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How to Maximize Your Fort Lauderdale Boat Show Experience

One Paragraph Summary: If you’re heading to the Fort Lauderdale Boat Show from November 1st to 5th 2017, you’re guaranteed a good time (and a ton of walking), but you can take a few precautions to make sure you optimize your experience. The skinny, plan to attend for two days, starting on the first day, wear a comfortable pair of shoes and do what you can to give out as little of your information as possible.

Heading to #FLIBS17 as the kids are calling it these days on social media? You’ll see a number of amazing yachts, meet the people responsible for selling them, all of the latest water toys, insurers, crew placement agencies and everything in between. As the largest show in the world, featuring any time of super yacht or mega yacht available, both new and used,  there’s a lot of walking to be done that can be assisted by the shuttle busses and tenders.

The real bit of insider information that will help you make the most of your experience lies in the following tips:

  1. Show up on Day 1: Even though it’s a Wednesday, you’ll be sure to skip the crowd and gain the attention of the exhibitors.
  2. Plan to Spend 2 Days at the Show: There’s so much to see at the show and a lot of ground to cover so be sure to have a plan and see what you want to see early on day one, so you can take the rest of the time to wander like a kid in a candy shop.
  3. Registration Express: Every time you get onboard a yacht at the show, you can expect a gate attendant to log your information which is bound to result in email, texts and call for months to years on end. While you can’t blame the exhibitors for doing what they can to generate and stay in touch with boat show leads, it will result in a buildup and annoyance to you if you stop into say 25 different exhibitors.

*The way to cheat this system is 1 of 2 ways.

Walk the show with a broker. Appoint a broker to be your guide and answer your questions you have throughout the show. In the industry, if you’re with a broker, they’ll provide their information as you’re viewed as their client. Plus, they’ll probably pick up the cost of your tickets and are sure to save you a ton of money on your future purchase; if you don’t have one, I’d love to join!

OR

Print faux yacht broker business cards. Just simply providing a broker’s business card to the attendant will allow you to breeze through without unwanted follow up.

4. Wear Comfortable Slip On Shoes: Simple boat etiquette, you have to take any shoes you have on off before you step onboard but with a ton of walking throughout the show, you’re going to want something beyond a sandal and nothing with laces. My recommendations are a pair of boat shoes, with Sperry’s being the most popular due to their price point, but boat shoes from Rancourt & Co have a bit more support in their boat shoe.

5. Offer, Schmoffer: It’s very common for brokers to tell you at the show or sales professionals that there is an offer on the yacht so if you want it, act swiftly. Some owners do pay a lot of money to showcase their yacht in the show which creates an emphasis to sell at all costs, so deals are definitely imminent. However, I’d wait until the last day and request that an outside broker speak directly to the seller to see how much flexibility is apparent in the price of the yacht.

If you haven’t yet appointed a yacht broker or better, a strategic yacht purchasing advisor to represent you in your transaction, it would be a privilege to guide you through the purchasing process and your enjoyment. Request your free Yachtlytics Buyer’s Report here:

Any other questions?

 

 

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5 Things Your Yacht Salesman Isn’t Telling You

One Paragraph Summary: If you are buying a yacht and are negotiating with the seller directly, whether it’s the owner, the broker or the manufacturer, you’re putting yourself at a big disadvantage. If you don’t appoint your own broker to represent your interests, chances are high that you will never be provided the historical sales data for your particular yacht, you may be able to obtain service records or accurate running cost information and you may be told that charter potential is through the roof. If you do have a broker representing you and they fail to present you with potential better alternatives and they don’t reveal how large the commission payable upon the sale is, your broker may be misguiding you.

 

It’s in our human nature; we all love getting a great deal on our purchases and yacht buyers are CERTAINLY no different. To make sure you do so however, it’s necessary that you secure a good balance of trust in your advisor while trusting yourself. To do exactly this, make sure you have the information handy before making any sort of offer.

  1. Historical Sales Price – If you’re looking into purchasing a 2012 116’ Azimut, guess what? The first question you should be asking either the seller or the broker you appointed is to find out what the most recently sold 2012 116’ Azimut went for, to establish the price ceiling for what you’re willing to pay. This information is recorded in the Yachting MLS and is only available to yacht sales professionals but the problem is that if you’re negotiating against the seller or listing broker directly, they probably will omit or forget to mention this information. Do yourself a favor and fill out this form to access the information or better yet, appoint a yacht broker to represent you in your transaction just as you would an attorney or real estate agent.
  2. Commission Available – Standard commission on the sale of a yacht is 10% (If you didn’t know, you’re probably questioning your career choice) and this is typically split between the broker and brokerage with the listing of the yacht, and the broker representing you and their brokerage. If you don’t have a broker, the listing agent stands to make the whole 10%. If you do have a broker and you agree on a price and they quickly change their mind about why the yacht works and at what price it can be bought for, I’d be skeptical that your broker found out there’s less than a 10% commission at play so they’ll have you search elsewhere, despite the fact that that yacht, at that price is best for you.
  3. True Costs of Ownership – It’s common practice to ask for running costs and service records to determine how the yacht was cared for under the current owners care, and how much in costs you can expect to accumulate once you purchase her. If you have your own broker representing you, chances are that they’ll have contact to captains or clients with similar vessels to make sure the operating costs you’re being shown are correct. Sellers often times tend to understate operation costs by citing standard 10% operation projections; never take the word but confirm.
  4. Better Alternatives – Unless you’re the Yacht Hunter, every broker, manufacturer or owner has a particular yacht that they know well, have in inventory, or want to sell you for their convenience, not for your benefit. Through the inspiration of the cloud, YachtZero was created to provide buyers with access to all the inventory on the market (and off) so that only the best yachts at the best prices are purchased for Yacht Hunter clients.
  5. Broken Charter Promise – If your broker tells you that you can buy a yacht and you can charter it to eliminate operational costs or make a profit, be highly, highly skeptical. I always advise my clients that chartering is a great way to reduce and possibly offset operational costs but, as more owners turn to chartering to obtain these benefits, the charter market is constantly flooded with newer, cheaper more attractive charter options which has instilled a new volatility to yacht ownership.

If you haven’t yet appointed a yacht broker or better, a strategic yacht purchasing advisor to represent you in your transaction, it would be a privilege to guide you through the purchasing process and your enjoyment.

The (FREE) Key to Getting a Great Deal on Your Yacht. Request here:

Yachtlytics Buyer’s Report here:

Any other questions?

Who is the Yacht Hunter?

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Yacht Zero: A Better Way to Buy Your Yacht

“We’ve always done things this way”

Everytime I heard this as I transitioned into the yachting industry (which was all the time) I wanted to bang my head against the wall. As the yachts themselves and their technologies regularly experience significant innovations, the processes and people serving puchasers around the world have done just the opposite; the collective groupthink has bred a system of inefficiency that has yacht purchasers regularly overpaying for their yachts.

As much as I saw these glaring problems and envisioned the proposed solutions, I made a huge mistake of being too timid and listening to the verteran brokers of the industry that told me ‘it doesn’t work like that’. Finally, I wrote down a list of all the painpoints plaguing the yacht purchasing process, created a solution, and now have implemented a system to consistently serve the interests of yacht buyers nationwide.

 

  • Broker Commission (Conflict of Interest)  – Plain and simple, as the purchase price of your yacht increases, the broker’s commission check increases as well, so what is your broker’s incentive to assure that you buy your yacht at the lowest price you possibly can? The answer is you hope based on your relationship that they’re putting your interests first and foremost, but given the conflict of nature inherent in any commission split, perhaps your broker may not negotiate as aggressively as they should, they may omit pieces of information to steer your decision.
    • YACHT ZERO SOLUTION – With ZERO yachts to sell, I only advise buyers in their purchases of their yachts, which means that a business model based on buying yachts at the lowest possible price is what works for my clients.

 

  • Dealer Affiliations – Dealer affiliation has been a key way for brokerages to attract clientele and retain clientele. This affiliation creates a bias for your yacht broker to steer you towards the yachts they know best, opposed to bringing you to the yacht that works best for your lifestyle and budget.
    •  YACHT ZERO SOLUTION – With ZERO dealer affiliations, I put you in touch with an expert on any boat you’re interested in, yet still advise you on how you can purchase your yacht at the lowest possible price.

 

  • Inventory Bias – The emphasis in the yachting industry is to ‘obtain listings’ which means there’s a seller breathing down the neck of your broker, so they’ll push whatever they have in inventory on you, as on the surface it creates a mutual gain for all three parties (seller, buyer, broker).
    •  YACHT ZERO SOLUTION – With ZERO inventory, every yacht listed for sale in the world can be analyzed and purchased at the best price possible.

 

The Yacht Zero Purchasing System has been likened to ‘the cloud’ of the yachting industry as it truly delivers a greater sense of transparency and efficiency while eliminating inherent biases. This simple innovative process was designed with noone but you, the client, in mind and the best part of it all, is that Yacht Zero costs buyers nothing while saving them up to 30% on the purchase of their yachts.

Thinking about buying a new yacht, used or are considering custom construction, start your research by checking out some tips on the Yacht Hunter YouTube channel, blog, or contacting me directly.  I would be absolutely ecstatic to advise you in any phase of your yacht hunt, .

#HappyYachting My Friends!