Ready to sell: DIY or list with broker?

Z-Worthy

Active Member
Jun 20, 2014
457
Sandusky, OH
Boat Info
2002 Sunseeker 44 Camargue
Engines
450hp Cat 3208s
I’m ready to sell our freshwater 1997 400DA with CATs, and I’m struggling to justify the seemingly-standard 10% sales commission with a broker. I understand that a broker has costs and overhead and time, but $11-12k seems steep for a roughly $110k-$120k vessel. So I’m considering listing it myself on the various websites and forums, but I’m concerned with the complicated process of USCG documentation and dealing with a buyer obtaining a loan. Is it possible to find a buyer, agree on a price, then simply pay a broker or an attorney to handle all the “paperwork” items involved? Do brokers do this? Or should I just suck it up and pay the 10% and hope the broker is capable of pulling a higher selling price than I could on my own?
 
I just bought a boat and the commission paid by the seller was killer. Commission was based on initial offering not the final sale price. Not something I would have done but the guy wanted to keep me interested at all cost.

I would defiantly resurch selling it yourself. Can't be more complicated than a house and that is done every day. Best thing is check with local registration office and see what it takes to transfer title in your state. Coast guard is just a form and a bill of sale. Getting it cleared from a loan is simply a letter from the lender once the loan is satisfied. Last documented boat I sold I just got a letter saying loan closed and the account number.

The guy that bought my 400DA has been running around with out registration for three years. Gives me a call last month want me to adjust his bill of sale so he can get his state registration squared away. Guess his marina finally asked him for insurance papers and his insurer will not cover a non registered vessel. Bottom line; all he got from the original sale was a bill of sale and state registration papers
 
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I have sold several boats on my own. They were state registered but not documented. Pretty easy, not much different than selling a car. As far as the money - a small one I took a check, knew the guy so no problem. My 290, guy gave me a cash deposit and his bank wired the remaining. Like in real estate some brokers are very good and handle the details of the transaction - really earn their commission. Others do nothing but hold their hand out for the commission $$ after you and the buyer did all the work.
 
Sell yourself. In today's world it's not difficult.

The last boat I sold, I did it myself and I bought my present boat without a broker.
 
I’m ready to sell our freshwater 1997 400DA with CATs, and I’m struggling to justify the seemingly-standard 10% sales commission with a broker. I understand that a broker has costs and overhead and time, but $11-12k seems steep for a roughly $110k-$120k vessel. So I’m considering listing it myself on the various websites and forums, but I’m concerned with the complicated process of USCG documentation and dealing with a buyer obtaining a loan. Is it possible to find a buyer, agree on a price, then simply pay a broker or an attorney to handle all the “paperwork” items involved? Do brokers do this? Or should I just suck it up and pay the 10% and hope the broker is capable of pulling a higher selling price than I could on my own?

There is no magic in dealing with documentation.

Around here you can hire the same people that do the paperwork for the brokers to do all of the documentation paperwork and tax paperwork (less than $1000).

As far as a broker getting you more money? Don't bet on it. You will be making more money by cutting out his ridiculous commission.
 
If you decide to go with a broker, two of my friends recently worked with Dave S. from Battery Park. One was a co-brokerage deal in which his stakes weren’t enough to buy a nice dinner/cocktails, but he responded like he was looking at a 5-figure payday.
 
I sold my last boat myself and it was documented. Sold in 11 days and the process was not complicated. Buyer had to get a loan as well.
 
It would be nice to find an escrow/documentation service. Somebody to hold the deposit, handle the loans, and deal with the title docs. Unfortunately I don't have a recommendation yet.
 
I agree with Golfman. I used a company called Marine Title to handle all the sales paperwork, tax payments, documentation, etc.

You might call a state licensing office in a city near where there are lots of boats to see if they can give you the names of a few title companies that handle boat transactions. Don't ask them for a recommendation because they're not allowed to do that, but rather, ask them for the names of a few such companies.
 
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I have sold six boats of various types. For five I handled the entire process and the last I sold using a broker. I'm glad I used a broker this Spring. While I thought I had a handle on what the boat was worth. My idea of a fair price was way too low. To my surprise my boat had increased in value by several thousand dollars per year for each of the past five years. Apparently, the hurricane losses in the south created a strong demand for Open style fishing boats. This resulted in a sellers market for Great Lakes boats destined for Florida. As a result, there were only 24 Tiara 32 Opens for sale in the U.S. when mine became available. Just two of those were in Michigan. A local buyer purchased mine after having looked for nearly a year for a clean 32 Open. And, that notion that gas boats sell at a deep discount compared to diesel? Turns out not to be true. The broker priced my boat as if it were a clean diesel boat. Listed on a Thursday, and under contract on the following Tuesday for nearly full price along with a 20% down payment. Final payment received with in 10 days. I put a clause in the contract that the commission would be discounted if it sold within a 30 day period. Everyone was happy, the broker, the buyer and the seller. Best kind of deal.
 
I think it comes down to time and personality.

I don't think I could use a broker if I had the time. I think I'm a better salesman and I'd be very interested in answering any questions, etc...Plus I'm around the boat all the time during the summer.

I guess for people fearful of negotiating or answering questions, they might want to use a broker to sell their boat.

I'd rather deal with the owner on both sides of the transaction.

Sadly, I might be moving out of the SR world and into something else...I love my 400DA and contemplating keeping it too, but unlikely... I'm looking at either a sailing cat or flybridge boat...Two opposite ends of the spectrum, but they both have the room I'm looking for. Just a question of distance of offshore travel.

@sbw1, what commission structure did you use?
 
If you have the time and live close to where you keep your boat I would say at least try to sell it yourself. On the downside you might eat up a bunch of time with prop kickers "just looking".

I let the marina sell my previous boat. It was marketed, posted on the internet on various sites, they handled all the viewings, and when sold they handled the transport (TN to NY) and probably the loan for the new owner. I live about 3 hours away from the marina so in the end it was worth it.
 
I went with a hybrid approach, with a negotiated lowered commission prior to listing. Our broker did all the marketing, and paperwork and I showed the boat. He did a great job with the marketing materials, photos, descriptions, video, YW write up, etc. The second couple that viewed the boat purchased it. Done deal in less than 10 days. I even taught the new captain how to run the boat, and 3 years later am still in contact with the couple that purchased our boat. Great experience.

-Tom
 
I sold my 340DA last fall myself. It had bravo III drives that all the local brokers told me would sell at a steep discount compared to inboards. I listed the boat for a fair price but on the higher side of what 2005 340DAs were selling for on CL and boat trader and sold it to the first person that saw it 8 days after listing it. The boat was very clean and highly updated so I was expecting to be on the high end of the range but I also understand that I/Os where hurting me so I was trying to be realistic about pricing. The boat was Under agreement to the first person that looked at it 8 days after listing it. The transaction went very smooth and although was a bit of work was very easy to do myself. I found a P&S online and the buyer higher a local coast guard documentation company to handle that end of it.

Then I used a local broker that had been helping me to view 520DBs. He sells ALOT of boats each year but was relatively useless to me through out the whole process. In the end I was calling the selling broker directly in order to get things done. The selling broker was not all that useful either. This was a approx a $40k commission that these guys were splitting and neither of them couldn’t get anything done. I had to manage the whole thing myself.
 
Pretty sure there is. Nothing complicated about selling a documented boat.
If I remember correctly the seller fills out and signs a form which he gives to the buyer.
Look in the USCG website or give them a call.
 
First thing you will need to come to grips with is, find they real value of your boat. If you price it $110-120 you will be the owner for a long time. These boats are selling in $70-90s and there are plenty available. A "good" broker will make you life a lot better, no waiting for customers to show up that don't. I am a broker a find more issues with buyers being liars than other brokers. Some brokers are professional and earn their keep. Shop for a broker as hard as you do for a boat. Good luck with your sale.
 
First thing you will need to come to grips with is, find they real value of your boat. If you price it $110-120 you will be the owner for a long time. These boats are selling in $70-90s and there are plenty available. A "good" broker will make you life a lot better, no waiting for customers to show up that don't. I am a broker a find more issues with buyers being liars than other brokers. Some brokers are professional and earn their keep. Shop for a broker as hard as you do for a boat. Good luck with your sale.

For a freshwater diesel??? Hmm...my experience last year in buying my 400 would lead me to believe the boats listed at 70k are the ones that will sit for sale for a long time. Generally junk, or salt, or both.

There's a similar vintage 400 listed for $150k near me right now. Now that guy...that guy might be out of his mind. But 100-110 for the final sale seems completely reasonable for a well maintained freshwater diesel 400. Shoot, if he had the gold balls at the helm I bet he could easily get the $120k :)
 
There are so many overpriced boats on yacht world I'm not sure brokers are doing anything with regard to pricing. Just take the listing and work the seller down as the boat sits.
 
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There are so many overpriced boats on yacht world I'm not sure brokers are doing anything with regard to pricing. Just take the listing and work the seller down as the boat sits.
The broker I used showed me current list of 32 Opens that were listed, sold, time on the market, and selling price as a percentage of listing price. There was some variation in listing price, but this seemed to make sense when you looked at equipment, condition, age, geographic location. Diesel vs. gas did not have much of an impact on listing or selling price. He also had a list of prospects looking for Tiaras, so i believe having a broker with brand experience was helpful. I asked him about setting the listing price a little high so as to give us some wiggle room during the negotiation. He advised against that saying that the telephone does not begin to ring until you have the right initial pricing. There is a bit of art to selling, but you can improve your success with good data. Using a broker with brand knowledge helps as well. My broker was on the boat well before the prospect showed up and turned on all of its lights, removed canvas seat covers, and plugged it in so the engine hatch would lift. He answered all of the buyer's questions.
 
For a freshwater diesel??? Hmm...my experience last year in buying my 400 would lead me to believe the boats listed at 70k are the ones that will sit for sale for a long time. Generally junk, or salt, or both.

There's a similar vintage 400 listed for $150k near me right now. Now that guy...that guy might be out of his mind. But 100-110 for the final sale seems completely reasonable for a well maintained freshwater diesel 400. Shoot, if he had the gold balls at the helm I bet he could easily get the $120k :)
I dont make up the numbers, the prices I am saying are actual sales since Jan 2019. Out of about 20 400 Sundancers sold, only 2 were over $100K, and I mean just over. The rest, like I said, $70-90K both salt and fresh. Don't get me wrong, I would love to see him get that kind of money.
 

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