Brundall Office:01603 713434

12 July 2023

Where Can I Sell My Boat?

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 a boat privately

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.

Benefits of selling privately:

  • No selling charges
  • Your boat stays on its mooring
  • You have continued use until sold

Drawbacks of selling privately:

  • You will have to prepare sales details and pictures
  • You will have to organise advertisements on various media platforms
  • You will need to carry out viewings with potential purchasers
  • You will need to negotiate, handle the deposit, survey, legal paperwork, final payment and handover

Selling a boat with a broker

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: 

  • Checking the title paperwork held by the vendor proves ownership of the vessel
  • Prepare a specification of the boat from details provided by the vendor 
  • Advertise the boat for sale on various selling platforms
  • Deal with enquiries for the boat by phone and email
  • Negotiate a sale price between vendor and purchaser
  • Negotiate the sale after survey findings and assist the purchaser with quotations for repairs servicing etc
  • Draw up a suitable contract for the sale between both parties and hold the deposit monies in accordance with the agreed contract terms

Private viewings

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.

How much do boat brokers charge?

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.

Other benefits of selling with NYA:

  • Display mooring free of charge for 6 months
  • Regular valeting service at a highly discounted rate to keep the boat in good condition
  • Part exchange facility for prospective buyers that have a boat to sell before being able to complete a purchase
  • Maintaining our customer management system and updating potential buyers of any new listings
  • Have our own workshop and hoists to facilitate survey lifts and advise the purchaser on findings and costs
  • Carry out handover of the boat to the new owner after completion and help with moorings & insurance

If you’re looking for a trusted broker to sell your boat, we can help! Give us a call today on 01603 713434 or visit our sell my boat page to get a free no-obligation valuation. 

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