- November 1st, 2007
- in Yachting
The Informative Broker – After a week of chartering in the BVI, who hasn’t heard a nagging voice whispering “what ifs” and “why nots”? What if we bought a boat and “why not” spend more time away from the bloody cold? So, go on shout it out, you want that boat all year round, the boat you are chartering is owned by someone else, so why not you? If you want to spend more time in the BVI, consider buying a boat, it’s a lot easier than buying a house. We understand you may want to join the club, so here’s a little how-to if you’re in the market for a boat. This is part one of a step-by-step guide to buying and selling a yacht using some of the BVI’s top brokering houses and agents. Look for more in issues to come.
Chris Simpson, known as the informative broker of BVI Yacht Sales, carries some of the BVI premium listings. Simpson, who runs the Nanny Cay-based company with his wife Karen, took time out of his busy day to help us identify the beginning stages.
Do some research
Do a little research prior to your call to a broker. That way you’ll cut a lot of phone time and give your broker confidence that you’re keen, instead of just browsing. You’ll get more attention that way. Internet sites such as www.yachtworld.com and www.bviyg.com carry complete listings of vessels for sale including their local listing brokers, prices and statistics. Also get a rough idea of your budget and ideal boat. As Chris says “Some yachts are generic in brand but the smallest detail makes a difference in a second hand yacht. Deciding on a swim platform or whether a boat is suitable for local conditions is practical and achievable.”
Once you have determined a practical budget and have a rough idea of the type of yacht to suit your needs contact the local broker. It is recommended that once you choose a broker, you stay with your contact. Giving your broker as much information as possible about yourself, finances and realistic needs establishes a rapport with your broker and helps them find your ideal boat.
At first this may seem counter-productive: why should I just trust one broker when I have so many options? The professionals want to act in your best interests and those of their listings clients. Giving this information over and over to different brokers all shopping around for you becomes mostly redundant. Almost any broker can find information for most boats on the worldwide market with the exception of a few exclusive listings. Instead, find a brokerage house that you get along with and stick with them. If you really want to explore other brokers' lists, you need only look at the exclusive boats on their respective websites since if it’s an open listing, your first broker will be able to sell it to you anyway.
Once you find the boat you’re looking for you’ll need to step up to a commitment. It is highly recommended by broker's that you now visit the boat and plan surveys and time frames. Our next issue discusses the brokers term – “offer subject to.” Here we examine the sale and purchase of the boat and the many conditions and negotiations that may lie therein.