U.S East Coast Buying Tour Advice

[chuck1]

All,
I have re-directed this thread to here.

I have read of the potential benefits a buyer's agent can provide. I have read that that some of you don't see the benefit or can easily do what they do or think part of the adventure is doing the research. I agree with that for the most part. I am at the stage now that I want to do an East Coast Adventure (cue Chevy Chase Vacation theme) like my friend from Nomad did 12 states in 12 days was it? We want to see as many boats that meet my criteria as we can.

My question to you is this. Will one buyer's agent set all this up for me or do I contact all the seller's agents along the coast and arrange showings separately. If a buyer's agent does this than that is worth it right there. Any recommendations for buyer's agent and I can get the ball rolling. Thanks for listening.

[Scot McPherson]

Ask your agent, only they can tell you what they can or are willing to do.

[chuck1]

I don't have an agent. Do I pick one out of the book and interview is there not a standard set of services they perform? Seems like one of the less helpful replys but maybe your right. This is my first boat.

[Tetepare]

Go to Lake Champlain. Fresh water boats, many boats being dumped by Canadians at good prices. There are two big brokers, VSF and BoatsRFun. They do work cooperatively, so one broker can arrange to show you the others' boats.

Only question I have is if a broker wants to spend hours with you window shopping. Doesn't hurt to ask.

[chuck1]

Thanks for the replys so far. Just to clarify. Not window shopping but going with earnest check and ready to deal. I am talking about a Buyer's agent/representative. Do they contact other agents for showings or do I need to call each agent per boat I want to look at. I could do that but could be painful. The BA will be compensated at sale regardless of who's selling. At least that is what I've read. I am also assuming that the buyer's agent will have leads on boats that I do not see on Yachtworld and other public sites. Anyone gone through this?

[CarlF]

Are you going to pay the buyer's broker an hourly rate? If so, ignore the rest of this post.

If not, then you need to keep in mind the conflict of interest that commissions create for both seller's and buyer's brokers. They work for free if you don't don't buy a boat. That's a tough way to earn a living.

And going from marina to marina looking for your perfect boat means a lower per-hour pay because they make the same commission on the 25th boat they show you as the 1st boat. Negotiating a better price also reduces their income. And since they are unlikely to ever see you again after the deal closes, repeat business isn't much concern.

A red flag is when your buyer's broker comes up with 3 boats within an hour's drive of his office that he thinks are perfect for you.

[chuckr]

When we bought SoulMates we used an agent and he was great. He knew boats --

I would suggest two

first is Ted Novakowski of Soundyachts in Westbrook Ct www.soundyachting.com

Second is Dave Dodgen of floridayacht.com in miami

Both these guys are excruisers and really know boats - and they can probably help set up looks at boats you want to look at at various places or perhaps some inside knowledge on particular boats.

We know both and tell them Chuck, Patty and SoulMates recommended them -- No we get nothing out of this - they are folks that we think highly of and have helped us

[akprb]

What is your budget?

If sub 200k buyers agent may slow everything down. Have you settled on two or three core models?

If yes find as many as you can and start driving. As you meet brokers and visit yards the "one" will appear (and it may not be one of your original 2 or 3 models)

Read "hunter, really" for a brief story on this. A long piece I wrote was vaporized unfortunately :-(

[skipmac]

I think akprb hit the crucial question, how much are you spending. I doubt any agent or broker will be willing to travel up and down the east coast to sell a $50,000 boat unless you're willing to pay all his/her expenses which probably wouldn't be a reasonable solution. In that case you will just be stuck with researching each region separately.

Regarding the cost of a "buyer's agent", if you buy a boat using a broker, any broker, then that broker will be your agent and will just take a share of the commission on the sale, costing you nothing extra. HOWEVER, if that broker is selling a boat that he/she also listed for sale then one broker will be dealing with the seller and you the buyer at the same time. Supposedly in this case the broker should remain a neutral third party but there is certainly a potential for conflict of interest. Also note that there is a motivation for a broker to sell a boat that he/she listed as they will not have to split the commission with another broker. Again a potential conflict of interest.

[doug1957]

Originally Posted by skipmac

I think akprb hit the crucial question, how much are you spending. I doubt any agent or broker will be willing to travel up and down the east coast to sell a $50,000 boat unless you're willing to pay all his/her expenses which probably wouldn't be a reasonable solution. In that case you will just be stuck with researching each region separately.

Regarding the cost of a "buyer's agent", if you buy a boat using a broker, any broker, then that broker will be your agent and will just take a share of the commission on the sale, costing you nothing extra. HOWEVER, if that broker is selling a boat that he/she also listed for sale then one broker will be dealing with the seller and you the buyer at the same time. Supposedly in this case the broker should remain a neutral third party but there is certainly a potential for conflict of interest. Also note that there is a motivation for a broker to sell a boat that he/she listed as they will not have to split the commission with another broker. Again a potential conflict of interest.

If that happens, one solution is to have another agent at the brokerage to represent the buyer and the other the seller - that's what happened with our recent purchase and is common in the real estate industry. If the above situation occurs, be sure to clarify how the agency will work with this.