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PrintBuying or selling a used boat?
Make sure you understand what to expect in a broker
With today's economy, consumers are looking for great deals. If you are in the market to purchase a used boat, or want to get rid of one that you own, there are some things to consider.
The number of boat brokers in the Lake area has increased over the years, offering all kinds of makes and models for sale.
Before you head to a broker, you will need to know how the process works and the options available to you. Consider these tips from Lake Services Boat Brokerage owner Mike Herman.
What to expect in a broker
Working with a boat broker is similar to working with a real estate agent, Herman says. A boat broker will assess what your boat is worth in today's market and take full inventory of your gear and options. They will note the hours of use, service record and load the information to different websites specializing in used boats.
The broker will also spend time researching what similar boats are selling to give the boat seller a realistic value of what it might bring.
"Coming up with a realistic selling price is difficult in today's market," he says. "Boat sellers are having to take into consideration that there could be a lot of boats like theirs for sale and also the number of bank repossessions available on the resale market also."
Many boat owners are in the position of not being able to sell their boats right now because they owe more than what they are worth.
A broker does not just sell one boat manufacturers line of product, so they can listen to what the boat buyer is looking for in a boat and recommend a certain manufacturer that fits their needs and wants, and in a certain price range.
A broker can recommend a qualified marine surveyor to inspect the boat for the seller. Typically, a marine survey is required by the marine lender and insurance company. The surveyor will compile a list of items that will need to be addressed and the broker can help negotiate between the buyer and the seller to determine who will pay for what.
If you decide to list your boat with a broker, chose one that is close to where your boat is kept. This will increase your chances of a quicker sale.
Make sure the broker is reliable and ask for referrals. Also ask if they sell boats similar to what you own.
• Mike Herman has been assisting boat buyers and sellers for more than 30 years. The brokerage is located in Osage Beach.
