Many people don't buy for logical reasons, they buy for emotional reasons. Selling your yacht is like selling a dream.
A yacht is a valuable asset and a lot of money will change hands at the point of sale. Do your research before fixing the For Sale board to the aft deck.
Look at the market, consider recent buying trends, assess the sales price of similar yachts, contact brokers for an informal discussion, and ensure you speak to more than one!
Where does your yacht have additional benefits compared to the one in the marina next door? Have you invested in upgrading equipment? Can you provide a full-service history for your engines? When was the last refit?
Every yacht owner thinks their yacht is the best example of its kind - this is probably true and wholly impossible.
Step onboard your yacht with a critical eye and see the yacht as a buyer would. Is the teak varnished and the stainless polished? Are the flybridge cushions in good condition? That stain on the saloon carpet will stand out so consider a professional carpet cleaning service.
The more preparation you do before the sales particulars are written will serve you well.
Step 1 - Presentation
A fresh smelling, clean and tidy yacht is key to a good first impression. If there isn't a full time crew onboard, make the effort to visit the yacht regularly to air throughout, opening every locker, hatch and window to allow fresh air to replace the often musty atmosphere of a lesser used yacht.
It is a well known real estate sales tactic to have a pot of freshly brewed coffee on the stove and the smell of freshly baked bread wafting from a spotlessly clean kitchen. This invokes a feeling of welcome, of ‘home’ and this is the feeling you can create onboard.
Presenting a ‘turn key’ yacht can potentially eliminate any misgivings a buyer may have, or a reason to compare your yacht to another. Consider investing in a professional cleaning service and an experienced day worker. A little pre-sale investment will serve you well at the negotiating table.
Step 2 - A Blank Canvas
Clear the yacht of non-essential and all personal items. You are moving on, which means you are moving out. The yacht should be prepared for a next-day delivery.
Encourage a buyer to see your yacht as theirs. This is made easier without family photos or a saloon cushion stating that you’re the world’s best Dad.
Clearing unnecessary and very personal things off the boat will also free up space and generally make the interior seem bigger.
This can be inconvenient if you intend to use the yacht whilst it’s on the market, but with a sale as the ultimate goal, this is a worthwhile task, and let’s face it, will have to be done at some point.
General yacht and safety equipment can stay onboard. This will demonstrate good ownership. Gather the equipment manuals in one place, keep only the current pilot book available on the chart table and responsibly dispose of any out-of-date safety equipment. A potential yacht buyer will appreciate that their first day onboard will be an easy process.
Step 3 - Documentation and History
An orderly presentation of the yacht’s paperwork will work wonders to ease the mind of a potential new owner. Invest some time into putting the yacht’s affairs in order.
Categorise the equipment onboard: the engines should have their own folder complete with service history, invoices, and, ideally, a planned maintenance schedule. The navigation equipment folder should contain manuals, and the life-saving appliances have their service schedule clearly available.
Yacht ownership papers are key, and whilst not necessary to be kept onboard as they are valuable documents, good quality copies can be ready to view, and the buyer is assured that the originals are in a safe place and can be easily provided.
Be honest if there's any documentation missing.
Step 4 - Servicing
Ensure your engines are serviced and up to date. The engine room should be spotless and attend to any areas of concern. The devil is in the detail, and it’s easy and inexpensive to replace a rusty jubilee clip or two.
Be honest if, for example, the generators have not been performing well and you’re in discussion with the suppliers. This can be, and rightly so, an area for negotiation as you, as the seller of the yacht, are honour bound to provide full disclosure.
Honesty is always the best policy, so treat the yacht buyer as you would like to be treated if the situation were reversed.
Step 5 - Timing
Put the deck shoe on the other foot and consider the best time to buy a yacht.
That is the time to sell.
Presenting a turn-key yacht in the spring will encourage a buyer for a quick sale so they can enjoy the summer onboard. Yacht sales ‘off season’ can drag their keels, so preparing your yacht over the quiet winter months, ready for a sales launch as the weather turns, will likely bring serious buyers to the table.
When the decision has been made to buy a yacht, it is generally found that the buyer will want it as soon as possible, especially for the impulse buyer. Make it easy for them. The work you put in in preparation for a sale will repay you well.
