To Use a Broker or Sell Direct?

[copb8tx]

I'm pretty sure I'll be selling my 420DA after it gets bottom painted and waxed in the next 30 days or so. My boat is a popular lake boat and style and I think it'll generate interest just through some of the online sales sites. I really struggle paying someone $20K to 'help' me sell it, especially after hearing so many broker stories, but I'm open to consider it.

I realize if I sell it myself I'll need to deal with the inquiries, showing the boat, and organizing the closing. I know that's inconvenient but $20K buys a lot of inconvenience. I feel that anyone walking into a dealer/brokers office looking for the boat of their dreams will also be surfing the web and see mine. I feel no one will 'sell' my boat any more effectively than me either.

I'm in no hurry to sell it. In fact, I'm still riding the fence a bit since I do love it but our circumstances have changed and selling it opens opportunities to enhance my boating in Florida. My thinking is to list it for 60-90 days myself and see how it goes. If I'm not getting any traction by then maybe consider a broker.

Thoughts?

 

[All's Well]

I'd recommend putting out the word within your local area and marina.
I was hesitant to do this when I sold my 460 (on Lake Travis) last year, but then found out that 3 people that we occasionally boated with were interested and I sold it to one of them the same weekend that I brought it up while rafted with 6 other boats.
If you're truly serious, I'd get the word out. If it's a good clean boat and people know that you've maintained it well, it will sell easily in the local market.

 

[sbw1]

I used a broker and was surprised to learn my boat was worth lots more than I thought it was worth. Once I saw the market data, I suggested adding a little to the top price and was advised against doing so. Listened to the expert, and followed his advice. The boat sold within three days for way more than I would have asked. Have yet to see a better selling price for my exact model. Even diesels are selling for less than the 8.1s in my boat. Just one person's experience.

 

[RBB]

I think the mrkt is still strong. Put one up for sale couple weeks ago and already have 2 interested
buyers. One in fact is coming in to look at it Saturday morning and the temps here will 19 that morning.

 

[Chris-380]

I would try on your own also, 10% is a lot of money to give away for a little hassle. Market is still hot and a clean boat priced right should go fast

 

[bbwhitejr]

No one knows your boat or can represent it better than you. However, a broker can pilfer through the tire kickers. I was at 80% of the showings when we sold out 44DB and worked with the broker. I showed it a time or 2 when he was unavailable. He took 5% at closing.....

Bennett

 

[BillK2632]

I would give it a go yourself. I sold my 290DA that way, there were a couple of tire kickers, but the 3rd person that looked at it bought it.

Personally I have had good luck selling things on my own - I just this week sold my car - didn't advertise it at all, just word of mouth.

I will say there are times when a broker (a good one) is worth it - if they bring a buyer, handle the showings, sale etc, then it could be a good thing. But if they just want to show up after all the work is done and collect a check -- no thanks, I can do that just fine. As clean as your boat is, I bet you tell a few people, ask a reasonable price and it will be sold before you know it.

One caveat: I have never advertised a car / boat etc for sale on a public market place like Craigslist etc. About as far as I would go would be a place like this site. Most times I have sold something has been to a friend or someone I connected with through a friend, associate etc - never a total stranger.

 

[RBB]

No one knows your boat or can represent it better than you. However, a broker can pilfer through the tire kickers. I was at 80% of the showings when we sold out 44DB and worked with the broker. I showed it a time or 2 when he was unavailable. He took 5% at closing.....

Bennett

5% is what the broker is charging me also. He communicates every hit on the boat.

 

[copb8tx]

I've sold a lot of cars, trucks, boats and motorcycles myself using word of mouth, forums such as this, and public sites such as craigslist, boattrader, cycletrader, autotrader, etc. I'm comfortable weeding out the scammers, tire-kickers and joy riders (don't do rides/drives without a cash deposit).

About the only thing I lack as compared to a broker is the ability to secure financing, and that's a pretty big hole.

I guess I'm going to make it ready over the next 30 or so days and give it a whirl. Worst case is I'll be backing it into the islands over the summer which isn't exactly an awful thing

 

[The crime scene]

Go it on your own for a few weeks before listing it with a broker. Facebook marketplace is a huge...and free. Boat trader is a nominal fee for what a broker costs.

Keith

 

[Stee6043]

I've sold a lot of cars, trucks, boats and motorcycles myself using word of mouth, forums such as this, and public sites such as craigslist, boattrader, cycletrader, autotrader, etc. I'm comfortable weeding out the scammers, tire-kickers and joy riders (don't do rides/drives without a cash deposit).

About the only thing I lack as compared to a broker is the ability to secure financing, and that's a pretty big hole.

I guess I'm going to make it ready over the next 30 or so days and give it a whirl. Worst case is I'll be backing it into the islands over the summer which isn't exactly an awful thing

Why in the world would you need to be able to secure financing for a buyer? Any buyer should have a bank or the Google. They simply need a Hull ID and survey to secure financing...and credit. If they can't, they have no business owning a $200k+ boat

I've sold/bought two Sea Ray's direct without a broker. Both using only craigslist and boattrader.com.

From a transactional standpoint selling your boat does not have to be any more challenging than selling a car if it's not USCG documented. You'll have to discuss/negotiate a sea trail. Of course the buyer will want to survey the boat, which he'll pay for, a copy of which you're not entitled to receive. Have a plan for how to deal with unfavorable survey findings.

Go for it...

 

[RBB]

From a transactional standpoint selling your boat does not have to be any more challenging than selling a car if it's not USCG documented

What makes a documented boat different?

 

[Henry Boyd]

RBB, The Coast Guard has a specific documentation process with their own bill of sale form, as well as change of owner process for the Certificate of Documentation.

I’m on the fence on the broker thing. We lucked out with the woman who found us our Sabre. She was fantastic. That said, we talked and “worked” with a fair number of jackasses before we met Joyce. The majority of whom raised serious doubts as to the benefits of using them.

It’s not the same thing, but I have experienced RE agents/brokers who won’t deal with property owners selling on their own. I don’t know if brokers will shun the sale if no selling broker is involved.

 

[copb8tx]

The boat is documented. There are a few agencies that handle the transfer of documentation if you choose not to do it on your own.

Regarding financing, many brokers have financing sources that many aren't aware of that look at financing boats more favorably than traditional providers. Also, I'm concerned about sell price vs book price, which is what many base their loan value on. Right now boats are selling at higher prices than the traditional models show.

 

[copb8tx]

Have a plan for how to deal with unfavorable survey findings.
Go for it...

Can you expand on this comment? I get that the survey will ALWAYS find something but what do I need to plan on? Just whether to fix it or disclose it as an issue.

That brings up another question. I don't know if I'm alone in this thinking but I don't feel you, as the seller of a 16 year old boat, are obligated to fix every item on a surveyors hit list. I think when I negotiate a deal with a buyer I'll be clear that a survey should be used to determine the overall state of the boat and unearth any major issues that would stop you from buying it, but the boat is being offered at the price considering it's current condition. That way the buyer can choose to pay the money for the survey and know it'll either stop him in his tracts (unlikely) or he'll buy the boat at the agreed price and fix the items he sees fit from the survey at his expense. Thoughts on this?

 

[Woody]

I'd recommend putting out the word within your local area and marina.
I was hesitant to do this when I sold my 460 (on Lake Travis) last year, but then found out that 3 people that we occasionally boated with were interested and I sold it to one of them the same weekend that I brought it up while rafted with 6 other boats.
If you're truly serious, I'd get the word out. If it's a good clean boat and people know that you've maintained it well, it will sell easily in the local market.

That's the way I'd start. Last summer a new boater came into a slip two down from me. I never saw him, didn't have a chance to meet him until the day I was leaving for fall haul out. My boat was idling and I was about to untie lines when he and a friend walked up and started visiting. They complemented my boat, were surprised it was 15 years old. They asked what a boat like mine would sell for now and I gave them a range depending on condition, mine would be at the high end.

Somewhere in the conversation I remarked that my boating was coming to an end, probably sooner rather than later and he said 'my friend has one just like it, I've been thinking of trying to find one'. He asked if he could go aboard and my wife gave him a quick tour. When he came back he said 'I want to buy your boat' and handed me his card. The conversation continued and he reminded me a couple times of his interest in my boat.

I haven't called him, don't want to get caught up in the moment and sell, then regret it come summer. Besides, if he really wants what I have he'll come courting, if he don't I won't be wasting my time.

 

[Woody]

Can you expand on this comment? I get that the survey will ALWAYS find something but what do I need to plan on? Just whether to fix it or disclose it as an issue.

That brings up another question. I don't know if I'm alone in this thinking but I don't feel you, as the seller of a 16 year old boat, are obligated to fix every item on a surveyors hit list. I think when I negotiate a deal with a buyer I'll be clear that a survey should be used to determine the overall state of the boat and unearth any major issues that would stop you from buying it, but the boat is being offered at the price considering it's current condition. That way the buyer can choose to pay the money for the survey and know it'll either stop him in his tracts (unlikely) or he'll buy the boat at the agreed price and fix the items he sees fit from the survey at his expense. Thoughts on this?

That's how I look at it.

 

[RBB]

RBB, The Coast Guard has a specific documentation process with their own bill of sale form, as well as change of owner process for the Certificate of Documentation.

I’m on the fence on the broker thing. We lucked out with the woman who found us our Sabre. She was fantastic. That said, we talked and “worked” with a fair number of jackasses before we met Joyce. The majority of whom raised serious doubts as to the benefits of using them.

It’s not the same thing, but I have experienced RE agents/brokers who won’t deal with property owners selling on their own. I don’t know if brokers will shun the sale if no selling broker is involved.

Sir when I bought my boat it was documented boat, no title. I paid the man and he signed the back of the documentation paid as seller. I came home filled out the transfer part on the back and scanned it and attached to a email and sent to Coast Guard.. Filled out a CG credit card form and emailed it also. Thats all there is to it.
The CG did the rest and returned it it my name . Easy as ever.

 

[Stee6043]

Can you expand on this comment? I get that the survey will ALWAYS find something but what do I need to plan on? Just whether to fix it or disclose it as an issue.

That brings up another question. I don't know if I'm alone in this thinking but I don't feel you, as the seller of a 16 year old boat, are obligated to fix every item on a surveyors hit list. I think when I negotiate a deal with a buyer I'll be clear that a survey should be used to determine the overall state of the boat and unearth any major issues that would stop you from buying it, but the boat is being offered at the price considering it's current condition. That way the buyer can choose to pay the money for the survey and know it'll either stop him in his tracts (unlikely) or he'll buy the boat at the agreed price and fix the items he sees fit from the survey at his expense. Thoughts on this?

Agree. I simply meant that it's good to have this mindset before the survey. Post-survey you'll have three options - 1.) address the needed repair, 2.) discount the sell price commensurate with the cost of the repair or 3.) tell the buyer to stick it, this is my price, as-is. Most buyers will expect options 1 or 2 in a typical market. Option 3 may be more feasible these days but most buyers still won't expect it.

The boat I have now was documented when I purchased it, I bought it private party. It took a VERY long time to get the termination of documentation from the USCG after the sale transaction. I believe it was 90 days +/-. This created some strain between myself and my bank since they could not secure their interest on the title until the USCG terminated their interest. In addition, I was not able to get my state registration tags until the title cleared. So...it was a weird summer of having no title, no tags. I carried around a pile of paperwork convinced I would have quite a story to tell if boarded by the local marine patrol. I ultimately had no issues but it was always in the back of my mind that summer...

 

[RBB]

It also took me about 90 days but the CG was having IT issues with their system. A boat can be both titled and documented I believe. But documenting one is very easy by going it on the Coast Guard website for documentation. The boat I have has never had a title, Sea Ray of Cincinnati sold her new.
It has 2 previous owners before me. If I wanted a title all i would need to do is apply for one in the state I wished to title it.