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Advice: 8 of the questions you should be asking when choosing a yacht broker

What are the key questions you need to consider when choosing a yacht broker? In a quickfire poll, BOAT International asks the experts in the field the questions they believe prospective yacht buyers or sellers should ask when choosing a broker. 

1. "How long have you been a yacht broker?" 

"Obviously, a broker’s time in the industry leads to having gained experience at some level. In the yacht sales business, the broker’s compensation is commission-based – if you don’t sell, you don’t eat! It doesn’t take long before a full-time broker must move on to another profession if he or she can’t sell" – Jon Burkard, president, Allied Marine

2. "Is the broker reputable?"

"Are you a member of a professional organisation (MYBA or IYBA)? Do you have the right PI insurance and cyber insurance in place? Check they are established as a professional broker in their day-to-day job (with separate client accounts) – not an 'Instagram broker'" – Richard Lambert, head of sales, Burgess

3. "In terms of marketing, what do you do that is different to others?" 

"We try to focus on all aspects but are strong on video, with our YouTube channel and high subscriber numbers. That is a big source of leads, not only for finding buyers. We also list boats as people see the broker and their personality and think they'd like to sell their boat with them" – Ben Farnborough, COO, Denison Yachting

4. "What’s your edge?" 

– Alex Koersvelt, commercial director, Edmiston

5. "Does the company you represent have a truly global footprint?"

"The marketplace and buyer demographics are truly global today. Does the company you represent have a truly global footprint?" – Anders Kurtén, CEO, Fraser

6. "Do you have a listing presentation?"

"Ask for a listing presentation to get an idea of how they will market your yacht. Be sure a comparative market analysis or CMA is included – this analysis will give you an idea of the competition and what similar yachts have sold for in the past" – Michael C. Galati, yacht broker, Galati Yacht Sales

7. "Tell me about your experience?"

"How many yachts have you and your company successfully brokered in the past year(s), especially in the market segment I am interested in?" – Raphael Sauleau, CEO, IYC

8. "How do you manage the compliance and regulatory landscape of today?"

"How does your banking and financial governance look?" – Toby Maclaurin, sales director, Ocean Independence

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The Reason Wealthy People Own Yachts May Not Be What You Think

The appeal of sailing, as opposed to other ways of spending one's money, is surprisingly simple..

Ten years ago, the world's wealthiest people spent a collective $22 billion on yachts. That's a lot of money—about the same as what most European countries spend in total on their armed forces. But why spend so much on boats for sale ? What is the appeal of sailing over and above other ways of spending one's money such as fancy cars or mansions? The answer is surprisingly simple: unrivalled privacy.

The Emptiness of the Ocean

Do we live on a crowded planet? Ask most people and they will say yes, of course we do. But that's not actually the case when you look at it from the perspective of yacht owners. The surface of the Earth is very sporadically populated. Most people live in just a few concentrated areas. Regions such as Siberia, Greenland, Australia, the Antarctic, and the Sahara are virtually people-free zones. Unfortunately, these locations are difficult to access and have extreme weather. However, there is another wilderness that people rarely, if ever, consider (unless they are among the super rich) and that's the open ocean. The world's oceans are enormous. They cover some 70 percent of the planet, meaning that they offer more than two times the space of all of the Earth's land masses combined. What's more, no humans live on the sea (except other super wealthy people who can afford charter luxury yachts ). So you can travel for a thousand miles and not bump into a single soul. For the wealthy, this is appealing. It's almost impossible for paparazzi and civilians to track yacht movements. Once a vessel is out to sea, it becomes enormously expensive for journalists to keep tabs on it. Usually, the only way to really get up close is to use a helicopter—and they're notoriously expensive. Some parts of the ocean are even more deserted than others. Major trading routes along the Atlantic and Pacific tend to stay within particular corridors which offer the best winds and most direct routes. Once you get away from these, the traffic thins out considerably; and some ocean regions do not see any regular traffic at all.

The Public Lives of the Super Wealthy

But why would the super wealthy crave such a solitary ocean existence? The reason comes down to the type of lives they lead. Unlike regular folk, they can't walk to the local store, do some shopping, and then hop in the car and go home. If they did, they would be swarmed with people. They might even be in danger. Therefore, yachts offer a kind of peaceful oasis where the ultra wealthy can go to avoid the crowds. They offer a break from their high-profile public lives and allow them to retreat with a select few people they trust. The wealth of ultra high net worth people is extraordinary. Many have more than $30 million in assets, and they spend around $1.1 million per year on luxury items. In total, they comprise around 20 percent of the world's luxury market, buying watches, jewelery, and so on. However, as a group, they comprise around 90 percent of the world's yacht market. In other words, yachts are almost exclusively for the super rich with virtually nobody else entering the market at all. The amount that people are willing to spend on yachts is truly staggering. Published data suggests that a Russian billionaire currently owns the world's most expensive luxury yacht, worth more than $1 billion by some estimates. It has multiple pools, restaurants, car storage, and even a gun turret for fighting off pirates. It's more than 536 feet long and has two helipads, just in case he wants to invite his wealthy friends onboard.

While owning a yacht offers the super wealthy many benefits, there are also substantial risks. Injuries from boating accidents are surprisingly common, which is sad but also underscores the value that these vessels bring. Sailing also requires a lot of skill. You can't just pick up as you go along. It takes many years of training, particularly if you want to head out to the deep ocean. While the world's oceans are generally calm, sometimes waters can become choppy and cloud cover can reduce visibility. Furthermore, changes in weather conditions can make it hard to figure out where you are on the surface of the planet precisely. Larger vessels tend to have excellent communication tools, but smaller yachts do not. These factors all increase the risk of spending life at sea. There's also the issue that many of these boats are a long way from the nearest help. Some sail outside of country jurisdictions, meaning that there is little to no security coverage. This means that yacht owners often have to hire security as well, particularly if traveling through dangerous areas such as the perimeter of the Indian ocean. Of course, the more the super-rich spend on their luxury yachts , the more attention they draw. A recent yacht mooring attracted headlines and local people lined up to get a glimpse of it in the flesh.

The Superyacht Future

Because the superyacht market is so exclusive, it is sometimes hard for regular people to get a handle on how it works. There are only a few thousand individuals in the world with the financial means to purchase and operate such vessels without ruining themselves. However, researchers are slowly penetrating the market's elusive milieu. They're shadowing yacht brokers and using that to gain insights into how it works. The conclusion seems to be that yachts are a sort of tool for establishing the pecking order for the super rich. Unlike private jets (which are extremely helpful) or fine wine, superyachts are a status item that allows wealthy people to compare themselves to others. Those with the biggest and most elaborate vessels are at the top. Monaco makes a very visible show of this competition. In the harbor, dozens of large yachts line up with some especially gigantic vessels dominating the smaller pleasure craft in both size and prestige. Yachts are a depreciating asset, though, and extremely dependent on the wealth effect. When the super rich feel like they have more money (because asset prices are rising), they are often much more likely to take part in the yacht clubs market. However, if the economy takes a turn for the worse, they will bail, cancelling orders and selling their yachts to the highest bidder. The costs of running yachts are equally extraordinary—around 10 percent of the purchase price. So a super wealthy person who purchases a $100 million yacht can expect to pay $10 million per year in fuel, staff wages, maintenance and support.

According to industry experts, there is a distinct difference between a yacht and a superyacht . A superyacht is any pleasure craft with a hull measuring more than 24 meters in length. At this size, vessels typically offer multiple floors and special amenities such as cinemas and restaurants. The vast majority also have crew living quarters permitting the owner to travel in full luxury for weeks at a time. Yachts themselves operate as quasi-companies in the sole service of the millionaire or billionaire. There is a manager dedicated to ensuring that the boat is ready to set sail immediately and offer the high-net-worth individual all the services and meals that they expect. So, as you can see, there are plenty of reasons why wealthy people own yachts. Status is part of it, but that's not the whole story. The main reason is privacy which is something that is generally in short supply for high-profile figures.

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Editorial policy: the flash list is dedicated to providing trustworthy editorial content by maintaining strict ethical standards, journalistic integrity, and credible professionalism regardless of any remuneration as working media. the flash list is not affiliated with third-party companies mentioned and makes no endorsement or guarantee expressed or implied. the preceding article is intended for informational reference only, and does not constitute advice of any kind. moreover, a qualified professional should be consulted regarding any lifestyle consideration, medical treatment, or monetary transaction, etc. content contains affiliated link(s) for which compensation was received in accordance with usftc regulations and terms and conditions ., more on the flash list.

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How to Become a Yacht Broker: Requirements Explained

Fun fact: U.S. boat sales can reach heights of up to $41 billion bucks each year. And while most people want to join the frenzy by saving up to buy their own boat, other clever cats join in on the big business by selling the boats. Yachts in particular can sell for a very pretty penny. So hopping in on the craze by starting a career as a yacht broker might get you a sweet slice of that $41 billion dollar business.

But although it might seem pretty lucrative to become a yacht broker, you can't really just head to the dealership and take on the role. On the contrary, there are quite a few hoops you might have to jump through to start a career in the yacht sales business. Wondering how to become a yacht broker? Here's what the job requires.

Basic Knowledge of the Business

First of all - would you buy a car from a guy who's never driven one? Exactly. Before you even think about becoming a yacht broker, you have to make sure you know what to tell your buyers. First hand experience with yachts should give you the upper hand in the business so that you know exactly how to sell a boat's good points and how to take attention away from its flaws.

Yacht brokers need to know the need-to-knows of the business. If you don't have a boat of your own, then you can visit your local marina and talk with the boat owners there. Visit a dealership and ask about boat specifics. You can even do research at home. It pays to know everything there is to know about boats if you want to really get your buyers to seal the deal especially if you don't have a lot of sales experience yet.

CPYB Certification

For the record - certification isn't required if you're wondering how to become a yacht broker. In fact, not a single brokerage requires it since they're more interested in experience in sales and skills. But it is helpful for buyers who want to make sure they’re dealing with someone with a good sales record.

That's exactly what certification is for. Presently, only the Yacht Brokers Association of America ( YBAA ) offers a course for certifying brokers, providing the title Certified Professional Yacht Broker (CPYB.) Applicants must be able to provide several documents to start the certification process. These include:

• Proof of present employment as a yacht broker for at least 1 year
• Proof of employment as a yacht broker for at least three years in the past 10 year period
• Proof of ethical yacht sales and necessary documentation
• A dedicated escrow/trust account for all client funds in trust
• Where applicable, the individual holds all necessary licenses required by the local government
• No violations for the last seven years of any surety or Codes of Ethics of any brokerage organizations or groups that the applicant is a part of
• Pass the CPYB exam

Individuals who comply with these requirements (among several others) are eligible to obtain certification as a Certified Professional Yacht Broker from the Yacht Brokers Association of America.

Alternatively E-learning courses and seminars are also helpful for developing skills. The Association offers courses on warranties, insurance, marketing, co-brokerage, and all of the nitty gritty details of being a yacht broker.

These e-seminars can be helpful in providing insight so you can navigate the work of selling boats, offering important knowledge on specifics that you might not be able to find anywhere else.

Do You Need a License for a Yacht Brokers Career?

To be clear, there are very few states that actually require a yacht broker to have a license . As of writing, only the states of Florida , California, and Virginia require yacht brokers a license to practice their trade through the local government. Other states have no yacht sales regulations.

The requirements for acquiring a license change between states, but you might expect some of these requirements to pop up during the process:

• At least 18 years of age
• A fixed place of business
• Employed as a yacht broker as your primary occupation in another state for at least three years OR
• Own and operate a business selling new or used yachts in the state for at least three years immediately after applying for a license OR
• Employed as a licensed yacht broker for at least a year out of the last five years in the state
• Relevant certification from the YBAA and licenses

These are a must for licenses in California, but Florida and Virginia might require completely different documents and regulations. Licensing process fees can cost you between $200 and $300 to become a licensed broker, depending on the place you're in. It may be helpful to check locally to get a better idea.

Renewal of licensing may have to take place annually depending on local regulations, but it can be different for different states. In some cases, you might also have to complete and pass a written exam to ensure that you're knowledgeable on the specifics of the industry before you can become a licensed broker.

Education, Degree, and School Requirements for the Career

Is a degree a must to become a yacht broker? Yacht brokerages will usually prefer employing yacht brokers with at least a Bachelor's Degree, but it's not uncommon for high school graduates to get jobs as yacht brokers. Of course, a college education and a Bachelor's Degree in business, marketing, sales, or any other related course can be helpful, but you will find it's not always a must in most states.

Selling yachts and sealing deals aren't really skills they teach you at high school -- you get that from years of sales experience. If you've got the chops to make sales and you know the ins and outs of yachts, then it shouldn't be impossible to get a job as a yacht broker -- even without a college degree or an extensive background in school based education especially if you pass the brokerage's exam and requirements.

How Much Do Yacht Brokers Make?

What's a yacht broker salary like? Yacht brokers work on a commission just like any other broker or salesperson career, which means that they make more when they sell more. According to statistics, a successful yacht broker can make a salary of as much as $120,00 a year if they're dealing with higher end yacht models. But that's a very generous estimate of what real figures actually look like.

If we're being realistic, a yacht broker can make an average of about $70,000 a year. That places their weekly salary payout at around $1,300 to $1,400. Of course, peak seasons do exist where sales increase, earning them an extra $500 to $1,000 a week if they're lucky.

Another helpful piece of information is that the amount they get in terms of commissions isn't permanent. Most brokers will ask for 10% of the total sales, but there are net commissions and percentage commissions.

With a net commission agreement, the broker gets the exact amount agreed with the clients regardless of whether or not the yacht is sold for a lower or higher price after negotiations. On the other hand, percentage commissions will earn the broker a specific percentage of the successful sales, which is affected by negotiations made on the sale.

You'll also have to consider the situation if there's a broker working for the buying end as well. The listing broker and selling broker will often have to split the commission from the sales. So if the clients agree to pay a 10% commission on the sale, the brokers won't get 10% each, but will instead get 5% each for a total cut of 10%.

Tips on How to Become a Yacht Broker

• First of all - connections are key in this career. Expand your network by visiting boat shows, dealerships, and other places where you can meet new people in the industry.
• It's helpful to ask a pro. Find and train at a yacht brokerage under licensed or experienced yacht brokers with lots of sales experience to get a better idea of the intricacies of the sale and relevant skills and knowledge.
• You must learn to accept rejection. Yachts are expensive, and even the most interested buyers can back off of a deal when their budget won't allow it.
• Maintain previous contacts. Prospective buyers who didn't push through in the past might be more comfortable to purchase a boat later in the future. It may be helpful to keep in touch.
• Be likable. You and your competition are all selling the same boats. It's your personality that will make all of the difference.
• Go online. A lot of your prospective buyers exist on the internet. If you want to reach a wider audience, try your hand at online marketing.
• Be teachable. If you don't have a lot of experience or a degree in marketing or business, make up for the school deficit by attending seminars and learning courses to expand your knowledge and skills.

FAQs About How to Become a Yacht Broker

Is it hard to become a yacht broker.

All jobs come with their own unique set of challenges. Becoming a successful yacht broker requires persistence and lots of exposure to the actual job. You will find that there are intricacies you'll only learn once you're out on the field since they're not taught in school or in textbooks. Work with a more experienced broker to learn more about what it takes to secure those sales.

What about luxury yacht brokers?

Selling luxury superyachts and gigayachts can earn you massive income in a single transaction, but it's not quite as easy as selling small fry. You're going to need lots of sales experience since you're going to deal with a yacht brokerage and corporations instead of not private individuals.

They might also be more particular about making sure their brokers education, preferring those that have a Bachelor's Degree in business, marketing, and other appropriate courses and not just a high school diploma. It's always best to start out with smaller boats and then work your way up by joining a brokerage firm for luxury yachts for the super rich clientele.

Quitting Your Day Job?

If you're thinking about quitting your day job to pursue your passion for boats, then it pays to know how to become a yacht broker. You'll find that it will take some serious sacrifice and learning before you can call yourself a success in the industry. But with the right contacts, proper licenses and experience, and lots of practice and exposure, you might just be able to secure for yourself a high paying job that puts you in the company of some of the richest communities around.

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How to get super-rich selling superyachts

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Gazing across the sun-dappled harbor in Monaco, even the fathomlessly rich might get the feeling that some people have more money than they know what to do with.

Floating in Port Hercules the other week — ensigns fluttering, halyards singing — was one of the most spectacular displays of seagoing craft ever seen: 125 superyachts with a combined value of $4.4 billion.

The mine’s-bigger-than-yours lineup at the Monaco Yacht Show was yet another sign of how the wealth of today’s ultra-rich is remaking the world in ways that might make many ordinary people cringe. Six hundred million dollars? For a boat?

Even Henk de Vries, one of the world’s foremost superyacht builders, has conceded that no one needs one.

“I make the most unnecessary product that you can want, and I make it so nice that you still want it,” he said a decade ago.

Even at a time of worrying inequality and anxiety over climate change, an astonishing number of the super-wealthy want superyachts — so many, in fact, that the De Vries family and its chief yacht-building rivals, the Lurssen and Vitelli clans, have become fabulously rich themselves.

“You’re essentially building a small skyscraper that floats on the water,” said Martin Redmayne, chairman of the Superyacht Group , a London-based media company. To be successful, these shipyard owners must have “patience, time and passion — absolute passion. It’s a very long game.”

The business of building oceangoing palaces really got going in the Gilded Age when robber barons and their descendants traded up from schooners. The Vanderbilts owned a 332-foot steam-fueled vessel for getaways to Europe, while the J.P. Morgan clan built multiple yachts called Corsair, each bigger and better than the last. The 343-foot Corsair IV was launched in 1930 to sail the family up and down the East Coast and across the Atlantic until it was given to the British navy at the start of World War II.

Demand slowed in the immediate aftermath of the conflict but rebounded as Greek shipping magnates, royalty and Hollywood movie stars became yacht owners.

Paolo Vitelli got his start in 1969 after selling a nightclub business. He used the proceeds to found the yacht maker now known as Azimut Benetti .

Italy, at the time, was rocked with labor unrest, but Vitelli imported boats from the Netherlands and later designed and built mass-produced luxury vessels.

He expanded when Benetti, one of the biggest names in the industry, ran into trouble in the 1980s, partly because of the costs of developing Nabila, a 282-foot vessel the owners of which have included Saudi Arabian arms dealer Adnan Khashoggi and President Trump. Vitelli bought the business in 1985 and overnight turned his firm into a boat builder for the richest of the rich.

Two years later, stock markets tanked and demand tumbled, but Vitelli, 72, stuck it out through this crash and the global financial crisis two decades later.

These days, business is again booming as Middle East royalty, Russian oligarchs, technology titans and real estate moguls compete for ever bigger or more advanced boats. There are more than 350 under construction currently, according to the Superyacht Group, including a 466-footer poised to launch next year code-named Project Redwood. The future owner’s name is shrouded in secrecy.

Azimut Benetti is the world’s biggest yacht builder by volume. It reported annual sales — measured in value of production underway — of 900 million euros ($986 million) for the year that ended Aug. 31. That’s made the Vitellis wealthy, but the family has little interest in cashing out.

“An American fund once wrote me a check for $1.7 billion,” Vitelli said in an interview at Azimut Benetti’s shipyard in Livorno, Italy. He declined the offer. “Money and cash ruin the family and take away the pleasure of running the company. You have to have rules and simplicity to love the real things.”

That was evident in March, when Vitelli launched “IJE” with the customary Champagne bottle shattering against the side, green, white and red confetti fluttering into a blue sky and Luciano Pavarotti’s voice echoing from throbbing speakers. The 354-foot yacht, built for Australian casino magnate James Packer, comes with a cinema, sauna and fire pit.

It’s a monster by most standards and spent the week of the Monaco Yacht Show off Italy’s western coast. The Monaco event started in 1991 as a place for owners, brokers and fans of megaboating to gawk at the latest designs. The inaugural show featured 32 vessels. Last month, four times that number were on display during a week that drew more than 30,000 visitors to Monaco, including Robert Redford and Gwen Stefani.

But the undoubted stars of the four-day event were the gleaming boats.

Germany’s Lurssen displayed the 364-foot Tis, which comes with a massage room, helipads and nine cabins. It’s owned by Russian commodities trader Alexei Fedorychev and is available for mere mortals to rent for $2.2 million a week, plus expenses.

Lurssen announced plans for Tis three years ago, a typical time frame for the biggest custom superyachts. The process starts with a naval architect and designers, and involves teams representing the owner and project managers, as well as thousands of hours of labor for shipyard workers.

Lurssen traces its roots to 1875, when 24-year-old Friedrich Lurssen started a boatyard near Bremen. At first, he made only rowboats, but later pioneered motorboats with a founder of automaker Daimler. Peter Lurssen, Friedrich’s great-grandson, now leads the company, which helped build the 414-foot superyacht of late Microsoft Corp. co-founder Paul Allen. About a third of the German firm’s business is from repeat clients, Peter Lurssen said at a Superyachts.com event in London this year.

“So we must be doing something right,” he said.

But for all the riches floating around, there are ominous signs.

Rising inequality and a populist backlash have put a spotlight on the world’s richest and their toys. British retail billionaire Philip Green’s Lionheart — made by Azimut Benetti — has become a focus of outrage, highlighted by the media each time Green closes stores and cuts jobs.

In the U.S., the world’s top yachting market, Sens. Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.) have proposed wealth taxes as they campaign for the 2020 Democratic presidential nomination. Across the Atlantic, left-wing firebrand Jeremy Corbyn is vying to lead the U.K., while China’s super-rich are braced for the possibility their government may go after the wealthy to provide tax cuts for the masses.

There’s also the risk that another global recession could slow sales.

And it’s not just politicians and the global economy to worry about, either. The next generation of the uber-wealthy may have different attitudes toward such fuel-guzzling symbols of conspicuous consumption.

Azimut Benetti, Lurssen and Dutch yacht builder Feadship, which is half-owned by the De Vries family, have pledged to cut carbon emissions, but that’s not easily done for ships that can burn 130 gallons of diesel an hour.

“A lot of clients are looking at trying to be environmentally friendly,” said Sean Bianchi, head of new construction at broker Burgess. Options for new yachts include on-board battery banks and installing hybrid or electric motors. But “there is only so far you can take a luxury yacht down that environmental route,” he said.

Vitelli, though, is optimistic as he prepares to hand the reins to his daughter, Giovanna, 44, with hopes of starting a dynasty to rival the Lurssens and De Vrieses.

“Her children, although they are young, are already dreaming of becoming the third generation at the company,” Vitelli said. “The idea that we could have 100 years of history is appealing to me very much.”

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