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Do This When You Need To Sell Your Boat!
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Aug 16, 2024
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View Video Transcript
0:00
What's up everybody, it's Technicians Tuesday, and we are going to show you how to sell your boat
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or learn what you should do when it comes time to sell your boat
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This week's contest prize is a bundle from boater brand including a Yeti Cup, shirt, and hat
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And if you'd like a chance to win, make sure you're sub to the channel and have that bell on
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Now let's sell a boat. In order to successfully sell a boat, to me, there are seven phases of this process
0:34
We'll name them determination, research, assessment, appearance, listing, negotiation, and delivery. Determination is the first step because it is a step that a lot of people skip
0:47
It's a step where we sit down and actually determine where we are when it comes to the boat
0:53
The big why are we selling question. Do we need to sell or do we want to sell
0:58
If it's a need to sell, then how much money do we need from the cell and how quickly do we need it sold
1:04
If we just want to sell, then how emotionally attached to the boat are we
1:09
What kind of shape is the boat in and how much work are we willing to put into it
1:14
There are more questions that you can ask yourself, but I think you get the idea. It's so important to take the time to write these things out
1:21
It gets us into reality and begins the process to actually make it happen
1:25
If we skip this step, then selling the boat could turn to turn to. into a six-month, ten-month, one year, two-year, or longer process
1:33
We've all known that friend that says that they want to sell their boat, then they list it
1:37
for some price that no one is willing to pay. Another point to this is that when it comes to
1:41
selling a boat in a timely manner, the boat is ultimately only worth what someone is willing to pay
1:47
for it, which brings us to the next step in doing the research on your own boat
1:54
We'll start by doing some base research by just Googling your book. boat and for sale. Then we'll look through the available listings, the quality, and the condition
2:03
of the comparable boats that are for sale right now. Remember, value comes from many specific
2:09
situations that are not always going to be in our favor. The biggest one to consider is the
2:14
location of the boat. Location is going to determine how many available buyers there are around you
2:21
as well as determine whether the boat is more desirable or not because of the location
2:25
If you live near a lot of lakes, then a ski boat, wakeboat, bass boat, or a cuddy cabin is going to be more favorable
2:33
Then if you live near the ocean where an offshore center console is going to be more desirable Depending on the activities that can be done where you are is going to play a big part on the value of your boat It important to know this because if we look up the Nata guides suggested value rates
2:50
then it can be deceiving as far as the actual value of a vessel. I'll show you by using our 1985 Pursuit Tiara I.O. conversion project that we completed a few months ago
3:00
We can see that the suggested list price and low averages are
3:06
opinion way too high and that the boat is not worth near as much as what they
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suggested is so if we went off of these numbers you can see why someone would
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think that their boat is worth way more than it really is bringing us back to
3:20
the value aspect of the boat and only being worth what someone is willing to pay
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for it when we are ready to sell it we can finish the research by just looking
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through a few of the boat listing websites like boat trader boats.com powerboat
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listings.com, moreboats.com, eBay, and even Craigslist. Take into account all the listing
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prices that are available and then compare those prices to what the Nata Guide's suggested price was
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And we should have a pretty good idea of what the value of the boat is taking into account
3:52
our location. Having our number, we can now begin the assessment portion of this process
4:00
This is where we assess our boat and see what we are working with. This means we base
4:04
do an inspection on our own boat. If you're unsure about how to inspect the boat
4:09
just click the card in the top right-hand corner of the screen or the link in the
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description to see our video on how to inspect a boat before buying. We want to
4:18
know what works and what doesn't work. We'll go through all the switches, lights
4:22
pumps, and the engine to see what is going on with the boat. You'll want to
4:26
write all of this stuff down and then we are going to have to make an executive
4:30
decision on whether we are going to fix everything that is not working or if we are
4:34
going to sell it as it is. We'll have to take our list and see what it would cost to fix everything
4:39
and decide whether we want to spend that money or not. If the cost to fix everything is not
4:45
going to add at least that amount to the net sale price, it probably isn't worth doing. If the
4:51
boat is worth 10 grand as is and it will cost 3 grand to fix everything, but still only be worth 10
4:58
grand or maybe only 11 grand after it fixed then it not worth fixing the boat We can save the time and money by leaving it as is But if it will bring in more value to the boat or make it easier to sell and not cost that much to do then it worth fixing This is all going to be up to you your boat and your situation though Once we go through our assessment phase and compare our findings with what we found earlier when doing our research which will bring us to a realistic number that we think we can get from
5:27
the boat. We'll go over what we should list the boat for in a minute, but before we do that, we need
5:33
to move into the appearance phase now. This is the beautification process where we go through the boat cleaning it up so that we can
5:40
get some really good pictures. We'll take off anything that we don't want to sell with the boat
5:45
That means special life vests, expensive anchors, maybe some good fenders, and whatever else
5:50
you want to save to use on the other boat. Because no one sells a boat and then stops boating, we just sell our boats so that we can
5:57
buy a different one. So we'll get everything we want to save and stow those things away
6:03
Then we'll take off any trash, miscellaneous bolts, screws, anything that makes it look
6:07
like an unfinished project. Get all that stuff off the boat, then we can just give it a good cleaning
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you have a really nice boat that will shine up from a good detailing, then you can either detail
6:18
the boat yourself or hire someone else to detail the boat for you. That is entirely up to you
6:24
but it allows us to take some really great pictures. It's always nice to have a few pictures of the
6:29
boat when it is freshly cleaned and shining. If there is a lot of teak or wood on the boat
6:34
then it will always look better when it is wet. We'll want pictures of the engine, of the boat
6:39
a few on the outside, and a few on the inside. We want to show the dash
6:43
the controls, the gauges, the switches, and if you have a cabin, a few shots from a couple
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different angles from inside the cabin. It's also really nice to have a couple of pictures of the
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boat when it is in the water. If you can get a picture of the boat while it is on plane
7:02
or pulling in a fish, that is even better. Parked at the sandbar or on the beach is also really
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good too. These pictures are going to be what helps to sell the boat
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We can take them and move into the listing phase. There are many ways to list the boat
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There are a ton of websites to list the boat on, but we need to figure out how we want
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to go about it. Do you want to pay to list a boat or are you trying to sell it without paying for the listing
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If you want to, you can even pay for a broker and they will do all the listing for you
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and you won't have to deal with any of it. They will obviously take a cut of the sale though, and that is up to you on whether that is for you or not
7:45
We can also go for the paying route but without the broker
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This is paying for listings on sites like boattrader.com, Boats.com, eBay, or other online brokerages
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Yes you will get a lot more visibility to your listing by listing on these sites but they do cost to list on them Then there is also the completely free route This is listing the boat on Craigslist Facebook yard sale pages radio shows like biz
8:11
here in the Keys, where they advertise yard sales or garage sales
8:15
Also parking the boat on a heavy traveled road with the four-sale sign is also a good way
8:21
In our opinion, the quickest and best way to do the listing is to do all of the free forms
8:26
of listing, as well as one or two of the online forms of listing that we have to pay for
8:31
like boat trader.com or boats.com. That will get the best exposure and give you the best
8:37
opportunities to sell the boat in a timely manner. We still need to talk about the price
8:42
the negotiation, and the delivery, though. But it's the right time to smash that like button
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and to make sure you follow us on Instagram. We also want to hear about your boat selling
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experiences in the comments section below and include a hashtag boater to enter into the contest for the boater brand package
9:00
When it comes to the selling price, from all that we have done so far, we know what we want
9:05
and what we need from the sale, which is why we need to leave a little wiggle room in the
9:09
listing price to allow for the negotiation. Usually one or two grand is good, a few hundred bucks doesn't really leave us much negotiation
9:17
room, but if you feel best with your ситуation and only listing a couple hundred above what
9:23
you really want, then that is up to you. When it comes to negotiating, though, it's something that can't really be taught here
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It takes practice and conversational skills, which is why we list for a little bit above
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what we need and we list the price at a competitive number
9:40
If all of the comparable boats for sale are at 10 grand and we only want 8 grand, then we
9:45
can list the boat for 9,500 and have twice as much a chance to get twice as many calls as
9:51
the other listings, because we come in under them. Then it's just a matter of sticking to your asking price and not showing what you're willing
9:58
to come down to for a few rounds of offering until you can please the buyer and give them
10:04
a little deal. Then we can handle the delivery of the boat, which a lot of times happens right after a good
10:09
test drive. At this point, it is mainly about getting the title transferred over properly
10:15
After and only after you have the money in your account. Never sell a boat and transfer the title without having the money in the bank
10:23
If you get a check, make sure that you deposit that check and wait until the balance is cleared
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and in your account. We'll need to get the bill of sale written and signed by both parties and then get the title
10:35
signed and handed over after the cash is in your account. And now that you know how to sell your boat, we hope you enjoy your Tuesday night and
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we'll see you next week
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