"Be honest. Be smart. Be responsive."
Bob Denison, president of Denison Yacht Sales, looks at a study commissioned recently by the real-estate industry in the US and explains how the four major qualities clients want to see in their real-estate broker are just as relevant in the superyacht industry.…
In spite of a new lease of life from buyers, the superyacht market is still hindered by a register of overpriced, sub-standard yachts and a tendency for clients to place their faith in the wrong people. TSO spoke to Bob Denison, president of Denison Yacht Sales, about what brokers can glean from their clients to improve the efficacy of the sales process.
In years past, it was more likely for brokers to succeed by relying on charm, colour coordination of boat shoes and impressive business cards. But now a new era exists where brokers must assist clients with sorting through massive amounts of market information, keeping up with the latest systems and understanding changing maritime laws. Brokers who rest on their laurels will be hard-pressed to provide real value for their clients.
Bob Denison, president of Denison Yacht Sales
I came across a study commissioned recently by the real-estate industry in the US. The National Association of Realtors surveyed thousands of home buyers and discovered four major qualities clients wanted to see in their real-estate broker: honesty, knowledge of process, responsiveness and knowledge of market. These values are just as relevant in our market.
1) Honesty and integrity: Easier to talk about than it is to pull off in real life. True honesty requires sacrifice. It requires a broker willing to lose a deal for the sake of guiding a client away from a yacht that might be harder to sell later, or one that has skeletons not easily found. For brokers, honesty hurts in the short term but always pays dividends down the road.
2) Knowledge of the purchase process: Buyers want to know when things happen and who is responsible. For buyers new to the yachting industry, the process of moving parts and various role-players can be intimidating. Surveyors, escrow agents, captains, haul-out facilities, classification experts, yacht managers and insurance brokers are just a few of the players who might be new to a buyer of a yacht. Helping a client through these unfamiliar waters is critical to providing value.
3) Responsiveness: UHNWIs expect questions to be answered quickly. Yesterday’s answer, ‘I’ll get back to you tomorrow’, is no longer acceptable. Today’s response should look more like, ‘I’ll get you that answer in a few seconds.’ And that’s even if it’s a Saturday; especially if it’s a Saturday! Brokers who take their sweet time to get back to clients will find themselves penniless.
4) Knowledge of the market: Yacht brokers have access to resources and websites that the general public does not. Putting those resources to good use is critical. Researching current market trends, sold boat data, and gathering insider information allows brokers to have intelligent conversations with clients that add true value to the process.
These skills, of course, are not just limited to the buying process, but to the entire lifecycle of a client’s yacht. I am often approached by new brokers to the industry seeking career advice. My response is almost always the same: Be honest. Be smart. Be responsive. Especially on Saturdays!
This is an extract from the article 'Asking for trouble' in Issue 16, where The Superyacht Owner also speaks to Joe Killian of Killian Yacht & Ship Brokers and Bill Sanderson of the International Yacht Collection about the pricing of yachts and client expectations. Subscribing members can read the full article online here. To subscribe, click here.
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