average salary for a yacht broker

Yacht Broker Salary: How Much Does a Yacht Broker Make?

In the wonderful and often luxurious world of yacht ownership, brokers have managed to make a handsome living off of the sales that happen within the industry. These guys facilitate the purchase and sale of yachts, helping with negotiations, inspections, and deliveries to ensure a successful transaction.

And because it’s really no secret how expensive a yacht can be, lots of people assume that yacht brokers make big bucks. But do they? If you’re curious whether you should dip your feet into the cut-throat yacht dealership industry, here’s a sneak peak of what you might own as yacht broker salary.

How Much Does a Yacht Broker Make on Average?

Remember that brokers make money depending on their sales. That is, the more they sell, the more they make. However market studies have found that most yacht brokers will make up to $120,000 a year , especially if they work with high end clients that deal with expensive yacht models.

But although it is possible to make over a hundred grand in a year, it’s not too common. The average salary for a yacht broker actually rests at just under $70,000 a year. That puts them at a weekly salary of about $1,300 to $1,400.

How Much Does a Yacht Broker Make on Commissions?

It’s not easy to find a yacht buyer or seller, and it’s even harder to go through the technicalities of the sale including negotiations. So by stepping in and taking responsibility for the nitty gritty, brokers earn a commission for doing the legwork while the seller enjoys the profits.

The commission percentage itself is not set in stone. Usually, the broker and the seller will decide the size of their cut before the sale happens. The typical commission will see the broker earning around 10% of the sale price . But again, it’s not all that simple.

For starters, there’s what they call ‘net commission’. This simply means that the broker will earn a fixed amount, regardless of whether negotiations change the price of the yacht. For instance, if they’re promised $20,000 in net commissions, they’ll earn exactly that whether or not the yacht sells for its original estimate.

This can be a good deal in case the yacht’s value decreases during appraisal and negotiations. However in the scenario that the yacht sells for more than the original estimate, the broker is left with a fixed commission that will not increase along with the sale price.

They also have the option to go with a percentage commission. As its name suggests, the percentage commission earns you a fixed percentage of the sale price. That is, a yacht that sells for $150,000 will provide the broker with the agreed percentage commission prior to making the sale.

If the seller agreed to a 10% commission, that earns the broker $15,000. In cases when it’s anticipated that the yacht might sell for more than the original estimate, this can be a good deal. But in the event that the watercraft sells for less than the estimate, the broker’s commission also takes a hit.

What are Split Commissions?

Remember that there are two kinds of brokers - the ones hired by the sellers, and the ones hired by the buyers. Obviously, this can complicate the whole commission picture since there are two brokers in the picture.

The listing broker is the guy who helps the seller find a buyer. The selling broker is the one who tries to look for a yacht for sale so his buyer can seal the deal. Most of the time, these guys will take part in a single deal. So what happens to their commission?

Simple -- they split it 50-50. So if the seller decides on a percentage commission at 10%, the brokers will not receive 10% each. Instead, they go halfsies on the 10% commission, which essentially means that they get 5% each.

When Do Yacht Brokers Get Paid?

Sellers don’t want to shell out their money on expensive commissions when they haven’t guaranteed a sale yet. So it’s only fitting that yacht brokers get paid only when the sale has been successfully completed. That means that the buyer should have paid the amount in full before any commission is tendered.

Keep in mind that the yacht industry is for high rollers only. So it’s really uncommon for buyers to take out a loan to pay for their yacht. Most of these buyers pay for their yachts out of their own pockets. That means sellers can get the full amount they expect within a few days or weeks of shaking hands on a deal.

How Much Do Yacht Charter Brokers Make?

There are people who own yachts or super yachts , but don’t really intend to use them for personal enjoyment. These individuals use their yacht as an investment, renting it out to private individuals or companies who want to charter their yacht with a crew .

A yacht charter broker is the guy who helps owners and renters find each other and strike a deal. Keep in mind though that this is a completely separate job from that of a yacht broker . But some brokerage companies will have brokers who perform both roles.

Most of the time, those who work as yacht charter brokers have the potential to earn more since they’re dealing with massive super yachts that can be rented out multiple times in a year, versus a single yacht sale that sort of closes any potential to earn again off of the same watercraft.

What Are the Highest Paying Cities for Yacht Brokers?

Needless to say, not all locations offer reasonable returns for yacht brokers. So if you were hoping to maximize the gains of your efforts, you might want to consider moving to one of these cities that pay the highest for yacht broker services:

• San Jose, California
• Oakland, California
• Tanaina, Arkansas
• Wasilla, Arkansas
• Hayward, California
• Jackson, Wyoming
• Norwalk, Connecticut
• Seattle, Washington
• Vallejo, California
• Concord, California

If money was no object and you don’t really mind leaving behind the life you know and love, then you might want to consider places like the French Riviera, the Greek Islands, or Costa Smeralda, Italy. These places have become exceedingly popular for their lively yachting industry that also makes a great place for a broker hoping to earn a pretty penny off of a sale.

Tips on Becoming a Yacht Broker

Maybe the potential for earning big bucks has you feeling keen on making that career change. But before you decide on actually becoming a yacht broker, there are a few things you might want to take into account to guarantee your success. Here are a few tips on becoming a yacht broker to increase your chances of snagging those sales:

If you’re not familiar with yachts already, now would be the perfect time to brush up on your knowledge. You would expect a car salesman to know what he’s talking about, down to the very last detail of each model and brand of car that he deals with. So the same goes for a yacht broker.

Read up on the different yacht models and brands, and try to find out what each of their selling points might be. If you can, try to see each boat in person to get a better feel of how it performs, and what it might lack that could affect the buyer’s decision.

Look for Certification

Not all states require certification or licenses for yacht brokers, but that doesn’t mean you shouldn’t get one. Those who have these certificates under their belt are in a better position to earn bigger bucks since sellers and buyers feel more comfortable dealing with someone who knows the ropes -- and has the paperwork to prove it.

The Certified Professional Yacht Broker certification isn’t required in any state, but provides aspiring yacht brokers a wealth of knowledge that they can use to provide polished professional assistance to those who might need their services.

Work with Another Broker

Most of those who wiggle their way into the industry first work as an apprentice for another yacht broker. Hanging around someone who has the contacts and the experience should put you at an advantage of learning the ins and outs much faster and more efficiently.

In fact, most people might have to work with another broker for several years before being able to stand on their own two feet. This can also be especially helpful for those who might not have any experience in sales, since the exposure provides much needed understanding on the specifics of negotiations and persuasion.

Get Ready with Your Sales Talk

A yacht broker salary can definitely lure in anyone looking to earn big bucks. But more than just the pay, simply working with the sale of such luxurious watercrafts can make you feel like you’re living the high life alongside those celebrities and public figures that you work for.

No doubt, the yacht broker life can be pretty opulent. And while there might be a bit of a struggle at the start, there’s a whole lot of potential for those who play their cards right and learn what they can from the veterans in the business.

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How Much Do Yacht Brokers Make? (Helpful Examples)

Yacht brokers can be a great help when you are looking to buy or sell a yacht.

It’s always nice to know exactly how much they typically make from the sale. This way you can (often) negotiate a better deal and make sure you are not being ripped off!

How Much Do Yacht Brokers Make? The base salary for a yacht broker is typically between $15,000-$30,000. On top of that, a yacht broker typically earns around 10% commission on the sale value depending on the size of the vessel.

Here are the salary and commissions yacht brokers typically make from a sale.

Table of Contents

How Much Do Yacht Brokers Make in Salary?

Depending on who they work for, a yacht broker might make a base salary and commissions on top of that.

If a company is paying a base salary, they are not likely to pay as high of a commission as you would get in a commission only position.

Yacht broker base salaries could range from around $15,000 to around $30,000.

This is not a large amount of money, which is why yacht brokers rely heavily on commission to make their money.

Oftentimes, yacht brokers do not get a base salary and will work solely on commission.

How Much Do Yacht Brokers Make in Commissions?

Because yacht brokers work mainly on commission, you will want to ensure that you have sales skills before you try to make a living as a yacht broker.

Like the real estate industry, yacht brokers usually get the commission paid to them by the seller involved in the transaction.

There are two ways that commission can be calculated, either using a net number or a percentage.

Net Commission Levels:

A net number is when the commission is a set number negotiated with a seller. This means that no matter the price received for the boat, the yacht broker will get paid the amount agreed upon.

There are some pros and cons to this method.

If you have a set commission then you know what you are making up front. This can be ideal if you like having security in your commission.

This also means that if the boat sells for less than you anticipated, your commission will still be what was originally agreed upon instead of decreasing with a low sale.

This also means that unfortunately if you sell the boat for higher than anticipated, your commission will not be increased to reflect the sale amount.

If you are the seller, the pros and cons of using a net commission are reversed. If you sell the boat for a lower amount, you will have to pay more in commission than you might have with a percentage, but if you sell the boat for more than anticipated you will profit more from the sale with a lower commission.

An example of a net yacht commission might be:

• If the yacht does sell for $500,000.00 you would make 10% on the sale.
• If the yacht sells for less, such as $450,000.00 you would make 11% commission.
• If the yacht sells for more, such as $550,000.00 you will only make 9% commission.

Percentage Commission Levels:

A percentage commission is where you get a certain percentage of the sales price of the yacht. This means that your commission will change based on how much you are able to get for the boat.

The downside to this is that your commission is based entirely on how well you do with the sale. If you do not sell the boat for as much as you anticipated, you will make less money.

However, if you end up selling the boat for more than anticipated you will make more.

The majority of yacht transactions use a percentage commission structure. The percentage is often agreed upon between the seller and the broker in advance.

The most common commission for a yacht broker is 10% of the sales price. This is not a number that is set in stone.

An example of a standard commission sale would be:

If you have a yacht that you would like to sell for $500,000 and you have agreed upon a 10% commission your profits could vary:

• If the yacht does sell for $500,000.00 you would make $50,000.00 on the sale.
• If the yacht sells for less, such as $450,000.00 you will only make $45,000.00 from the commission.
• If the yacht sells for more, such as $550,000.00 you would make $55,000.00 from the commission.

Some brokers may offer a lower commission option to bring in sales and stay competitive. These could be between 3%-5%.

One downfall to a lower commission is that it discourages brokers who might have potential buyers. This is because usually, the buying and selling broker split the commission. If a buying broker can show their clients a yacht that would get them a higher commission, they are more likely to do so.

Commission Splitting Levels:

Commissions are typically paid by the seller of the yacht. If the transaction involves two brokers, they often split the commission 50/50.

An example of a split commission could be:

If you have a yacht that you would like to sell for $500,000 and you have agreed upon a 10% commission and there are two brokers the transaction would vary.

• If the yacht does sell for $500,000.00 you and the other broker would make $25,000.00 on the sale.
• If the yacht sells for less, such as $450,000.00 you and the other broker would each make $22,500.00 from the commission.
• If the yacht sells for more, such as $550,000.00 you and the other broker would make $27,500.00 from the commission.

This means that the buyer does not pay commission to their agent and that it comes out of the commission paid to the selling agent.

If a deal is negotiated beforehand it is possible that the commission is split differently. Local brokers that work together often might have a deal set that splits commission 70/30 with 70% going to the selling broker.

You may also have to split commission if you work for a brokerage company or dealership. Brokerage companies or dealerships will likely only give you a percentage of the commission earned.

This amount can range from 30% to 70% of the collected brokerage amount. This number could be affected by base salary and other factors depending on what company you work for.

An example of a commission when working for a brokerage company or dealership might be:

If you have a yacht that you would like to sell for $500,000 and your contract states that you get 70% of the commission per yacht that you sell.

• If the yacht does sell for $500,000.00 the commission would be $50,000.00. You would get $35,000.00 and your company would get $15,000.00.
• If the yacht sells for less, such as $450,000.00 the commission would only be $45,000.00. You would get $31,500.00 and your company would get $13,500.00.
• If the yacht sells for more, such as $550,000.00 the commission would total $55,000.00. You would get $38,500.00 and your company would get $16,500.00.

Even though you make less commission, working for a company is a great way to start your client base. Most people would rather go to a trusted company or dealership than someone working out on their own.

How Do I Become a Yacht Broker?

If this job seems ideal for you, there are some steps that you need to take before you can become a yacht broker.

One way to become more attractive as a yacht broker is to get a degree in marketing or sales. This degree is not required, but a lot of companies will look at candidates who have a higher level of education and some knowledge in these fields.

You will also be more likely to get a job as a yacht broker if you have sales experience.

If you do not have sales experience you should look for entry-level positions that will put you through a training course.

If you cannot find a position in yacht sales, having experience selling other high ticket items, such as cars, will help to show future employers that you have a proven sales record.

In some states, you might be required to obtain a brokerage license. You might also be required to pass a background check before being able to obtain this license.

If you do not need a license, you might benefit from getting certified. Organizations such as Yacht Brokers Association of America can certify you after 3 years of experience. This will help raise your credibility to employers and potential customers.

Overall, with salary and commissions, as a yacht broker, you could make an average of $121,000 per year. This depends highly on location and type of yachts sold. Some yacht brokers even make closer to $300,000.00 per year.

Yacht brokers should be sales motivated and thrive in an unconditional work environment. They do not spend the majority of their time behind a desk. Being a yacht broker can be challenging and highly rewarding!

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How Much Does a Boat Broker Make: Insights into Their Earnings

Overview of Boat Broker Earnings

Boat brokers facilitate the sale and purchase of boats, earning a living from these transactions. Their income typically comprises a base salary and commissions from sales.

Base Salary : A boat broker’s starting salary can range from $15,000 to $30,000 on the lower end, with some variation based on experience and geographic location. Seasoned professionals, especially those in high-demand regions or selling high-value yachts, might command base salaries closer to $100,870 annually .

Commission : On the sale of a boat, brokers generally earn a commission percentage. This rate hovers around 10% of the sale price for yacht brokers but can vary depending on the price point of the vessels they specialize in. Brokers handling smaller vessels may receive a commission of 2.5% to 3% of the sale price.

The final annual earnings for a boat broker can therefore vary greatly. Factors such as the size and number of boats sold, the broker’s client base, and the prevailing market conditions all influence potential earnings. High-performing brokers have the potential to exceed $100,000 per year .

Typical Commission Range :

• 2.5% – 3% for standard boats
• Up to 10% for luxury yachts

Earnings are also tied to geographic location, market trends, expertise, and the broker’s ability to network and close sales effectively. These figures reflect the potential for a lucratively rewarding profession for adept boat brokers.

Factors Influencing Boat Broker Income

The income of a boat broker is not fixed and varies significantly based on several determinant factors. Understanding these can provide insight into the potential earnings within this profession.

Experience and Location

Boat brokers with extensive experience tend to earn higher incomes due to their established networks and expertise in negotiating deals. Novice brokers may start with a lower income but can see an increase as they gain experience and recognition in the industry. Geographical location also plays a critical role; brokers working in affluent areas with a robust boating culture, like Florida or California, often have the potential to earn more due to a higher volume of sales and clientele who may purchase expensive vessels.

Type of Boats Sold

The size and type of boats sold have a direct impact on a boat broker’s income. Selling luxury yachts, for instance, can lead to hefty commissions, especially if these high-value transactions are consistent. Contrastingly, brokers focusing on smaller, less expensive vessels may need to close more sales to achieve similar income levels. The yacht sales market is notably competitive, and brokers specializing in sought-after models might see greater financial success.

Commission Structures

Income is also heavily influenced by commission structures which can vary from one brokerage to the next. Brokers generally earn a percentage of the sale price, which means higher-priced vessels yield greater commissions. According to some reports, the average commission ranges between 5% and 10% for new yachts, and 2.5% to 7.5% for used yachts. The specific agreement a broker has with their employer or their status as an independent broker can further affect their take-home pay, with some earning more than $100,000 annually.

Average Income by Region

The income of boat brokers can vary significantly depending on the region within the United States. Data indicates that boat brokers in certain areas may earn more due to factors like local economic conditions and the yachting industry’s prominence.

In high-end markets , such as the coastal regions where the demand for luxury yachts is higher, brokers often experience a boost in earnings. For example, boat brokers in the United States have an average base salary of around $108,125 annually, with potential to earn higher based on the range of salaries reported.

The Northeast and West Coast markets show particularly strong figures. From the information gathered, yacht brokers in these regions can command impressive figures, occasionally exceeding the average with incomes shooting towards the $239,604 mark in cases where sales volume and value are high.

Conversely, in some midwestern and southern states, where the boating market might not be as robust, boat brokers might find themselves on the lower end of the salary spectrum, experiencing earnings around the $48,794 range.

For a broader understanding, consider the following average salary figures from various sources:

• Indeed reports an average annual salary for yacht brokers at $108,125 within the United States.
• Glassdoor’s estimate includes a total pay combination, amounting to $156,423 per year, which factors in additional pays like commissions.
• Salary.com suggests a slightly lower range of $72,476 to $91,284 per year for yacht brokers.

These numbers reflect not only base salaries but also potential earnings through commissions, which can heavily influence a boat broker’s annual income.

Income Breakdown

The compensation for boat brokers varies and typically includes a base salary , commissions from sales, and often bonuses and other incentives for performance.

Base Salary

Boat brokers receive a base salary which provides financial stability regardless of sales. As of December 2023, the average annual base salary for a boat broker in the United States is approximately $66,677 . This forms the foundation of a broker’s income, ensuring a steady influx even in the absence of sales.

Commissions

Commissions present a significant portion of a boat broker’s earnings, generally derived from the percentage of the sales price of each boat sold. For instance, with an average sale commission rate, brokers could earn an additional income — a yacht broker could potentially make an average of $121,000 per year with salary and commissions combined, heavily influenced by the location and the type of yachts sold.

Bonuses and Other Incentives

Brokers may also receive bonuses and other incentives which often correlate with their sales achievements or meeting certain performance benchmarks. The potential for additional pay through these means can be substantial, with some brokers earning as much as $64,478 per year in the United States as estimated additional pay. This can include year-end bonuses, performance bonuses, and other forms of profit-sharing.

Comparative Analysis with Similar Professions

When comparing the earnings of boat brokers to those in related fields, it is essential to consider factors such as industry, geographical location, and levels of experience. Boat brokers, for example, have a specialized niche in maritime vehicle sales, which can lead to variable incomes based largely on commission.

Real Estate Agents : They typically earn a median salary of around $51,220 , though this can vary widely depending on the value of the properties they sell and the current housing market. Real estate agents, much like boat brokers, often work on commission.

Car Salespersons : In contrast, car salespersons might see average yearly earnings closer to $41,539 . The automotive industry is more standardized, and sales are generally more frequent but of lower individual value compared to boats or homes.

Insurance Sales Agents : Those in insurance sales can expect a median income of approximately $52,180 . While also commission-based, insurance sales tend to offer more stable and recurring income through policy renewals.

It is clear that a boat broker can expect to earn a base average salary of $108,125 in the United States, with earnings potentially ranging from $48,794 to $239,604 . This variance is reflective of the broker’s ability to sell high-value commodities and the luxury nature of the yachting market.

One should consider that the above figures are subject to fluctuation based on market trends, individual broker performance, and economic factors. The figures also do not always account for differences in regional cost of living, which can influence salary ranges and the purchasing power of earned income.

Career Path and Progression

In the yacht brokerage industry, compensation often reflects one’s level of experience and achieved sales milestones. A broker’s career typically progresses from entry-level to mid-level, and ultimately, to senior opportunities, with each stage offering different potential earning and responsibilities.

Entry-Level Position

At the onset of their careers, entry-level yacht brokers are learning the ropes. They build their networks, learn about different types of boats, and start creating sales strategies. According to Indeed , individuals in these positions may earn around $120k annually in the beginning years, although this figure can vary widely.

Mid-Level Experience

Brokers with 4 to 8 years of experience may see increased earnings potential and begin to cultivate a more nuanced expertise in yacht sales. As reported by Indeed , annual salaries can hover around the $120k mark, often depending on the broker’s sales success and developing industry reputation.

Senior Broker Opportunities

Senior yacht brokers benefit from extensive networks and a strong client base, which can significantly enhance their income. Experienced brokers with over a decade in the industry may earn upward of $130k annually and sometimes substantially more. For example, top companies can offer significantly higher compensation, as much as $249,615 per year, according to salaries reported by Bluewater Yacht Sales employees on Indeed.

Impact of Market Trends on Income

Boat brokers’ incomes are significantly influenced by market trends. When the demand for boats rises, more transactions are likely to occur, leading to increased earnings for brokers. For example, a surge in the boating lifestyle can trigger an uptick in sales, positively affecting brokers’ commissions.

Economic factors also play a crucial role. In a strong economy, discretionary spending on luxury items such as yachts generally increases. Conversely, economic downturns may reduce consumers’ ability to purchase expensive boats, thereby decreasing brokers’ income potential.

Yacht brokers can earn more by selling higher-priced vessels, as the commission is usually a percentage of the sale price. Brokers can expect around 10% commission on each sale. Therefore, their income can vary greatly depending on the types and prices of boats they sell.

Additionally, location affects income. Brokers in affluent areas with a high turnover of luxury yachts, for example, might have the opportunity to earn more than those in regions with fewer high-end transactions.

Agents with a depth of knowledge and strong sales acumen may capitalize on trends such as the increase in eco-friendly vessels or the popularity of certain boat types, positioning themselves to benefit from niches within the market.

Skills and Qualifications for Success

Success as a boat broker hinges on a combination of formal certifications, strong professional networks, and effective sales and negotiation skills.

Necessary Certifications

A broker’s expertise in the yacht industry is often validated by certifications. For instance, becoming a Certified Professional Yacht Broker (CPYB) necessitates meeting specific requirements, such as relevant experience Requirements Explained . Acknowledgement by industry bodies assures clients of the broker’s proficiency and commitment to ethical practices.

Professional Networking

Effective brokers cultivate a web of industry contacts, including manufacturers, boat dealers, and other brokers. Networking enables them to quickly match buyers with sellers and stay ahead of market trends, facilitating successful transactions and repeat business.

Sales and Negotiation Skills

Brokers excel through sharp sales strategies and negotiation tactics. They must understand a boat’s value and persuasively communicate this to both buyers and sellers to close deals. [Performance metrics], such as commission rates, which typically range from 10% to 20% of the boat’s selling price, reflect their success in this area.

Frequently Asked Questions

In this section, readers will find concise answers to common queries regarding the income and commission structures of boat brokers, as well as the various factors affecting their earnings.

What is the average annual income of a boat broker?

The average annual income of a boat broker varies widely based on several factors but typically, a yacht broker could make an average of around $121,000 per year, with some even reaching up to $300,000 depending on their location and type of yachts sold.

Can you outline the typical commission structure for boat brokers?

Boat brokers commonly receive a mix of a base salary and commissions from sales. The commission rate is often around 10% of the yacht’s purchase price, although this can be a fixed amount or a variable percentage.

What factors influence the earnings of a yacht broker?

Earnings of a yacht broker are influenced by the cost of the yachts sold, the number of sales completed, the broker’s negotiation skills, market demand, the broker’s experience, and the region where they operate.

What is the earning potential for a yacht broker in top yachting locations like Miami and California?

Yacht brokers in prime yachting locations such as Miami and California often have higher earning potential due to the presence of affluent clients and the propensity for higher-priced yacht sales, potentially resulting in more substantial commissions.

How do yacht charter brokers’ earnings compare to yacht sales brokers?

Yacht charter brokers may have a different earning structure compared to yacht sales brokers, focusing more on rental commissions, which can vary greatly depending on charter frequency, the cost of the charter, and seasonality.

What steps are necessary to pursue a career as a yacht broker and what can one expect to earn?

To pursue a career as a yacht broker, one typically needs to obtain relevant licenses, experience in sales, and in-depth knowledge of the boating industry. The expected earnings can start from variable commission-based income and can grow significantly with experience and a strong client base.

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How to Qualify a Yacht Broker

A good broker can be hard to find when looking to buy or sell your boat. denison yacht brokers weigh in on what makes a broker a good one..

Brokers come in all shapes and sizes. Some yacht brokers have specialties, including specific brands or particular boat types (like sailboats or catamarans). Others have years of experience and proven sales to back up their expertise. If you’re in the market to buy a new boat or sell the one you currently have, you may be overwhelmed by the amount of brokers out there. Here, Denison brokers delve deep to share what makes a broker the right one for you and your needs.

Denison broker Peter Quintal has been in the industry for over 20 years. With many yacht sales under his belt, he knows a lot about what works when it comes to making clients happy–besides the fact that he has filled the role of “client” many times, having owned 18 boats in his life. When it comes to brokers, he says: “It’s no different than real estate. There are good realtors and there are bad realtors. There are good brokers and there are bad brokers.”

“If a client is new to the scene and they’re getting into it, they really should interview the broker, ask the right questions. If they’re looking for a new boat, find out what new boats they can offer. Find out how long they’ve been in the business. Did they just come from a car dealership and they’re trying their hand at selling boats, or are they just coming from real estate because they were bad at real estate and they’re trying to sell boats? I would have a conversation ahead of time and ask them, what are your annual sales? What do you focus your sales on? What size range? What style? They could be a sailboat broker who really doesn’t focus on powerboats, or they could be a powerboat guy who only focuses on that and doesn’t know anything about sailboats. They want to find somebody who knows the market for what they want to buy.”

“Also, successful brokers have repeat customers. There are a lot of guys that are one-and-done. They slam a customer into a boat and they don’t see past that closing date or that paycheck. I’ve been in the business 21 years and I’ve had customers buy seven, eight, nine boats with me in a very short window of time. So you want to look at somebody who has relationships and don’t be afraid to ask for referrals. Have a conversation, especially if you’re purchasing a larger asset. You want to understand other people’s experiences that have worked with that broker before.”

“There’s a lot of confusing information. They’re going to get a lot of opinions from a lot of different people and I’d say just do their homework. They can check on the internet, they can look up a broker online. They can check client reviews of that broker. It’s all pretty public. You can find out if that broker has ever been sued, let’s say for bad practices.”

The vetting should also go further than just the broker–the brokerage firm can speak volumes as well. A client should also keep in mind what types of boats certain companies represent. “There are small, mom-and-pop companies that specialize in certain size range of boats, but if you’re looking at a certain size vessel that those mom-and-pops are not used to handling, don’t go to a small firm that sells small boats to buy a big boat. The boat will determine the broker and the firm that are looking out for your best interest. I have the ability to work wherever I want and I’ve chosen to be with Denison for 12 years.”

Denison broker  Brian Nobles has been with the company for 11 years, and has seen his fair share of deals. “The biggest thing that I’ll do is try to pre-qualify somebody and vet the client,” he says. “It’s good to ask pre-qualifying questions like: are you looking to buy this season or next season, do you currently own a boat, what kind of boat do you have? Once you talk about what their perfect day on the water is, whether it’s with friends, family, etc., you break down those barriers and build rapport, you can ask them how they plan to pay for the boat, and see if putting 20% down is an issue, to really get the ball rolling. Find out where they plan on docking the boat. You need to find out if it’s the right boat for them. That’s what makes a broker really good at boat shows, is that you have a limited amount of time. You need to stay quick on your feet and ask the right questions.” Vetting a client can help a broker not only understand if a buyer is ready to purchase a yacht, but what boats will fit their preferences and be the right fit.

Denison broker Jon Plewniak shared his opinion of what a good broker does. “One of the biggest things, which is why I share weekly newsletters, is that people that are active in the industry. Some brokers are captains or work in the marine industry They go to events, network, and find boats that are off-market that are available for sale before they actually go on market. Somebody that can stay on top of the market and knows market pricing and what’s moving and what’s not (which is what brokers are here for).”

“After that, I’m guiding you through everything,” he shares, “Sea trial and survey, the process of buying a boat, the negotiations of it. There’s going to be key processes and if a broker doesn’t know the mechanical sides of the boat and things like that, that’s important. Because anyone can look at a survey and say it looks good, but being able to know what it is is important.”

“With a good broker, a broker isn’t going to be there just for the sale of the boat, but they’re going to be there for the whole ownership of the boat. When it comes to finding dockage, finding a mechanic, finding good detailers–anything in the marine industry–that they’re well-rounded to get you information and they stay in touch the whole time. It’s a relationship and friendship for that whole time.”

Denison broker Aderbal Coelho Jr. discusses the frequent difficulty to find the “right boat” for clients when they are looking to trade in, citing the fact that it means that “they want to get out of their original boat and buy the new boat”, which can prove challenging because “they want to sell their boat for more money” and that is often not possible. Generally, he says that clients need a lot of attention now, and it is important to provide it. “The biggest thing is just spending time with them and figuring out what is the best fit.”

Broker Jordan Preusz shared a similar sentiment to many other brokers in the company. “A good thing that I would want a broker to look out for would be like finding off-market deals. Maybe things that aren’t in the show, that aren’t online. For example, at the Fort Lauderdale show, I had clients that ended up buying an 88 Azimut. The boat online was listed as in Rhode Island, and it happened to be right next to the boat show and the broker jusr didn’t change the location. So I called him to see if it was available and he said that it was available, it was around the corner. They ended up buying it. So, basically, knowing the ins and outs. Having the insider details. You know, actually calling the listing agents. Doing the work.”

When asked how to vet a broker, Jake Garber says one word: honesty. “Honesty is everything for a broker. What I would look for as a buyer, if I was with a broker, is if he walks me on a boat, I look at it, I love it, but in the back of my mind, I know that’s not a quality boat. He should tell me. Don’t sell your client a boat that you wouldn’t like yourself. The brokers who sell their clients an expensive boat that’s not a quality boat, that maybe has gremlins on it, they lose that client on the next sale because the client hates it.” In Jake’s opinion, a broker who isn’t just trying to make a sale will get repeat customers.

Superyacht broker Alex G. Clarke argues that there is a longer process for clients to discover what they want when searching for a yacht, even before choosing a broker. “Many clients attend yacht/boat shows to not necessarily buy something but rather to educate themselves on what the market has to offer. Prior to arrival, they will do their research, check market conditions, communicate with brokers (many times engaging with multiple brokers), and then walk the docks with the goals of getting onboard as many yachts as possible to gage the interior and exterior deck spaces and appealing features found onboard different models and brands. During this research stage, a client will often form a relationship with a broker with whom they feel comfortable. To form this relationship, the broker needs to obviously be knowledgeable, experienced, and give proper advice to a client. It is very rare for a client to show up to the show without a broker whom they are working with or have worked with in the past.”

“Most clients, after touring multiple yachts with ‘their broker’ during the show,” he continues, “depart having a better understanding of their options and then move to the next step of making a more educated decision on what the right yacht is for their family. The key for the broker is to spend valuable time with the client in person during the show so that they create a strong bond based on trust and knowledge. That face-to-face time is invaluable–go to dinner with the clients, walk the docks with them, and hopefully, the end result is a lifelong relationship with multiple sales in the coming years.”

Denison broker Jerry Gilpin has a lot to offer in regards to best practices for brokers. “What a broker should be teaching a client about is really diving into the records,” he says. “Product knowledge is key and a lot of that just comes from experience selling a lot of boats or being involved in the industry in one aspect or another, whether you’re in service or as a captain or a concierge service or whatever…but you should be able to lead your clients to a boat that fits them properly. We’re not in it just to make a sale, we’re in it to actually educate our clients because we want them coming back. We want to make sure that they think of you the next time, when they want to sell their boat and everything like that.”

“I think it’s special, the first encounter you have with a client is the best encounter because that’s going to be the most memorable one that will, one, ultimately get you a referral, hopefully, and then the second, obviously, is them coming back. If I put myself in that situation as a consumer, like when I’m making big purchases, I always look for referrals. I look for ratings. I think most people will Google reviews and see what kind of information they can find on someone.”

Juno Prudhomm finds it important that brokers come prepared to boat shows. “A good broker sets up a prior appointment with the listing agent at a boat show (if they have a boat in the show), with specification on which date and time beforehand. That way, that broker knows when the client comes up and the broker is there it’s not such a hassle of checking in, it’s just an easier process of them getting on and off.”

“A big part of picking a good broker really is just the gut feeling and the intuition, as well as just the relationship and the synergy that they feel from you,” Juno shares. “How educated you are in speaking about the product and not forcing them into something that they don’t really want. I think you feel a connection there of qualifying questions; you’re really building a rapport. I think that’s what a client has to feel when they’re buying a boat. That’s what happened when I sold my 85’ Azimut. The client’s son loved the boat. I was focused on his son, and I told him he could be the captain, asking the son what he likes. And the client was telling me how much his sons love boating and what he likes to do with his son. You’re building a relationship and rapport. Like if they have a dog, mentioning how much they would love the boat and how much space there is to run around. It’s just building trigger points for them on what they’re really looking to do on the water, and meeting their needs.”

Paul Denton agrees with other Denison brokers that industry experience is a big tell if a broker will know his stuff. “I would say longevity in the industry regarding if they’ve worked a ladder, if they’ve been in the boating industry or yachting industry, how long they’ve been in it. Furthermore, their education on mechanicals, on electronics, cost to get these items replaced or repaired.”

“I, number one, work off this industry for the relationship,” he shares. “First thing I do is sit down with a client and spend maybe 30 minutes to an hour discussing what their plan is with the boat. If they want to do long trips to the Bahamas, or they want to do Med trips, or they want to do weekend trips. With that information, I can dial in where their budget, with their budget in mind, where we should be looking. If they want to owner-operate, if they want a captain, how many crew or staff they need onboard. With all that information put together, then I can put out a good game plan or structure of what boats we should be looking at that fits their lifestyle and their expectations.”

Paul highlights how important it is for a good broker to do his due diligence when looking for the right boat for his client. “Number one thing a lot of brokers do in this industry that they get lazy on doing is previewing boats. So, I delegate a lot of my time before wasting a client’s time by going to look at an asset because, as we all know, planes and yachts are the most photogenic things. With that information, I’ll go and give them transparent feedback on what the boat needs in regards to upholstery, in regards to updated electronics, in regards to teak deck, in regards to maintenance on the engines, generators, do they want stabilization or not. If so, we’re looking for Seakeepers, we’re looking for fins, and also maintenance records on those same items.”

Denison broker Richard Glazer finds that listening is key. “What I would look for in a broker is a broker who, I know it sounds cliche, but who really does a lot of good listening and observing. We tend to try to sell somebody without knowing what it is that they’re trying to buy. And we presume that the boat’s going to fit what they want. What we really have to be keen about is to be able to…when I say listen, it’s just not listening, it’s observing, it’s gauging their reaction to what they’re seeing or what they’re saying. And to be able to point them in the direction of what boat features are important to them on the boat. And not just walk on the boat and say, ‘oh look, you know, there’s a big beautiful kitchen’. ‘I don’t cook.’ If you don’t know that they don’t cook, it’s not important to them. So it’s really getting to know them too, is what they mean. It’s really gaining an understanding of what’s in their mind, in their head, and what’s practical, what’s going to fit for them. And guiding them onto that boat. What I do is when I get on a boat with people is I watch them. I try to talk less. You really have to just watch them react to the boat. You can gauge their body language, you can gauge their reaction. Somebody walks by and touches something kind of nicely and you can kind of see in their face or their reaction that this feels good. It’s something that’s practiced.”

“We can spend a lot of time selling the wrong thing and making mistakes and not gaining the confidence of the buyer,” he continues. “The main thing is, you know, listen and understand what it is they want to buy. It’s not quick. It can take getting on and off a number of boats. It really takes good observation skills.”

“At least for myself, the way I picture it is that when I want to buy something, I want to formulate in my own head what my thoughts are. And if somebody’s in my ear telling me how to think or feel, it’s just a hindrance. So I try to spend a lot of time just watching and let them, you know, if we walk on a boat, I’ll let them walk in and I’ll reinforce some of the positives. Or if I know the things that they are looking for and they miss it, I may point it out. Let them go experience the boat.”

Being a broker takes a good mix of industry experience, sales experience, people skills, knowledge, and intuition. There are many important steps in helping a client find the right yacht for them, or sell their current boat. Denison offers over 100 licensed and certified brokers with years of experience and a wide range of resources at their hands.

Interested in buying or selling your yacht? Contact a Denison yacht broker to start the process today.

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Yacht broker salary in miami, fl.

How much does a Yacht Broker make in Miami, FL? The salary range for a Yacht Broker job is from $116,467 to $191,095 per year in Miami, FL. Click on the filter to check out Yacht Broker job salaries by hourly, weekly, biweekly, semimonthly, monthly, and yearly.

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A used yacht might come on the market at an exceptionally good deal, which a yacht broker would recognize.

A certified professional yacht broker will stay with you even after the sale is complete.  They are always available to guide you through the post-sale steps.  Insuring, Transporting, Maintaining, Storing, etc.

Likewise, if you’re buying a used yacht, a yacht broker will have an instinctual understanding of the market.

The CPYB program is supported and offered by all seven yacht broker associations in North America; YBAA, FYBA, NYBA, GCYBA, CYBA, OYBA and BCYBA.

Keep reading to learn how to make the most of a yacht broker if you’re in the market to buy or sell a used yacht.

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