Question about buying with a broker

[Bcg]

Has anyone ever hired and paid a broker as a buyer instead of having them split the commission with the selling broker? Are there brokers that will work this way?


It feels to me that even when you have your own broker as a buyer, they would still be motivated to get you to pay as much as possible for a boat if they're splitting the commission. Real estate agents have removed this conflict with the option of hiring a flat fee buyer's agent who then is truly motivated to work in your best interest financially and it seems like something similar would make sense here. When you're looking at making a purchase that is going to be 6 - 7 figures, it sees that it would make sense for both sides to be paying for their own representation, no?

 

[menzies]

I am not sure a Buyer's Broker would work that way. An extra few thousand, by the ten percent, then say split 50/50, isn't that much.

It's $50 per thousand. Less after tax.

Anyway, you get to decide how much to offer, he just presents it and does whatever negotiation you want on your behalf. You control the conversation.

 

[John R M]

I am not sure a Buyer's Broker would work that way. An extra few thousand, by the ten percent, then say split 50/50, isn't that much.

It's $50 per thousand. Less after tax.

Anyway, you get to decide how much to offer, he just presents it and does whatever negotiation you want on your behalf. You control the conversation.

Maybe so but it can still get complicated. I once almost literally had to throw a real estate agent out of our house. He was representing me but kept trying to get me to offer more than I was willing to pay for another house, just to "get the deal done."

 

[Bcg]

Maybe so but it can still get complicated. I once almost literally had to throw a real estate agent out of our house. He was representing me but kept trying to get me to offer more than I was willing to pay for another house, just to "get the deal done."

Yeah, we've had some very good and some VERY BAD agents ourselves. One tried to get us to sell our house for $70,000 less than we ended up getting with a different agent 4 months later because the listing agreement was close to expiring and he wanted a commission.

We're dealing with a broker right now that I really like and I believe is generally honest. I don't necessarily feel like he's going to try to get us to overpay for something, he told us one of his own listings would sell for substantially less than asking, I just wonder if me writing him a check for $10,000 instead of him getting it in commission would simplify things is all.

 

[PPandE]

It’s, generally speaking, a sleazy business.

The last boat I bought Required five trips to south Florida just to find a broker that was reasonably honest, competent and motivated. I found one, sadly he left the business shortly thereafter, citing that he couldn’t stand the business.

I just returned from a trip to NC to buy a boat under contract. Turns out it was no where near as represented. I then drove another five hours to see another boat that the broker conveniently forgot to mention was already under contract before I headed his way.

I’ve since contacted another broker via email who promised to send additional pictures of the engine room. That was two days ago. I’m not holding my breath.

There is no accountability for the brokers and most take full advantage. I’d love to find another of those rare brokers who conduct themselves with integrity.

 

[alormaria]

Yacht brokerage is very much like real estate sales; with the possibility of drowning.

 

[DavidM]

I have used goo brokers and bad brokers and was one myself briefly. Unlike the house market, there isn't enough interest in being a buyer only broker when you can make 5% on the commission split.

Find a good broker and stick with him would be my advice.

David

 

[firehoser75]

+1 David.
When we bought our boat, we used the same broker as a seller's broker (selling our old boat) and as our buyer's broker for the new one. As a buyer's broker he was great. Very patient, wanted us to get a good boat for us. Listened carefully to what we wanted and were saying, and even drove us down to La Conner (from Vancouver, BC) when we were picking up the boat to bring it home, and took us to the Custom's office to get a cruising permit and to the grocery store for food for the trip back.
We were happy with his advice and service.