3 reasons WHY you need a YACHT BROKER!
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- Опубликовано: 22 мар 2021
- ✉️ Contact me - nick@cardozayachts.com
📸 Follow me - / mr.yachts
🛥️ Get A Boat - www.cardozayachts.com/
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Greetings, I'm Nick Cardoza, your Miami and Fort Lauderdale yacht broker specializing in superyachts and luxury boats. With over 15 years of industry expertise, I'm here to share insider knowledge with you.
If you enjoyed this video, please show your support by liking and subscribing. Your feedback is invaluable, so feel free to share your thoughts in the comments below.
Stay tuned for our next video as we continue to explore the world of yachting together. Thank you for choosing Cardoza Yachts, and I look forward to serving you soon!
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Good channel! Keep it up.
Thankyou for the video, Next week I start my first week as a yacht broker. After my nautical business management study. I hope that I can learn some things from you!
I can help you get clients
Very interesting video , thank u so much .
By the way do you have a yacht broker school in your company?
Thanks for watching Bek! We do not, but I'm sure you can find plenty of resources online for learning how to be a yacht broker
Absolutely loved the video
What's the usual brokerage be like ?
You speak about boats flag, does it effect the taxes ?ie tonnage taxes etc ? Or does the year of build also play a factor on these ?
hmmm not sure how to answer this question because it's not very clear to me what you are asking. what do you mean "What's the usual brokerage be like ?" lol. regarding flags and taxes yes there are tax implications when choosing flags that's why vessels choose foreign flags. year does not implicate taxation.
Would absolutely love to have a chance to work with you guys. I come from a sales background and feel like we could make some awesome things happen.
Sounds great!
How much commision for the yacht broker ? Like you sell 10m yacht’ So How much u get ? Thanks for answer
"Usually" (because this all depends on who, where the yacht was brokered), the first 10 is calculated at 10%, the next 10 mil at 5%, and every other 10 over at 250k. So, a 30 mil boat, the brokers split 1,750,000. But, brokers work for brokerage agencies, and they have different splits as well. So, the 1/2 of 1,750,000 has to be split between the broker and his/her agency, sometimes 50/50 and as low as 20/80. If you are a broker working for an agency that splits the commission 50/50, you get a quarter of 1,750,000. But smaller boats, usually between 5-10% of sale. Just go to Northrop and Johnson, they explain everything.
that's the million dollar question. It all depends as It takes a lot of work to market and sell a $10m yacht (or any asset). Commissions start at 10% gross and go down from there. What I mean by that is if the yacht is listed for $10m and the buyer offers $9.5 the seller will often negotiate the commission down so everyone meets in the middle. Example seller counter-offers with $9.75m but with a 7% commission to the brokers to split. So instead of $950k we end up with $731,250 which gets split 4 ways between the two brokerage companies and then to their respective brokers. in this example each broker would get approximately $182,812 Gross commission and then have to pay expenses and taxes. The broker should pocket around $150k from that sale. If the deal is done in-house (meaning the broker represents both sides of the deal) then I've seen commissions go down even further since the seller doesn't have to pay two sides so that 10% could end up as low as 4% on a $1m deal split 50/50 with the house and the broker inw hcih each party would make approximately $200k gross minus taxes. Should I do a video on this???
yeah that's a good rule of thumb but i'd like to note that what you wrote above is referencing the MYBA (Mediterranean Yacht Broker Association) rules which applies to the first $10m and so on. In the USA we abide by the IYBA (International Yacht Broker's Association) which used to be called the FYBA (Florida Yacht Broker Assoc.) which basically says that sellers won't pay (brokers won't charge) more than a maximum of 10% in payable commissions. However these are all just guidelines and anybody can make any deal they want amongst parties as long as all parties agree to it.
I have a Private client that wants me to sell his 1.8 million yacht for a quick sale he didn't want to deal with a broker I handle other business for him so he wants me to do it what do I do I know enough to do the research but is there a way to quickly sell his yacht it's brand new only 100 hours of use and I particularly don't really want to deal with it so what is the quickest way for me to make a quick sell
The best way to sell a yacht quickly is to list it on the public global MLS so all of the yacht brokers in the world see it. I understand there is a large group of people who don't believe in, or have a problem working with brokers and it's likely because they don't want to be locked into having to pay a brokerage fee. However, brokers are known to maximize the profits of selling a boat to make the fee negligible at best and they also know the business and process well enough to sell the boat without running into legal issues. Selling a boat is not "easy", especially doing it without the guidance of a knowledgable broker. Lastly, to think that you can do a better job that leveraging the power of the internet is like rewinding the clock back to before the internet existed and it's just impossible to market the boat efficiently through word of mouth. If you ant to sell the boat quickly then you're best bet is to work with a reputable broker who can get you the exposure you need to real qualified buyers. I know this is not the answer you want but it's the truth and the reason why the brokerage market is thriving not only in yachting but also real estate and many other markets. I am happy to help if you are looking for a partner on this.
Keep making videos
Trying but they are expensive nowadays! but I plan on revamping the entire channel and producing a lot more interesting topics. thanks for watching!
Looking for a broker to find a live aboard, 50’ or so in length under $300k. Can you help?
Where on would you be looking for one, and engine or sail? Certain manufacturers ?
unfortunately I don't really operate in that market. I wouldn't really know where to steer you to be honest. I know of some older, larger 100 footers in that price range though and I know a lot about those boats.
count how many time this guy says the word "like".
Not as much as I say “and that’s cool” lol
Can you broker my deal in Cali?
Not sure. I guess it would depend on the deal. Cali is a license state like Florida but they might have reciprocity. I’ve seen Florida brokers list boats in Cali before and I know FL brokers that have helped shop for boats in Cali before. What are you looking to buy/sell?
@@MrYachts I’m looking to buy I have my eyes on a boat already just want to take necessary precautions so I don’t get stuck with a bummer boat!!!
I have a yacht in Spain, and I'm willing to sell it ... would you help me ?!
off course that's what I do! for a living! :)
@@MrYachts I'll call u now
@@samarn5435 not sure if that was you from a +44 number but I was unable to answer. Let's set up a time to talk. My email is in the description section
@@MrYachts yes that was me .. ok I'll write u
Three reasons NOT to use a yacht broker:
1. Full of BS
2. Lack of Integrity
3. Unnecessary expense
4. Self-Interest
5. Poor reputation
6. Poor for the yachting community
7. Scare mongering
9. Cannot be trusted
8. Talk far too much
Sorry, lost count… “It’s only my thoughts” !!
lol wow! I'm sorry you feel that way! really! Maybe you should try working with a broker with a great reputation from a reputable company that has his clients' interest in mind (for the sake of growing the business) that helps add value to the yachting community, that doesn't talk too much and should be trusted.... I accept your challenge that you know more than me about the market that I live and breath. You see, just as in any business there are plenty of "fake it till you make it" snake oil salesmen out there. But if what you say is true then the richest people in the world who own the largest yachts ever built, bought, and sold are the most ignorant stupid and financially irresponsible people in the world because I've never seen a $100 million dollar yacht "for sale by owner". [Good] Brokers do add value. They do earn a commission because seller's find that's a better way to keep them motivated over paying them an upfront fee that they will spend right away and move onto the next one. A good broker should get you the better deal, even with his commission is factored in (also negotiable btw) similar to how your attorney should get you a better deal than the opponent. If what you say is true then the brokerage business would be extinct and everybody would just sell their assets online direct to the buyer. The problem with that is it is a conflict of interest to sell your own assets because if they are so good then you wouldn't be selling them in the first place.
@@MrYachts Thanks for your response... good debate.
The problem with your framed argument is that you appear to be placing the responsibility upon the vendor to find a 'broker with a great reputation from a reputable company that has his clients' interest in mind'. This statement alone highlights the very issues I say exist from experience with brokers. The times you suggest a 'good' broker is a tacit acknowledgement of the converse.
Your phycology of the $100 million yacht is pure salesman (in my opinion) How many of these yachts have you represented and exist as a proportion of the market.. I doubt 1% which is hardly a mainstream arguement.
I'm not suggesting brokers dont have their place, but it is far from being mainstream or 'adding value.
Like any sales person, part of their role is to overcome objections, reasonable or not.
History tells us that when unqualified, unregulated commission based sales person's are involved with high value transactions, integrity and transparency take a backseat to the primacy of self-interest.
Out of the 16 yacht broker transactions I have been involved with, I found only 1 to uphold any kind of acceptable standard... without excusing their behaviour as being 'a broker' From what I have seen and heard the problem is widespread... most people have a negative yacht broker story.
I guess for the average boat owner who has average intelligence... can read, write, communicate, take a photo/video and has access to the internet, they are more than capable of selling their own boat and can avoid the unnecessary broker risks and expense that exists.
As a purchaser, I want to deal with the person who knows the vessel best.. the owner.
I admire your defence, but it kind of fits the profile I descibe.
Just my thoughts :)
@@andiharper4498 I agree with the problem you state. There are too many people who get in the business for a Quick buck. Herein lies the problem. That’s why I treat every deal as a $100m deal because the LTV of a client is not just one boat, but rather perhaps 16, and therefore a broker should try to add value so that he can earn the respect and trust of his client so as not to close a single deal but all 16. As far as “knowing about boats”, that’s very subjective since there’s no way a novice broker can know as much as a broker with 30 years experience. Also not all boats are the same which is why I referred to the market knowledge as the center console market has nothing to do with the 30 meter market. Therefore yes, the responsibility is on the buyer or seller to shop around for the best broker he can find to represent him. Unfortunately there’s no easy way to do this. I’m not a mechanic so I’m not going to pretend or “bullshit” someone into thinking I know everything about motors, for example, which is why I would bring in an expert mechanic for this. My specialty is negotiation and the transaction, making sure things are done legally so my client doesn’t get screwed (whether buyer or seller) because there are so many people out there (not just brokers) trying to cut corners. I also said that we earn commissions, they shouldn’t be given just purely for the sale of his involvement. The business actually is regulated in Florida. I am licensed bonded and insured and there are laws that protect every party involved here. Unfortunately laws only matter if people abide by them. Trust me I wish there were only professional brokers around because I too run into snake oil salesmen and it hurts my business because they do whatever they can to close the deal whether it is for their clients best interest or their own. I’m sorry you’ve had bad experience but one bad apple shouldn’t ruin the barrel (or 15 in your case). I recently found a client who ended up listing his yacht with another broker instead of me because that broker offered to pay for his boat to be in the boat on his week. As I told him I understand that he got a deal but my question is if that broker is really knowledgeable to handle the transaction, or at the very least do so without cutting corners. The fact that the broker paid out of pocket up front makes me think he’ll do whatever he can to save money on the back end and cut corners so he can make the most out of it after. As they say "The bitterness of poor quality remains long after the sweetness of low price is forgotten." This applies to who you work with not only the asset bought/sold. TLDR; you get what you pay for. And yes someone with an internet connection and a camera can post anything but I’ve never seen a yacht on offer up, Facebook marketplace, or Craigslist and if I did I would be concerned. Remember that direct sellers don’t have to disclose negative history of what they are selling and if you buy something that is not represented by someone who is in the regulated business then it’s just your fault and you have no fall back or any recourse.
@@MrYachts Good debate... we can agree to disagree, it's healthy.
I wonder how many yacht owning brokers sell via a brokerage?
Have a G'day from Australia.