|
|
 |
|
| Boats & Yachts |
Rising with the Tide
Michael Verdon
01/01/2004
|
Johnson says to focus on firms that deal with specific types of yachts. "We specialize in high-quality sailboats that are 50 to 120 feet," he says. "Other firms might trade in larger motoryachts or sportfishermen." Johnson adds that his firm’s knowledge about the history of the boats is another asset he brings to the table. "We’ve sold many of the boats two or three times now, and keep records. We know how they’ve been treated," he says.
But James Carney also recognizes Johnson’s value as a buyer’s broker. "I had him oversee a new-boat build for me in Washington state," he says. "He knows the industry inside-out, and can tell if they’re building it right."
Master of All Trades
Buyers’ brokers should be active in the brokerage process beyond just forwarding prospective boats, advises Merrigan. "A broker should know all about yacht construction, pedigrees and different taxation and flagging issues," he says. "He should also be able to help negotiate the contract, set up a survey and assist with due diligence. If he doesn’t have the right answer, he should have a cadre of experts who do."
One of those experts is a yacht documentation service, which researches U.S.-flagged vessels to ensure there are no outstanding liens, and documents its history with the Coast Guard. "It creates a paper trail and is really the best form of title for a yacht," says Linda Dunn of Marine Documentation in Newport, R.I. "It makes financial sense, since lenders require this information, and allows the sale to go through quickly."
|
|
|
|
|
|
|
