Buyers Brokers

[r1guy]

Hello,


New to the forums and quite inexperienced.



My wife and I have started a search for a trawler for liveaboard in the northeast after nearly a year of researching. Over the past two month I have tried contacting brokers with boats listed (5 so far)...never get a callback. I've sent emails, followed up, no response. I decided I should get a buyers broker that could help as wife and I are newbies and maybe we are doing something wrong in our communications (I really dont think so). So I have called 3 brokers in the last two weeks. First said he'd love to help and would get some options together and get back to me. Never heard from him again. Second I called and no call back. Third I called and left a message, followed up with an email and he responded that he'd call. Never did and its 2 days later. Is this typical behavior of yacht brokers???



If anyone has a contact for a great broker, trawler experience would be fantastic, that would actually respond and help, that would be great. I am in Rhode Island so New England would be awesome but if it doesn't matter where the broker is I'm happy to connect with anyone who can help.


Wed love to start a trawler adventure, but cant even seem to talk to anyone about boats for sale. A bit de-motivating. Thanks in advance for any help!


Dan

 

[tiltrider1]

I believe the time of year is having an affect. Your brokers are probably off boating. Secondly good brokers take a little time to find. I don’t know anyone on the east coast, hopefully some one will jump in here.

 

[Seevee]

Dan,

As a rule I don't like brokers and MUCH prefer to buy right from the seller... BUT one has to do their own due diligence and know what they are buying...... OH, one has to do that with brokers too.

However, I've met several well qualified good brokers out there, and I'd have no problem doing a buyer's broker deal. You pay their commission and the selling agent subtracts the buying agents commission from the deal so you don't pay any more. However you have someone representing YOU and can deal for YOUR best interests.

I've done that in real estate numerous times, but never a boat for whatever reason. All of my some 20 boats, I've bought and sold on my own. I would have bought several from brokers if they could perform (get me the right deal) but never happened. But there are good boat brokers out there.

If any broker tells you they can honestly represent YOU and the SELLER, absolutely don't believe them. That's is totally against their ethical obligations. They have to treat both parties fair, but their obligation is to the party that pays them. The "dual representation" that a lot of brokers tell you is not only unethical but bordering on illegal in some states.

I prefer not to pay them a percentage of the sale as there's no incentive of them getting you a lower price. Figure out a flat fee and a bonus if the deal goes thru, regardless of price of the boat.

One of the brokers that has totally impressed me time and time again is Curtis Stokes.... and all his associates likewise. I've met him several times at conventions and such, talked boats to him and came very close to buying from one of his associates and a bit disappointed that I didn't. He carries a great reputation.

I have a few local brokers too, but it's awful hard to deal a 1000 miles away regardless of what they say, unless you have an associate close. However, one is
Jim George, sales manager at Marine Max in Clearwater, FL. I'm sure they have representation all over the place, but may not but totally into trawlers. I worked with Jim on a few boats and would have bought one he had if the owner didn't let his GF go bizerk and raise the price way out of limits to make a huge profit. It was a Meridian, which would have made a nice looper boat.

So, yes, a GOOD buyers broker is worth a LOT, especially one that knows his products.

 

[r1guy]

Thanks for the information. I have seen Curtis Stokes website, as they have lots of boats for sale. I think they are in Florida however. We actually do have a Marine Max here in Rhode Island. Maybe Ill give them a try. Would definitely prefer to work through a buyers broker if at all possible.

In general, is there a better season of year to be buying a boat where response is better and pricing more flexible?

If anyone else has a New England Broker contact, please let me know thanks!

Thanks all.

 

[tiltrider1]

By mid September brokers will start getting hungry again and sellers will start getting more reasonable. This is a generalization, fall buyers are not rare but things wind down towards Christmas and pick up again in February.

 

[r1guy]

Thanks for that ! Sounds like I am looking at exactly the correct time.

 

[Flatswing]

I too have used met Curtis personally - had some very positive and occasionally negative interactions but that will be true of all brokers. One caveat, you will usually be dealing with his local broker so be sure that person meets your needs before you start.
All brokerage boats on Yachtworld for instance have a 10% commission payable by the seller. Most of the brokers would prefer to represent both side for obvious reasons! Some (but only a few in my experience) will consider reducing that fee if they have both side of the deal but remember, as in real estate, they are primarily working for the seller, but with boats they may not disclose that to you!
Otoh, a good & knowledgeable buyers broker can save you a lot of time and money. It is their experience with the type of boats you are looking for that counts most here since - that is what you are paying for with their 5% of the deal!
They call the sellers broker 1st to get the important details (often they already know the boat's history) and can save a lot of unnecessary trips to look at junk or poorly maintained, or unsuitable boats. They will provide you with the Soldboat data (only available to brokers) to more accurately gauge if the selling price is appropriate.
Finally, if you are considering a boat >$200K, consider a yacht purchase service. Beyond that, I would invest $550 in a decent (Tramex Skipper or equivalent) moisture meter, learn how to use its relative moisture readings and I guarantee it will more than pay for itself with your 1st purchase.

Good luck & enjoy the ride.

 

[Bacchus]

If you are just starting to explore boat buying and not sure what ypu want or ate willing to spend brokers will shy away. Many have spent a lot of time w "buyers" that were not really ready to purchase.
If you are clear about budget and boat you are looking for then they mau be more inclined to jump in.
In most cases you can find almost as many for sale as they can.
I've had the best luck when I found THE boat I wanted and let them negotiate the price and terms and assist w establishing a realustic offer price inspectipns surveys sea trials renegotiating etc

 

[tiltrider1]

The advantage of a buyer’s broker is not finding boats for sale. Just about everything is on Yachtworld these days. His advantage is in ascertaining the true condition of a boat without having to drive hours to look at it.

 

[Robster_in_edmonds]

Remember that brokers are commission-based. No offense intended at all, but some liveaboards establish a reputation for being cheapskates who can't afford "real" housing. Let's say you're looking for a 34-foot trawler, maybe 20 years old. That could be $40K. In a 2-broker deal that $4k commission gets split, then brokerage gets half, so the salesperson is looking at $1,000. How much time would you invest for a deal that might never happen, for a grand? OTOH, you could be looking for a newer 60-foot boat with a $400K price tag. Now you're looking at a $10K or more payday. Much more interesting.

You should search yachtworld. Find a boat that looks right. Call the brokerage and set an appointment to see the boat. Come with a checkbook and the ability to write a check for $10K earnest money. Show up early. Be polite. Check the boat out and make your offer. Do your homework ahead of time so you already know the pros and cons of the boat you're looking at.

On the other hand, if you just want to look at a lot of boats, walk the docks and talk to owners. Most people love to talk about and show off their boats.

I hope this doesn't sound harsh, but ask any broker about people who have wasted their time and you'll get an earful.

 

[Duvie]

Gray and Gray Yachts

I have used Annie Gray at Gray and Gray Yachts in Maine several times as a buyers broker. Very knowledgable and knows her way around boats. Highly recomeneded.

 

[Baker]

Dan,



However, I've met several well qualified good brokers out there, and I'd have no problem doing a buyer's broker deal. You pay their commission and the selling agent subtracts the buying agents commission from the deal so you don't pay any more. However you have someone representing YOU and can deal for YOUR best interests.

?????

You don't need to pay the broker to represent you. The commission is paid by the seller. ANd the broker that represents yoy splits the commission with the listing broker. A buyer's broker costs the buyer NOTHING. Now you can play the shell game with money all you want. But the boat will sell at the agreed value and the seller will be on the hook for the 10% commission.

 

[r1guy]

I have used Annie Gray at Gray and Gray Yachts in Maine several times as a buyers broker. Very knowledgable and knows her way around boats. Highly recomeneded.

Thanks Duvie and everyone else.


I definitely know my price range and type of boat I am looking for. And that may be an issue as my budget is modest unless I want to wait a year or two more. Which now that i have the fever Ill have a hard time waiting. I had figured that perhaps brokers would have a better time than me contacting other brokers representing boats but since there may not be enough commission in what I am looking for then perhaps Ill just keep looking myself on yachtworld.


Only thing I'm a little torn on is LOA. Looking everything from 40-50ft. Would love around 4042 but the lack of laundry is holding me back. Maybe I shouldn't let that be such an issue.


Daniel

 

[Daddyo]

I agree, Annie is a good one. Give her a call.