He's back

[JLR]

I do not want to bang a drum on this but I think some of the folks here have the world turned upside down. He is vendor. He is selling something. He can decide when he has spent enough time on a potential sale. But, to tell people not to waste his time--well, keep his boat.

 

[Walter P]

I like your new saying Fred. I think I will use it often..

Walt

 

[krush]

I have long felt that many people take advantage of a boat brokers time as if it has no value. Many do it to real estate brokers as well.
Walt

The truth is many brokers' time is of zero value. If they were really of great value, they'd be more likely to charge by the hour, like real consulting professionals. However, the good brokers don't want to do this because once they get their stuff together, they get good money based on commission. It's a trade-off. They sell a 500k boat and take 10%, it's a pretty good payday, especially if they didn't spend many hours on it. Most of use know of the vast amount of morons in the residential real estate business--very low barrier to entry allows morons to get involved.

 

[jim rosenthal]

Yeah. This is nothing like residential real estate. There are good yacht brokers and bad ones, but the bad ones don't stay in business for long, and the good ones earn their keep.

 

[capttonyf]

The truth is many brokers' time is of zero value. If they were really of great value, they'd be more likely to charge by the hour, like real consulting professionals. However, the good brokers don't want to do this because once they get their stuff together, they get good money based on commission. It's a trade-off. They sell a 500k boat and take 10%, it's a pretty good payday, especially if they didn't spend many hours on it. Most of use know of the vast amount of morons in the residential real estate business--very low barrier to entry allows morons to get involved.

It's 10% if everyone is happy and no concessions are made,,,,BUT. That's 10% to the House not the agent. If you as an agent list the boat through the Brokerage you work for and sell it the 10% is split Approx 50/50 +/-. But if you list it and another agent sells it you it's usually a 60/40 house split so selling agent gets 3% and you as the listing agent get 2% of the deal. Then you figure in your time, travel, advertising etc., then there's not as much of a pay day in it as you would think. Depending on the publication and page can be anywhere from $4 to $10,000 a page. I'd been paid both ways through the years, commission and as a consultant. Either way if your good at what you do, people trust you, and the boat market is moving you can make a good living, but it's not all roses, that's for sure.

Tony

 

[JLR]

This reminds me of a somewhat related story perhaps worth repeating here and now. It involves buying and selling. Last year, I went to my local MB dealer to price a new MB for my daughter. Let's call it car A. Before I approached the local dealer, I had done my homework and called a friend in an MB dealership out of state and asked for and received his best price on Car B. Assume Car A and Car B are identical in all respects except A is local and B is out of state. So, when I get the price from the local dealership, which was several thousand more than the out of state dealership for the identical car and so advised the local dealer, the local sales manager comes out and said to me"if you are going to deal with those folks out of state, you will be dealing with them for a long time because we can't compete with them." Basically, blowing me off and telling to get lost. So, I bought car B at the price I was quoted and have not been back to the local dealer again. One little footnote. I had paid the local dealer over 250K for several cars I had bought from them in the past before I approached them on this sale. Bottom line- if you are selling something that is not unique or otherwise hard to find, the burden is on you to sell not on the customer to "not waste your time" trying to buy.

 

[saltshaker]

I have a new saying. "I can get more money, but not more time"

That's a variation of a Ben Franklin quote.

 

[Boatsb]

First 10% on a $500k sale is not happening. I believe its closer to 6%. Second the listing broker has to invest time and money to advertise the boat. Pictures are needed. Research has to be done. Listings dont write themselves. All the documentation and paperwork needs to be checked over and gathered.

Many do a crappy job. Toilet seats up in pics. Specs wrong and just bad wording. Others do it right. The broker listing the boat has the lions share of upfront work.

Now you get the selling broker. He gets to deal with the guy who knows everything but what he wants. Then his over bearing wife comes in. Then the survey and seatrial results need to be explained in terms everyone can understand.

All this they do based on the idea that if the boat sells they will get a portion of the proceeds (unless a canuk end runs the broker) when the deal closes.


Why are there so many crappy brokers? Simple. They work for themselves in a way so no one pays them a salary and fires them for non performance. Part time does not work. Retired and working does not work. The best brokers are full time throttle to the firewall hard workers.

 

[Mike36c]

This is all great info as may be in the boat buying mood in the next few months. Pertaining to listings is there a way to find out how long a boat has been on the market?

 

[saltshaker]

This is all great info as may be in the boat buying mood in the next few months. Pertaining to listings is there a way to find out how long a boat has been on the market?

Get a great buyers broker who works with a network of other marine professionals. I would have spent tens of thousands and lots of time if I had to travel to see all the boats we were considering. My broker did more work for the money he was paid than I would have done.

 

[Finalee]

The truth is many brokers' time is of zero value. If they were really of great value, they'd be more likely to charge by the hour, like real consulting professionals. However, the good brokers don't want to do this because once they get their stuff together, they get good money based on commission. It's a trade-off. They sell a 500k boat and take 10%, it's a pretty good payday, especially if they didn't spend many hours on it. Most of use know of the vast amount of morons in the residential real estate business--very low barrier to entry allows morons to get involved.

No need for question three with you.

 

[capttonyf]

This is all great info as may be in the boat buying mood in the next few months. Pertaining to listings is there a way to find out how long a boat has been on the market?

Yes, on the broker link on Yachtworld, and other numerous broker/yacht listing sites it shows how long the boat has been listed and the original asking price. There are a few exceptions where someone altered a name or listing which makes it look like a fresh listing but there are people, owners, and captains in the know, and any broker worth his weight can tell you how long a boat has been for sale or he definitely knows how to find out.

Keep in mind you'll want to find a broker that specializes in the type of boat your looking for. If your looking for a Sportfish, a guy that works for a Sea Ray dealer probably isn't your guy. That's not to say that there aren't great brokers that know most markets and really specialize in a few because there are. Just make sure you find a broker that can answer your question knowledgeably and is truthful. They should have answers to most of your question on the spot but also have enough modesty to say I don't know, but I will find out for you. I have "salesman" at boat shows just ramble on about nonsense that I know is not true. I just let them ramble and move on because you know the guy is full of crap.

If there is ever a boat your interested in and your wondering how long it's been for sale just ask. There are many members on this site that will not only know how long it's been for sale but probably also know the full history of the boat. It happens all the time here where someone is mentioning a story and one of us asks if it was this or that boat, and usually we're right.

Point is, like Jack said find a good buyers broker, if they're good, it's well worth it. When there is mutual trust between the buyer and the broker both parties win in the end. I worked my butt off for my clients, many of which are now, great lifelong friends that we all still talk and look for mutual advice on many different things from boats, to business, and even family. I think at times I had just as much fun finding the right boat for someone as they did buying it.

Tony

 

[oscarvan]

This is all great info as may be in the boat buying mood in the next few months. Pertaining to listings is there a way to find out how long a boat has been on the market?

Yes, a buyers broker can find out.

It also comes out more often than not letting the listing broker run his mouth. (If he talks about the engines being serviced two years ago and it is clear he had involvement you have another piece of the puzzle).

Watch the market for a while.

 

[Mike36c]

Thanks everyone, I'll start a new 'Which boat is best?' thread soon.

 

[SeaEric]

Thanks everyone, I'll start a new 'Which boat is best?' thread soon.

That's like "which girl is the prettiest?" Answer: The one that you're in love with. Every boat that I have owned that I had the best experiences with was a boat that I loved the minute I stepped aboard it. When it's the right boat for you, you just know (or I do anyway).

I bought one boat because it was "a deal". What a mistake. In spite of having spent a $mall fortune on it trying to make it the way that I wanted it - I absolutely hated that boat until the minute that I sold it. No more "deal" buys for me.

 

[Boatsb]

Forget prettiest. A girl needs to have certain other qualities.

Things like

1) The ability to varnish.
2) Understanding of basic navigation.
3) The willingness to chuck chum...

 

[dastahl]

Forget prettiest. A girl needs to have certain other qualities.

Things like

1) The ability to varnish.
2) Understanding of basic navigation.
3) The willingness to chuck chum...

OH and they should be short and small with long arms and a flat head and no teeth. So she can get in tight places and reach things you drop in the bilge and you can set your beer on her head. The no teeth thing is a different subject.

Skooch

 

[Mike36c]

Forget prettiest. A girl needs to have certain other qualities.

Things like

1) The ability to varnish.
2) Understanding of basic navigation.
3) The willingness to chuck chum...

I had to re-read that, at first it looked like the ability to vanish

 

[Mike36c]

That's like "which girl is the prettiest?" Answer: The one that you're in love with. Every boat that I have owned that I had the best experiences with was a boat that I loved the minute I stepped aboard it. When it's the right boat for you, you just know (or I do anyway).

I bought one boat because it was "a deal". What a mistake. In spite of having spent a $mall fortune on it trying to make it the way that I wanted it - I absolutely hated that boat until the minute that I sold it. No more "deal" buys for me.

I also bought a 'deal' boat, after the purchase I found a bent shaft caused a cracked bell housing. After fixing that I lost a tranny in the Bahamas, had to limp home on one plus this boat rode like a Carolina skiff into a 3' chop. Hated that boat.

Buying a new (to me) boat comes down to devil you know and the devil you don't know. I really want what is probably my last boat to be the right one.