Have you begun your search to choose a brokerage house that will represent your yacht to charter or sell this season? Are you heading to one of the shows, be it the Cannes Yachting Festival or Monaco Yacht Show? Knowing which brokerage to choose can be a tough call. There’s an increasingly crowded field of yacht brokers in operation, but not all are created equal, and not all will be right for your needs.
The right broker doesn’t just market and represents your yacht to a targeted VIP audience, the best ones can get you a better sale price or charter fee, all the while making the buying or chartering process seamless and stress-free for you.
In this article, we’ll take you through a few qualities that you should look out for in a yacht broker whilst walking the stands during the upcoming yacht show season.
A highly eligible network
Client databases are jealously guarded in the yachting industry: filled with the contact details of UHNWIs, these lists are worth their weight in gold. Which is why it is so very important to choose a brokerage with a highly eligible network of clients, so that your yacht is promoted to the right people, including during the lead-up to events such as the Monaco Yacht Show or the Cannes Yachting Festival.
Be aware that it’s not necessarily about how many names and contact details are on your broker’s list; it’s the quality of that list that matters. The premium brokerages curate a carefully selected network of potential buyers and charterers: ones that are genuinely in the market for a yacht. The quality of the list is everything.
An international presence
It’s hard to overestimate how important this aspect is if you’re hoping to widen your net of prospective buyers or charterers, while also making life easy for yourself and those potential buyers.
Remember that many yacht buyers will think nothing of buying a yacht on the other side of the world and having it delivered to them, so by engaging a broker with an international presence and multiple locations, you are widening your net of prospective buyers who will promote both internationally and to their local pool of clients. The same goes for charter clients, who appreciate having a local contact person in the region during their charter.
Additionally, using a broker with worldwide offices makes it much easier for you (and potential buyers/charterers) to meet with brokers in a convenient location, thereby building the relationship and increasing the likelihood of a successful sale or charter process, right from the show through to contract, sea trials, and delivery. Look for brokers with a wide range of locations spanning from the traditional yachting centres like Monaco, Montenegro and Fort Lauderdale through to more remote regions such as Japan and New Zealand.
An impressive track record
When you’re choosing a yacht brokerage, you want to know that they’ve sold and chartered boats like yours before, and that they have significant experience at marketing yachts both online and offline, at yachting events for example. Do some research into brokerage websites to see their past sales and current charter list, so that you know you’re in experienced hands.
In order to get you the best result, a broker should be a mine of information about the yachting industry and its trends, so look for someone who is enthusiastic and keen to share their knowledge about how to get your yacht chartered or sold.
An attitude of innovation
While some clients may wish to stick with the more traditional brokerages who have been in operation for over a century, other clients prefer a fresher approach if wishing to showcase their yacht during the show season. A new breed of yacht buyers and clients often like doing things differently, so it’s a good idea to seek out an established brokerage with an innovative attitude and a great online presence, as well as a dynamic offering at yacht shows.
A full-service offering
It’s a good strategy to engage a brokerage house which offers the full gamut of services, from sale to charter to yacht management and new construction. Not only are these brokerages more knowledgeable across the yachting spectrum, but you can also create a long-standing relationship with them that easily adapts to meet your different yachting needs over the years: for example, if you decide to sell the yacht that you usually charter out, or build a new boat to replace the one you’re selling.
A genuine rapport
It is imperative to find a broker who you have a genuine rapport with. After all, you need to trust this person to advise you on the sale or charter potential of your boat – quite probably your most prized possession. Sometimes, the broker may tell you something you don’t want to hear – perhaps that a refit is required to command a higher value, or that you need to drop your asking price. It’s very important that you respect your broker to tell you the truth. Additionally, the best broker relationships last a yachting lifetime as your needs change, so choose someone who you can see yourself doing business with over the years.
With the Monaco Yacht Show and Cannes Yachting Festival hot on the yachting industry’s heels, there has never been a better time to get to know the market and to understand which brokerage house is right for you.