For both experienced yacht owners and new-to-the-market buyers, the process of buying a pre-owned yacht can be made a lot easier and infinitely more enjoyable by having the right representation from the outset. The first step to buying any yacht should be to establish a strong advisory network, ensuring you have a good interpersonal connection with the ‘broker’ for the deal and that their experience level is appropriate for the transaction.
It is key to find one broker to entrust and work with closely, as they will develop a much clearer picture of what you want and will therefore be able to offer more effective advice. Many yacht buyers speak to several different brokers and do not invest enough time into giving each one a clear-cut brief. In doing so, they are doing a disservice to their search in many ways, because the brokers are not able to get to grips with what the requirements are and may end up sending the Client yachts they hope they will like instead of yachts that are actually right for their requirements.
If you’re an experienced yacht buyer you may have a clear idea of what you want, but even if not, your broker should sit down with you at the earliest point and help you define your specific requirements. The last thing you want is to get excited about a yacht for sale before finding out that it will not work for you because of a key detail that was missed at the start of the process. Last week, we looked around a yacht on our client’s behalf that was almost perfect for him. It ticked all the boxes apart from one - the ceiling height in the main salon was quite low, while we knew our Client to be rather tall! It was fortunate that we knew our Client so well, but had we not, he might have travelled across Europe to view something which was completely unsuitable. Sometimes these seemingly trivial details are what make all the difference!
Much of the early due diligence should be steered by your broker asking the right questions, although the process is certainly bolstered by an open two-way exchange, with feedback from you on what you like and don’t like about the yachts you are shown. Today we are dealing with a lot of clients who come through online platforms and through discussing the different options from the outset, build great relationships with them before actually meeting in person. Of course, Yacht Shows are golden opportunities to view multiple options in one setting, but the key benefit of them is the conversation, communication and feedback between Client and broker throughout, which will help to narrow the search. And of course, this is all helped by having a great relationship.
For more brokerage best practice, and to read this chapter of The Buyer Journey in full, please click here.
And to read The Superyacht Buyer Report in full, click here.
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