Whats the protocol for selling a boat ?

ajgraz

Lieutenant Commander
Joined
Mar 1, 2010
Messages
1,858
Re: Whats the protocol for selling a boat ?

Agreed that ad suffers from info overload, probably enought to scare off people. A serious potential buyer will ask enough questions that you'll know they're serious and can appreciate what's been done to it.

Maybe you should take it home and run it on muffs for first-time lookers. Then if the first-time looker is interested in a sea trial, try to arrive at some kind of initial offer contingent on it passing said sea trial. Anyone whose initial contingent offer isn't at least your minimum can go on the "waiting list".

If you get 5 or 10 more $2k offers...and they give better reasons than "that's all the money I have"...then the market will definitely have spoken. Perhaps then you will have to adjust your minimum acceptable price.
 

convergent

Petty Officer 1st Class
Joined
May 17, 2010
Messages
385
Re: Whats the protocol for selling a boat ?

We just bought a boat from Craigslist, so I'll give you the other side of the story on how it went and what I expected.

First off, I spent several weeks (actually months) watching Craigslist for what I was planning to buy to get a feel for what I could expect to get for my budget limit. Early on I emailed a few people for more info and never got to the point of meeting them. It amazes me that about 75% of the emails I sent went unanswered, and the questions were usually very easy to answer... why place an ad if you aren't going to respond to potential buyers???

Once I had money in hand (in the bank) for what I wanted to buy, I cranked it up a notch and went and saw two boats, as well as calling and talking to several on the phone. Of the two that I saw, we discussed how much flexibility was in their price during that first face to face. I think this may be part of your problem. You don't need to do a sea trial at the first meeting, and certainly until you are at least past the initial qualification of are they a serious buyer and are you in the ballpark on price. I would ask them... "Assuming that you have a successful sea trial, what price are you planning to offer?". Then, unless there is something that doesn't go well in the sea trial, there shouldn't be any surprises. People are always afraid to discuss price, but I don't see a problem with being honest and open. If you are not flexible, then tell them. Ask them their intentions.

So the one I ended up buying, I arranged to come back for a sea trial and met him at the boat launch near his house. Unfortunately, the battery was dead and we spent a very long time trying to get it started. He said that he had shown it to another buyer that week and had the reverse problem... trolling battery dead. After an hour and a half of various help from other boaters, we had someone take their battery out of their boat and put it in this boat... get it started, and then swapped back. We then went out on the lake and it was having a problem with the prop slipping under acceleration. He had put a new prop on it in response to the first buyer not liking that the prop had a few nicks in it.

We came back to the dock and discussed the two problems and we talked price a bit. He had pulled the listing from Craigslist and was going to re-list it for $500 more since he bought a new prop and battery. He had also just had it tuned and the oil pump replaced for about $800. He gave me the number of his mechanic that did the work.

I called the mechanic and also had a few discussions with the seller about his progress on fixing the prop slipping. I wasn't concerned with the battery problem because it started right away when the good battery was in. He figured out that he had left the old thrust washer on when replacing the prop, so there were two on there. He fixed that and tested that the problem was gone. I called his mechanic and verified that a compression check had been done and that he felt the motor was well maintained and no problems to worry about.

We arranged a new sea trial date. I showed up and we went out and everything worked as planned... no more prop problem, and it started right up cold. We had already discussed price at our last meet... with the assumption that the problems were fixed. He was not willing to come down at all on the price because he was raising the price... and from my look at prices over the last few months I was comfortable with the price being fair for the condition of the boat. I am not the person that is going to argue about a couple hundred bucks on something that I'm paying thousands for. So basically I told him I thought we had a deal, so we towed it back to his house and worked out the details. Because of our combined busy schedules, he wasn't going to be able to meet up again until a week later and we were coming into Memorial Day weekend. He gave me a bill of sale and the boat, and I agreed to have my wife meet his wife the next day with the cash. I guess we had developed a level of trust in all those interactions, AND, he was a cop so he probably figured I wouldn't try to rip him off. That next day I hit DMV and the Wildlife Dept. and got both the trailer and boat registered and it was done.

It was a very smooth transaction and the process allowed me to get more comfortable with the seller and the history of the boat.
 

RAT Attack

Petty Officer 2nd Class
Joined
Dec 25, 2009
Messages
167
Re: Whats the protocol for selling a boat ?

Sorry to say, but I agree it may be priced a little high. High for the area I live in anyway. I would pay around $2,000 to $2,500 tops. It is a little small & with that 470, my willing purchase price wouldn't go near the $4,000 mark. I wish you the very best of luck though!
 

Subliminal

Chief Petty Officer
Joined
Oct 21, 2009
Messages
555
Re: Whats the protocol for selling a boat ?

As an aside, I've sold most things relatively easily on Craigslist...I researched and new the value of what I had.

The one exception was last year I sold a Mistubishi Diamante (car).

I got lowballed left and right and after a while I started to get pretty snide with people. They'd lowball me before they even saw the thing. How can you offer a price on something you haven't even seen?

At any rate, I held out and eventually got full asking price. Just took the right person.
 

RAT Attack

Petty Officer 2nd Class
Joined
Dec 25, 2009
Messages
167
Re: Whats the protocol for selling a boat ?

At any rate, I held out and eventually got full asking price. Just took the right person.





I agree 100%...
It's all just the matter of finding the right person. If you have the time, maybe you will get hooked-up with the right buyer.
 

clarkbre

Petty Officer 2nd Class
Joined
Sep 3, 2008
Messages
176
Re: Whats the protocol for selling a boat ?

They'd lowball me before they even saw the thing. How can you offer a price on something you haven't even seen?

Although I?ve successfully sold many things on CL, I always have this happen to me. If the first question is ?is the price negotiable?? or ?how flexible are you on the price?? I usually let them know I don?t discuss price until they?ve seen the product.

That lets the potential buyer that the price listed is near what I want out of it and it also forces them to come see it and give me an offer to my face. 99% of the time that weeds out the lowballers.

If someone it truly interested in the item, they?ll want to see it before talking about the price. They?ve got to be asking themselves ?Is the buyer really advertising the item correctly? I should see it before I make an offer.?
 

The Famous Grouse

Petty Officer 1st Class
Joined
Sep 26, 2008
Messages
291
Re: Whats the protocol for selling a boat ?

A couple of thoughts on this situation, I hope this will be of help.

1. As others have mentioned, do the sea trial only as the last step after the price has been agreed to. There's no use doing a sea trial if there's no chance of a sale. Most reasonable buyers will agree to this.

2. Generally speaking, myself and many other buyers are not keen to buy small boats that have been kept in marina slips. The chances for dock rash, sun damage, blistered hulls, mold/mildew, mechanical problems, etc are all greater on boats that are kept in the water.

You may not agree with this in the case of your boat, but I'm giving the buyer's prospective. You may well be harming the price potential of your boat by showing it's kept in a slip. Obviously with large boats this is less of an issue, but with smaller boats I think you'd do yourself a favor to haul it out and bring it home to show.

3. You have to decide how flexible you want to be on price and then go with it.

As you've seen, the feedback on this thread and on other similar questions holds true to what I've said for a long time: 90% of private sellers are overpriced and 50% of sellers are overpriced by a factor of 30% or more. What that means, essentially, is that the average private boat seller is highly likely to have a vastly inflated idea of what his boat is really worth in terms of actual price achieved at sale. Which is the only real measure of something's value.

Some sellers are willing to endlessly post on Craigslist and are willing to hang on to the bitter end no matter how long it takes in the belief that they will find that one buyer who is willing to pay "what it's worth". Some people just have a strong need not to be "talked down" on things and are willing to spend lots and lots of time to achieve a higher price.

If you want to sell the boat in a more reasonable timeframe, I'd say you'd better reassess what the market appears to be willing to pay in your area.

Also, ask yourself an honest question: Knowing only what the ad and an in-person visit can tell you about the boat, would you be willing to pay full asking price? I think this is a good gut check.

Grouse
 
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