EMG Tips: Prepping your Vessel for Sale
A well-maintained vessel and a well-prepared seller always bring higher-priced offers and smoother transactions and closings, so it’s important to think about these matters in advance. If you’ve decided to list your boat for sale, you may be asking what’s next? The Ewer Marine Group team is here to help you prep.
We’re going to break down how to successfully prepare your sportfish or center console for sale and receive the highest value for it.
Remove Personal Items and Declutter
Throughout your time of owning the vessel, it can become like a second home to you. Therefore, many personal items accumulate throughout your many fishing trips, sandbar days, and overnight excursions. Rule #1 in selling a boat – remove the clutter. Just like in real estate, this will create a blank canvas that will allow potential buyers to visualize the vessel as their own. It also removes any items that will not be included in the sale of the vessel and eliminates any confusion once an agreement is reached. If you don’t plan to include tackle, bean bags, a fighting chair, artwork etc. when the boat finds its new home, remove it to eliminate the temptation of it becoming part of the deal.
Schedule Regular Maintenance
Showings on your vessel will arise often and sometimes with short notice. For this reason, you should never omit regular services, maintenance, and detailing. Always keep your vessel looking its best while it is on the market. If you are meticulous in your upkeep of the boat then the process of showings, sea trials, and surveys will be as stress-free as possible.
Fix Physical/Mechanical Issues
A boat’s first impression is extremely important to potential buyers and can make or break their buying decisions. The first step we recommend after deciding to sell your vessel is to check for any glaring physical imperfections or mechanical issues. Not only are the potential buyer’s first walkthrough thoughts important for pulling the trigger and making an offer, but these problems will haunt you again when it’s time for survey and inspection. Make a to-do list of items that need to be serviced, fixed, or corrected and work through them little by little while the vessel is on the market. This will clear you for a more efficient survey and a quicker acceptance of vessel – taking you one step closer to closing. This can also improve your chances of the new buyer negotiating a survey allowance or requesting items to be replaced if they are not in working condition.
Get Your Paperwork in Order
This is a biggie. Your vessel’s US Coast Guard documentation or state title, and state registration should be easily accessible, accurate, and up to date BEFORE your vessel hits the market. Many headaches can arise at closing with these paperwork items that can interrupt or even halt the closing process. This is the number one delay we face when trying to close a transaction. If your boat is owned in a company name, the owner(s) must be able to provide company documents, proof of ownership, and specifics on the managers, members, officers, etc. There may be more than one individual who needs to sign the purchase agreement, bills of sale, etc. You must also have to provide proof that the entity is active and in good standing.
If your center console or sportfish boat is financed or has a mortgage/lien, be sure to let your broker and/or closing agent in the know and in touch with the appropriate bank contacts to work in tandem with. Proficient communication regarding the paperwork with all parties involved in the closing process is crucial in keeping a transaction swift and smooth.
Be Transparent with Your Crew
It is very crucial to be transparent with your captain and crew throughout the selling process. Be open and honest about expectations for the sale of the boat as well as for the future. This will alleviate any uncertainties or rumors and will cultivate an honest atmosphere to work together toward a stress-free transaction.
Consult with a Captain, Broker, or Surveyor You Trust
An educated second opinion can be an important aspect of the selling process. Consulting with an expert in the industry can aid in all of the previously discussed prepping advice. You can benefit tremendously from having an experienced broker, captain, and/or marine surveyor go over what needs to be fixed, maintained, or removed. They can even help you sort through your paperwork before putting your boat on the market. If the center console or sportfishing yacht has received any major overhauls or structural issues, a pre-survey will be tremendously valuable. This informs potential buyers (in an organized and professional manner) that the boat is structurally sound and that the probability of a high-ticket item or hidden issues arising is low.
Be Honest and Open with Your Yacht Broker
Your broker is there to find your vessel’s next loving owner. Being open and honest with them about the boat’s history provides them with all the tools they need to do their job in a timely and authentic manner. Be specific and disclose any major damages that have occurred in the vessel’s history (even if they occurred with a prior owner). Any major structural issues, lightning strikes, fires, and groundings must be disclosed to your yacht broker before the vessel is marketed to the public. Also don’t hesitate to identify your expectations for the sale, any planned trips or uses for the vessel while it’s on the market, and any other information worth sharing. All these details will assist the broker in establishing the best price for your vessel, as well as be equipped to relay this info to any prospective buyers.
All of the above-mentioned tips and advice will assist in preparing your vessel for sale. A little preparation, regular upkeep, and transparency are key to ensure a smooth and swift closing.
If we can aid you in your vessel preparation process, our team is here and happy to help. Reach out to the Ewer Marine Group at 561.772.4426 or info@EwerMarineGroup.com.