Trawler Purchase

[Larry Wood]

I’ve purchased all things over the span of my life …yet with brokers and owners this seems to be the most difficult..
From brokers not returning corespondents..
Owners not returning corespondents…
Owners not knowing how to correspond with potential buyers…
Literally been trying to buy a boat … 50k to 100k CASH with no luck …
Contract … showing…. First in line tenth in line… what gives….???

 

[Comodave]

Welcome aboard. It is a tough market this year. Hang in there.

 

[JimW]

I’ve purchased all things over the span of my life …yet with brokers and owners this seems to be the most difficult..

From brokers not returning corespondents..

Owners not returning corespondents…

Owners not knowing how to correspond with potential buyers…

Literally been trying to buy a boat … 50k to 100k CASH with no luck …

Contract … showing…. First in line tenth in line… what gives….???

Buying a boat especially from a remote location is a challenge and has been for the most part . . . Toss in Covid and it obviously becomes a bigger challenge . . . Good news is you are ready to purchase, cash is king, be sure you toss aside emotion, identify “must have” list of boat wants and get good surveys (engines/boat/etc.) and the right one will appear . . . Patience.

Standing by -

 

[psneeld]

I’ve purchased all things over the span of my life …yet with brokers and owners this seems to be the most difficult..
From brokers not returning corespondents..
Owners not returning corespondents…
Owners not knowing how to correspond with potential buyers…
Literally been trying to buy a boat … 50k to 100k CASH with no luck …
Contract … showing…. First in line tenth in line… what gives….???

Don't go away....some decent, low priced trawlers always pop up.

I have someone interested in mine, but you never know.

I am looking to part with it, the money is so low it is almost secondary.

 

[Racerdave550]

I've been through several brokers with little to show for it. So I'm boat hunting solo for now, when I find the right boat for me, then I'll get a broker. Seem backwards?

 

[socalrider]

I don't think there's much reason to hire a buyer's broker personally. Lots of escrow and doc companies who charge a few hundred for the paperwork; I don't really see what one gets, unless you know someone really good who has an inside scoop or something.

My wife kept saying "the right boat will find us" and she did. It is a really tough market now though - maybe things will soften up now that cruising season is winding down?

 

[bowball]

I've been through several brokers with little to show for it. So I'm boat hunting solo for now, when I find the right boat for me, then I'll get a broker. Seem backwards?

Save the commission if you are doing the work. Title company will take care of the rest after you hire the surveyor and remove contingencies.

 

[Spinner]

To bowball…I think the OP was talking hiring a buyers agent. There is no savings on commission because the seller pays the commission!

 

[bowball]

To bowball…I think the OP was talking hiring a buyers agent. There is no savings on commission because the seller pays the commission!

The commission is split between selling and buying agents, so just ask for a reduction in price for not using a buyers agent, if you don’t. Seller gets the same amount. Selling agent gets the same fee. Buyer saves. It’s a negotiation.

 

[Jc180]

We’ve been trawler shopping for several years. Hard to find a boat in decent condition. We spent a lot of time and money traveling to look at boats that the Brokers assured us were in great shape only to see problems with our own eyes once aboard. We, quickly learned to ask a lot of questions and ask for info and photos as a prerequisite to travel. We were met with the same treatment as the OP described in this thread, not a new phenomenon. We finally purchased a local boat recently. In our experience, boat brokers are just like all salesmen, they have become conditioned to Impulse buyers and have no use for those of us who ask for legitimate information. Don’t think the seller behavior new either.

 

[ranger58sb]

I have someone interested in mine, but you never know.

I am looking to part with it...

Huh?

-Chris

 

[tiltrider1]

There is a big difference between a good buyer broker and an average buyer broker. Unfortunately the good ones are only doing deals at $500,000+. You see, it’s just as much work to do a $50,000 deal as a $500,000. Times are good and the brokers have more buyers than sellers so they make their time count. If you are looking for a boat in the $100,000 range don’t expect much help. There is so much competition that the brokers don’t need to lift a finger to sell it. If you want to be first in line you had better do the work. This includes not waiting for the weekend to see the boat and not refusing to go look until you see more photo’s. More photos won’t happen as the broker is busy showing the boat to other buyers.

 

[SteveK]

The commission is split between selling and buying agents, so just ask for a reduction in price for not using a buyers agent, if you don’t. Seller gets the same amount. Selling agent gets the same fee. Buyer saves. It’s a negotiation.

Your plan will work in a buyers market. This is a sellers market.

In a sellers market the buyer has to stand out to be noticed by broker and seller.

 

[psneeld]

Huh?

-Chris

Yeah....Traveling more to see my kids and stream fish. Easier to go by RV.

Can usually get invited on a boat trip or delivery whenever I want.

Boat was bought as a throwaway...long since paid for itself cash wise. Don't have the interest in maintaining her any more. 20 years pro and 55 years recreational maintenance on boats has me a bit burned out. Plus getting out before I can't find a decent spot to anchor, marina to stay in, or insurance forces me out. Thus the comment on not worrying about selling price.

 

[Comodave]

It is tough right now. Like said above in the less than $100K price range the brokers aren’t that interested in doing the work. We looked at a Formula 41PC back in April. The headliner was being replaced so it was sorta off the market. But I was talking to the broker about listing our then current boat. Since we are in a somewhat remote area I told him that I would all the photos and showings and I just needed a broker to get it listed on Yachtworld. So I didn’t want to pay 10%. He agreed to take 5% and still traveled up to do the photos and a video. It was an excellent video. He handled the paperwork for our sale. After we sold our boat in August I told him we wanted to make an offer on the Formula 41PC that we had looked at in April. He said the headliner work was still in progress. So we made an offer on it with the contingency that the headliner work be finished. It was finished and we bought the boat. It was the last boat in the Great Lakes area that we had any interest in. The broker was Tom Dunigan. He was outstanding, couldn’t have had better service and attention from him. He is in the Metro Detroit area so if anyone is looking for a great broker, call Tom.

 

[natbarre]

Buyer's agent

The commission is split between selling and buying agents, so just ask for a reduction in price for not using a buyers agent, if you don’t. Seller gets the same amount. Selling agent gets the same fee. Buyer saves. It’s a negotiation.

I'm a salesperson in California.
In California, a listing broker will typically have a listing agreement signed with the owner of the vessel which specifies the commission percentage.
It is rare to find a broker that will agree to accept half of his normal commission if there is no co-op broker involved. In terms of the work involved, the broker has already done the listing work and once under contract, if there is no other broker involved, they'll be doing the buyer's broker's job too.
I often negotiate down to 9% if there won't be another broker involved, but that negotiation is done at the time of listing, not once offers start coming in, because I have a signed contract with the seller already.

 

[ranger58sb]

Yeah....Traveling more to see my kids and stream fish. Easier to go by RV.

Can usually get invited on a boat trip or delivery whenever I want.

Boat was bought as a throwaway...long since paid for itself cash wise. Don't have the interest in maintaining her any more. 20 years pro and 55 years recreational maintenance on boats has me a bit burned out. Plus getting out before I can't find a decent spot to anchor, marina to stay in, or insurance forces me out. Thus the comment on not worrying about selling price.

Yeah, I guess I get that. Give me a shout when you need a boat ride.

-Chris

 

[Seevee]

It's absolutely a sellers market, but there ARE deals out there. The best way to find them is contact the owners direct, from their ads, or just writing to folks that own the boat you want, or hanging around marinas.



Also, lots of boats for sale in specific groups, like Trawler Forum, AGLCA, MTOA, etc.


And the market will change... always does.



Right now, a broker may not be of much help, unless you want to pay retail or more, and limit your choices to what he represents. And, a buyers broker may not work hard for a $100K boat. And just finding a good honest broker isn't easy.



I've had three good friends buy boats in the past month....all boats in the 22 to 24ft, single engine. All bought cream puffs, low time, or new.

Buyer one paid top retail 24 ft boat at $140k. Brand new.
Buyer two bought a similar one, 3 yrs old, 60 hours, a bit smaller at 22 ft, paid $60k, and that was close to top retail, as a new one was only $80.
Buyer three stole a 22 ft one, 3 years old, 60 hours, for $50 and could sell it tomorrow for $80. He just found a guy that didn't use it, wanted out right now, and didn't know the market well. YES, there's boats out there and some good deals.


Look for that guy who doesn't want his boat and doesn't want to deal with a broker and doesn't want to spend much time marketing it. They ARE out there.


Just like houses and planes. Crazy market.

 

[psneeld]

Yeah, I guess I get that. Give me a shout when you need a boat ride.

-Chris

 

[sbman]

Sounds like people need some kind of buyer's helper service in various cities. Someone that could go to a boat they are interested in, meet with the seller or broker, take a bunch of photos and preview the boat, send that info to the buyer along with their uneducated opinion of the boat. Seems like a service that many would be happy to provide on an irregular basis, maybe some of the 'Port Captains' as listed here on TF would be interested in doing such for a reasonable small fee, most boaters I know always enjoy touring any boat if given the chance.