It’s a good idea to get the boat surveyed so you can learn about and fix any potential problems before the boat goes on the market. If the bottom or the topsides need a paint job, do it. If you’re painting the hull, use only white or dark-blue paint. However, one broker recommends not spending money on electronic upgrades. You’ll only get a small part of that investment back.
- Price it right. Price it right. Price it right.
- Go on line and check all of the internet sites. Yachtworld, BoatTrader, Boats.com etc. etc. Print a copy of all the comparable boats to yours. Note the total number. Note any key features others boats have or don’t have. Also look at other boats engine hours, does it have a trailer, bottom paint, etc., etc. This is all very important. You need to compare apples to apples. (Example – bottom painted trailerable boats sell for less.) Note the locations where the boats are listed. (Example – Florida boats sell for less – heat, sun, wind, salt and year round use.)
- Call a few brokers that have boats that are comparable to yours. Tell them who you are and what you have. Most brokers should be very cooperative. Ask them why the boat they have listed hasn’t sold. Ask them what they think it would take to sell their boat. Ask them what they think your boat is worth. Ask them if they were going to trade it what they would give you for it.
- Check the pricing guides BUC and NADA, but don’t put much faith in what they say. Most of these, in my opinion, are totally inaccurate but they are what the banks base your boats loan value on. So although inaccurate they are still something to consider.
Now sit down. Look at all the data you’ve collected. Calculate what it truly costs to hold on to your boat for a few more months. Be honest with yourself! (Note: what you owe on your boat has nothing to do with its retail value.) Don’t worry about putting “wiggle room” in your number. You won’t have to worry about “room to negotiate” if nobody calls. Now price your boat to be the next one to sell. I know it’s painful but I don’t remember any seller ever telling me “wow, I sold my boat to cheap!”
Top Ten Tips For Selling Your Boat
1. Market it!: Advertise heavily. Place ads in local boating press, the big daily newspaper and, if it’s a large boat or one of limited availability that buyers will likely travel out of state to see, place ads in the pricier regional and national venues. Picture ads draw more traffic. Rent space at some highway-side lot where hundreds of passers-by can see it—more than in your driveway.
2. Fired-up!: Start the engine and warm it up an hour before a prospect comes to see the boat. A dead battery or balky start—even for an excellent engine—turns buyers off.
3. Pledge of Allegiance: Looks are important. Spray-on furniture wax can be applied and wiped-off quick and easy. The gleam doesn’t last more than a day, but it’s perfect for that prospect who calls and says he’ll be over in an hour.
4. Empty Promise: It’s better to show empty stowage areas and remark how spacious they are then to have all your gear jammed in them to the point of overflowing. Remove your crap.
5. Touch Points: A professional detail job makes sense for a boat in pristine condition. If your boat rates “average” or “good” focus solely on the more glaring blemishes. Compound-out rust stains bleeding from fittings, re-tape shredded boot stripe, de-grease the engine, clean the bilge, etc. If the cabin is musty, surreptitiously place air freshners.
6. Fogged-out: If clear curtains are scratched or clouded by age, remove them for the initial viewing.
7. Bottom Job: If the boat is bottom painted, apply a fresh coat. It makes the boat look sharper. Also spray paint outboard and stern drive skegs that have the paint worn-off.
8. Sea Trial: With the canvas removed, all but safety gear stowed ashore and light in fuel and water, your boat will plane easier, handle more nimbly, and attain a faster top-end speed. Try to convince the buyer to limit ride-along friends and family to as few as possible, for the reasons above, and so the true “roominess” of the boat isn’t painfully obvious.
9. Paper Chase: Have all title, registration, extended warranty and, if available, service records on hand in a binder. It’s impressive, even if the buyer’s initial reaction to it seems ho-hum.
10. Be Realistic: Figure out your bottom–line price well in advance of meeting the first buyer. Consider the dollar costs of advertising, storage and maintenance while it’s for sale as well as the time costs involved in showing the boat.
Takeaway: Three More Tips…
11. Hush-Hush: DO NOT reveal your best price over the phone to someone who hasn’t seen the boat. Before a buyer sees your boat, he’s got no emotional investment. Besides, how do you know he can even afford it? Plus, buyers on the fence often have friends call as “new prospects” in an effort to trip you up.
12. Get Paid: Cash is king. Checks are great—once they clear. So-called “Bank Checks” are not as good as gold. All these do is “certify” that the buyer has the check amount on account on the date of issue. They can be cancelled as easily as canceling a personal check. Do not sign the boat over until you know you can spend the buyer’s money.
13. Big Question: Buyers invariably ask why you are selling. Well, for money stupid. But you can’t say that (or that your tired of tinkering without benefit of a warranty). Lifestyle changes are the best answer. Say you want to try cruising and can’t do it in an open boat, your kids don’t go with you anymore so you don’t need a ski boat, you don’t fish offshore anymore so a downsize is in order, whatever.
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