Selling your boat isn’t easy, especially if you have never done it before.
However, today, I’m going to share with you the tips and tricks I’ve learned over the years as a former dealer and current marketer in the boating industry, so you can avoid the common stumbles and get your boat sold faster.
- 1. Sell Your Boat Fast
- How Much Should I Sell Your Boat For?
- Using a Yacht Broker/Boat Broker
- How to Prepare Your Boat for Sale
- The Best Place To Sell A Boat
- Selling Your Boat Online (Quick Reference Guide)
- How to Show Your Boat to Potential Buyers
- What Paperwork Is Needed To Sell Your Boat
- Navigating Negotiations
1. Sell Your Boat Fast
Most people reading this article are probably just asking, “How can I just sell my boat fast”. So, let’s get directly to discussing six easy ways you could use to get your boat sold quickly, even in a difficult market:
Best Ways To Sell A Boat Fast (Six Strategies)
|Sell to a dealer for cash||Likely, the fastest way to sell your boat is to sell it to a dealer for cash. Businesses like webuyboats.com, sellusyourboat.net, and AmericanBoatBrokers.com specialize in buying boats directly from the owner for cash. This option obviously saves time and effort because you’re not dealing with the public; however, you are guaranteed not to get the full value for your boat because the dealer needs a margin to resell it for a profit.|
|Ensure your boat is in top condition||A clean, well-maintained boat is more likely to sell quickly because it looks better in pictures and builds confidence in buyers that the boat was properly maintained. Invest time in preparing your boat for sale by cleaning it thoroughly, fixing any broken or malfunctioning equipment, and removing clutter.|
|Price your boat fairly||It can be easy to assume that how you value your boat personally is how the market does, but it doesn’t! Avoid overpricing your boat because not only do people filter online searches by price, but if your asking price is too high some people will believe you’re so unrealistic they won’t even call in the first place. It’s ok to have an asking price higher than your final price, but keep it within reason.|
|Clear any liens||Before selling your boat, make sure all liens are paid off. This will make the transaction process smoother and more appealing to potential buyers to know the boat is free and clear.|
|Advertise on multiple platforms||Increase your boat’s visibility by advertising on various classified websites, local newspapers, and online forums. This will help you reach a wider audience and improve your chances of finding a buyer quickly. Yes, it will also attract less desirable offers, but with every up there is a down, right?|
|Be responsive and flexible||When potential buyers contact you, respond promptly and be willing to show your boat or answer any questions they may have. Being accommodating and available for viewings or sea trials WILL make a significant difference|
Make no mistake, if you need to sell your boat fast, or if you need to sell it for cash only, you are going to lose out on a lot of value!
You might be interested in reading: “Why My Boat Isn’t Selling”
How Much Should I Sell Your Boat For?
The first and likely most important question when selling a boat is how much you should sell it for. Technically, these are actually two different questions,
There is the price you want to start negotiations at (Your asking price) and the price you wish to end at (Your final price).
Both are important because, as we mentioned above, even if you are realistic about the value of your boat,
a high asking price could turn people off immediately by signaling that you’re not serious about selling your boat.
How To Price My Boat To Sell:
- The Best Method: Search for similar boats on Sportfishtrader and Boattrader, as well as Facebook Marketplace. Compare and contrast the boats you find against yours, and price your boat according to the best matches. (Dealer or Broker boats will typically be priced higher than private sellers)
- Check the NADA Boat Guide for an estimate of your boat’s value, but keep in mind that a book value does not always take into account the current market nor does it know the specific popularity of certain boats in your region.
- Take your boat to a local dealer or business that buys boats for cash and see what they offer. This number will definitely NOT be what the boat is worth (it will always be worth much more), but it gives you a great starting point to work up from as you perform step 1 of this section.
Tip: Keep seasonality in mind, as boats may sell for higher prices in the spring/summer and lower prices in the late fall or winter.
Using a Yacht Broker/Boat Broker
If what we have discussed about selling your boat so far is already overwhelming, you might want to consider using a broker.
Although legally, no one has to use a boat broker to sell any boat, a boat broker tends to become more appealing to those dealing with higher-ticket items where more can go wrong, and a lot of money can be lost.
More expensive boats also tend to have owners who value their time more than a commission, so if you fit into that category, it’s another reason to consider a broker.
All that being said, using a broker also can have some potential drawbacks (Just being honest), which we’ll briefly discuss below:
Benefits of Using a Broker
- Expertise: Yacht brokers are knowledgeable about the current market for your boat and can help you set a competitive price saving you hours of time researching yourself.
- Marketing: Brokers have access to marketing tools and broker/client networks that you simply cannot get into. This ensures your boat is advertised effectively to reach the right audience faster.
- Negotiations: Brokers are experienced negotiators working on your behalf to secure the best possible deal. you will not always see eye to eye, especially if they tell you it’s best to take less, but a good broker is there to help.
- Paperwork: The paperwork isn’t thick, but if it’s done incorrectly, it can cause major legal trouble down the road. Hiring a broker helps avoid these pitfalls and keeps you protected if the buyer changes their mind later or if something breaks on the boat after the sale.
- Legal: Bigger brokerages will have attorneys that will be there for you during and after the sale at no additional cost.
- Commission: Brokers usually charge a commission, typically a percentage of the sale price, which will cut into the money you get for your boat.
- Limited Control: When working with a broker, you may have less control over the selling process, as they take the lead on negotiations and marketing efforts.
- Hiring the wrong broker: Hiring a bad broker can and does happen: You could end up with a broker who pushes you to take less money so they can close the deal and get a quicker commission, or you could end up with a broker who doesn’t properly advertise your boat in which case it just ends up sitting. It is always best to ask a friend who has worked with a broker for a referral.
Ultimately, the decision to use a yacht broker or boat broker depends on your personal preferences, budget, and how much you value your time.
How to Prepare Your Boat for Sale
If you are not going to wholesale your boat to a dealer, then it’s time to start the sales process.
Properly preparing a boat for sale can significantly impact the time it takes to find a buyer as well as how much money you eventually get from that buyer.
Here’s how to get your boat ready for photos, videos, and showings with potential buyers:
- Clean your boat thoroughly: Wash every inch of your boat, inside and out. Clean hidden areas, like storage compartments and fish boxes and especially bilge compartments! Clean things you never think to clean, like battery terminals, wiring, and scuffs on the nonskid (Magic erasers work great for that). How clean your boat looks is a reflection of how well you maintained it (In perception, anyway).
- Hire A Detailer: I know you don’t want to spend the money, but I can’t recommend enough that you hire a professional detailer to clean the boat. Detailers typically have experience cleaning boats for dealers and brokers, so they know EXACTLY how a boat should be presented for sale.
- Remove clutter: Eliminate any extra gear that might make the boat seem smaller or less organized. Items like life jackets and safety equipment can go with the sale, but just put that in the listing details and store them off the boat until it’s sold.
- Fix any broken or malfunctioning equipment: Ensure everything on your boat functions properly, especially the engines, to attract buyers willing to pay top dollar. No one really cares about a radio unit because they might be replacing it anyway, but they don’t want to be replacing an outboard!
The Best Place To Sell A Boat
The best place to sell a boat (by far) is online because the days of leaving it by the side of a road with a “For Sale” sign or advertising in newspapers are long gone!
Unfortunately, there aren’t as many options for selling a boat online as there are for cars, but there are still plenty of websites to get the job done.
Tip: Boats.com, BoatTrader, and Yacht World are all owned by the same entity, and they work closely with dealers and brokers. This means that your listings can easily be buried behind professionals with massive budgets who pay for the featured placements. (Yacht World is strictly for Broker Boats).
Each website/marketplace has its own benefits and pitfalls, but whether you are selling a camera or a boat, the best strategy will always be to diversify your advertisements across multiple platforms.
Where To Sell Your Boat Online
Put up paid ads (listings) on a big website, get a post on Facebook Marketplace, and then find a forum directly related to your type of boat (There’s almost always one) and find out how to post it there.
Below are some of the most well-known websites to advertise your boat online, each of which I have personally used to sell or advertise boats:
- Forums such as The Hull Truth (And any forums closely related to your type of boat)
- Boat Trader
- Facebook Marketplace
How Much Is It To List My Boat?
On average, websites such as Sportfishtrader or Boattrader charge the general public anywhere between $60 and $200 dollars for a listing. Listing prices on websites like Boattrader are calculated by run time and the number of photos you get where, as Sportfishtrader is a fixed price for a fixed run time.
Where Can I Sell My Boat Online For Free?
There are several websites where you can sell your boat for free. Some of the best options include:
- Facebook Marketplace
- Forums (Enter into Google terms related to your boat followed by forum)
Selling Your Boat Online (Quick Reference Guide)
If you are selling your boat online privatley, we created a quick reference guide table that lists out the process step by step from start to finish:
|1||Choose multiple websites to list your boat for maximum exposure|
|2||Take interior and exterior shots of your clean and well-lit boat|
|3||Write a detailed description, highlighting key features, upgrades, and maintenance history|
|4||Research comparable boats and set a reasonable asking price above your lowest acceptable price|
|5||Respond professionally and promptly to inquiries from potential buyers|
|6||Arrange showings, sea trials, and surveys for interested buyers|
|7||Discuss price and terms of the sale with the buyer|
|8||Finalize required paperwork, and transfer the title and registration|
Tip: Shortly after posting a boat, you will likely be contacted by people with lowball cash offers. These are usually dealers or professionals that are looking to buy your boat at a low price and then flip it to someone else for more money, but they will often try to disguise themselves as regular buyers and pitch that your boat just isn’t that valuable. They have to, because if they told you what they were doing, it would confirm your boat was worth more, right?! Don’t take these offers personally, and unless you are open to a quick lowball cash offer, don’t take them seriously (It’s not a reflection of the actual value of your boat).
How to Show Your Boat to Potential Buyers
When a prospective buyer contacts you, be prepared to show them the boat and take them for a sea trial. Have documents confirming legal ownership and maintenance records on hand, and be honest about your boat’s condition. If you reach an agreement, make sure you have all the necessary paperwork to complete the transaction smoothly and quickly.
By following this comprehensive guide, you’ll be well on your way to selling your boat and enjoying your new one!
What Paperwork Is Needed To Sell Your Boat
There isn’t a lot of paperwork needed to sell a boat in most states, but if you’re missing what you do need, you are going to end up with a major headache!
The specific documents required may vary depending on your location and the type of boat you’re selling, but here’s a general list of paperwork you should prepare:
Paperwork You Need To Sell A Boat
|Title:||The boat’s title is the primary document proving legal ownership. You’ll need to sign it over to the buyer upon the completion of the sale.|
|Bill of Sale:||A bill of sale is a legal document that outlines the details of the transaction, including the sale price, buyer and seller information, and a description of the boat. Both parties should sign this document, and it’s a good idea to have it notarized for added security.|
|Maintenance Records:||Providing a comprehensive record of your boat’s maintenance history can help build trust with potential buyers and demonstrate that you’ve taken good care of the boat. Include receipts for repairs, routine maintenance, and any upgrades or modifications.|
|Warranty Information:||If your boat is still under warranty, provide the warranty information and any relevant paperwork to the buyer. This will give them peace of mind and potentially add value to the sale.|
|Registration and Licenses:||In many locations, boats must be registered with the appropriate authorities. Provide the buyer with a copy of the current registration, and inform them of any necessary steps to transfer the registration to their name. Additionally, if your boat requires specific licenses or permits, include these documents in the sale.|
|Insurance Information:||If your boat is insured, provide a copy of the insurance policy to the buyer. They may want to review the coverage and possibly continue with the same insurer.|
|Manuals and User Guides:||If you have the original manuals and user guides for your boat, its equipment, and any electronics, include these with the sale. These resources can be helpful for the new owner to better understand their boat and its features.|
Handling price negotiations with potential buyers can be a challenging aspect of selling your boat. It’s essential to strike a balance between being flexible and holding firm on your asking price. Here are some tips to help you navigate negotiations successfully:
- Know Your Boat’s Value: By now, you should be well versed in the value of your boat, and this is going to help you get to a price that sells the boat without being taken advantage of.
- Set a Realistic Asking Price: One of the biggest mistakes a boat owner can make is assuming that because they love their boat more than money, everyone else will. Set a price that moves the boat before something else breaks!
- Be Open to Offers: While it’s important to know the value of your boat, be open to reasonable offers from potential buyers. Professional dealers have a saying: “Your first money is usually your best money.” This is based on the fact that, more often than not, the first offer you thought was too low ends up being your best, but you got stuck waiting for a better offer that never showed up. The best way to lose money on a sale is to have a boat sitting for months and months with no sale.
- Know When to Hold Firm: If you receive an offer that’s significantly below your asking price, don’t be afraid to stand your ground. Politely explain your reasoning for the asking price and have facts, then be prepared to walk away from the negotiation if the buyer isn’t willing to meet your terms.
- Consider Additional Incentives: If you’re close to reaching an agreement but still have some sticking points, consider offering additional incentives, such as including accessories or offering to cover certain costs associated with the sale.
- Put Everything in Writing: Once you and the buyer have agreed on a price, put the terms in writing and have both parties sign the document. This will provide a clear record of the agreement and help prevent any misunderstandings during the final stages of the sale.
In conclusion, selling your boat can be a rewarding experience when armed with the right knowledge and strategies. This comprehensive guide has covered crucial aspects of the process, from pricing and advertising to documentation and negotiation.
By following these tips and being well-prepared, you can navigate the boat-selling journey with confidence, ensuring a smooth and successful transaction that allows you to move on to your next boating adventure.