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#575354 - 09/13/21 06:06 PM Buyers Broker??  
Joined: Mar 2004
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Puddle Pirate 2 Offline
LTJG USCGR
Puddle Pirate 2  Offline
LTJG USCGR
Admiral

Joined: Mar 2004
Posts: 4,248
Virginia Beach, VA
We've all heard of using a broker to SELL a boat, but I just learned recently that some people use a broker to BUY a boat a s well. The concept is similar to a buyer's agent for a real estate transaction...the buyers broker (or agent) acts on behalf of the buyer only, and seeks to find a suitable boat for a buyer, then walk them through the survey process, negotiating repairs or price reduction and helping navigate the paperwork. THey can also legally put into place holdbacks so that repairs actually get done. Similar to a real estate transaction, the buyers broker is usually paid out of the commission paid by the buyer's broker...so it's usually no cost to the buyer. And there are apparently legal regulations that prevent a sellers broker from refusing to deal with a buyers broker situation.

Have any of you used a buyer's broker, and if so, how did it go? Biggest drawback I can see is the seller's agent would be mad as hell they have to split their commission, but that's really about it. Any feedback? My personal feeling is I am comfortable arriving at my own conclusions about needed repairs and a final price, but I don't really trust a sellers broker 100% to handle paperwork with me in mind, since they are representing the seller.


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#575357 - 09/13/21 08:30 PM Re: Buyers Broker?? [Re: Puddle Pirate 2]  
Joined: Oct 2003
Posts: 8,113
captkevin Offline
Admiral
captkevin  Offline
Admiral

Joined: Oct 2003
Posts: 8,113
Chicago, IL
In the market it might help buyers finding boats. This market is nuts. I keep looking & see prices going up & up.


2004 Rinker 232
2010 Dodge Ram Crew Cab Laramie 4x4
#575358 - 09/14/21 04:50 AM Re: Buyers Broker?? [Re: Puddle Pirate 2]  
Joined: Aug 2005
Posts: 2,472
tpenfield Offline
Admiral
tpenfield  Offline
Admiral

Joined: Aug 2005
Posts: 2,472
Cape Cod, MA
When I was buying my 330 SS, I had one broker who was wanting/willing to act as a buyer's broker. Not all selling brokers were willing to split the commission, so there were certain boats that he could not show us. (So we looked at them on our own). In real estate it is much more common and generally accepted. Not sure the concept has caught on with boats. Maybe high-end yachts and more pricey boats, but not the garden variety day boat or cruiser.

I think it is a personal choice - if you feel you need someone doing the searching for you. The rub may come in when you are finding stuff that the buyer broker is not.

I'll also add that with the Internet and social media, buying/selling boats is much different today vs 5-10 years ago. There is a lot more information on who owns what, and what issues they had during their ownership. A case in point - I came across some Instagram posts of a boat that I am interested in. I also found some forum posts online about the issues and work done on the boat, as well as some renovations, and eventually verified the person who owned the boat. The boat had been for sale a year ago, and presumably had sold. I asked the selling broker if it was the same person selling the boat (still)? The broker told me that he sold that person's boat last year and the new owners were (again) selling it not even having owned the boat for a year.

That is all useful information when considering a boat and negotiating price and terms. Not sure you'd get that amount of information with a buyer's broker. . . idn


Regards, Ted

Formula 330SS
[Linked Image]
My Boat Web Sites - www.tpenfield.com
#575359 - 09/15/21 06:40 PM Re: Buyers Broker?? [Re: Puddle Pirate 2]  
Joined: Nov 2003
Posts: 15,709
GoFirstClass Offline
Retired Boating Bum
GoFirstClass  Offline
Retired Boating Bum
Grand Poobah

Joined: Nov 2003
Posts: 15,709
Pasco, WA
I used a buyer's broker once but wouldn't do it again. I wrote him a check up front but did all the negotiating myself. It was a waste of money, but I am one who LOVES to negotiate.


"Beachcomber" 1995 Sea Ray 550 Sedan Bridge


Anchor's down......Bottoms Up!
#575360 - 09/16/21 02:31 PM Re: Buyers Broker?? [Re: Puddle Pirate 2]  
Joined: Aug 2005
Posts: 2,533
WayWeGo Offline
Admiral
WayWeGo  Offline
Admiral

Joined: Aug 2005
Posts: 2,533
Oakton, VA
I was just at a seminar where Curtis Stokes spoke about changes in the market. One of the things he mentioned was that many of the listings are now specifying the listing broker will not work with a buyer's broker. Using one might limit the boats that are available to you for purchase.

FWIW, I have always been impressed by his brokerage and am now even more impressed after hearing his session and speaking offline with him a couple of times.


[Linked Image]
1975 Trojan F36 Convertible, Twin Chrysler 440's
2014 West Marine AL360 Inflatable, 1966 Mercury 6HP, 1992 Mercury 20HP
#575361 - 09/16/21 05:23 PM Re: Buyers Broker?? [Re: Puddle Pirate 2]  
Joined: Aug 2005
Posts: 2,472
tpenfield Offline
Admiral
tpenfield  Offline
Admiral

Joined: Aug 2005
Posts: 2,472
Cape Cod, MA
Perhaps an additional question would be if you prefer to buy/sell through a broker or if you prefer the private party route?


Regards, Ted

Formula 330SS
[Linked Image]
My Boat Web Sites - www.tpenfield.com
#575362 - Yesterday at 04:42 PM Re: Buyers Broker?? [Re: Puddle Pirate 2]  
Joined: Feb 2003
Posts: 11,966
Frantically Relaxing Offline
Admiral
Frantically Relaxing  Offline
Admiral

Joined: Feb 2003
Posts: 11,966
I hate selling stuff. Probably explains why I/we have so much of it wink

But, I've bought 4 boats and sold 2 boats thru brokers. The stress relief is well worth the cost when selling. What fun it is being bitched out by some guys wife because they drove 80 miles to see my friends Four Winns I was helping him sell when she found out it had yellow pinstripes and yellow canvas. Hey, it wasn't ME who didn't show her the pics! --And 15 minutes after the new owner of my old Reinell pulls away with it I get a phone call from him telling me the trailer blew an axle bearing... Or two weekends after I sold the Searay- which gave us 4 years of flawless service- to our friends, the engine blows a head gasket and hydrolocks, breaking the block.... and somehow all these problems were my fault... as is? PuhLeeze..

The only 'by owner' boat sale I've had go off cleanly was the selling the Babyliner. Probably why I still have 4 boats wink

#575363 - Yesterday at 04:54 PM Re: Buyers Broker?? [Re: Puddle Pirate 2]  
Joined: Aug 2005
Posts: 2,472
tpenfield Offline
Admiral
tpenfield  Offline
Admiral

Joined: Aug 2005
Posts: 2,472
Cape Cod, MA
Private sales can be a PITA because you never know which way things will go. 'As is' and 'without warranty' rules the day, along with 'the buyer has the opportunity to perform any inspections they desire'. . . .

With FB marketplace so popular, there seems to be a lot more private sales than broker sales. idn I even see more private sales on Boat Trader than I have ever in the past. It is probably becoming a thing.

Puddle Pirate 2 . . . find a boat, as imperfect as it is, and buy it. Then you don't have to rack your brain over the infinite variables of used boats - you will know what your dealing with. laugh


Regards, Ted

Formula 330SS
[Linked Image]
My Boat Web Sites - www.tpenfield.com

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