TIP #1: You Need a Buyer's Broker
You need a Buyer’s Broker:
Purchasing a boat can be the second biggest investment of your life. Remember when you purchased your home? Both
you and the seller had separate representation. Why would you then buy a boat and let the selling broker, whom by the way
ONLY represents the interest of the seller and not you, dictate the terms and execute the contracts? Very simply put, brokers
work for a 10% commission and are not only on the side of their client, but also on their own side as well. Commissions are
derived from the sales price so it is counterproductive for the selling broker to give you the best deal. Yacht brokers, although
a fancy title, are the same as their land dwelling counterparts, used car salesmen. If you have your own buyer’s broker,
it will not cost you anything and in addition to your surveyor, you will have one more person on your side. Over the past
twenty years, I have met thousands of brokers, and I can honestly say very few were honest and had the client in mind. I urge
you to do two things: 1) Employ a competent experienced marine surveyor 2) Enlist the help of a buyer's broker. If asked,
All Florida Marine Survey will happily provide you with the names of several reputable buyer’s brokers for which you
can choose.
Tip #2: All Boat Surveyors are Not the Same
Surveyors:
Enlisting a marine surveyor is a great start. Unfortunately, not all surveyors are the same. Many offer boat surveying
as a sideline or an additional service they provide. Some offer home inspections and other land based services. There are
many marine surveying organizations. All of them provide a service for the surveyor, not for the client. More importantly
than which organizations your surveyor is a dues paying member, is that they employ and use the standards set by the American
Boat and Yacht Council (ABYC) and the United States Coast Guard. Do not be misled by low prices and gimmicks. Go with experience
and knowledge.
Tip #3: You Need a Non-Biased Insurance Company
Boat Insurance:
"Unlike most in the industry, I
have an extensive background in the insurance business. As a licensed insurance agent and a former partner in
an insurance company, I am well versed in what an insurance company is looking for and how to deliver.
I do not sell marine insurance; as I feel this would be a conflict of interest to my survey clientele. What insurance
underwriters won't tell you; beware of insurance agencies with so called accepted surveyors lists. Insurance agencies depend
on a target market that relies on interconnected business relationships. In Layman's terms, surveyors may receive kick
backs for recommending insurance companies and vice versa. Membership fees are often exchanged to be on preferred lists. Your
boat survey needs to be performed by a non-biased surveyor for you to get what you are paying for. All Florida Marine Survey
never pays for its referrals. Nor do we pay to be on anyone's preferred list. All Florida Marine Survey works for you,
the client.
Tip #4: CE Certification
is often done incorrectly and can result in the country of entry not allowing access. Extensive additional costs
can occur in order to correct certification and storage fees.
CE Certification:
Do not be misled by American based surveyors whom claim CE marking ability or special designations from
one European destination. All too often the unsuspecting buyer finds out too late that he overpaid for a service that was
not valid. All of our CE marking is done by CE specialists from the country of the destination. We have the world's foremost
expert in CE certification in England, servicing all of Europe and beyond.
Tip #5:
Think Hard Before Buying a REPO
REPO Regrets:
In today’s economy, repossessed and bank owned boats seem a popular avenue to
buy a boat. Buying a REPO boat is not always as good of a deal as you may think. Often times they are priced low
and sell quickly. More often than not, they are in great disrepair, have been poorly maintained, and stripped of any valuable
items. On average, two out of fifteen boats we survey do not meet our standards. The number is three times that in REPO boats.
REPO brokers are different as well. They receive a flat fee per unit sold. They will generally spend little to no time with
you and have little knowledge of the boat being sold. You truly are a number to them. It is vital that you employ a qualified
marine surveyor for all REPO boats prior to purchase.
