Join Date: Oct 2009
Location: Swarthmore, PA
Thanked 102 Times in 91 Posts
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Re: What Is A Boat Really Worth?
According to what I've been told, the average boat sits on the market about a year before it's sold. That's a long time to wait for a commission, especially if you're just getting into the business...The soldboats information certainly showed that pricing a boat properly will get it sold faster. And you would think that would compel brokers to do whatever they can to get the seller to agree to a listing price that will be in line with boats that sold quickly...
A boat owner who thinks his boat is worth more than it is will pick a broker who tells him what he wants to hear. (Same for home owners and realtors.) So in order to get listings, brokers often have to list unreasonably high and wait however long it takes for the seller to soften his price.
...But we saw many boats that were on the market a year or more where the original listing price hadn't budged.
Sometimes the seller doesn't want to sell and is happy to keep using the boat. Sometimes the seller just doesn't have time to worry about it and thinks someone will come along if he waits long enough. Sometimes the seller is dead and the heirs are arguing over the right strategy.
But one thing is for sure - the vast majority of boats that you will see have been on the market a long time and will remain on the market a long time. The few that are well cared for and have motivated sellers will get snatched up before you ever see them, or right after you see them if you don't act quickly.
So it's this tough situation where you can get lulled into slow action because you think nothing sells quickly, but if you find "the boat" you'd better act quickly because everyone else is looking for the same high level of maintenance that you are.
Rick S., Swarthmore, PA
USCG Certified Captain, 50 Ton Master and OUPV
ASA Certified 101/103/104/105/106
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2001 Catalina 34MkII Tall Rig Breakin' Away, Universal Diesel M35B, Mantus 35 lb. anchor, sailing out of Rock Hall Landing Marina