Largely thanks to the pandemic, the sales of private yachts have risen dramatically, with many appreciating the freedom and security that private yacht ownership brings. With air travel still prone to uncertainty, a private yacht has become so much more than a luxury plaything. Whether you wish to release assets or desire an upgrade to a larger vessel, if the time has come to sell your yacht, what are the advantages of working with an experienced yacht broker, and how do you choose the right one for you?
The last two years have seen yacht sales increasing dramatically. According to the National Marine Manufacturers Association, in 2020, the number of new boats sold in the US rose by 13% from the previous year, with some 415,000 first-time boat buyers. 2021 also saw a surge in second-hand superyacht sales, with buyers keen to escape travel restrictions and pandemic-related lockdowns.
With demand soaring, according to Ralph Raulin, a broker with luxury yacht brokerage Worth Avenue Yachts, there has never been a better time to sell a yacht.
“The market has changed from a buyer’s market to a seller’s market,” Raulin said. “Prices have gone up, and yachts are worth more than they were two or three years ago.”
In this constantly evolving sellers’ market, many brokers have found themselves lamenting the lack of vessels to sell. Those they do get are often snapped up before being publicly listed. This has inevitably pushed prices up, meaning that there’s never been a better time to sell your yacht.
Yacht owners must look for reputable brokerages that understand the industry and are active within it. They also need to ensure they are a good fit for the type of vessel they are looking to list. An experienced yacht broker will track comparable sales to evaluate each boat, considering its condition, location and accessibility, while combining decades of industry experience to understand the current market.
One of the key benefits a professional yacht brokerage brings to a seller is its marketing reach. The best brokers will have a wide database of verified buyers and industry contacts and the ability to create an audience of new potential buyers through effective marketing, including attendance at the world’s most prestigious luxury boat shows. They will also create and distribute a professional listing brochure for each yacht, highlighting its features and assets, including beautiful, high-quality photography.
The best luxury yacht brokers come with a reputation and track record, which speaks volumes throughout the industry. They will have contacts with different shipyards, maritime attorneys, closing agents, and insurance brokers and have a thorough knowledge of regulation and compliance issues.
Ethics, integrity, and reputation are vital to being a successful broker. It’s worth noting that other industry specialists will avoid working with a broker who doesn’t have a clean reputation within the industry.
If you are looking to sell your yacht, there has never been a better time. Discover the benefits of listing your boat with Worth Avenue Yachts, from flawless yacht marketing to in-depth industry knowledge, giving you peace of mind that you will secure the very best price.