Great Yacht Brokers

When you decide that you want to either buy or charter a yacht, you need someone to help you navigate the murky waters of yacht brokerage.  Yes, pun was intended.  There are thousands of brokers from which to choose so how do you know which one is right for you.

Yacht Broker Credentials

Yacht Broker Licenses

•  Very few states even require a license to be a yacht broker.  Someone can just wake up in the morning and say, “I think I’ll start selling boats  /  yachts” and off they go.  Fortunately two of the largest yachting states, Florida and California, require brokers to be licenses.

Yacht Broker Organizations

• See what additional certifications and affiliations they have.  The most influential organizations require from three to seven years of experience, multiple industry recommendations to be considered for membership, high code of ethics, errors and omissions insurance, escrow accounts and extensive training and testing. Three of the organizations demanding the most training and experience are CPYB, MYBA and AYCA.
  • CPYB – Certified Professional Yacht Brokers – Sales Brokers
    • YBAA, one of the key professional organizations in this field, strongly recommends CPYB certification, which stands for Certified Professional Yacht Broker. And chances are good that prospective buyers will feel more comfortable working with someone who holds this certification. Eligibility requirements include at least three years’ experience in sales and yacht brokerage, proof of appropriate trust or escrow accounts, a history of using legal sales contracts, and possession of all necessary licenses. If you meet those requirements, you take a certification exam, which includes questions about broker transaction processes, legal reports, ethics, and sales regulations.
  • MYBA  – Mediterranean Yacht Brokers Association – Sales and Charter Brokers
    • MYBA has been the ultimate authorty in yachting in the Mediterranean since it was founded in 1984. Their influence quickly spread throughout the world and they are a leader in pushing legislation, creating contracts, growing the industry through yacht shows and massive media contributions.  To become a member requires multiple referrences, in depth knowledge of the yachting industry, personal interview with in depth questions about contracts and ethics and requires proof of licenses, insurance and escrow accounts. Currently only 118 Corporate member and only 189 inidividual members have made the cut.
  • AYCA – American Yacht Charter Association -Charter Brokers
    • Only the most experienced and professional charter brokers can be members of AYCA.  To even be considered you must have a minimum of seven years experience and then pass an extensive screening process to be admitted.
  • IYBA – International Yacht Brokers Association
  • YBAA – Yacht Brokers Association of America
  • CYBA – Charter Yacht Brokers Association

Paradise Yachts and Anything on the Water are members of CPYB, MYBA, AYCA and IYBA.  Rebecca J Riley is also an individual member of MYBA

Yacht Broker Experience

• What experience do they have on yachts?  Do they have a captain’s license? Have they worked on a yacht?

Does your Yacht Broker Listen

Once you are comfortable with their credentials, talk to them.  Are they just trying to sell you something or are they really listening to what you are telling them?  Are they asking questions that make you think about what you want and need?  Are they pointing out the pros and cons of a particular yacht?  If they have nothing about a yacht that they question, you may need to wonder why.  Every positive usually has an offsetting negative.  Example – the yacht goes really fast – which you like.  But it burns an enormous amount of fuel which will cost a great deal to operate and give you a much shorter cruising range.  You need to know both the pros and the cons of a yacht and then decide which factors are more important to you.  Your broker should be pointing out these things for your consideration.

Where is your yacht broker after the sale

After the sale.  What kind of service do they give you after they have your money? Do they take the money and disappear or do they continue to follow up days, weeks, months, years after the sale?  Ask for references from previous clients.

Pick one broker and work with them for best results

Then, once you’re comfortable, pick a broker and work with them.  Don’t work with 2 or 3 different brokers at the same time.  It’s not fair to them and will most likely result in overlap and problems down the road.  If you don’t like the results, fire them and move on.  But only work with one broker at a time for the best results.

Happy shopping!