Becoming a yacht broker! What do I need?

[dhj]

Appears to me like brokers are an utter waste of time and money. They're not on anyone's side but their own.

In an ideal world, the seller would advertise on the internet for a very small fee, and the buyer would instruct a (suitable) solicitor to ensure that what he was buying was what he thought he was buying, and from the actual owner. He would fix reasonable fees in advance (less than 6% of the craft's value- which has to be absorbed by somebody somewhere). The vendor need only instruct their own solicitor if things are going pear-shapped.

End of.

 

[bluevelvet]

well you opened a can of worms here.as with most things there is always two sides to each story.i believe that there are a lot of good brokers out there who work hard for the vendor who sometimes does not realize the effort put in by the broker and when the sale is complete (which they are happy with)thinks the broker earned his money for no effort.there are lots of boats currently for sale with asking prices to high. Boats which have had money spent on them over the years always go first and others who have not think there boats are worth the same,usually it is the these people that have a poor opinion of the broker.you just need to look at any marina sales pontoon to find boats that have been parked after a sail and the owner has decided to sell and left with no further thought or maintenance how can they expect to reach market value?brokers need to be more honest with ther vendors in todays marketplace because you can now buy new for not much more than some similar sized boats.the internet is a great way to buy but a lot of boats are described by their owners who mostly hve a pair of those rose tinted glasses,these people waste a lot of buyers time,talking of buyers we all know and have done ourselfs looked at boats outside our price range thus wasting both parties time.The awnser to your first question is you only need a love of boats and the sea to be a good broker along with hard work and honesty go on give it a go Regards John

 

[Swagman]

I've a couple of pals who are brokers and have used several others over the years to both find and sell yachts for me. All provided good services or else I would not have paid them.
If you love boats and as bluevelvet says, work hard and be honest - you'll do OK.
Come to think of it - if a majority are as bad as some would like you to think - then you should do more than OK!
Good luck
JOHN

 

[smee]

[ QUOTE ]
I've never quite understood why estate agents typically charge 1.5% and still seem to make a living and yet yacht brokers typically charge between 8 and 10%.

[/ QUOTE ]

There is a very simple reason for this - estate agents do not do the paperwork, the conveyancing or the searches, do they! Solicitors do the rest of the job at vast sums per hour! Brokers do the whole job for their money!

 

[Courageous]

Ibbo highlights that this is an anonymous forum.......... and then hides behind it! As for everyone being nicey nicey and saying "you seem to be cut from other cloth" I expect all the cr@p brokers out there would claim that they were the most professional too! Thank God for anonymity eh? /forums/images/graemlins/confused.gif

 

[Tisme]

[ QUOTE ]
There is a very simple reason for this - estate agents do not do the paperwork, the conveyancing or the searches, do they! Solicitors do the rest of the job at vast sums per hour! Brokers do the whole job for their money!

[/ QUOTE ]

At least a solicitor has some training and professional indemnity insurance. If it goes wrong you have some, comeback on him.

When (not if!) it goes wrong with a broker you have no comeback whatsoever. Just look back through some of the threads here to see what problems brokers have created for both purchasers and vendors.

 

[macssounds]

FYI any reputable Yacht Broker will have professional indemity insurance to safeguard the buyer and seller. This is a pre-requisite for joining the ABYA. If they don't, make your choice. These brokers are just doing their job, consider for the 8% commission they are charging all the wasted time showing dreamers around boats they have no intention of buying. The travelling, and the sums of money involved in advertising. A quater page colour add will cost up to 750 in the most popular mags. Consider travelling costs, website upkeep, collation and printing of details and paperwork. Also commission charges are negotiable a lot of the time.

 

[macssounds]

An ideal world eh. Well you should do it!! Set up a website where you can advertise your boat privately for a small fee and where buyers contact you directly, just like the one you are on right now. Damn. Too late. Guess we can't all be as quick thinking as you.
I'm sure you'll go far Einstein.

 

[Deebz]

Like alorwin at the helm of this thread, I too am contemplating this career move... Your post appears to me to be the most sensible reply thus far, though the link furnished by Lille-bee was useful. But disappointingly, the overall standard of answers fall short. What we would like to know is what brokerage companies would be looking for in qualifications/experience, if any, to fill such a post. Anyone can become a 'broker', but to be professional and efficient [...both to yourself and your client], must require some modicum of boat/maritime law savvy, one would think.

I have experienced in other career sectors a reluctance to divulge the 'knowledge' required to embark on that given career path [case in point - electricians are notorious culprits, aloof and even arrogant, as if their profession requires a knowledge of alchemy or is esoteric... Sucking through their teeth, whilst bemoaning that it will take you seven years to qualify!!! Its only a matter of physics, law/regs and use of tools and a healthy respect of electrickery!!!].

I am passionate about anything that floats or sinks [ex submariner...], I understand the physics; materials, galvanic corrosion, osmosis, rot, torredo-worm infestation, etc... I am a marine mechanic and electronics fitter, have used some pretty advanced equipment, including full-range HF/MF/VHF and satellite communications, sonar, radar, gps arpa, arcs etc... Also read Ocean Science & Navigation, ships stability, marine vehicles and structures at uni. I am competent in seamanship, communications, meteorology and have in excess of 75kNm sea-time. Although I still consider myself a novice at sailing, my knowledge of sailing vessels and their rigs etc is up to scratch, both in traditional and advanced designs. But, I have no clue as to the legal and administrative aspects or being a 'yacht broker', though I suspect that it is similar to being an estate agent or used car salesman [...but we all know what they're like, so I hope that comment doesn't offend ' lol!].

So lets have some constructive feedback on this subject, like these comments from ibbo71 here... Or are you all worried that we'll do a better job?!!!

PS, I am very ethical [...have worked at sea with Greenpeace, you don't get much more ethical than that!] and I've got a hammer...

 

[Deebz]

With nonconstructive comments like that, you shouldn't be wearing shoulder boards and how Courageous are you? If you too, hide behind such anonymity...

 

[chinita]

Arise, Zombie Thread.

Eight years in limbo, you breathe again.

 

[GSL]

We spent nearly six months in 2004 looking for a boat to liveaboard. On the whole we were well-served by brokers, both in the UK and overseas, and I think the owners of the boats were well represented. I don't recognise the general tone of this thread as being representative of the service we received and we must have viewed 40 boats, and asked for details of many times that. When we finally came to an agreement to buy our present boat it was as a result of the broker pulling the deal together despite the parties being almost oceans apart on price.

Plus 1 on all points!

 

[rivonia]

I firmly believe that MOST brokers are HONEST and decent reliable people. When we came sell our yacht we registered her on 11 free websites. Also with 7 brokers. All the brokers were most helpful some more than others. The one we sold through had allready agreed to lower his commission as discussed at the very beginning of the contract.

it is like all firms/brokers there will always be the odd bad apple in the barrel that has to be removed/taken out of the equasion (spelling).

To become a broker you should go on as many courses as there are available. You should go and talk to as many existing brokers as you can.

Good Luck

Peter

 

[Ron5]

Like alorwin case in point - electricians are notorious culprits, aloof and even arrogant, as if their profession requires a knowledge of alchemy or is esoteric... Sucking through their teeth, whilst bemoaning that it will take you seven years to qualify!!! Its only a matter of physics, law/regs and use of tools and a healthy respect of electrickery!!!

What a moronic statement this is, shows your ignorance which is amazing considering you are such an expert at everything.

 

[Cariadco]

Brokers....????

In my experience, Brokers come in all sorts of types. I've friends in Corfu who are the hardest working, honest and the most helpful people you would ever wish to deal with in buying a boat, then there's others I know on the Greek Mainland who are the biggest crooks in the world!!
I spent 2 solid years looking for a boat, in the UK about 15 years ago, and they we're all a complete nightmare. All asking silly prices and refusing to negotiate, and arrogant...I hated them!!
Then I found a brilliant Broker in Athens (A Dutch Guy) and bought a boat off him, instantly!! We've remained friends for many years.
When I sold that boat (privately), off I went looking for another boat, and almost immediately found my current boat in Gib.
The Broker there that I dealt with was brilliant!! Bit like the Corfu Couple. He even put me up in his house whilst looking at the boat.
So, as I say, all sorts out there!!!