12 July 2023
When the time comes to sell or change your boat, you will need to decide whether you want to advertise and sell privately or use a broker. Brokers operate in a similar way to an estate agent but without the requirement of solicitors or conveyancers. Here’s everything you need to know about selling your boat privately and with the help of a broker.
Selling privately seems quite easy and when selling a smaller boat of a lower value it can be. However, on more significant transactions it is a completely different scenario. Finding a buyer is only the first step in the sales process, you also need to conduct trials, surveys and engineering inspections where required. This takes time and you need to make sure you get the right information.
You will also be responsible for handling the money and title. This can lead to trust issues, particularly when there is no professional third party to hold the money and raise the relevant contracts between the two parties.
With their expertise, experience, and extensive network of contacts, a broker can make the selling process considerably smoother and less stressful.
There is a lot of paperwork involved when selling a boat, but luckily a broker will handle all of this for you. This includes:
Typically, brokers operate from prime locations that boast stunning marinas, showcasing your vessel to like-minded boaters. At Norfolk Yacht Agency, we are lucky enough to have two marinas located on the Broads, in Horning and Brundall, where we conduct exclusive viewings for prospective buyers. We also carry out river trials with serious potential buyers in the interest of enhancing the chances of a sale.
Brokerage charges are on average between 5% to 8% plus VAT. Some brokers will offer a free mooring period to display the boat for sale which is a serious benefit. Ultimately a good broker will earn their commission by achieving the best market price and exposing the boat to the widest possible market. There is always someone who will do it cheaper but at what cost!
Here at NYA, we work on a no-sale no-fee basis. This means we will only invoice you once the sale has been completed. If you decide to remove your boat from the market, we will not charge you a single penny.