What questions would you ask a buyer's broker?

[GFY]

I am taking recommendations here about using a buyer's broker.

So, I thought I would ask, what questions would you ask in a buyer's broker interview?

I know the company, JMYS, has a good reputation, so I am looking for questions that might indicate their willingness/ability to work for/with me.

Before you start I am a pretty reasonable guy and I am willing to pay reasonable amounts for reasonable service. And yes I understand that their commission would come from the seller...etc.

Thanks in advance,
Gene

 

[tiltrider1]

Ask how the want to handle a situation were the selling broker refuses to split commission. How do they plan to handle private boats for sale. In these cases they can either refuse to show them to you a or you can have an arrangement were you compensate them. Best to have this understanding up front

 

[BandB]

I am taking recommendations here about using a buyer's broker.

So, I thought I would ask, what questions would you ask in a buyer's broker interview?

I know the company, JMYS, has a good reputation, so I am looking for questions that might indicate their willingness/ability to work for/with me.

Before you start I am a pretty reasonable guy and I am willing to pay reasonable amounts for reasonable service. And yes I understand that their commission would come from the seller...etc.

Thanks in advance,
Gene

Most important part of the interview is what they ask you. You'll find out if they really want to know the customer and their needs. If a broker asks you very little, I'd be very concerned.

Now, you should ask exactly what they'll do and if you see boats that get your interest online, how should you handle it and then them.

Ask for a copy of the agreement/contract and take it home and review before signing.

Ask why him vs. another broker? What does he do differently or better?

Do not feel pressured to sign on the spot and if they do pressure you, then ask yourself if you're comfortable with that.

 

[firehoser75]

All good advice so far. Definitely, how much info they request from you (so they can help find the right boat for you) is a good indicator of their interest in actually working and looking for you!! However, it really helps if you have truly figured out exactly what features are most important to you. Providing lists (even if verbally) like "must haves", "nice to have", and "do not want" (or even what brands you want if you have it narrowed down that far) will show the broker that you are serious, prepared, and know what you want, therefore making their job a bit easier. A good broker should be very interested in that info.

Ask the broker do they look in "other markets" for boats for you (such as online, private sales, Boat trader, forums, further afiield - beyond local, etc). Definitely know before hand how that broker will handle it if the listing broker will not split commission and will he/she help you with a private sale and if so, for what fee? Remove as many surprises as you can before they happen. There are good brokers, bad brokers, and everywhere in between. If you can, get a referral from someone local who has experience with the broker you are considering.

Good luck, and a good broker working for you (helping you) can take some of the angst out of boat purchases.

 

[PPandE]

I’d want to know if they are licensed and bonded. Also, how does their brokerage firm handle escrow, title, registration, and documentation services and at what cost. Will they use their network to secure surveyors, haul out facilities and other professional services?

Don’t be fooled about the seller paying the brokers. As the buyer, you are the only person in the room with a wallet in your pocket. You get to pay for everything, either directly or indirectly.

 

[BandB]

I’d want to know if they are licensed and bonded. Also, how does their brokerage firm handle escrow, title, registration, and documentation services and at what cost. Will they use their network to secure surveyors, haul out facilities and other professional services?

Don’t be fooled about the seller paying the brokers. As the buyer, you are the only person in the room with a wallet in your pocket. You get to pay for everything, either directly or indirectly.

Bonded and insured, yes. However, only two states license yacht brokers.

I wouldn't want them to secure my surveyor.

 

[mvweebles]

My observation is JMYS represents trawlers, mostly in $300k to $1m space. Their buyers are more likely to vast a wider geographical net to find the right boat. Certainly get a feel for what your expectations for travel should be.

I can't think of a precise question, but I'd want to get a feel for how they support a buyer in a heavily skewed sellers market. You might also ask what it takes to be a stand out buyer.

I thought BandB gave great advice about listening to what questions are asked of you.

Good luck

Peter

 

[GFY]

Thanks for all the great suggestions so far.

Maybe I should have added that the boat I am looking for is a semi-displacement two engine in the 50-60' range with a target price of about $500K.

Goal is mostly east coast US, and Caribbean cursing.

Thanks again,
Gene

 

[ranger58sb]

Thanks for all the great suggestions so far.

Maybe I should have added that the boat I am looking for is a semi-displacement two engine in the 50-60' range with a target price of about $500K.

Goal is mostly east coast US, and Caribbean cursing.

Can't tell if that means you've got boats/models picked out...

But if not, it would maybe help you to pin down your requirements, perhaps even identify the specific boats/models you're after... so your eventual buyer's broker would only be focused on a) finding you one, b) transmitting/receiving your negotiations, c) advising during surveys and sea trial, and d) dealing with paperwork and escrow.

You can do most of "a" yourself anyway, assuming target boats would be listed in Yachtworld (and similar) inventory. Helps if you can also find local examples of given models to put eyes-on, decide whether the "on paper" factoids match your expectations.

When we first started looking at bigger boats kinda way back when, we stumbled into an absolutely great buyer's broker... through no fault of our own. We learned a boatload from that guy, but... I dunno that we'd have done as well as we did without that kind of luck.

These days, we develop our list of required and preferred features, find specific boats that meet those desires, then sic our bud the broker on candidates as they come up. At that point we start a more in-depth evaluation of condition versus cost, etc. (Cost is combo of buying price, initial mandatory maintenance, delivery costs, etc etc etc.)

Well... sorta kinda. Only two models pass our "features" test, and one of those is much better (of course, bigger and more expensive) than the other. Not much of either in inventory these days, and what's there are often at Covid-inflated prices. Three strike-outs so far: one flakey listing broker/seller, two no engine maintenance records. <sigh>

-Chris

 

[cafesport]

Ask for three referrals. Good buyers brokers tend to be long term players and have a book of customers bigger than their book of boats.

Do yourself a favor and get the fees and commissions sorted out before you look at anything.

Escrot can be tricky, in today’s market you will probably be offering on multiple vessels concurrently. Figure out how you want to handle this up front.

A true buyers broker works for you but he needs to well enough respected by the sellers brokers to close quickly and efficiently.