What Advantage Is A Buyer's Broker?

[YachtBroker]

I am new to the forum but have been a professional yacht broker in both power and sail (mainly sail) for over 32 years. A lot of the comments made here are correct and some are a little misleading.
A really good broker, someone who has been at it for years and knows the boats, models and differences, is an invaluable asset to a boat buyer who doesn't know what he wants. A good broker can sit and analyze what a buyers requirements are and direct them towards boats that fit those needs and budget regardless if it's their listing or another brokers. If they are a broker that sells boats nationally/internationally they know who the good surveyors are and who to stay away from. How to get a boat moved by land, ship or by capt. They handle YOUR escrow money and protect that for you if the survey deems that you shouldn't buy it and you need it refunded.
We help with the closings, documentation and sellers payoffs to make sure you get a clear title.

And a good broker, long after the ink drys, stays in touch helps you to get things done on the boat with the right contractor or is there to answer a question-all the time. A good broker has a lot of repeat business and it's not uncommon that 75% of his or her listing they sold before or multiple times. That should tell you something right there.

There is really no such thing as a "buyers broker" in yacht sales. That is a real estate term that was invented to get house buyers to sign a piece of paper basically committing yourself to use them to buy a house. There is no such thing in yacht sales.

The sellers pay all the commission. The brokers split that commission according to who is doing what. 50/50 is common. 60/40 is common.

Does your broker need to travel with you to make a deal work for you? Depends upon the boat, the listing broker, and the situation. I travel 50% of the time on co-broker deals and know most of the other brokers well enough that I feel comfortable having them do the survey. Again depends upon the deal and if a client wants me to travel with him, I will. Keep in mind all brokers are straight commission and pay their own expenses.

It never hurts to have a relationship with someone you can rely on if they know the product and what you are buying. To find a good broker,
Look online, look for testimonials from other satisfied clients but keep in mind with some "buyers" there is two sides to every story.

[tedowens]

The general consensus seems to lean toward using a buyers broker. That is my plan, but I am having a really hard time finding one that seems to be a good choice. How did others go about selecting one? Up to now I have been getting educated by looking at boats through the listing broker. I have been hoping that one of them stands out as a good choice as a buyer's broker, but I have been disappointed. Most of the brokers seem to be just hoping that they are standing in the right place at the right time without actually doing any work. Can anyone recommend any good cruising catamaran brokers?

[YachtBroker]

I am new to the forum but have been a professional yacht broker in both power and sail (mainly sail) for over 32 years. A lot of the comments made here are correct and some are a little misleading.
A really good broker, someone who has been at it for years and knows the boats, models and differences, is an invaluable asset to a boat buyer who doesn't know what he wants. A good broker can sit and analyze what a buyers requirements are and direct them towards boats that fit those needs and budget regardless if it's their listing or another brokers. If they are a broker that sells boats nationally/internationally they know who the good surveyors are and who to stay away from. How to get a boat moved by land, ship or by capt. They handle YOUR escrow money and protect that for you if the survey deems that you shouldn't buy it and you need it refunded.
We help with the closings, documentation and sellers payoffs to make sure you get a clear title.

And a good broker, long after the ink drys, stays in touch helps you to get things done on the boat with the right contractor or is there to answer a question-all the time. A good broker has a lot of repeat business and it's not uncommon that 75% of his or her listing they sold before or multiple times. That should tell you something right there.

There is really no such thing as a "buyers broker" in yacht sales. That is a real estate term that was invented to get house buyers to sign a piece of paper basically committing yourself to use them to buy a house. There is no such thing in yacht sales.

The sellers pay all the commission. The brokers split that commission according to who is doing what. 50/50 is common. 60/40 is common.

Does your broker need to travel with you to make a deal work for you? Depends upon the boat, the listing broker, and the situation. I travel 50% of the time on co-broker deals and know most of the other brokers well enough that I feel comfortable having them do the survey. Again depends upon the deal and if a client wants me to travel with him, I will. Keep in mind all brokers are straight commission and pay their own expenses.

It never hurts to have a relationship with someone you can rely on if they know the product and what you are buying. To find a good broker,
Look online, look for testimonials from other satisfied clients but keep in mind with some "buyers" there is two sides to every story.

[secrabtree]

As a celestial navigation instructor at a local community college many of my students asked me how to select a surveyor when considering a purchase of a boat. My stock answer was: "Get a list of surveyors that the bank (or other mortgager) will accept. Get another list from the selling broker of the surveyors that they recommend. Get another list from your insurance company of surveyors that they will accept. On the bank's list cross out any names that are on the broker's list (if the surveyor recommends agaunst the purchase the broker loses a commission and is less likely to recommend him/her in the future). Then on the bnk's list cross out any names that are NOT also on the insurance companies list (you want the survey to be accepted by both the bank and the insurance company). Then get recommendations from other sailors that you know, if possible, on the names that remain on the bank list. Then make your selection.
I also had a recommendation for a particular surveyor IF the survey was for your interest and nNOT for the insurance company or the bank - because that particular surveyor would find EVERYTHING that was even slightly worn. If the bank or insurance company read his survey they'd make you fix everything he pointed out before they'd loan the money or insure the boat. I used him before my singlehanded trip to Hawaii because I wanted to know EVERYTHING and then decide which things needed doing and which to watch and which were "a good idea to get around to eventually". I did get to Hawaii with no failure in the boat.

[Mirage Gecko]

For the life of me I cannott understand why anyone would want two brokers involved unless the "buyers " broker was a very close friend and worked for free even then I'm not sure they should be involved as a broker as such.The second broker has to communicate to the first guy who then speaks to the seller then back to the first then onto you etc etc.Its like trying to resolve an issue with a manager but having to address the issue via a secretary .
If you have already found the boat you want and still like it after inspection and intend using a surveyor there is nothing a second broker can bring to the table other than cost and possibly getting the first broker off side as these two will really need to get along otherwise you will lose.
As someone has already stated they have to split the commission so you will have more trouble driving down your offer as obviously the brokers get less the lower the price and human nature tells you this will happen.I have seen this happen to people I know well.

[olaf hart]

Here in Oz there is no such thing as a buyers broker, and a buyer rarely purchases a boat without being there in person.

We have a good surveyor who works for us, to some extent he fulfils the role you attribute to a buyers broker. We have flown him interstate to survey a boat, it's not expensive and great value for money.

I can't see a role for a buyers broker for an experienced owner in this sort of arrangement.

[lsearite]

I am moving on the 4th deal my buyer's broker and I have done in the last 10 + years. He is retiring and I told him that I am retiring from buying boats. It's that important to have someone on your side.!

Good luck,
Louise

[Mirage Gecko]

Originally Posted by lsearite

I am moving on the 4th deal my buyer's broker and I have done in the last 10 + years. He is retiring and I told him that I am retiring from buying boats. It's that important to have someone on your side.!

Good luck,
Louise

I have bought and sold probably a dozen boats over the last 35 years 4 of them in the multis $100K and have not had a problem with the selling broker or seller I could not handle alone nor can I see what the second guy can do for you.
Always willing to learn so can you tell me specifically why you could possibly need this additional person/ company involved.
The only time I have seen second brokers involved is if a specific deal has fallen over and the buyer or broker finds another boat but with a different brokerage then if you as the buyer wishes you can use your original broker to get involved but personally think that simply complicates communication.
Chris

[Aitch 169]

Thank you all for this information. Is anyone familiar with Gary Fretz as a buyers broker? Thanks.

[secrabtree]

Originally Posted by Mirage Gecko

I have bought and sold probably a dozen boats over the last 35 years 4 of them in the multis $100K and have not had a problem with the selling broker or seller I could not handle alone nor can I see what the second guy can do for you.
Always willing to learn so can you tell me specifically why you could possibly need this additional person/ company involved.
The only time I have seen second brokers involved is if a specific deal has fallen over and the buyer or broker finds another boat but with a different brokerage then if you as the buyer wishes you can use your original broker to get involved but personally think that simply complicates communication.
Chris

Chris - It is obvious from your comment that YOU dont need a buyers broker - you probably have the knowledge and experience of many buyers brokers, and more skills than many yacht surveyors. You are NOT the average buyer.

[Cheyne]

Originally Posted by Aitch 169

Thank you all for this information. Is anyone familiar with Gary Fretz as a buyers broker? Thanks.

Gary's associate Rudy worked as our Buyer Broker when we bought our Lagoon 380 recently. We had talked to Gary several times before moving forward to buy a boat. He is pretty blunt, but has a lot of knowledge. Since our deal was under $300k he had Rudy take care of it, but Gary helped us with tax and documentation stuff. I would work with him again.

Cheyne