Selling a boat quickly in 2023 demands primarily offering a reasonable price and selling the vessel online with an abundance of information and images. Some may find it laughable that I need to advise people to post their boats online, but some still feel the traditional “Boat for Sale” sign will suffice.
Unfortunately for most private boat sellers and even boat brokers, freshly acquired boats will wind up where they usually do: On a lot, in our driveway, or at the dock racking up a bill for broken components. That’s what happens to boats when they’re not used… They Break!
The longer it takes to sell your boat, the more likely it is that you will receive a lower return on your investment since people will begin to suspect that something is wrong with it!
Fortunately, the following strategies can help you maximise your boat sales.
You should sell your boat at a price where fairness and interest meet. What I mean is: Sell your boat at a price that makes the phone ring and moves the boat that you can live with, since, as we’ve mentioned, you don’t want to live with a boat that requires continual maintenance!
When pricing anything, especially something as expensive and intricate as a boat, it is crucial to conduct an exhaustive study and then set a price that is somewhat more than what you determine to be appropriate (Just enough to give you room to negotiate). The clearest beginning point for studying boat costs will be to examine the work of others who have come before you.
Unlike a car, it is unlikely that you will discover a boat similar to yours unless it is brand new. Someone will have the identical hull with updated engines. Another boat owner will have identical motors but with a different number of hours and other electronics on the dash. The majority of the time, a ballpark estimate is near enough. If the phone rings too frequently with individuals eager to pay you before seeing it, your price is too low; if it doesn’t, your price is too high.
This is often a touchy matter since a boat owner must surrender a percentage of the sale as commission if they hire a broker, and it’s not easy to give up money on a depreciating asset! However, a broker may frequently save you difficulties, money, and even possible legal action (If you sold something with issues that were not adequately disclosed in writing).
A broker is not motivated to transfer a vessel; instead, they are encouraged to make money (aren’t we all?). If you have a good broker, they will work with you on whatever is in your best interest. Still, if you get the other type, they will continuously give you recommendations designed to maximise their commissions.
Again, we suggest everyone to use a broker because the benefits exceed the drawbacks, but please utilise a trusted referral or contact a respected brokerage near your boat.