You have your eye on a newer and bigger boat, but your current boat hasn’t attracted a bona fide offer to buy. In order to move forward, look back at what you’ve done that hasn’t worked and try something different. We offer suggestions to make your boat more enticing to land a deal. Some cost money, but spending now likely avoids long periods of upkeep and accompanying depreciation.
Expertise. Reaching the right buyers is key — a general community paper ad or a listing on a start-up app probably won’t yield the right result. If you’re selling a lesser-priced boat, enter variations of your situation in different search engines, such as “22-foot boat for sale,” “bow rider for sale,” “boat for sale $17,999.00,” and a few other combos. Note what sites land at the top frequently. Check out the listing terms and fees and start advertising.
For boats less moderately priced, consider using a yacht broker. Already listed with one and seeing no activity? Time to switch, but before you do, interview prospective brokers. Ask what each is going to do to sell your boat — advertise your boat locally, nationally, and /or internationally? Do they appear with listings at boat shows and share video of listed boats on YouTube? Will they co-broker with other yacht brokers to widen the field of boat shoppers? Also ask for at least three satisfied customer referrals.
Price. Did your time googling your boat or interviewing brokers reveal that your boat seems overpriced? You may have priced it according to a guidebook, but when sellers outnumber buyers, the book price is usually high. Some bells and whistles you couldn’t live without don’t appeal to the average boater, so they aren’t willing to pay extra. And what you paid has nothing to do with what you can sell it for, so be realistic. Every month you hang onto the boat is another month of insurance and perhaps a boat payment, so dropping the price makes actual cents.
Description. Just as you can’t hang onto a price simply because it’s what you desire, you shouldn’t let your good memories on this boat color the description. You may not have cared about the fiberglass ripples or the faded seat covers as you set off on family adventures, but a potential buyer lured by a “mint” description is either going to walk away or make a low-ball offer.
Your choices are to list the boat as “needs work” or take the time to spiff the boat up. Do cosmetic repairs and hire a detailer (or clean it yourself from top to bottom and from the inside out). A dirty boat creates the impression it’s been neglected in other ways, again inviting a low offer. Clear out the clutter so the boat appears larger (if you’re using the boat while it’s on the market, take your personal gear home when you’re done for the day).
Get a marine survey. A potential buyer wants to see if your boat is seaworthy and so should you. Just as a home seller may want to hire a home inspector to discover and address issues before inviting in buyers, a boat seller should consider doing the same. A boat advertised as having a current survey will receive inquiries faster than one without.
Engine hours. Experts and amateurs alike disagree on the lifespan of boat engines — much depends on how the boat was run and how often the engine was serviced. Contact your engine’s manufacturer (or a company certified mechanic) and ask for the “average lifespan.” Let your broker and potential buyer know if your engine was coddled and whether the hours on it are under average. Of course, if your engine hours are higher than average, price and advertise accordingly or expect lower offers.
Maintenance history. If you kept a record of all vessel maintenance and have receipts, a possible buyer is apt to assume she or he is buying a well-cared for boat. If you don’t have records but consistently used certain contractors, ask for service summaries.
Warranty? If you purchased an extended warranty, make sure would-be buyers know. If there’s an after-market plan available, consider purchasing it to attract those seeking peace of mind on the sea.
