How to Sell Your Boat in 5 Steps
Now that Summer is over you may be thinking about selling your boat before you put it back into storage. Selling your boat can be a bit of a process but doing some essential things upfront can help you sell your boat quickly and for the best price.
Here are the 5 Steps:
Determine the value of your boat (NADA)
Choose how you will sell your boat (Dealer or For Sale By Owner)
Clean your boat & Take pictures
Create an online listing for your boat
Sell your boat and get the paperwork ready
How much do you sell your boat for?
There are a few factors that will affect the price of the boat, so approximating the cost at the start can be a little challenging.
Some of the factors that will influence the selling price of your boat are:
Your geography/location. If you’re selling your boat in a place where lots of people own boats, you are more likely to get more offers and get your asking price.
Time of year you are selling. More people tend to purchase in the spring, so you can usually sell your boat for a higher amount during this time.
Engine size and hours
Condition of the interior
Add-ons or upgrades you’ve made will hike up the boat’s value.
The best starting place to determine how much to sell your boat for is online listings. You can browse boats for sale that are similar to yours to gauge how much you should list your boat for. Consider the boat’s make, model, size, year, and condition when searching.
Another tool to help you approximate the cost of your boat is NADAGuides.com, which publishes pricing information for boats. NADA is relatively accurate because the site gets its data from dealers. Also, if the buyer needs to get a loan then the banks will lend based off of the NADA value.
As you start deciding on a listing price for your boat, remember to be realistic about the market and your needs.
Choose to Sell it On Your Own or Get Professional Help
A question you need to decide on early on is how to sell your boat. Are you going to partner with a broker or dealer to help you sell the boat, or sell it by yourself? There are plenty of pros and cons for both options.
Working with a Dealer
Choosing to partner with a dealer can be helpful in many ways. There are many situations where the best option is to go through a dealer. If you are selling a more expensive boat, for example, a dealer can be a big help. Expensive boats require more paperwork and may be harder to sell. A dealer can help with both of those needs, as well as help establish your boat’s value, set the price, and qualify sellers. They can also help with demos, inspections, financing, and liens.
If you are located in a place that is different from your boat, then you will also want to work with a dealer. Plus, if you want to trade in an old boat for a new one, you’ll want to contact a boat dealer. Whether you are choosing to work with a dealer or not, there are some downsides you should be aware of before you begin conversations.
Pros of working with a dealer:
The main benefit of working with a dealer is that they can take care of just about everything for you. You don’t have to worry about where to sell a boat or setting up your listing. A dealer will:
Create a boat listing and post it on various sites
Determine a good selling price for the boat
Take high-quality photos, and potentially videos, of the boat for posting
Handle conversations, showings, and demos with potential buyers
Display boat at sales events
Provide access to escrow accounts to hold the buyer’s deposit
Offer boat financing loans
Have procedures in place, including contracts and documents, that protect the buyer and the seller
Cons of working with a dealer
One of the most obvious cons of working with a dealer is that you will have to pay them a percentage of the sale. Typically, dealer fees amount to 10% of the boat’s sale price.
This does not necessarily mean that you will end up with a smaller takeaway sum of money in your pocket, because they might be able to sell the boat for more than you are able to on your own. But, you need to factor their percentage into the final cost.
The other potential downsides of working with a dealer is that they will likely require a listing contract. If you’re hoping to continue to use the boat while waiting for a buyer, this can also prove challenging. The boat showings will make it hard to have easy access to your boat when you want it.
Selling the Boat By Yourself
You don’t always have to work with a dealer. If you are selling a less expensive boat or feel comfortable handling the process yourself, then you can sell your boat by yourself. There are a few different pros and cons of choosing to post your boat as “for sale by owner” that you should be aware of ahead of time.
Pros of selling it yourself
If you sell a boat on your own, then you don’t have to pay a dealer any commission. A commission can add up to tens of thousands of dollars, so choosing to sell on your own can save you a big chunk of money. Selling on your own means you have control over the boat price and the boat-selling process. Plus, you can set your own boat showing times and have easy access to your boat in the meantime.
Cons of selling it yourself
Selling your boat by yourself might save you a lot of money, but it will also cost you a lot of time. You will have to create and post your boat listing, and you will be limited to where you can post the listing. It’s almost a guarantee that your boat listing will have less visibility than it would if you worked with a dealer. If there are any costs to list the boat for sale, the money will come out of your own pocket.
You will also have to handle all of the buyer inquiries and screen those potential buyers. Negotiating the sales price is left up to you, as is writing up contracts and sales agreements.
Clean your boat & take pictures
You’ll need to make your boat super clean before selling it. That means wiping off every speck of dirt or sand, even in the hard-to-reach spaces. Remove all of your gear from the boat, then use boat-cleaning supplies to clean every square inch. Clearing away the clutter of gear has the added benefit of making your boat’s interior appear larger in photos.
Use boat polish and wax on your boat’s exterior so the gel coat shines when buyers stop by for a showing. Once everything is clean, bring out the camera and start snapping. Photos are usually what catch a buyer’s attention first, so you want to showcase the highlights of your boat. One trick to how to sell your boat fast is to add videos to your ad! A video or two can make your ad stand out even more. Have someone film you from the shoreline while you drive the boat, or film a video of you walking through the boat to show off its features. As you take photos and videos, don’t be scared to show some of the boat’s flaws. Your honesty will make potential sellers trust you more.
If possible, hire a professional photographer to capture high-quality photos or videos of your boat that entice buyers. Also, you may want to hire a boat detailer to clean your boat for you.
Create an Online Listing for Your Boat
Now it’s time to let people know your boat is for sale. An online listing lets you reach the highest concentration of buyers. Your listing should show your boat in the best possible light, but it should also be honest. You want to make a good impression on potential buyers.
Share all of the details you can about the boat, but don’t just publish one large chunk of text. Make it easy to read by breaking up the text with smaller paragraphs and bullet points.
The boat listing should include:
Boat Make, model and year
Boat’s exact dimensions, such as length (LOA), beam width, and gross weight
Boat Engine Size and amount of hp
Trailer info
Service records and last time the impeller was changed
All options above the standard options and any upgrades
Photos of the boat
Video(s)
Boat history report. Similar to CarFax, a boat history report reveals the condition of the boat. Including one in the listing instills confidence in the buyer. You can get one at boathistoryreport.com.
Before clicking “post,” make sure there are no spelling or grammar errors in the text, and check to see that all of the information provided is accurate. You don’t want to turn any sellers away because of misleading or false information.
Here are some options of places to post your Boat:
Craigslist
Social Media (Facebook/Instagram)
Offer Up
Or, you could always just hang a “For Sale” sign on it and place it in a marina or other high-traffic area where people who are interested in boats can see. It doesn’t hurt to use a mix of selling tactics.
Sell your boat and get the paperwork ready
When someone contacts you and expresses interest in buying your boat, there are a few different steps that need to take place.
First, you or the dealer will show the interested individual the boat. If they like what they see, you might perform a demo. A demo allows the seller to see the boat in action.
There’s a chance that after the demo — or even before — the buyer is ready to buy. If they are ready, you should be too. Make the purchasing process simple and smooth by having all of the paperwork ready to go. The paperwork necessary for a sale varies between states, but this is what you can typically expect to need:
Proof of legal ownership
The boat’s/trailer’s title
The boat’s maintenance records
Boat bill of sale agreements, which all parties need to sign. Check with your state’s DMV to see if this is required in your state.
Documents to complete the sale and sign over the title, including the proof of sale and release of liability
You can get PDF versions of some of these documents from your state’s DMV. You can also download online templates for some of the paperwork, including the proof of sale and release of liability.
Once everything is signed, the boat is out of your hands. The process of selling your boat can be smooth and straightforward if you are honest with the buyer throughout, and if you take the time to prepare an excellent listing. Good luck!
If you're in the market for a new or used boat to replace the one you're selling, check out our website at www.lakenwatersports.com, stop by our showroom or give us a call. We have a lot of great boat options for you to choose from including Wakesurfing and Wakeboarding gear.