Yacht Brokers traditionally provided a set of basic services and charged 10% commission on sale.
The services are
1. Establishing with owner the specification and history of the vessel and confirming proof of identity and ownership.
2.Examining and photographing the vessel.
3.Advertising the vessel
4. replying to enquiries and arranging viewings.
5. Conveyancing, similar to the work done by two solicitors and an estate agent in a house sale.
A. preparing contracts
B.arranging for both parties to examine and sign contracts
C. taking and keeping safe in trust the holding deposit paid on exchange of contracts.
D. assisting with any re-negotiations resulting from adverse survey findings.
E. facilitating completion including final payment and transfer of title via Bill of Sale.
The internet has initiated a revolution in selling methods and web selling methods are evolving rapidly themselves. Ten years ago Yacht Brokers paid huge sums to advertise boats on dedicated marine sites.
Now the fastest growing method is for owners to post their own averts on a facebook group free of charge. Hi-tech smartphones make instant photographers and publishers of us all.
All this means that most Houseboat sellers can do the first 4 items above themselves.
The Broker is still needed to provide the conveyancing service outlined in 5. above, but instead of thousands of pounds in commissions the fee shoud be around just £300 to £500 !
Be very careful when selecting your Broker, there is no legal control, so any one can call themselves a yacht broker, set up a company and start trading – and quite a few have !
Your broker should have at least a bachelors degree, have been employed by a reputable yacht broker for some years and be Certified, either by CPYB or have the joint AYB/BMF sales Certificate.
(not just a certificate that a single short course was attended )
If you are buying a boat, the buyer may already have engaged a broker, if not,or if their “broker” is unqualified, you are strongly advised to engage one to act on your behalf. In such a case you are entitled to insist that your Qualified broker holds the deposit and provides the contracts
engage your qualified Yacht Broker online