keep all of your repair and purchase receipts and maintenance records. Buyers love to see good records, and this will increase confidence in the condition of the yacht they are planning to own.

These steps will help prevent a failed sea-trial and survey. There is no greater disappointment to a buyer than to find that equipment onboard is not in working order. This can lead them to think of other problems they could discover later.

Setting a Realistic Asking Price!

Be aware of the True Carrying Cost versus Time on the Market. This involves determining the asking price, as this is the most crucial element in accomplishing a quick sale and maximizing financial gain. Always remember that the longer it takes to sell
a boat, the more carrying costs you will incur, so you will need to factor carrying costs into your decision making when your broker presents you with an offer. Know your dockage/storage, insurance, maintenance, repair, and mortgage expenses.

Considering the time of the year, the carrying costs can change dramatically. The agreed upon price might not be the price you initially wanted, but there can be a significant cost in waiting to see if you can, if ever, get the figure you originally had
in mind.

The likelihood of receiving favorable offers increases when the boat is exposed to more of the market place. The following items are essential to quickly selling your boat for the best price.

Know your Competition!

Latitude will provide you with a report showing comparable boat prices on the market, along with previously sold boats. If your boat is not priced competitively in the market, it will generally not sell until after the more competitively priced boats
have been sold or removed from the market.

When the time comes for you to sell your boat, it is important for you to realize that the principal objective is to sell your boat. Anything that detracts from that goal in any way could, at best, delay the sale, or at worse, cost you the sale.

Pre-Market Survey

We highly recommend having a pre-market survey done before listing your boat to determine if the boat is in good working condition. There are many benefits to this approach. Most importantly, it helps to sell your boat faster by avoiding a major disappointment
when problems are discovered, and it is more of a surefire way to get a better price. Survey costs range from $15 to $22 per linear foot. The benefits are well worth the cost. To learn more about surveyors, please visit our section on Resources

Use of a Certified Professionally Endorsed Yacht Brokerage

There are many different and equally important factors to consider when selling your boat, and, ultimately, the assistance and guidance from a Professional Yacht Broker will make for a quicker sale and smoother selling process.

To learn more about what a Certified Professionally Endorsed Yacht Brokerage firm can do for you please click here.

Complimentary Vessel Appraisal - Having trouble determining what your boat is actually worth? Let us help. We have experience and resources available to determine a fair value for your vessel.

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