When an owner decides to sell a yacht, there is usually an inner desire to get the highest possible return for his or her yacht. Every step in the process of selling a yacht is important, from careful preparation in the early stages, to promoting the yacht and completing the transfer of ownership. This article has compiled a list of 7 key steps to follow in order to sell your yacht, which can result in increased proceeds and a quick sale.
Preparing the yacht for sale
When you are planning to sell your yacht, the first step is to prepare the yacht for potential buyers. When preparing the yacht, it is important to clean the yacht thoroughly to remove any dirt from the interior and exterior of the yacht. To clean the interior, you can use a hoover or warm water with a sponge, and to clean the exterior, you can use warm water, soap, and a pressure washer to remove dirt from areas such as the hull, decks, and railings. After cleaning the yacht, you will also need to repair any damaged yacht parts; a clean, tidy and intact yacht not only enhances the overall aesthetics of the yacht, but also boosts sales, increasing the selling price of the yacht by 5-20 per cent.
Prepare all documents related to the yacht
As a seller, the second step in selling a yacht is to prepare all the documents related to the yacht, which are very important and mainly include the following documents:
Documents related to the name of the boat: the name document is a favorable proof of the ownership of the yacht. This document is very important in the process of selling a yacht to ensure that the buyer does not purchase a stolen yacht. When the transaction is completed, the seller needs to transfer this document to the buyer.
Bill of Sale: By law, a bill of sale is an indispensable document for the sale of a yacht. It details the terms and conditions of the transaction between the buyer and the seller, and is an important piece of evidence that the seller is legally transferring ownership of the yacht to the buyer.
Maintenance records: It is necessary for the seller to provide the buyer with the yacht's maintenance records, which contain information on all work and repairs carried out on the yacht and give the buyer a clear picture of the yacht's maintenance history.
Warranty certificate: If the warranty of the yacht has not expired and is transferable to a new buyer, it is necessary for the seller to provide the new buyer with the warranty certificate of the yacht, which is of great use to the buyer and can increase the selling price of the yacht to some extent.
Receipts for parts: When selling a yacht, the seller needs to get all the receipts for the parts purchased for the yacht and make them available for the buyer to view, which will help the buyer to know more about the overall condition of the yacht.
Take photos and videos of the yacht for sale
The third step in selling a yacht is to take photos and videos of the yacht for sale. Photos and videos are essential when promoting and showing the yacht to buyers. As a seller, it is important to take at least 10 photos of the yacht and create 1 video. When taking photos, the state of the yacht in the water and on the trailer should be taken, and the photos should include all parts of the exterior and interior of the boat. To ensure the clarity of the photos, you can choose to take them on a sunny day, and the background of the photos should be simple to avoid distracting buyers. Record high-quality videos on your mobile phone to show all the details of the yacht and make it easy for buyers to view every part of the yacht.
Determine the selling price of the yacht
The fourth step in selling a yacht is to determine the selling price of the yacht. This can be done by researching the pricing of yacht classified websites, browsing such websites to see what similar makes and models of yachts are selling for online, and refer to this selling price to price your yacht. It is also possible to hire a marine surveyor to value the yacht, but there is a fee, which can range from $15 to $25 per foot of boat.
It is also possible to ask for pricing information on yacht forums, where people are familiar with the subject matter and may be able to give useful pricing advice. Among the methods of pricing a yacht, browsing yacht websites or forums for free is the cheapest way to determine the selling price of a yacht, and by doing so, sellers are able to get a clear idea of the value of the yacht.
Promoting the yacht
After determining the selling price of the yacht, the next thing to do is to advertise the yacht. This can be done by posting an advert for the yacht for sale on Facebook, yacht classifieds sites, local newspapers or magazines, or by enlisting the help of a yacht broker to advertise the yacht. When advertising the yacht, put multiple photos of the yacht on the advert and give detailed information about the yacht. It is recommended that you start by posting in Facebook marketplaces and groups as it is free and more likely to attract buyers.
Negotiate the price with the buyer
The sixth step in selling a yacht is to negotiate the price with the buyer. The seller needs to meet the buyer, show the yacht in person and arrange a sea trial to increase the chances of a successful sale. Before preparing for the sea trial and negotiating the price, ensure that the engines are well fueled and that the yacht's facilities are all in working order. During the process of selling the yacht, the buyer may ask a lot of questions, such as the condition of the yacht, whether there are any potential problems, and whether there are any outstanding loans on the yacht. When meeting and negotiating the price with the buyer, some buyers may just want a free ride on the yacht and are not serious about buying. If you want a quick sale, a 5% reduction in price may be enough to seal the deal.
Collect the money and complete the transfer of ownership
The seventh and final step in selling a yacht is to collect the money and transfer the ownership of the yacht to the buyer. To collect the money, the seller should either provide the buyer with the appropriate bank account details or make payment by an agreed payment method. Once the buyer has paid in full, the seller needs to provide the buyer with all the relevant documents, including the bill of sale and the boat's certificate of ownership. Sellers need to be careful not to give the buyer the keys and documents in advance and wait for the money to arrive before transferring ownership to avoid being cheated.
