February 16, 2022
A Guide to Maximise Your Yacht Worth and Minimise its Time to Market
Luxury yachts are a dream possession! So, a buyer is very cautious while engaging in the yacht purchasing process. It is like engaging in purchasing a luxury villa in some upmarket locality. And when one invests millions and millions of dollars for a dream possession, one would not like to compromise even for a bit. And if you can offer unrivalled quality, then a genuine buyer won’t mind shelling out a few extra bucks. Therefore, it is essential when you decide to sell your yacht, do not just put it in a listing in haste, instead prepare impressively as if it is out to win and win at all costs, and the faster, the better.
Therefore, when you are out to sell your luxury yacht, your goal must be to get the yacht sold as quickly as possible and for the maximum price possible. Through this blog, we want to give our readers a clear action plan for how to get their yacht to maximise its value, minimise its time to market and make it ready for sale.
Here are some time-tested tips to make that happen:
1. Appearance Matters
As the saying goes, the first impression is the last one; one should be very careful about what impression you make in the minds of your potential buyers about your yacht. The first few minutes a buyer spends in and around your yachts are most critical. The first look builds an impression in the minds of buyers, and that should not go wrong. Buying a luxury yacht is like buying a real estate property, so nobody would like to invest in something that does not even appear impressive.
Here are a few things that you must follow before you put your yacht for sale:
- Hire a professional yacht service provider and ask them to make the exterior of your yacht look spotless and squeaky-clean.
- The decks of your yacht also should be washed and made free of unused lines and deck equipment.
- To give your yacht a fresh and newer appearance, ask for a fresh wax job that will transform its look and take years off from its actual age.
- Also, make sure you do not overlook the stained decks often seen on sportfishing vessels and give it the required attention.
Put yourself in the buyer’s shoes and try to notice every tiny detail. Remove dirt and grime from the engine, examine caulking, polish all stainless and aluminium and clean and furbish the teak. Your objective should be to make your yacht appear it has not gone out much on sail even though it has spent most of its time on the sea.
The time you invest in pre-sale maintenance in prepping your yacht for sale will reflect its maximised resale value.
2. Declutter and Clean the Interiors and Make it Ready for Display
First of all, remove all personal belongings before cleaning, including tools, equipment, and other accessories. Ensure that every section, cabin, lockers, kitchen, cabinet, and storage compartment is empty and cleaned. Also, make sure the sinks, showers and bathroom counters look pristine. Clean or replace (if worn out) the upholsteries, carpets and curtains. Remove the pictures from walls, clean the cluttered areas and make sure there is no unpleasant odour left inside.
In the end, before you put your boat on display, remove everything that is not covered in the sale. If you leave anything before showing, it may raise conflicts between two parties.
3. Conduct Repairs and Other Necessary Maintenance
However impressive your yacht for sale may look, if it does not perform as expected, all your efforts of the splendid pitch will be a waste. The performance of your yacht is equally essential for a successful sale. It is a significant step to prepare your yacht for sale by putting all mechanical and technical systems in excellent working condition. Ensure the engine starts without any glitch, the engine oil is clean, the batteries are working efficiently, and the electronic items are also functioning correctly. Your vessel will be inspected thoroughly, so make sure the bottom of your yacht is painted and zinks replaced before display.
Buyers are there to look into every nook and corner of the yacht when they decide to buy. So, fixing every problem before an inspection and sea trial can result in a better closing price. If the date of the servicing of your engines is nearing, make sure to get it done before you display it on the market. It may look expensive to you, but no buyer likes to spend that amount on a newly purchased yacht. If anything remains unresolved, an expert can easily find it.
4. Keep Records of All Maintenance and Services
It is always a good practice to maintain records of your boats. The details can be anything from its: spare parts checklist, upgrades you made, warranty information, service details, any replacement, and every little thing you have done. Also, make sure the factory-supplied systems, equipment manuals, and mechanical and technical wiring schematics are well kept. You should keep title and registration nearby to avoid delays while closing the sale. Maintenance and service records are beneficial for every purpose and not just sales. During sales, it makes the process easier and faster as you can provide everything in detail to your buyer and accurately. The more information you can provide is better for the deal. In addition, it makes the buyer more confident of closing the deal successfully.
5. Position Your Boat for Greater Visibility
After you are done with all the above points, it is time to decide where to position your boat to get greater visibility of your potential buyers. After you have done all the cleaning, washing, polishing, replacing and decluttering to build a perfect first impression, if you try to save some money by placing it in an unreachable backwater marina, you will not get the audience you need to sell your yacht. All your money, effort and time you had put in to create the first impression will become pointless.
Position your yacht in a fully-equipped marina with luxury amenities and excellent facilities. It will give your vessel the best possible visibility for selling.
Possessing a luxury yacht is something that every yacht owner takes pride in. If you can afford to shell out 100s of millions of dollars and wish to gift your family and friends with ultimate luxury and opulence, then there could be nothing better than a luxury boat.
But, when you decide to sell your boat, do follow the tips shared above to maximise its value upon resale and minimise its time to market.