So...You Want to Sell Your Yacht?
The why and how of successful pre-owned yacht sales.
THE SALE OF YOUR YACHT STARTS WITH THE RIGHT BROKER!
Our brokerage sales team has been successfully selling new and pre-owned yachts since 1977. We have full time, dedicated professionals who understand all aspects of selling, buying and outfitting yachts. Our showrooms are open seven days a week. There is easy access to your yacht through our website 24 hours a day. Each of our brokers is well grounded in the history of sailboats, trawlers, cruisers, motor yachts and lobster style yachts. They are all yachtsmen and understand systems and equipment. More importantly they possess a full array of research, marketing and selling tools to help sell your yacht for top dollar and quickly.
MARKETING! MARKETING! MARKETING!
Broad exposure of your yacht is a key element in its sales success. Marketing your yacht takes many forms at Massey. We advertise monthly in Florida Mariner, Southwinds, SAIL Magazine, Cruising World, Lats N Atps, and Blue Water Sailing and other publications. Those are full page ads. We create an individual webpage for placement in YachtWorld, MarineSource, and Boats.com. Your yacht is placed on our Massey website. We create our own listing collateral material so we may better expose your yacht to prospective purchasers. We take our brokerage lists to all our boat shows each year. Color pictures of your yacht are placed in our window displays at our yacht sales locations. We feature our brokerage listings in our direct mail campaigns. We will expose your yacht to over 500,000 prospective buyers each month including our current customer lead base. More than $225,000 is spent annually marketing our new and pre-owned yachts.
LOCATION! LOCATION! LOCATION!
Your yachts location is an integral part of marketing. You may possess the finest yacht but if no one knows it is for sale or if it is difficult to find the chances of it selling quickly or for top dollar are greatly diminished. The sale of big ticket items such as yachts is something of a numbers game. That's why yacht manufacturers and dealers attend boat shows and schedule open houses. There is no marketing tool as effective as a prospective yacht purchaser spending time on a yacht. Your yacht will be seen and will be shown more often by the Massey sales team or other yacht brokers if it is docked at one of our marina locations. Take advantage of the marina slips and maximize your yachts exposure. We list yachts that are not in our slips and give them our full attention, but they are not usually shown as often.
THE PRICE IS RIGHT...DO YOUR HOMEWORK
Better yet, why not let us do the leg work for you. We have access to volumes of information. Our research includes reviewing the Buc and NADA values, a search for comparable yachts in YachtWorld and Soldboats.com and what similar yachts actually sold for, searching popular yachting magazines and a review with our sales team. At that point we review our research with you. As the yacht owner you have the final say regarding price. Our objective is to advertise your yacht at a price that will get attention quickly, yet yield the full market value to you.
THE COST OF HOLDING ON TO YOUR YACHT
When you add up all the costs of holding your yacht a quick sale becomes even more meaningful. The principal and interest payment each month is only part of the expense. Insurance, the slip fee, routine systems maintenance, bottom cleaning, replacement of worn or broken parts and cosmetic maintenance expenses all add up. Plus you must keep a watchful eye on your yacht in times of adverse weather. Yachts are a depreciating asset so they don't become more valuable with time, they do just the opposite. If your yacht is priced right and given maximum exposure through marketing and location holding costs can be cut to a minimum.
CURB APPEAL
How your yacht looks and smells makes a big difference. We have all purchased houses or boats in our past. Try and remember the impact of the first impression. Clutter and a strong "boatie" smell can be the kiss of death in showing yachts. When you put your yacht for sale, which is the time to strip the interior of as many of your personal items as possible. Get rid of any food and galley items. Go through every locker, drawer and bin. Empty as many of them as possible. Scrub every inch of the interior, get rid of any mildew. Vacuum all cushions and berths. Make sure the holding tank is pumped dry, scrub the bilge and engine area. All items that are left on board should be neatly organized and put away. The topsides and hull should be scrubbed and waxed and the stainless steel polished. Exterior teak should be cleaned and treated. Remove excess lines, fenders and any non essential items in cockpit lockers. Try to make your yacht as "boat show" presentable as possible. If you don't have the time to properly prepare your yacht to be shown we can help by referring cleaning and detailing teams directly to you. Remember your yacht will only have one opportunity to make a good first impression.
WHAT HAPPENS NEXT...THE PROCESS
All the pieces are in place at this point. Your yacht is being marketed, is easy to show, is clean inside and out and priced appropriately. The Massey Yacht Sales team and other brokers will begin showing your yacht. You will receive a written notice each time your yacht is shown. At the end of the month you will receive a recap and sales suggestions when they are appropriate. If all goes well you will receive written offers on your yacht quickly.
OFFERS AND COUNTER OFFER
We present each offer to you and confirm that the appropriate earnest money deposit has been taken. We discuss any conditions of the sale with you, their possible impact on the sale and assist you in the acceptance or counter offer. Sometimes offers and counter offers span a period of several weeks. Our job is to remove the stress from the sales process as much as possible. We communicate on your behalf with the purchaser's broker. We help you formulate the sales strategy that should result in a final sale. However, the sale of your yacht is not always successful as a result of the first offer. Sometimes it takes several offers and substantial negotiations. Your Massey listing broker is there for you from the beginning to the final sale.
SEA TRAILS AND SURVEYS
After there is an acceptance of offer a sea trial and survey will be scheduled. Those dates are usually noted in the offer to purchase. Your listing broker will represent you during the sea trial and survey. Sometimes owners are present during the sea trial and survey, but not too often. Let your Massey listing broker be the buffer and help make arrangements during this period. Your obligation is to make sure the yacht is sea worthy and available. The purchaser is responsible for the cost of the survey and the haul out. Your only cost would be for a captain to run your yacht should a captain be necessary.
ACCEPTANCE OF VESSEL
At the completion of the sea trail and survey the purchaser usually has up to three days to indicate his acceptance of the vessel. This is done by the purchaser signing an Acceptance of Vessel form. Any contingencies to the Acceptance of Vessel are to be noted on the form. This is not unusual and you should expect some last minute items to be corrected or a slight final price adjustment based on the survey report. Your Massey listing broker will assist you in this final negotiation. After both you and the purchaser agree to the Acceptance of Vessel terms a closing date is set.
MASSEY YACHT FINANCIAL SERVICES/CLOSINGS
Our Financing/Closing Specialist becomes an important part of the process at this point. The Specialist helps the purchaser secure financing in order to buy your boat. We work closely with your bank or lender to make sure the correct funds are available for payoff and helps secure satisfaction of mortgage if you have an existing loan on your yacht. We also collect funds or work with other brokerage companies if there is an outside broker involved. You are kept informed at all times and will receive updates as the closing progresses. Again, let Massey do all the leg work and preparation of the appropriate documents. We want the sale of your yacht to be as stress free as possible for you.
CONVEYING TITLE
When all funds are collected, closing statements and all necessary documents are signed, liens released and free and clear title established we convey ownership to the new owner of your yacht. You receive your owner proceeds and enjoy the second happiest day of yacht ownership.
FREQUENTLY ASKED QUESTIONS
Do brokers need a license to sell my yacht? Yes, all brokers in the State of Florida must have a license and bond, similar to the real estate industry.
Where is the deposit money kept? All monies are deposited into the Massey escrow account. Massey is accountable to the State of Florida for all monies in their escrow account.
May I use my yacht occasionally while it is listed? Yes, please communicate with your Massey listing broker. Also your yacht should be cleaned after each use and put back in ideal showing condition.
What additional expenses do I incur during the sale? All normal holding and maintenance cost continue to be your responsibility during the period your yacht is for sale. However there should be no additional expenses due to an acceptable offer on your yacht.
What is the length of the listing agreement? Six months. Thereafter you may cancel your listing with Massey at any time with a written 90 day notice.
Is there an advantage of Massey being a new yacht dealer as well as a leading yacht broker, in the sale of my yacht? Yes, we speak to many more potential purchasers due to this market position. The more buyers we work with the better your chances of the quick sale of your yacht. Many buyers are not able to purchase a new yacht. Having an inventory of pre- owned yachts as well as new yachts greatly helps us sell your yacht quickly.
