Using a buyers broker - need help

[SaltyQ]

For the past 15 years my wife and I have been meticulously planning/saving towards buying a sailing catamaran (used) for liveaboard. We sold our house and most of our possessions and moved to Fort Lauderdale to begin the boat buying process. Since this is our first boat purchase we feel more comfortable using a buyers broker.

I'd like to think we're the ideal buyer that brokers are looking for - we know exactly what we want, are cash buyers, and are extremely motivated to buy now.

Before we made the move I began discussions with a broker in Fort Lauderdale (someone frequently recommended here on this forum) on our plans and the models we are interested in. After arriving in Fort Lauderdale the broker took us to see two boats - none of which were what we are looking for. Afterward, we'd find some candidates online, but the broker could never get us on anything and eventually stopped responding to our messages and calls altogether.

So, we decided to move on and find another buyers broker. We reached out to another who is also frequently recommended here on this forum. Initially, it seemed we had success - the broker pulled a report of several candidates meeting our requirements and we got as far as making an offer on a boat, but the seller ultimately went with a different buyer. Since then the broker has not responded to our requests to look into other boats.

We have now been in south Florida for 6 months and have made little progress and I'm at a loss on what to do next. I had assumed that working with a buyers broker would be much like working with a real estate agent, but that hasn't been the case in our experience.

We're feeling quite defeated at the moment. Seems the next thing for us to do is to reach out to another buyers broker in hopes that this time things will be different, but thought I'd share our experiences here to see if we could get some advice.

[Anders]

Go to https://www.yachtworld.com/ and see what's available then call the sellers broker.

[desodave]

I'd forget about the buyer's broker imo. If you have an idea of what you want, just cruise yachtworld and other sites as suggested. The selling brokers will be happy to accommodate you

[CarlF]

This is a very difficult time to buy a cat. There are three year waits for new builds so used boats are getting offers above their new price by people who don’t want to wait. I was told by my broker that I could sell my one year old Leopard for $200,000 more than I paid for it.

There also is little inventory and even less in Florida. Too many buyers chasing too few boats.

So I think the reason your buyer’s broker is not calling you back is that he’s decided you aren’t willing to pay enough and will keep losing out to buyers willing to spend more. He’s a business that only gets paid for his time when a sale closes.

If you want to switch to a monohull, there are great deals to be had on wonderful boats. I expect your broker will call right back if you ask about one.

[Anders]

Originally Posted by CarlF

If you want to switch to a monohull, there are great deals to be had on wonderful boats. I expect your broker will call right back if you ask about one.

Where do you find the great deals on monos? Most of what I see can be categorised as overpriced junk and if you want new you have to join the queue.

[SaltyQ]

Thank you everyone for the helpful advice. Really do appreciate it.

Anders, desodave - We have our daily routine where we check yachtworld.com (along with boats.com, sailboatlistings.com and catamaransite.com) every morning. I am a bit apprehensive to go it alone without a broker representing our interests and that we will be taken advantage of due to our inexperience. I think my mistake has been in assuming that a good broker would be like a real estate agent - someone you'd build a relationship with that would go beyond the initial flurry of action within the first couple of days.

CarlF - Agreed it's a tough market right now and it is something we have to constantly remind ourselves of. We've been closely following market conditions for quite some time. We're looking for a 40-43 ft cat and we originally budgeted for something in the $300K-$350K range, but we increased our budget prior to moving to $400K-$420K (adjusting to recent inflations). We offered full asking price for the boat we missed out on. It may well be that others offered more and we were unaware of that. We're going to hold out for a cat for now, but our tune will probably change if we're still waiting 8-10 months from now.

[desodave]

Salty ... it's a common mistake re buyers brokers ... I made it myself and was getting almost no guidance. One of the members here (Boatpoker) is a marine surveyor in Ontario, Canada, and has prepared a basic how-to guide re evaluating boats before you spend the $$ on a surveyor. It may help you in evaluating boats you're looking at before an offer/survey stage.
All about marine surveys and checklists

[Tetepare]

When it’s a sellers market the selling broker doesn’t need to split the profit with a buying broker.

[Madehn]

Contact Kent Little in kemah tx. Little yacht sales. He did a great job for me as a buyers broker and he will answer questions honestly about your offering price and what you can get for your budget. I have known him for about 10 years and he has a good reputation. He has also opened up an office in Florida. I too was intimidated when buying my boat but he went above and beyond to assist. I have no affiliation with little yacht sales but my boat is on the same dock as his office and I see him often. Pm me your contact info along with a few details of what you want and I will drop it off when I go by his office. I am literally there every day.

[letsgetsailing3]

Having a buyer's broker doesn't mean buying a boat is any less work for the buyer in a seller's market.

They can help you cut through the administrative red tape and communicate with the seller, but the market is what it is. If you're trying to find a great deal, it's going to be a beat into the wind.

[dspd204]

Boy could I speak volumes about this. We just closed yesterday on our new-to-us ‘04 Hunter 44AC. This is our 2nd sailboat, but the 1st involving brokers.

We found our broker on a YouTube sailing channel by a young couple just starting the cruising life. I had somewhat newly-found biological familial connections to the area where the broker was, so I called him & the rest is history.

The purchase of this boat was undoubtedly the most stressful business dealing that I have been involved with in my 54 years of life. It’s been my experience that you’d better closely watch used car dealers, pawn brokers, and jewelers; now I’ve added used boat brokers to that list. Yesterday before the wire went through to the seller, I was honestly wishing harm on both brokers and wanting to take my money and go home to The Bayou State.

Caveat: the seller and I met at the initial showing of the boat and violated the brokers’ cardinal rule. We talked, and often. We had the same goal; me to give him the agreed upon sum and him to give me his boat in exchange. Easy deal, right? The seller & I were the only people involved that weren’t lying to everyone else! Given the choice, I’d do that again. I can’t stand a liar!

So with just a seller’s broker, you only have one professional egotistical game-player. With a buyer’s broker you have 2 in the equation. Delay after delay, signature after signature on amended documents that the other broker screwed up, games being played to speed up the closing and games being played to delay the closing (purely out of spite), and if that all’s not enough throw in the worst storm to hit Florida in over 100 years on closing week. That is the story of our last couple of months.

So I started off thinking a lot of the seller’s broker. He was just a lot more polished than mine and didn’t seem to be as egotistical.

Like I said earlier, I don’t have another deal to compare it to and maybe others will chime in, but with the exception of not knowing the process, I think that I could have represented myself equally well with the seller’s broker.

[SaltyQ]

desodave - Hey, thanks for the link. Hadn't seen that before; certainly going to make use of that.

Madehn - Thank you for the reference. We're gathering a few to evaluate and plan to start reaching out next week. My wife and I completed a few ASA courses in Kemah a while back before our move to Florida.

dspd204 - Certainly can relate to your experiences. Seems that establishing a relationship directly with the seller at the beginning helps things go more smoothly. Congrats on the new boat. We're hoping the experience we gain through this process will help us to be confident in going it alone the next time around.

[mvweebles]

You don't need a broker, you need a boat. Given the current market, your expectations are out of whack. Look at it from their perspective. You're just another schmoe who wants a boat. In short, the unicorn right now is a seller, not a motivated/qualified buyer with a broker and commission split.

[tamicatana]

Call Pete Wodraska, RRYC, Panama City

https://www.rryachtsales.com/our-client-mission

[Rumrace]

The manufacturer of your boat likely knows where consistent used sales offices are. It’s a small industry. Lots of flakes selling scrap boats or valuing like they are not a parts list. It’s more like used cars than real estate.
The broker with no inventory or exclusive listing is likely one of boatings bottoms feeders. Boating pan handlers. There is more margin in used.
If you can’t Sue them for bad advise don’t take them serious.
Hope you find your new home soon.