Boat Broker Listing
BoatWiki - Definitions
Definition
A boat broker listing can be defined as an arrangement in which a seller employs an agent or agency to promote and implement the sale of a boat. This is also known as a yacht broker listing. Broker engagements come in three different forms called exclusive, open, or pocket, with an exclusive being the most popular. In any event, there will be a commission associated with any broker listing and is contingent upon a finalized sales transaction.
Meaning
Unless quite familiar with the marketplace, most sellers will choose to list their boat with a boat brokerage firm. In doing so they will need to decide which type of listing is most appropriate. An exclusive provides a broker with the sole ability to represent the boat. It also offers the most incentive to aggressively promote and advertise the listing. An open or non-exclusive listing is one that may be granted to multiple brokers. The pocket listing is a one-on arrangement available to a particular broker that has a potential buyer in hand.
Context
Boat brokers have access to a number of multiple listing resources and can offer marketing expertise and pricing consultation. Although their commissions can vary, they typically range from six to ten percent of the sales price. Most listings are fairly short term with the duration being a matter of months.
Conclusion
Brokerage arrangements are usually the option of choice, with the exception of personal watercraft. Boaters should be aware, however, that brokerage operations in the marine industry are quite different from those of real-estate. In many jurisdictions, there is a lack of accountability when it comes to this type of business. Sellers should accordingly exercise a considerable amount of due diligence in choosing the right boat broker.
Credits and References
4/24/2022 - Page initiated by Team BoatWiki.
