Patience is a virtue
The first question to ask yourself is: how quickly do you want to sell? Or, to put it another way, how long can you hold on to get your ideal price? Understanding your own parameters will determine the approach to selling your yacht. Unless you need to sell quickly, patience is always the best strategy. There is no right or wrong time to put your yacht on the market. Ever since the 2008 financial crisis, more super yachts have sold each year than in the previous year. Yachts in good condition and properly priced will always attract buyers.
Enlist an expert
Trying to sell a yacht on your own without professional help is normally a recipe for disaster. A lot of how you position your yacht in the marketplace comes from having comprehensive market statistics on what is selling, what is for sale and at what price similar yachts to yours are selling for. That type of data is almost impossible for anyone outside of the industry to locate. Reputable brokerage houses compile extensive reports on market movements that are invaluable for sellers.
But check their credibility
When recruiting a yacht broker ask yourself three questions: Do they have experience selling yachts of a similar size to yours? Are they members of MYBA, the worldwide yachting association? Do they have an established track record? Unless the answer is ‘yes’ to all three, then keep looking. How do find those answers? Check their websites, the types of yacht they list, ask people you know who have sold yachts similar to you, read the yachting press and attend as many yacht shows as you can.
Yes-men are a no-no
Consider talking with at least three different brokerage houses before taking a final decision. Talk to the specific broker in each house who is hoping to represent you in the sale. Are you both on the same wavelength? Trust is key to a successful relationship. Never choose a ‘Yes Man’. If your asking price is over-inflated, ‘yes’ men will go along with it to win your business. Then six months later you’ll have no offers. Honesty avoids heartache and considerable time wasted.
Know your product
Make sure your potential broker takes time to visit the yacht, inspects it thoroughly, talks to you about its history and meets the captain and crew. That’s the only way they can establish how to market your yacht and be able to come up with the correct asking price that will encourage serious offers.
Don't skimp on marketing
That asking price will be based on market analysis. It will take into account the final asking prices of yachts similar to yours. Ensuring your yacht is properly brought to market and stands out from the rest includes: organising a photoshoot, video, digital and/or print brochures, a website, advertising and social media campaign, a presence at key events and communication with a comprehensive client database. Anything less than that is selling you short. This is what your broker with their marketing team will do on your behalf. It’s part of the job.
Sit back and wait
You will sign an exclusive Central Agency Agreement with the broker you decide to work with for an initial 1-2 years. The commission will vary depending on the size, quality and price of your yacht. It can be negotiable. One question every seller will ask is, how long will it take to sell the yacht? In truth, it’s impossible to say. Variables include the type of yacht, its condition, its interior layout and design, the price you are asking and how niche the market is. We have sold yachts for clients within two months of signing the CA Agreement, but a more typical timespan is anything from six months to two years.
The 2016 Monaco Yacht Show will display 125 of the finest superyachts and 580 exhibitors. The five superyachts pictured above will be presented at Monaco by Yachting Partners International, one of the world’s leading superyacht brokers. For more information, visit ypigroup.com