Timing is crucial when it comes to buying or selling a yacht. Typically, the optimal period to sell your vessel is during the early stages of the boating season when there are more prospective and eager buyers. Conversely, attempting to sell your boat during the off-season usually results in a lower offer compared to during peak season. At Aspire Yacht Sales, we’ve perfected the art of yacht sales in Florida and yachts for sale in Fort Lauderdale.
This trend has been supported by statistical analysis of sales data over several years. After accounting for other market factors, it has been found that the most favorable period to sell your boat is from February to June. This is due to a significant number of boat owners preparing to take their yachts out of storage and winterization and utilizing them for the upcoming boating season, while prospective buyers are actively searching for vessels to enjoy during spring and summer, particularly between February and April.
The situation described above creates an ideal scenario for basic supply and demand economics. During this period, there is a high demand for vessels, but many boat owners are reluctant to put their boats up for sale as they plan to use them during the spring and summer months. As a result, the supply of available boats decreases, while the number of interested buyers increases. As spring approaches, buyers feel more pressure to secure a boat since their options are limited.
Consequently, listing your boat for sale during this period increases the likelihood of a faster sale, allowing the new owner to make the most of the upcoming spring and summer boating season.
Is There a Bad Time To Sell Your Yacht?
Likewise, statistics indicate that there is a less favorable time to sell your yacht, typically from July through November, with July being the least optimal month for boat sales. This is because summer has ended, and individuals are less inclined to invest millions of dollars in a luxury motor yacht that they cannot use until several months later.
In areas like South Florida, this doesn’t apply, as they pretty much have a boating season all year long.
Tips for Selling Your Yacht Faster
Suppose you choose to sell your yacht in Florida during the ideal season and marketplace. In that case, several measures can be taken to expedite the sales process and make it more seamless. Common mistakes made by both yacht owners and brokers can delay the sales process. Therefore, here are our top five tips, in no particular order, to ensure your motor yacht sells as quickly as possible.
- Preparation: One crucial step in selling your yacht quickly is to prepare it appropriately. Although it may seem evident, there is a right way and a wrong way to prepare your boat for sale. If your yacht broker is doing their job effectively, many potential buyers will come to see your vessel. The first impression is critical, and thus, it is essential to ensure that your boat is thoroughly cleaned, waxed, and detailed both inside and out. All systems must be functional, the engines should start effortlessly and operate smoothly, and it is essential to check for any oil or water leaks. This is where partnering with a professional yacht management company can be advantageous. By signing up for their services when you first acquire your boat, you can ensure that it is in top condition when it comes time to sell.
- Selling: Determining the correct listing price for your boat is crucial in facilitating a quick sale. While it is tempting to set a high price, it is essential to find the right balance. One way to determine an appropriate price is to research similar yachts on the internet and reach out to brokers who have listed similar models. Ask them what they would list the boat for and why the listed boat has not yet been sold. After conducting thorough research, consider the monthly cost of holding onto the boat if it does not sell and set a price that you are comfortable with, but is also competitive. It is common for owners to overprice their boats to account for negotiation; however, this approach may deter potential buyers from even viewing the boat.
- Exposure: To sell your yacht quickly, it is crucial to give it maximum exposure. Advertising is just one aspect of this; the more people who see your yacht, the more likely it is to sell. In addition to advertising, consider making your yacht available for charter as this can introduce it to potential buyers. Remember, in the yacht industry, it’s all about “exposure, exposure, exposure.”
- Upgrades: Upgrades can be a double-edged sword. While upgrading your yacht’s interior amenities and systems to the latest models or styles may not necessarily increase the overall value of your boat, it can certainly give it an edge over other boats on the market. However, it’s important to note that you may not be able to recoup the full cost of the upgrades in the selling price. Therefore, it’s important to carefully consider any upgrades and their potential return on investment before making them.
- Surveys: It’s essential to have a professional marine survey conducted on your boat before putting it up for sale. This step can save you a lot of hassle in the long run. Prospective buyers are likely to get a survey done, so it’s better to be proactive and conduct one yourself first. This way, you can identify and address any issues before potential buyers do. If any problems are found later on, it could end up costing you more in repairs and ultimately result in a lower selling price. Spending a little bit of money upfront on a marine survey can save you a lot of money and headaches down the line.
In the end, buyers consider many factors beyond these five tips before making an offer on a yacht. The boat’s layout, condition, location, and price are all crucial elements, but ultimately, it boils down to one thing – value. When you’re searching for your own boat, what influences your decision? What makes you select that particular yacht over the others you considered? To sell your yacht quickly, it’s essential to put yourself in the buyer’s position and ensure that your boat offers the best possible value.
It’s not always easy to stay on top of what’s new in motor yachts. If you would like to benefit from our expertise in these areas, or if you have any questions or comments about this blog post, do not hesitate to contact our sales team or contact us at +1 954-399-4118.