Selling a boat without a broker

[3rdOrderEffect]

It is a 2005 Camano Troll with <1800 hours, but no generator. Haven’t determined a firm asking price just a ballpark at this point. 2005 is among the newer of these boats and the pricing in the past year seems to be in the $130 range (give or take). Would like to put it for sale by owner to offer an attractive price.

I have very little to go on from your posts but as a recent buyer; Unless it is an exceptionally nice example with a modern electronics refit, $130k is unlikely to be an attractive price point. It’s not so high as to kill interest straight off, though. If it had updated electronics and is equipped with the Yanmar engine option it might fetch that much from a buyer who is uninterested in having a genset.

 

[REO]

I have sold two boats without a broker. Both sold quickly. It can be done. But, why do you want to do it?
The owner of a similar boat in our marina had his boat for sale for a year. He asked why I was able to sell so fast. It's simple, price it way below market value. Use the savings from the brokers fee to fund the discount, then mark it down a bit further. If you use this strategy you have a good chance of a relatively quick sale. Those who try to sell at market value and pocket the brokers fee are often disappointed. Buyers like the help a broker offers. Most buyers need an incentive to deal directly with the owner.....Just my opinion.

 

[Polski]

Need opinions from those who have sold their boat without a broker. I would like to try to sell my boat myself and if it doesn’t sell in a month or two to enlist a broker. The price would be in the $125K range. My thoughts were to get a survey and oil samples myself so that I know in advance what issues I may be dealing with. Any prospective buyer would get copies of these and make any inspection they would like to make short of a sea trial. Once an offer has been accepted through a sale agreement and the buyer wants a sea trial, (which I would expect) they would then pay a down payment of $500 for the sea trial. This would be non refundable except in the case where the boat did not operate as advertised, or in accordance with the survey. If that goes well then the buyer would initiate a wire transfer in return for the sale documents. My thoughts were that this provided me with fore knowledge of my boat’s condition and cut down on the time frame of the boat being off market for weeks with the possibility that should it fall through that they would get their usual 10% deposit back, although they would be the out of pocket for their own surveys. How would you consider this process if you were interested in buying a boat?

You have already thought this out more then any boat broker would do for you. As a buyer that just closed on a boat I would have preferred to deal directly with the seller as all the broker is doing is getting in the way and their only concern is their commission. The reason brokers charge 10% is that they're not smart enough to do the math with any other figure. Go it alone and make a smooth transaction. As a buyer, I used a documentation company that handled all the paperwork. This cost me $995 and I feel it's a buyer's expense but you should know about this type of service as it can give a buyer and a seller a comfort level. The company I used was All Yacht Documentation out of Florida. They helped with all the paperwork so the buyer and seller can focus on the boat. What a boat broker does is unknown to me except running around making problems. Good luck.

 

[ceherro]

Need opinions from those who have sold their boat without a broker. I would like to try to sell my boat myself and if it doesn’t sell in a month or two to enlist a broker. The price would be in the $125K range. My thoughts were to get a survey and oil samples myself so that I know in advance what issues I may be dealing with. Any prospective buyer would get copies of these and make any inspection they would like to make short of a sea trial. Once an offer has been accepted through a sale agreement and the buyer wants a sea trial, (which I would expect) they would then pay a down payment of $500 for the sea trial. This would be non refundable except in the case where the boat did not operate as advertised, or in accordance with the survey. If that goes well then the buyer would initiate a wire transfer in return for the sale documents. My thoughts were that this provided me with fore knowledge of my boat’s condition and cut down on the time frame of the boat being off market for weeks with the possibility that should it fall through that they would get their usual 10% deposit back, although they would be the out of pocket for their own surveys. How would you consider this process if you were interested in buying a boat?

I prefer on using a broker. That being said, finding an effective broker makes all the difference in the world. An effective broker can give you valuable insight into the selling price of your boat and an entree to prospective buyers. Additionally, they more than earn their money by acting as a "buffer" between tire kickers and prospective buyers. I like letting them do the paperwork involved in the sale.

 

[vona 1946]

I third the notion that a fee to sea trial will be a nonstarter for a sizable buyer population. If I was presented with those terms, interest would stop there.

I would not pay to get your own survey, unless you are using it to actually make pre-sale repairs. Just let the buyer pay for their own survey - many will insist on it anyway and once they commit that $1-2k or more on the survey they have an small additional incentive to close the deal. If you are worried about being blindsided with findings at survey, so what? The prospective buyer will use them to offer a reduced price or negotiate repairs, and you will get the information for free and can proceed accordingly - reject and end sale, adjust ask for next buyer, continue on with deal etc.

I agree no sea trials fee.

 

[bumpkin]

I would not look at a boat that had a nonrefundable fee, broker or not.

I bought a boat without a broker. The seller priced his boat to sell and was knowledgeable about the process as were the people who surveyed my boat. I sold a boat with a broker because he had knowledge of the market and would screen the buyers. He also made sure the boat was presenable.
For me, the sea trial has always been apart of the survey. Have you found it to be different. The survey is a big commitment from the buyer.

In your case, I think a broker might be a plus, keeping you from nonstandard ideas.

 

[Shrew]

I would not look at a boat that had a nonrefundable fee, broker or not.

For me, the sea trial has always been apart of the survey. Have you found it to be different. The survey is a big commitment from the buyer.

In your case, I think a broker might be a plus, keeping you from nonstandard ideas.

I'm not sure if you meant ' a part' or 'apart'. IMHO a Survey and a Sea Trial are two very different things and usually done at different times. Each should be list as a clause in a P&S (e.g. Subject to Successful Survey AND Sea Trial).

I would expect a boat to be made available for both survey and sea trial once there is a P&S offer signed by both the seller and buyer.

 

[bumpkin]

I meant that sea trail was part of the survey. I've only had surveys where I flew into town for the survey. Perhaps my experience is not normal.

In each case the boat survey started early 7-8 in the morning. About 3 hours later the the engine survey crew comes aboard and each finished their respective surveys, early afternoon. At that point the sea trial started with the engine surveyor staying on board and occasionally the boat surveyor stayed. I purchased 4 surveys with this schedule. Because of location, none of the surveyors repeated.

Would you buy a boat that had a nonrefundable fee attached to the buying process?

 

[Delta Riverat]

No, wouldn't even look at it, just go find another.

 

[slowgoesit]

I meant that sea trail was part of the survey. I've only had surveys where I flew into town for the survey. Perhaps my experience is not normal.

In each case the boat survey started early 7-8 in the morning. About 3 hours later the the engine survey crew comes aboard and each finished their respective surveys, early afternoon. At that point the sea trial started with the engine surveyor staying on board and occasionally the boat surveyor stayed. I purchased 4 surveys with this schedule. Because of location, none of the surveyors repeated.

Would you buy a boat that had a nonrefundable fee attached to the buying process?

I would never buy a boat with a nonrefundable fee attached to the buying process! Nope, Nada, Never
It smacks too much of the "seller" trying to make money out of the "selling process", rather than the SALE!

 

[bumpkin]

I agree. that is why I thought the OP should consider using a broker, anything out of the ordinary scares buyers.