The Question is asked: While the industry broadly agrees that it is currently a ‘buyer’s market’, how can stakeholders within the sale/purchase process ensure that the client is getting genuine value for money throughout the vessel’s lifecycle? Answer: Denison Yacht Sales President Bob Denison shares 4 maxims in creating value with clients not just for the short term, but for the long haul.

Creating value for our clients is at the core of every successful yacht broker’s job description.

In years past, it was more likely for brokers to succeed by relying on charm, color coordination of boat shoes, and impressive business cards.

A new era of exists where brokers must assist clients with sorting through massive amounts of market information, keeping-up on the latest systems, and understanding changing maritime laws. Brokers that comfortably rest on their laurels will be hard-pressed to provide real value for their clients.

I came across a study recently that the Real Estate industry in the U.S. recently commissioned. The National Association of Realtors surveyed thousands of home buyers and discovered 4 major skills clients wanted to see in their broker: 1) honesty; 2) knowledge of process; 3) responsiveness; and 4) knowledge of market.

1) Honesty & integrity:

Easier to talk about than it is to pull off in real life. True honesty requires sacrifice. It requires a broker willing to lose a deal for the sake of guiding a client away from a yacht that might be harder to sell later, or one that has skeletons not easily found. For brokers, honesty hurts in the short-term but always pays dividends down the road.

2) Knowledge of the purchase process:

Buyers want to know when things happen and who is responsible. For Buyers new to the yachting industry, the process of moving parts, and various role-players can be intimidating. Surveyors, escrow agents, captains, haul-out facilities, classification experts, yacht managers, and insurance brokers are just a few of the players that might be new to a Buyer of a yacht. Helping a client through these unfamiliar waters is critical to providing value.

3) Responsiveness:

UHNWI expect questions answered quickly. Yesterday’s answer, “I’ll get back to you tomorrow” is no longer acceptable. Today’s response should look more like, “I’ll get you that answer in a few seconds.” Even if it’s a Saturday. Especially if its a Saturday. Brokers that take their sweet time to get back to clients will find themselves penniless.

4) Knowledge of the market:

Yacht brokers have access to resources and web sites that the general public does not. Putting those resources to good use is critical. Researching current market trends, sold boat data, and gathering insider information allows brokers to have intelligent conversations with clients that add true value to the process.

These skills of course, are not limited to the Buying Process, but to the entire lifecycle of a client’s Yacht.

I am often approached by new brokers to the industry seeking career advice. My response is almost always the same: “Be honest. Be smart. Be responsive. Especially on Saturdays.”

Allow Denison Yacht Sales to demonstrate these maxims with your next sale/purchase.
Sales@denisonyachtsales.com | +1 954.763.3971