Selling Your Boat
We know Boats? Each year Boat Sales Tasmania conducts hundreds of inspections and sells over one hundred used boats so WE DO KNOW BOATS or at least we know what helps and what hinders a sale.
What is the market price of my boat? “I paid $100,000 for it three years ago and have spent $40,000 on upgrades and repairs so I would like to advertise it for $140,000. Is that realistic?” To answer that question we search our records for recent sales of comparable boats. We also search comparable boats currently for sale on-line. This information will enable us to establish a market price range. We then assess the condition of the boat and how it presents. The tidy, well presented boats will be priced at the top of the range of course.
The FIRST offer is (usually) the BEST offer! We have on record too many tales of woe. An offer rejected too hastily may come back to haunt.
See the examples below. Sadly there are many more such examples.
Vessel: Asking Price Rejected Offer Offer Accepted Timeframe
40’ Cruiser $390,000 $340,000 $285,000 Sold 12 months later.
34’ Cruiser $129,000 $110,000 $85,000 Sold 18 months later.
Trailer Boat $46,500 $38,000 $30,000 Sold 9 months later.
36’ Yacht $69,000 $58,000 $45,000 Sold 2 years later.
In addition to the lower price received, you must also consider the on-going costs incurred whilst the boat remains unsold. These costs include storage, maintenance, insurance and opportunity costs such as loss of investment income.
Should I accept the offer? It is understandably difficult for a vendor to come to terms with an offer that is substantially below the asking price particularly if the offer is made soon after the boat has been advertised. The message is, think hard before rejecting any offer.
The 10 most common questions asked by prospective buyers are…
- Why are they selling?
- How long have they owned the boat?
- Have they used it much?
- What is the general condition of the boat?
- Is there a survey report available?
- When was the boat last slipped?
- Are there any signs of osmosis?
- When was the engine last serviced?
- Are there any service records/invoices?
- What is the age of the standing rigging?
Prepare your boat for sale. 10 important action points.
- Consider getting a basic out of water survey done. A survey report will give a prospective buyer confidence, eliminate nasty surprises and speed up completion.
- Remove personal gear. Generally unclutter the boat.
- Clean topsides, decks and below decks.
- Make sure the bilges are clean and dry.
- Check bilge pumps are working.
- Check that the marine toilet is working correctly.
- Check that all sea cocks are operating correctly.
- Check that batteries are charged and the engine is starting easily.
- Check that all instruments are working.
- Have all records and relevant documents on board.
Selling your boat can be a little traumatic. It is our job as your broker to smooth the way and to support you throughout the process. Boat Sales Tasmania is here to help.