How to Become a Boat Broker

A boat broker arranges the sale of fine vessels.

Boat brokers connect individuals who want to buy boats with those with a vessel for sale. If you work in this position, you can have agents who work under you to help you sell the boats or you can run your entire operation without any assistance from workers. A company that sells boats, however, has quite a few tasks to perform such as advertising and bookkeeping so they can earn money when they sell boats. You also must have a pulse of the boat sales market in terms of the prices for which boats sell, and the parts that comprise each vessel. After you match a buyer with a seller, you earn money for your work. For example, if you sell a boat for $400,000, you can earn $40,000 or a tenth of the price for which the ship sold.

Instructions

1. Find a job at a company that sells boats. Before you become a broker, plan to work for an established company for at least 12 months. Plan to live with your parents, friends or associates during this time period until you get a large enough commission to get your own place to live.

2. Get a license to run your business. Depending on your state, the stipulations for a business of this nature can vary. If you live in a place such as Florida and plan to sell yachts, you need to get a brokerage license to perform these duties.

3. Learn the features of a vessel so you can explain them to your clients. You must have the skill to explain common boat jargon to those who do not comprehend these terms. It also makes sense to learn how to drive a boat because the customers who you work with deserve the right to take these boats out for a ride.

4. Contact places where people park boats in your city. Telephone the decision-makers for the marinas and inform them that you sell boats of all kinds. These owners can put you in touch with sellers and buyers who have a need for your services.

5. Perform the duties of your job. When you work with boat sellers, you have to advertise their boat, and set up meetings with potential buyers. If the seller needs to fix any part of the boat, he must fix the issues before the ship sells. In a transaction with a buyer, you have to let him know what boats are on the market that meet his criteria and bring him to view and drive the boats he likes. Once a deal closes that you oversee between a buyer and seller you get a commission for your efforts.

References

• Why Use a Professional Boat Broker?
• YBAA : Yacht Brokers Association of America