What to look for in a professional yacht broker
Profession yacht brokerage is more than just acting as a middleman. Choosing the ideal yacht broker for you depends on many factors one might not consider at first glance.
Essentially, the good broker is one that is in the business as a career and not just a weekend warrior. Along with good advice on brokerage, a good company does not engage in ethical shortcuts and values repeat customers.
This means that education is part and parcel of the trade.
Fraud, misrepresentation and other unethical practices are guarded against by the integrity of the company. As this is explicitly stated in both the Certified Professional Yacht Brokers (CPYB) (for North America) and the European Maritime Certification Institute (EMCI) code of ethics, it is paramount that you make sure a business has the necessary brokerage accreditation.
In the latter case, it is the EMCI Registered Yacht Broker® that one has to look for. While this accreditation is a necessary but insufficient criterion, honesty, the amount of time a company has been in business and their brokerage speciality is particularly valuable information.
Alternatively, one can look for membership in a yacht brokerage organisation such as the Mediterranean Yacht Brokers Association (MYBA). Both these can assure you that the necessary continued professional development is being undertaken by the company.
Moreover, a company’s reputation – apart from obvious tell-tale signs of untrustworthiness, look out for things like how patient they are and good rapport – and process of payment are worth checking out. Having an idea of their spread in the international market can help you conclude whether a broker is the right one for you.
Local knowledge is highly esteemed in the industry, especially since the latter deals with both money and information business. Small efforts on your part can assure you whether a company has team of experts ready to support, advice and assist you in every aspect of selling and chartering your yacht or vessel.
In a nutshell, good brokers act as a bridge between buyer and seller, and value long-term commitment since customers are likely to return.
Given that the superyacht industry is more accessible than ever, look out for how busy a company is and whether they have an office – always a good sign. If it is a representative passenger vessels brokerage company, the price is likely to be less negotiable than a company that owns yachts herself.
Expect professional expertise and extensive market knowledge, information from advanced databases, full specification sheets listing all of a yacht’s features and links with the global market. The more forward-thinking a company is and the more it gives you the impression of regular contact with clients, the more you can rest assured.
Finally, brochures, extensive use of social media and as much history, photos and advises on possible problems are really something to look out for. Your ideal should be an insider acting in your best interests throughout the steps of your yacht buying or yacht selling process.
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