About Yacht Brokers
What you need to know about yacht brokers
When it comes to the sale and the marketing of a boat, using a yacht broker is a safe and reliable way to maximize the ROI for your yacht. The broker is a professional in building relationships between potential buyers and sellers and thereby can help you to secure a potential buyer in less time then it would for the average seller to find a potential buyer on his or her own. If you wish to sell your yacht using a broker, there are some things to consider.
Do I really need a broker?
That depends upon the size of the vessel that you are trying to sell. In most states, if the vessel is less than 40 feet, you can list the vessel yourself. That being stated, when you choose to use a third party site which does not specialize in yacht sales, you are more prone to get browsers than you are to find quality target clients. For vessels which are over 40 feet, you are advised to seek a broker as they can optimize the selling and purchasing process as well as help with the security of the sale, the partnering of a lender to the potential buyer, and such details. Cost wise, the commission of a broker is relatively low when taking into account the responsibilities and the ROI from the sale of your yacht when using a broker to list your yacht for sale.
Is the broker certified?
Most states do not require that a yacht broker have certification. Only in California and Florida is there an exam for the broker. Should you find yourself working with a broker from outside these two states, it is highly recommended that you ask for credentials and for information validating their professional status. As some states allow for obtainment of a business license for as low as $75 without any certifications in place, it is your responsibility to find a broker that understands the market and demands of selling your yacht.
Certification in the US is known as CPYB or Certified Professional Yacht Broker. Other qualifications are EMCI, YBAA, FYBA, NYBA, GCYBA, CYBA, OYBA, and BCYBA.
The main responsibility of the yacht broker is to handle the negotiations, attend inspections of the vessel by potential buyers, handle the monetary exchange from the purchaser and the seller (though there may be the involvement of a lender in this process), as well as participate in any water trials or subsequent test needed for the sale of the yacht to a potential buyer. Please note that the responsibilities of the yacht broker are not the same as a maintenance staff or a crew. The broker is typically not responsible for repairs to the vessel or for docking and maintenance on the vessel. The yacht broker may advise you as to a service to use for such things, but it is not a requirement of the job.
Are there any particular broker associations?
There are a few broker associations which should be noted. Please keep in mind that inclusion or exemption from an association does not merit the professionalism of the individual. Check the certification and licensing of the broker prior to hire. Associations include the Associated Yacht Brokers, European Maritime Certification institute, Yacht Brokers Association of America, Florida Yacht Brokers Association, Worldwide Yacht Brokers Association, British Columbia Yacht Brokers Association, Gulf Coast Yacht Brokers Association, and the California Yacht Buyers Association.
Florida Broker requirements
When looking for a yacht broker in Florida, check to see how long the person has had the license. To be a sales person, you must have a 2-year license before applying to become a broker. A sales license is not the same thing as a broker license. Ensure that the person you hire has a broker license.
Do brokers only sell yachts?
While the primary focus of a broker is to sell and list the yacht for sale, you may find brokers which specialize in services and amenities for yachts which are to be leased. In these situations, it is the brokers responsibility to ensure that the services and the expectations from the client are in sync with the leaser of the yacht.
Where can you find a yacht broker?
If you are seeking to list your yacht for sale and wish to hire a yacht broker, you may be able to find services through Vessel Vendor. Vessel Vendor specializes in pre-owned yacht sales. Our site offers an intuitive platform which pairs qualified buyers with listers.
Are you looking to purchase a yacht? Great. We have the top brands available for purchase. Additionally, you can find helpful information about manufacturers, brands, locations, as well as service and maintenance of your yacht purchase.
Should you have any questions about finding a broker through Vessel Vendor, listing a yacht on our boat classified website, or if you have any general inquires as to the services of this site, please fill out the appropriate form on the website and we till respond as quickly as possible.