Edmiston Broker Insight: Listing Your Yacht for Sale

Whether you’re upgrading to a larger vessel or stepping away from ownership, this guide takes you through some of the key considerations that will set you up for a smooth and profitable sale.

Choosing a brokerage

Selecting a brokerage is one of the most critical decisions you’ll make when selling your yacht. The right brokerage will have a proven track record of selling yachts similar in size, style, and age to yours. It’s essential to consider their global reach, marketing budget, and overall network. A larger brokerage typically has more resources to promote your yacht through various channels, ensuring it reaches the right audience. Additionally, an experienced brokerage will have insights into the current market and be able to guide you on how difficult it will be to sell your yacht based on its specifications.

Beyond selecting the brokerage firm, the individual broker you work with plays an equally crucial role. A skilled broker should communicate openly, providing transparency and keeping you informed at every stage of the process. They should have a deep understanding of market trends and be able to compare your yacht’s value with similar vessels. A broker with established industry connections and a strong client network can also introduce your yacht to serious buyers quickly. Most importantly, the broker-client relationship should be based on trust and mutual understanding, ensuring a smooth and efficient sales process.

Sales Broker, Andrew Bond comments: “Like with anything, this purely comes down to the relationship. The journey of buying a yacht is incredibly personal and allows the broker to understand how the clients live with their family and friends. It should be a joyous experience, where the broker takes away all the additional stresses and strains and delivers the yacht with an excited client about to embark on a magical chapter.”

Preparing Your Yacht for Sale

If your yacht is over ten years old, conducting a pre-sale survey is highly advisable. This process helps uncover and address potential issues before prospective buyers conduct their own inspections. One of the most critical aspects to assess is the condition of the yacht’s paintwork. A fresh, well-maintained exterior not only enhances first impressions but also signals proper upkeep. On the other hand, faded or deteriorating paint can deter buyers and raise concerns about overall maintenance. Repainting is a significant investment, often requiring the yacht to be out of the water for an extended period—directly impacting a new owner’s ability to use it. In many cases, the condition of the paintwork can be a deciding factor in the sale.

Beyond aesthetics, all mechanical and engineering components should be in excellent working condition. Engines, generators, and navigation systems should be inspected to ensure there are no underlying problems that could become deal-breakers for buyers. Additionally, the yacht’s interior should be well-maintained, with any signs of wear and tear addressed before listing. A well-presented, technically sound yacht will attract more buyers and achieve a better final sale price.

Marketing Your Yacht

“The location of your yacht can greatly influence how easy it is for potential buyers to visit. Positioning your yacht near major shipyards, marinas, and service hubs can make viewings more convenient. Additionally, ensuring proximity to international airports can make it easier for buyers travelling from overseas. Many prospective yacht owners visit multiple vessels before making a decision, so being situated in a yachting hotspot can increase the likelihood of serious inquiries and sale success.” Alex Busher, Sales Broker

High-quality visuals are also essential when marketing a yacht. Professional photography can make a significant difference in attracting buyers, as first impressions are often formed when viewing specs and listings. A trusted brokerage will arrange a professional photoshoot to highlight your yacht’s most appealing features.

“I cannot stress the importance of this, we are in the most luxurious market on the planet. Clients simply expect high end imagery and walkthrough videos.” Andrew Bond

Participating in yacht shows is an effective way to expose your yacht to genuine buyers. These events attract high-net-worth individuals actively looking for their next vessel, providing an excellent opportunity for direct engagement. Your broker will advise you on the most suitable yacht shows based on your yacht’s specifications and target audience.

“Yacht shows provide a good use of time for potential buyers to see a lot in a short space of time and for the industry to be up to date with availability of brokerage yachts and new yachts being delivered.” Alex Busher

At these events, your yacht should be presented in pristine condition, with the crew prepared to answer any questions and conduct guided tours. A well-presented yacht at a prestigious show can generate significant interest and potentially lead to a quicker sale.

Sea Trials and Inspections

“Buyers have varying levels of interest in technical details—some want an in-depth look at every aspect of the yacht, while others are primarily focused on the overall experience. As a seller, you must be prepared for all types of inspections. Sea trials allow potential buyers to experience the yacht’s performance first-hand, making them a crucial part of the sales process. The crew should be on standby to facilitate these trials and provide technical explanations where needed.” Alex Busher

Serious buyers will often conduct thorough inspections, sometimes accompanied by marine surveyors or engineers. These inspections can include detailed assessments of the yacht’s engine rooms, bilges, and electronic systems. It’s important to be transparent and provide access to all necessary information. Being open and accommodating during inspections can build trust with potential buyers and increase the likelihood of a successful sale.

Classification & Flag State Compliance

Compliance with classification societies and flag state regulations can be a determining factor in a yacht sale. Buyers often prefer yachts that meet the standards of reputable classification societies such as Lloyd’s Register, ABS, or RINA. Similarly, a yacht registered under a well-regarded flag state can reassure buyers of its legal standing and operational history.

“A well-maintained, fully compliant yacht reassures buyers of its reliability, legal standing, and overall condition, making the sale smoother and more attractive.” Alex Busher

Negotiating the Sale

Several elements affect the final sale price of a yacht. The results of the buyer’s survey can have a major impact—any significant issues with paintwork, engineering, or mechanical components may lead to price reductions. The state of the market at the time of sale is another key factor, as demand for certain yacht types fluctuates. Additionally, recent comparable sales provide benchmarks that buyers and brokers use to determine fair pricing.

“There is a myriad of reasons that can affect the final sales price of a yacht, but I would say these all point towards the yacht’s regular maintenance and upkeep which is driven by a professional crew. I have been doing this long enough now, that you can develop a sixth sense very quickly by spending a short time on a yacht. There are small signs that can give a lot away!” Andrew Bond.

Patience is essential when negotiating a yacht sale. Unlike real estate or cars, yachts are luxury items and buyers take their time making decisions. Being open to reasonable offers while maintaining a realistic price expectation is crucial. Your broker will guide you through the negotiation process, helping you reach a deal that aligns with your goals. Understanding that buyers may request price adjustments based on survey findings is important, and being flexible can help close the sale more efficiently.

Post-Sale Responsibilities

After the sale, the seller must ensure all outstanding liabilities are settled. This includes paying off any crew wages, maintenance expenses, and dockage fees. Leaving financial matters unresolved can complicate the transfer process and potentially delay finalising the sale.

A smooth handover is key to a successful transaction. The seller should provide all necessary documentation, including service records, warranties, and compliance certificates. Ensuring that the new owner receives all essential paperwork will facilitate a seamless transition.

Depending on the yacht’s registration and where the sale takes place, there may be tax obligations to address. Consulting with legal and tax professionals before finalising the sale is recommended to ensure compliance with all regulations.

Selling a yacht takes careful planning, smart marketing, and expert negotiation. With thorough preparation, the right brokerage, and a strategic approach, you can attract serious buyers, maximise value, and close a successful sale with confidence.

For more information on Edmiston’s services, please get in touch with the team today.