BUY, SELL AND TRADE TRAWLERS AND TRAWLERING GEAR
View all threadsI clearly noted that not all brokers are ethical and I clearly stated that
getting references was a good idea.
As for commissions, if you buy a boat through a brokerage, you will not pay
the commission, the seller will. It works just like real estate. If you
engage a broker to serve as a buyer's agent, the commission and who pays it
doesn't change, but you get a professional on your side. That professional
should have legal documents (YBAA'S are the industry standard) that protect
all parties to a deal. I don't know what your lawyer costs, but getting
mine to crank out 4-5 page purchase contracts isn't cheap or quick.
As for commissions, remember that your broker doesn't get 10%. Brokers have
to advertise to list and sell boats, run offices, travel, make lots and
lots of long distance phone calls, maintain databases, etc. and when a
buyer's broker enters a deal, the commission gets split. 10% can be cut up
and spent alot of different ways!! Brokers are in business to make a living
and it is not easy. If it were easy work, all of those folks at your local
marina who spend the day debating the merits of plow anchors would be
selling boats.
I realize that many trawler owners are free spirited and want to do as much
as possible without incurring any additional expenses, but many people
buying trawlers have full time jobs and are not on the docks everyday. Many
are rookies to the trawler market. These buyers need professional help and
guidance in order to buy right and not get stuck with a bad deal. Many long
time cruisers have found that having a broker make all of the phone calls,
gather all the information, "do the work" getting together surveyors, haul
times etc. is far easier than doing it themselves. Since most boats are
marketed by brokers and a commission is going to be paid, why not take
advantage of the system and hire a buyers broker at no cost to yourself?
Why should they trust a seller to provide them with accurate information?
If you feel that brokers can't be trusted, remember that sellers have more
at stake than brokers do. Many sellers have their heads in the clouds about
the value of their boats. We regularly sell boats that have upside down
sellers. They owe more than the boat is worth.
Buyers when your surveyor has turned in his report with pages of
deficiencies and you have to decide what to do next, don't you want some
professional help? Should you take the boat as is, should you ask to have
repairs made, should you ask for cash off the top, or should you reject the
boat? Brokers deal with this situation regularly, most people don't.
Get a competent, ethical broker and they can answer this question and lots
more at no cost to you.
Thanks to all of those who have responded to my original post.The more this
and other issues are debated, the better off we all are.
Merry Christmas to all,
Colin Eagles
Maritime Yacht Brokerage
mybrokers@aol.com
1-910-256-8004
1-910-256-9080 (FAX)
PO Box 264
Wrightsville Beach NC