When you buy or sell a yacht, the broker you choose will have a crucial role in the process. With literally hundreds of luxury yacht brokers to choose from, here are five key principles to help you select the right one for you. Words by Jo Morgan
Whether you’re buying a selling a yacht, you might perhaps feel overwhelmed by the number of luxury yacht brokers to choose from. But selecting the right yacht broker is the most crucial decision you will make to ensure you get the correct exposure and the right price.
Here are five essential principles to follow when choosing a yacht broker.
1. Experience
Nothing beats experience when it comes to buying or selling yachts. An established yacht brokerage has many decades of experience, meaning they know the ins and outs of the market, the resale value of different yacht builds over time, and have gone through the sale contract process so many times that it is made near-effortless for the client.
Experienced yacht brokers can also advise sellers on how to present their yacht for sale to command a higher price, or advise buyers on good-value opportunities and off-market yachts. A successful yacht brokerage leverages their extensive industry knowledge and contacts to ensure your yacht sale or purchase is done right.
2.Local Knowledge, Global Reach
The very best yacht brokerages have offices and local people in major yachting centres all over the world. For instance, your yacht may be represented by a yacht broker in Fort Lauderdale but that same broker is part of a global yachting company with a presence in London, Monaco, Hong Kong and beyond. This means that they combine the power of local experience with international reach, thereby building vast databases of yachts, potential buyers, and charterers they will use to your advantage.
Remember, listing your yacht locally or looking for a yacht locally is limiting you to a very small pool: your ideal buyer or dream yacht may well be on the other side of the world.
3. Marketing power
A slick, effective marketing operation is key to success in today’s yacht market. Yacht brokerages that continue with outdated websites or have poor social media reach instantly limit the potential to sell your yacht for the best price or to find the yacht of your dreams.
A successful, established yacht brokerage relies ona multi-pronged marketing approach, which includes traditional print advertisements, email marketing to VIP clients, website listings, social media, and promotional features and blogs – all of which could feature your yacht for sale.
4. Ongoing service
If you’re buying a yacht and want it run smoothly with no compliance issues, you’ll want a yacht brokerage that also offers a yacht management service. Having shoreside management takes a lot of the paperwork burden off the captain and ensures your yacht remains compliant and well- run at all times.
If you’re planning to charter your yacht out, you will need to list your yacht with a yacht charter broker to attract and manage charter bookings. Choosing the right yacht brokerage to conduct your business with now can create a mutually beneficial relationship long into the future.
5.. Yacht Show Presence
It is hard to underestimate the power of yacht shows in buying and selling yachts, and a successful brokerage will maintain an impressive presence at major international shows, such as the Cannes Yachting Festival and the Monaco Yacht Show in the Mediterranean, and Fort Lauderdale International Boat Show (FLIBS), Miami International Boat Show or Palm Beach International Boat Show in the US.
Additionally, for buyers looking for charter yachts, look for luxury yacht brokers who display their fleet at charter yacht shows, such as MYBA Charter Show in Barcelona and the Antigua Charter Yacht Show in the Caribbean. Yacht shows are a golden opportunity for buyers to view the yacht and meet the crew, while also elevating a yacht’s reputation with the press and other brokers who can present buyers or charterers.
It’s imperative to choose a yacht broker with experience, who has the power of an established yacht brokerage behind them. It is, of course, also important to pick a yacht broker who you feel is passionate about getting you results, and who you can work with effectively. It’s therefore important to find the right personality fit when it comes to choosing the right yacht broker, but make sure you do your due diligence and ensure that the broker fulfils the five essential principles above.
