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Go Back   SailNet Community > On Board > Boat Review and Purchase Forum > Buyers broker / consultant.
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Thread: Buyers broker / consultant. Reply to Thread
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Topic Review (Newest First)
11-24-2006 12:46 AM
sailaway21 In Michigan real estate there is "dual agency" where the buyer and seller can be represented by one broker. This used to be an ethical problem, and in my opinion still is. Never the less, the point of being a broker is to make money and that should always be borne in mind. I doubt that a broker would have any trouble selling you a boat at twice the going rate if you were blinded by your love for the boat. And if you love the boat, twice the price may be fine (!) just don't cry later. If you want to cover your stern, you'd probably want a broker representing your interests. So you have to shop for a broker before you shop for a boat. On the other hand, there are good brokers who will not steer you wrong regardless of their lack of financial interest. Sounds like some of these were listed previously. A lot of research needs to be done in finding a broker you trust; just like a doctor, auto mechanic, etc... Word of mouth, again as listed above, is a great aid. There are good and bad brokers, like any profession, and one might be served as well, or better, by a "great" sellers broker than one's own not so great broker. It makes sense to me to shop the broker as if you were shopping the boat. Not nearly as much fun, but perhaps the most beneficial in the long run. To carry the real estate analogy further, there are agents I wouldn't buy a house from no matter how good the deal or house.. Good luck
11-23-2006 12:10 PM
Sailormon6 I agree that you should have a broker representing you, the buyer, but never lose sight of the fact that only you are truly on your side. Your own broker's interests often conflict with your interests. The broker earns a bigger commission if he can sell you a bigger, more expensive boat, and he earns more if he can sell you a boat listed by his own company. Don't let him talk you into buying a bigger or more expensive boat than you want or need, or a boat that is just wrong for you. Be open-minded and receptive to their suggestions, because they really do want to help you find the right boat, but have a clear idea of the kind of boat you want, before you ever contact a broker, so you will have a base of knowledge to help you make your own judgments.
11-23-2006 12:05 PM
Johnrb "Well, if the broker is being paid by the seller, then that broker is not really representing the interests of the buyer, is he (or she)?"

"A true buyer's broker would be one that the buyer pays."

The law in Canada with respect to agency has evolved (by court decisions) so that a broker can legally represent a buyer and be paid by the seller without compromising the agency principle. All parties must be informed about the true relationship though. FWIW - I work in real estate and this issue is always being discussed given the potential for confusion among the parties involved.
11-23-2006 10:41 AM
ebs001 A boat broker works the same as a realestate broker and gets paid the same way. The system works because brokers in both cases work both sides of the street. In realestate there are laws regulating that a broker cannot represent both buyer and seller, but this is not the case in the marine industry. A buyer is not going to be fairly represented by the sellers broker as he is working for the seller and that's where his loyalty is and should be. A buyer's broker while not being paid by the buyer is supposed to represent the buyer. It doesn't matter a tinkers damn which boat the buyer buys so he hardly represents the seller.
11-20-2006 10:03 PM
camaraderie Kevin... If you are looking for a blue-water cruising boat and you know what you want in terms of size, rudder etc. as you state...then I would simply call one of the brokers who specialize in blue-water boats and tell them what you are looking for. A lot of these guys KNOW what is coming on to the market before it makes it to yacht world and can also advise you to consider models you may not have heard of or thought of before. I would not call them buyers brokers but you CAN rely on their knowledge and advice UNTIL you get to the "I want that boat" stage!
If you are looking for a production type boat then yachtworld is your best bet unless you happen to know a good broker that actually works for a living!!
Good bluewater brokers I know:
David Walters...David Walters Yacht Sales Ft. Lauderdale
Steve Liebowitz- Annapolis Yacht Sales
Also Deaton's Yacht Sales in Oriental NC
11-20-2006 07:22 PM
Quetzalcoatl
broker fees

In selling/buying real estate, the commission paid by the seller is shared (not necessarily equally) by buyer's and seller's brokers.
Although the same should work for boats, one should also be able to negotiate a fixed fee for the services of a buyer's broker. At least, this makes sense to me. In any case, they don't work for free!
Q
11-20-2006 03:42 PM
Gene T
Quote:
Originally Posted by catamount
Well, if the broker is being paid by the seller, then that broker is not really representing the interests of the buyer, is he (or she)?

A true buyer's broker would be one that the buyer pays.
Perhaps a good ethics discussion. While the buyer broker is paid by the seller he has signed no listing agreement with them. Essentially the buyer broker decides to sell the boat or not, based on the competing boats. This does give him leverage in negotiating for the buyer and against the seller. The seller could always choose to instruct the listing broker to not accept a co-broker. I don't see a problem with it and may use their services myself.
11-20-2006 01:38 PM
catamount
Quote:
Being represented by a professional brokerage house does not add a penny to a yacht purchase price, since the brokers’ commission is entirely paid by the seller. Therefore, it is completely cost-free to the yacht Buyer.
Well, if the broker is being paid by the seller, then that broker is not really representing the interests of the buyer, is he (or she)?

A true buyer's broker would be one that the buyer pays.
11-20-2006 01:29 PM
Zanshin I communicated quite a bit with Gary Fretz prior to buying my boat; I ended up not using his services for other reasons, but am sure that had I used him for the whole purchase process to communicate with the "other" broker it would have saved quite a bit of money. He was quite friendly, and that attitude didn't change when I informed him that he wouldn't be getting part of a commission.

See his article at Why a Yacht Buyer Should be Represented
by a Professional Broker
11-20-2006 11:15 AM
ebs001 When I boat my boat in Detriot I used a broker in Palmetto, Fl. He gets paid as part of the brokerage fee the seller pays. Contact a local broker or if you want I'll let you know my broker's name.
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