There comes a time in every boaters life when it is time to sell your boat. Hopefully it’s because you are buying a bigger boat, but regardless, the sales process can be frustrating. Here are a few things that can help you prepare your boat for a quick sale.
Pre-Listing Preparation
Once you’ve decided to sell, take some time to prepare your boat and your records. Make sure that your boat is in good working condition and that all periodic maintenance is up-to-date. Gather together your maintenance records and receipts to show to the new buyer.
If you are in doubt about the condition, consider hiring a surveyor to go through your boat before you list it. Almost all buyers will want to have a survey done. There is nothing worse than going down the sales path only to have the deal fall apart at the last minute because there is some issue with the boat that you didn’t know about. Knowing in advance will help you price your boat correctly, and by listing known issues in advance, you can avoid having to lower your price at closing.
Having your records together will give a buyer confidence that the boat has been well cared for. It will also make the survey much easier as surveyors typically ask questions like “When was the last time the (fill in the blank) was changed?”
Clean, Declutter, Label
Cleaning up your boat is one of the best ways to increase your chances of attracting a buyer. Make sure that your boat is clean, both inside and out. Move out any clutter and unused items. Make sure that stowed items are neatly arranged. Clean out your bilges. Use some spray cleaner to clean up any oil and grease stains on stringers and engine components. Consider using a scented bilge cleaner to get rid of any damp smells. A dirty or smelly engine room and bilge is an immediate turn-off for most buyers.
Make sure that your cabinets are empty or at least well organized. Buyers like to see how much storage space is available, if they open a cabinet and everything falls out, they will question how much storage there really is.
Pump out and rinse out your black water tanks and hoses. Unless your boat is new, there is always some odor from blackwater tanks; it’s part of boating. We become acclimated to the smells on our boat; however, a buyer will notice it immediately. By cleaning out your tanks and flushing out your hoses, you will greatly limit the generated odors. Also, don’t overuse deodorizers and scented sprays; it’s a dead giveaway that there is some odor issue on the boat.
Finally, label everything. One concern, especially for a new boater looking at your boat, is, “How am I going to learn what all of this stuff does?” If they see that switches are labeled, the location of pumps and valves is indicated, and manuals for appliances and electronics are available, they are more likely to feel comfortable purchasing your boat. A P-Touch label maker costs under $30, and it only takes a few hours to label everything.
Do Your Homework On Price
Spend a few hours looking at the boat brokerage websites. Make a list of similar boats to yours, their major features, age, and selling price. Also, note their location. By doing your research in advance of contacting a broker, you can set your expectations for price. A good broker will assist you in setting a final price for your boat, but if you go into the sale expecting to get a million dollars for your boat when similar boats in your area are selling for $500,000, you will be disappointed.
A good broker who is knowledgeable about the type of buyer that will be interested in your type and price range of boat will help you price it correctly. During the Pandemic, sellers could pretty much name their price. Many people purchased boats for more than their going value and financed them. Now, with the pandemic over and a questionable economy, there is a large inventory of boats on the market where the owner owes more than the boat’s current market value. Overprice boats, especially if there are other sellers with similar models, turn away buyers immediately. And boats that have been listed for months (or years) send the message, “Everyone else is avoiding this boat, there must be something wrong. Stay Away!”
Marketability
Another important consideration when pricing your boat is how marketable it is. There are thousands of small to mid-sized sailboats currently on the market, and the number of people looking for this type of boat is limited. Contrast that with a cruiser-style boat that is the correct size and comfort level to take on America’s Great Loop, and you have a boat that is in higher demand. Older, well-maintained boats with lower price points are in more demand than newer models priced significantly higher. For example, a 2000-2010, 42-48 foot cruiser such as a SeaRay, Carver, MainShip, or Beneteau can be purchased for $80,000 – $250,000. A newer 2020-2025 boat of a similar design can run $800,000 to over $1 million.
Buyers who are looking for a weekend boat or a boat to travel the Great Loop and then sell after the trip won’t necessarily be in the market for a higher-priced vessel.
Choosing The Right Broker
Getting an offer on a boat is often the easiest part of the sales process. The real challenge arises when the pre-purchase inspections begin, and this is where a good broker truly earns their fee. Even the best-maintained pre-owned boats will be thoroughly examined during these inspections, often leading to numerous concerns being raised. As a result, navigating this process requires thoughtful discussion and skilled negotiation to reassure the buyer, especially if they are new to boating.
On the other hand, sometimes the buyer is simply “playing the game” or “kicking the propellers (tires, as it were),” so you need to know how to handle them effectively.
In today’s market, most buyers are usually pretty savvy. If they can afford to own a larger boat, then they are generally successful in business and usually good at negotiation themselves. How your broker identifies and ultimately deals with this is critical. It simply comes down to how well they (brokers) are trained, professionally or otherwise, and the experience they have gained from the number of successful sales under their belt. The art of negotiation is not developed overnight.
If your broker is limited in their product knowledge, not skilled in presenting an issue in the correct context, or does not know how to ask the right questions on behalf of a buyer or seller, then the sale could fall over in an instant or, at the very least, cost the seller a fortune unnecessarily.
Choose a broker who is active and has many listings. As with real estate, there are 1,000s of people who claim to be “Boat Brokers.” Pick a broker who is knowledgeable in your type of boat. If you are selling a Great Loop Experienced Boat, choose a broker who specializes in selling boats for Loopers. If yours is a high-performance boat, look to see that your broker is knowledgeable in high-performance boats and has a history of successful sales.
Location, Location, Location
When choosing a broker, don’t just default to your local dealer. Consider where you keep your boat when trying to sell it. A boat located in the Northeast will probably not attract any buyers during the winter months, while boats in Florida sell all year.
Most larger vessels (40 feet and up) are not sold to local buyers. We traveled over 700 miles when we purchased our boat. We’ve had several friends sell their cruising boats recently, and most of the buyers either drove long distances or took airline flights to see the boat before purchasing. Locating your boat in a marina close to your brokerage and where it is easy for prospective buyers to see it will help your boat sell more quickly. The more boats a buyer can view during a visit, the more likely they will spend the money to travel and look at your boat.
I have been watching a boat that has been on the market for over a year. The boat is in very good condition, priced slightly higher than similar boats, but it is still a reasonable market price. I have seen several boats that are the same make, model, condition, and price range sell much more quickly. Why? Well, in most cases, the boats were located in a major boating market like Charleston, Fort Pierce, or Fort Lauderdale.
Marketability, Condition, Location
Marketability, Condition, and Location are the three most important factors in order. If you are looking to make a quick sale and get the best price. Keeping these three key factors in mind will ensure that you sell your boat for the best price and in the shortest amount of time.
As the old saying goes, “The two happiest days of boat ownership are the day you buy it and the day you sell it!”
Are you selling your boat, or have you recently sold? What is/was your biggest challenge?
Let us know in the comments below! 
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