Catamaran Buyer’s Broker

[M47]

Can someone who personally worked with a responsible East Coast-based catamaran buyer’s broker please recommend him/her? Contacted a couple on my own, but they were very un-responsive; before I even had time to annoy them. International experience is a plus.

[smj]

Alexis DeBoucard of the Multihull Company

[Stumble]

Steve at The Finish Line in Stuart florida. He is amazing to work with.

[Boatguy30]

Assuming you're looking for someone with extensive cruising and multihull experience: Derek Jarvis, Bollmann Yachts. Former tenant of mine and a nice guy.

[jaybird1111]

Don Wigston, Windcraft dot net (he is a Corsair dealer, but he will act as a buyers' broker)

[WesternBroker]

Hi,
My name is Michael. I have an amazing journey/story to share. There is an incredible amount, 2 years plus, of documentation to share with you to back up my recommendation. I am a first time boat owner. A newbie. A 57 year old seasoned real estate investor / pilot, but wary of all the boat horror stories / drama that I came across. This was a 1.5 year search for the right boat. I interviewed 8 brokers in person.. I am ignorant when it came to boats. But I am not stupid. I selected Wiley Sharp of Dennison Yacht Sales to help shepherd me through the process. I have no drama stories to tell. EVERYTHING went perfect, which is quite a claim to make. NO surprises. No unexpected costs. Wiley found me the perfect Leopard 4600 Catamaran to purchase. His expertise saved me tens of thousands of dollars in not only the purchase, but after the sale refitting process.

His commitment, and friendship AFTER the sale is Priceless. Even today, he did me a favor which saved me hundreds of dollars. This after the fact of the sale in July 2013.

If you want verification of what I am representing, you may visit our Website, which has documented our entire history of the purchase, refit, and charter of SY One Love Catamaran.

May you be as fortunate as I was to have found Wiley Sharp to help me navigate these waters.

Good fortune to you!

Michael Eckert
SY One Love, a 2008 Leopard 4600 Catamaran bought out of the Moorings fleet

OneLoveCat.com

[rancher44]

I also used Wiley Sharp and he was incredible. I looked for boats for 2 years before Wiley found the boat I have now . He took me thru the whole process and never got tired of my questions . I tried 2 other brokers and was very disappointed with their service . What other broker travels to the BVI from Fl and goes over the boat with you . Wiley did he also was so helpful in all aspects of the purchase and was extremely knowledgeable of all brands of cats. Give him a call and you will be amazed at what he can do for you

[Training Wheels]

I used Tom Morton at Edwards yacht sales as a buyers broker to purchase our Chris White Trimaran. He was first rate. I could not possibly say how happy We were with his help. I can recommend him unconditionally, we couldn't have done it without him. We are on the West coast, and he made our purchase easy. Call him, and you won't be disappointed.


Sent from my iPad using Cruisers Sailing Forum

[2Hulls]

Of course, you can be your own "buyer's broker" - aren't we all? But for those unfamiliar with the process or needing guidance to feel comfortable, it makes a lot of sense to hire an expert.

But are all these recommendations really for "buyer's brokers" or for plain "brokers"? What fees are you paying these people, because real buyer's brokers don't get any cut of the sales commission. Any broker who does get a cut of the sales commission is really working for the seller, not the buyer. This doesn't mean they won't be helpful or you won't be better off in the long run, but there are real buyer's brokers out there who have no stake in the sale whatsoever.

2 Hulls Dave

[mason_jj]

Alexis de Boucaud at Multihull company. He helped us buy ours 5 years ago and helped us sell it recently.
Stand up guy. Gets things done. He has been doing for a long time.
Jeff

[M47]

Thank you guys and ladies. plenty of contacts.

Dave, I totally understand your point, a regular broker it is. Unless I pay myself, nobody is going to be on my side 100% and even then ...

[2Hulls]

Originally Posted by M47

Unless I pay myself, nobody is going to be on my side 100% and even then ...

There are real buyer's brokers out there that work for a fee and work only for you. I can't name any now, but when I was shopping many years ago I talked to a couple and decided I could do it just as well myself. In the end I did "pay" myself because I convinced the selling broker to reduce his commission from the seller to get a deal at my offer.

2 Hulls Dave

[jaybird1111]

...well...

The MO is that 'your' broker (selling broker) and the seller's broker (listing broker) split the commission.

Yes, there is motive to keep the price higher. But that said, if no sale is made, no commission is made, so the view is that even if the price lowers, it's better to make the sale than none at all

[2Hulls]

Originally Posted by jaybird1111

...well...

The MO is that 'your' broker (selling broker) and the seller's broker (listing broker) split the commission.

Yes, there is motive to keep the price higher. But that said, if no sale is made, no commission is made, so the view is that even if the price lowers, it's better to make the sale than none at all

Yes, there is motive to keep the price higher on the part of both brokers involved - especially the listing broker. The listing broker has an even higher motive (desire) to not have any other brokers involved because in that case he/she gets the full commission.

So in the case of two brokers involved, who is advocating a lower price for the buyer? No one, except the buyer. The broker ostensibly "representing" the buyer is advocating for a sale. Period. True, if the non-listing broker knows the buyer's top offer, he/she will work to get a deal at a price below the listing price

The fact remains that unless a real buyer's broker is representing the buyer, all the brokers in the transaction are working for the seller. Same as buying a house in NA. As long as the buyer understand this, and keeps their cards close to the chest, he/she can be appropriately cautious and look out for themselves. And, of course, a buyer can be fully your own "buyer's broker".

My point in participating in this discussion was to caution that the term "buyer's broker" was potentially being inappropriately used and this may mislead some.

2 Hulls Dave

[BlueBuddha]

One way to have a standard broker work for you (and not the seller) without paying a flat fee and also guaranteeing that the broker will fight for the lowest price, is to offer an additional commission as an exponential function of discount obtained. This makes the broker work for you while matching your extra expense to his/her value to you.

Specifically, you would offer the buyer’s (your) broker the following:
0.5% of asking price if boat sells for 90% off asking price.
1% of asking price if boat sells for 80% off asking price.
2% of asking price if boat sells for 70% off asking price.
4% of asking price if boat sells for 60% off asking price.

For example, let’s say a boat is for sale at a 500,000 asking price. Assuming a buyer broker commission of 2.5%, the broker is expected to make $12,500 if boat sales for asking price. But the broker can make more if the boat sales for less. Let’s see:

Example #1. Boat sells for 90% of asking
Asking price 500K
Sale price 90% = 450K
Standard commission 2.5% = 11,250 (paid by seller)
Add on commission = 0.5% x 500K = 2,500 (paid by you)
Total Commission = 13,750 ($1,250 more than if boat had sold for asking price)

Example #2. Boat sells for 80% of asking
Asking price 500K
Sale price 80% = 400K
Standard commission 2.5% of 400K = 10,000 (paid by seller)
Add on commission = 1% of 500K = 5,000 (paid by you)
Total Commission = 15,000 ($2,500 more than if boat had sold for asking price)

Example #3. Boat sells for 70% of asking
Asking price 500K
Sale price 70% = 350K
Standard commission 2.5% of 350K = $8,750 (paid by seller)
Add on commission = 2% of 500K = 10,000 (paid by you)
Total Commission = 18,750 ($6,250 more if boat sold for asking price)

Example #4. Boat sells for 60% of asking
Asking price 500K
Sale price 80% = 300K
Standard commission 2.5% of 300K = $7,500 (paid by seller)
Add on commission = 4% of 500K = 20,000 (paid by you)
Total Commission = 27,500 ($15,000 more if boat sold for asking price

The earnings for the broker exponentially increase as the selling price of the boat drops and so does your savings even though you are paying the broker more.

I'm probably missing something obvious but If anyone out there ever uses this method and gets a good deal, buy me a beer if you ever see me at an anchorage :-)