life of a yacht broker

What Do Yacht Brokers Do? 8 Things To Expect (Selling & buying)

From buying to selling boats and enjoying life on the high seas, the exciting life of a yacht broker seems like a dream to many.

What exactly is involved in their job?

This article will highlight some of the key responsibilities of a yacht broker.

Table of Contents

The 8 Main Functions Of Yacht Brokers

A yacht broker helps to make sure that everything goes smoothly behind the scenes of buying and selling a yacht.

They do a lot to help to make sure the stress of buying or selling a yacht is less stressful and can help to speed the process up.

1) Looking at the Boat

Whether the client is purchasing a boat or selling one, the yacht broker will first need to view the vessel.

This is in order to get a good idea of the condition of the yacht. He or she will need to appraise the condition of the boat.

Another responsibility is to talk to the crew about the maintenance schedule. The yacht broker will also need to look at the ship’s papers. Having all of the right certificates in order and documents is crucial to sealing the deal.

2) Appraising the Boat

The yacht broker will also want to talk to his industry contacts to get an idea for how much the yacht is sold for.

The yacht broker has the important job of saving the seller or buyer time and pain when it comes to selling a boat.

A yacht broker can help with assessing the boat and surveying it to make sure it is in premium condition. They will attend the survey with you, or for you, if you are not able to. The broker will act as the intermediary during the process of the sale.

3) Filling Out The Paperwork

The yacht broker’s job is to make sure that the paperwork gets done. This includes collating the documents for the actual closing of the sale, preparing technical specifications, to making sure the yacht has all of the appropriate certificates.

They will also guide the yacht owner through aspects such as loan payoffs, corporate ownership, bills of sale, and similar documents.

4) Briefing The Parties Involved

A yacht broker will need to direct clients to the best possible marine lawyer for their specific yacht.

The yacht broker may need to help encourage the deal to keep pushing through.

5) Marketing

Marketing is an essential part of the yacht broker profession, especially when they are representing the seller of a yacht.

In the past, a yacht broker operated out of a big office building, and people would walk by and visit because they were considering purchasing a yacht.

Now, in the era of the internet, people from all over the world have access to a yacht broker and their services.

The yacht broker may make use of advertising such as banner ads or videos. Marketing yachts effectively makes use of the internet, so a yacht broker may make posts on social media, classifieds, or their personal website to sell a yacht or find one.

Some yacht brokers might make a video walk-through of the yacht and explain the features to potential clients. Others will have a professional website that acts as a point of contact.

6) Duties While Selling

As stated above, the broker will list the yacht on Yachtworld and other appropriate outlets. They also have the responsibility of pricing the yacht reasonably. Brokers will have access to recent sales, and they know how much they should go for based on recent sales prices.

When they receive responses to the yacht adds, they will prescreen responses so as to find those that are most likely to lead to a sale.

A yacht broker will also have the duty of showing the boat to people who are interested in buying it. They’ll give them the tour, and be sure that the boat is in pristine condition.

The yacht broker will also answer any questions that the buyers have.

Another responsibility they have is to communicate negotiations with the yacht owner. They will also handle the pricing of the yacht , which is where they might get their earnings from.

Finding the right price is a big part of getting the boat sold.

Part of their job would be to take pictures of the boat and to write a description of it that entices buyers.

7) Securing the Sale

When a price is agreed upon, the yacht broker will draw up the sales agreements and will also accept deposits.

Modern technology allows them to do this electronically with smartphones, tablets, and computers.

A yacht broker will secure sea trials where the potential buyer will take it for a test drive on the water as well as schedule surveys.

After the sale is made, they will transfer the funds to the yacht owner.

A yacht broker can assist a buyer in getting financing for the yacht.

8) Duties After the Sale

The broker’s job doesn’t stop after the boat is sold.

They can also assist in docking, boat detailing, and refining it to meet the buyer’s needs.

Their industry connections can help a lot in this process after the boat is sold, and helps to make boat ownership a rewarding experience.

Types of Agreements With Yacht Brokers

Some yacht brokers take a 10% commission on the sale of the boat and might bring it down in order to secure a sale on a boat. There are different types of agreements.

A central agency agreement, or an exclusive listing, means that a seller has hired a specific broker to sell their boat.

The broker may then list it on Yachtworld or a similar site. They then enter a co-brokerage agreement. Co-brokerage is when another broker finds a buyer for the yacht, and the original broker splits the commission with them.

Almost 70% of all yacht sales are done in this way because of this incentive. In this agreement, even if an owner brings in a buyer or donates the boat, they are still liable to pay the broker commission.

Most of the yacht sales are completed with a central agency agreement.

Another type of sale is the open listing agreement. In this setup, the owner can bring in more than one broker for the sale.

The owner also retains the right to sell the yacht on their own.

A disadvantage to this type is because they are not guaranteed commission, they might not spend money that is necessary to advertise the boat. It also might result in communication errors among more than one broker and prospective buyers.

However, on the other hand, a motivated broker might be more likely to bring in a sale because then they would be guaranteed the entire commission. The typical length of the agreement is around six months.

Yacht Broker Duties If You Are Buying

Brokers help to ease buyer’s anxiety when putting down large amounts of cash for a luxury yacht.

They might set up a separate bank account for the transaction and the necessary deposits.

The contract will specify what the contingencies of the sale are, and also how much or how the money will be returned if the sale does not go through.

For the buyer, the yacht broker will have the advice they need to find the right boat at the right price. They’ll be able to open doors and find opportunities that benefit both parties and create a win-win situation.

They work as an advocate on behalf of the buyer and will be priceless when it comes to negotiating and securing a sale.

Know The Role Of The Broker

In most sales, the broker is a worker for the seller and not the buyer.

This is an important part to remember. Their job is to get the highest price possible to satisfy the buyer and to make money. It is possible for a buyer to enter into an agreement with a broker with a buyer’s broker agreement.

A buyer’s broker represents the buyer, not the person selling the boat.

When they know what type of yacht the buyer is looking for, they will search for it through their contacts and resources available to them. They will assist in finding the right boat for the buyer’s needs and budget as well as assist in the necessary paperwork.

A buyer’s broker will typically get a split in commission from the seller’s broker.

There may be no cost to the buyer for using a buyer’s broker, but be sure to read the details of the agreement before signing.

A yacht broker has priceless industry knowledge that will assist in the buying and selling of yachts. A trustworthy broker will help save buyers and sellers time and money when they are making the purchase. They’ll pool the talents and resources of a team of brokers to support the transaction go quickly and smoothly.

Finding the right yacht broker with experience and integrity will make a big difference in the process. A yacht purchase is a significant investment, and teaming with the right people helps to ensure that the investment is the right one.

They understand the market and all of the nuances involved in buying and selling.

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How To Become A Yacht Broker

I consider becoming a yacht broker one of the best decisions I have ever made.

In 2016 I jumped feet first into the yacht, boat, and ship brokerage industry with little experience but with incredible passion. Selling yachts was my first job out of college and is still my only post graduation job, aside from working on this website and building other websites.

I even turned down a job offer from Google to work in the yacht industry!

One of the many benefits, in my opinion, of being a yacht broker is that the job is semi seasonal. While the definition of seasonal will change depending on where you work, not being busy for the full 12 months allows me time to offshore fish, build websites , travel, and much more.

How I Became A Yacht Broker

While in college I started a drone photography and videography business as drones, at the time, were still new to market and the barrier to entry was high.

I started by filming short video clips for car dealerships and real estate agents, but I wanted to incorporate my passions of saltwater fishing and yachts with photography.

One day I cold emailed the most reputable “fishing centric” yacht brokerage in San Diego, California and offered my drone services free of charge. Fast forwarding, this free video offer lead to monthly paid work for over a year. During this year period I was becoming more immersed in saltwater fishing and built up a small following on social media.

Upon graduating from college, I approached the owner and asked for a sales position at the brokerage, to which I was added to the team immediately. Over the last 5 years, I have been responsible for the sale of nearly $33 million in yachts and boats.

How Much Does A Yacht Broker Make?

Researching the compensation for a particular industry or position is important before making a career move.

In most cases, a yacht broker is not paid a salary, rather paid solely on commission. The standard industry commission is 10% based on the selling price of the vessel. This means compensation can range from $100,000 to over $1 million per year.

In my experience, the harder you work the more you will earn as the job is purely commission. There will be months, or several months, where you don’t bring home any income, but when the season is in full swing you will be glad you’re paid on commission and not salary.

Yacht Broker License Information

It’s fairly easy to become a yacht broker or a yacht salesperson. These terms often get lumped together as the same, however a broker owns the company where the salesperson “hangs” their license under.

Only two states in the United States required a license to sell yachts and boats. Florida requires a license for those selling vessels over 32’ that are not their own, and California requires a license for those selling vessel over 16’ that are not their own. The other 48 states are more lax, so I would suggest speaking to a local brokerage in your state about their rules.

How You Can Become A Yacht Broker

Nearly anyone can become a yacht broker or a yacht salesperson, but not everyone will succeed at the job. Below is a list of traits and actions that can help you get into the category of yacht brokers who earn a substantial living.

1. Be Driven 

As mentioned earlier, this job is purely commission based so you need an excellent work ethic and a “go getter” attitude in order to generate income. Yes you can sit back and not do much work, but when starting out and building your client base, this will lead to lackluster results. Be willing to walk the docks, advertise, leverage social media, and look for opportunities to spread your name and services.

There will be some months where you don’t earn any money, just know that this will happen and be prepared. Have some money set aside to get through the slow times, but on the contrary, when the market is on fire, the sales come quick and steady. 

In any business, honesty is vital for longterm success. Boats and yachts have countless systems and nuances, so when asked a question you don’t have the answer to, simply say you do not know but will find out. Follow up with your client the same day with the answer.

When it comes to negotiations, stick to your guns and don’t become intimidated. There is a time and place to offer a reduced commission or to help bridge a survey allowance gap, but don’t make this your automatic go to.

2. Have A Passion For Boats and Yachts

Your body language and attitude, whether intentful or not, will be analyzed by prospective buyers and sellers, and if you don’t show passion for what you’re talking about, then this will be apparent.

Many buyers and sellers have chosen to work with me because they could sense my drive and passion for their needs. I highly encourage you to be genuinely excited to show or preview a vessel because you can always learn something new, plus the water is your office…it doesn’t get much better than that.

Having prior sales experience will be helpful in making a seamless transition into the yacht sales industry, but I’ve found it’s not a requirement. As your deal flow increases, transactions will become easier but for the first year or two there will be a lot of learning moments throughout the sales cycle.

When starting out, take as many listing as you can to get experience learning about different boat platforms and brands, as well as work out all the kinks that can arise during negotiations, paperwork and closing.

3. Excellent Communication and Follow Up

This section separates excellent brokers from mediocre brokers. While this may be the most important aspects of the job, I think it requires the least amount of text.

• Always tell the truth and be honest…if an unpleasant conversation needs to be had, do it quickly and with a phone call opposed to sending an email
• Always stay in contact with your clients…whether they are a prospect, in contract on a boat, or a past client, maintain contact often
• Follow up early and often…be preemptive in your communication, pre addressing and questions before they become questions…a simple text message or two sentence email with an update is often all that is needed for your client to instill additional trust in you

4. Contact Local Yacht Brokerages For An Open Position

Once you have a good understanding of what you’re entering in to, it’s time to start looking for a brokerage to work under.

If you’re totally new to the industry, I recommend using Google to find reputable brokerages in your area, or you can see which brokerages advertise in the back of Yachting Magazine or Marlin Magazine for example.

For those with some experience within the boating industry, you should have somewhat of an idea of which brokerage houses are the most reputable in your area.

There is no better way to land a job than walking in and asking to speak to the owner or manager. Bring a resume and be prepared if the decision maker wants to talk right then. Even if a position isn’t available today, stay in contact via email so that when an opening does occur your name comes to mind.

Selling yachts for a living has offered me many opportunities that I could have never had without this employment. If you’re ready to work hard, then I encourage you to take the plunge immediately. The first 12 months will be difficult, but after that the learning curve begins to flatten.

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What is a Yacht Broker?

A yacht broker is someone who helps you buy or sell your boat , not only sourcing possible yachts or buyers, but also negotiating prices, marketing yachts for sale, drawing up legal documents, and giving you expert industry advice. On occasion, a yacht broker will represent both the buyer and the seller in a transaction, negotiating to deliver a fair deal to both parties.

A trustworthy, knowledgeable yacht broker makes the process of buying or selling a yacht an enjoyable, worry-free process, where you can be sure you’re getting the right price. With so many yacht brokers out there, it’s extremely important that you choose a broker who offers experience and integrity, as well as a great record in buying and selling yachts. It’s also important to find a yacht brokerage that pools the talent and resources of all the brokers in the team, rather than relying on the less effective ‘one yacht broker per client’ method common in the majority of yacht brokerages.

Worth Avenue Yachts has a team of experienced brokers with an exceptional sales record, a superb marketing team, and an extensive global database of VIP clients. Having sold over 1.2 billion dollars of yachts since launch in 2011, Worth Avenue Yachts sells yachts over 50% faster than the industry average, sold almost 10% of all yachts over 100′ in 2016, and is a market leader in the sale of Westport yachts for sale .

What sets Worth Avenue Yachts apart is their revolutionary approach to the brokerage model. Realizing that assigning only one broker per client meant that the client was missing out on the expertise and client networks of all the other brokers in the team, Worth Avenue Yachts broke the mold by creating a brokerage model where all brokers work together to deliver outstanding service and speed of sale to each and every client. Where brokers working independently for commission might jealously guard their client networks and leads, Worth Avenue Yachts deliver exceptional service through collaboration, and their clients benefit from over 100 years of combined broker experience. It’s a model that has seen this relatively young company surge to the forefront of the yacht brokerage industry in record speed.

What Does a Yacht Broker Do For The Buyer?

They discuss your yachting needs and preferences to refine your search for the perfect yacht. Their industry expertise comes in extremely useful at this stage, as they can discuss the merits of different builds, hull types and cruising performance, as well as recommend particular designers or yacht layouts that you might like. Or can go through all the options of new yacht construction .

The yacht broker then uses your chosen parameters to search for the perfect yacht for your needs, across their global database, client lists, and boat show experience.

The yacht broker is by your side as you view your shortlisted yachts in marinas and at boat shows – like the Fort Lauderdale Boat Show (the world’s largest in-water yacht show which Worth have a large presence at every year) – all the while offering expert guidance on the pros and cons of each vessel, as well as suggesting the right price to pay, the potential resale value and charter opportunities.

Once you have decided on your dream yacht, the broker takes care of the legal side of the sale, from price negotiations to drawing up the contract, to discussing the results of surveys and sea trials.

After the sale is finalized and you take delivery of your new superyacht, some elite brokerages offer after-sale services such as management of your vessel and charter marketing services .

What Does a Yacht Broker Do For The Seller?

A yacht broker sits down with you to discuss what price the yacht should command on the current market, while advising possible improvements to fetch a higher price. The broker will build a thorough knowledge of your yacht from its on/board facilities and cruising history to its crew, in order to thoroughly show off your yacht to prospective buyers.

Once the price is decided on and the broker is deeply familiar with all the selling points of your yacht, the marketing process will begin. Worth Avenue yachts has a superb marketing department, placing online and print advertisements as well as conducting direct marketing campaigns to an extensive list of VIP clients.

Your yacht broker will show interested buyers through the yacht, creating a sense of excitement and the yachting experience in the client. Your broker may also show your yacht at international yacht shows : an ideal opportunity to generate interest and have your yacht viewed by prospective buyers, other brokers, and interested press.

Once a buyer is found, your broker will represent your interests in the sale, from drawing up contracts and negotiating counter-offers, to discussing survey results and conducting sea trials with the buyer.

Your yacht broker is there to offer expert advice and make the buying and selling process stress-free and easy to understand. From decoding legal jargon to ensuring you get the best deal possible, a reputable yacht broker is an essential partner on your yacht buying or selling journey.

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A day in the life of a yacht broker

Quick Q&A with Ian Sherwood from  Burgess Yachts

How did you started in yachting?

I first worked for a charter company in Sydney harbour organising a fleet of small self-sail yachts and running corporate racing days.

How did you become a yacht broker

Having realized that my future was going to be in yachting it then just meant finding which corner of the industry that I wanted to specialize in.  A position was being offered by a local company for a yacht broker in a 100% commission based role and although I had no sales training or experience I was drawn to the challenge.

How long have you worked for Burgess?

Four years since 2016

What does a day-in-the-life-of-a-broker look like?

Fundamentally each day has the same objectives.  Listing yachts, selling yachts and prospecting for new opportunities.  Although in reality there is a great deal of variety in how to undertake these tasks.  Travel is a huge part of the job and regardless of where I am, there is a need to be contactable for clients and the rest of the industry.  There are great days and experiences onboard some incredible yachts in beautiful places, but a huge amount of the time it is endless phone calls and dealing with inquiries/follow ups.

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Understanding the Role of a Yacht Broker

The world of yacht buying and selling can be complex and overwhelming, requiring expertise, market knowledge, and a keen understanding of the intricacies involved. This is where a yacht broker comes into the picture.  A yacht broker is a specialised professional who acts as an intermediary between buyers and sellers, assisting them throughout the transaction process and ensuring a smooth and successful experience. 

In this article, we will delve into the role of a yacht broker, exploring their functions, benefits, challenges, and limitations. Whether you are a buyer or a seller in the yacht market, understanding the role of a yacht broker is essential to making informed decisions as to whether they might be helpful to you in achieving your goals.

Qualifications & Regulation of the Yacht Broking Industry

In general, there are no specific educational requirements to enter the field of yacht brokerage and anyone can set themselves up as a broker. However, acquiring certain qualifications and certifications can enhance a yacht broker’s credibility, knowledge, and expertise.

Many yacht brokers choose to pursue professional certifications and memberships offered by industry organisations. For example, in the United States, the Yacht Brokers Association of America (YBAA) and the International Yacht Brokers Association (IYBA) offer certification programs that provide training, education, and professional development opportunities for yacht brokers. These certifications, such as the Certified Professional Yacht Broker (CPYB) designation, demonstrate a broker’s commitment to ethical conduct, professionalism, and industry knowledge. Training does not cover the global marketplace and differences arise between jusrisdictions.

Relevant experience in the marine industry, such as sailing, boating, or yacht management, is also useful. Strong knowledge of yachts, boat construction, navigation, and other related areas is valuable in understanding the intricacies of the industry and providing expert advice to clients.

Regulation of the yacht brokerage industry varies depending on the country or region. In some jurisdictions, there may be specific licensing requirements or regulations in place to ensure ethical conduct and consumer protection. For example, in the United States, individual states may have licensing requirements for yacht brokers, while in the United Kingdom, the industry is regulated by the British Marine Federation (BMF) .

Industry organisations and associations have codes of ethics and standards of practice that their members must adhere to. These codes and standards promote professionalism, integrity, and transparency within the yacht brokerage profession.

Functions of a Yacht Broker

What is the difference between a broker and a dealer.

While a yacht broker and a boat dealer may seem similar, there are key differences between the two. A yacht broker represents the interests of either the buyer or the seller throughout the transaction process. They provide valuable guidance, conduct market research, arrange showings, negotiate prices, and assist with the necessary paperwork. On the other hand, a boat dealer typically represents a specific brand or manufacturer and sells boats directly to consumers. Dealers often focus on new boat sales and may offer additional services such as boat servicing and maintenance.

The Broker’s Role in the Buying and Selling Process – Buyers Broker vs. Sellers Broker

Where employed, the yacht broker plays a vital role in ensuring a smooth and successful transaction. 

A buyer’s broker exclusively represents the interests of the buyer, working diligently to find the most suitable yacht, negotiate the best deal, and guide the buyer through the purchasing process. If you are a buyer, a yacht broker will work closely with you to understand your preferences, requirements, and budget. They will leverage their extensive knowledge of the market to identify suitable yacht options, arrange showings, and guide you through the selection process. Once you’ve chosen a yacht, the broker will assist in negotiating the best price and favorable terms on your behalf, as well as handling the necessary paperwork and legal documentation.

On the other hand, a seller’s broker represents the seller, focusing on marketing the yacht effectively, attracting potential buyers, and negotiating favorable terms on behalf of the seller. If you are a seller, a yacht broker acts as your representative, aiming to secure the best possible deal for your yacht. They will conduct market research to determine a competitive asking price, create professional listings and marketing materials, and promote your yacht through various channels to attract potential buyers. Additionally, the broker will handle inquiries, qualify potential buyers, arrange showings, and negotiate with interested parties. Their goal is to facilitate a successful sale while minimizing your involvement and maximizing your proceeds.

In some cases, a yacht broker may act as a dual-agent, representing both the buyer and the seller in a transaction. However, it is essential to be aware that in dual agency situations, the broker must disclose this relationship to both parties and maintain transparency throughout the process.

What Exactly Does a Yacht Broker Do for a Buyer?

When you engage the services of a yacht broker as a buyer, you can expect them to fulfill several essential roles throughout the yacht purchasing process:

Assess the Client’s Needs and Preferences

A yacht broker will begin by thoroughly understanding your specific requirements, preferences, and budget. They will take the time to discuss your boating goals, desired features, and intended use of the yacht. This allows them to tailor their search and focus on finding yachts that align with your needs.

Conduct Market Research and Identify Suitable Yachts

With their extensive knowledge of the boating market, yacht brokers conduct comprehensive market research to identify suitable yacht options. They have access to a wide network of listings, both publicly available and exclusive, enabling them to present you with a range of yachts that meet your criteria.

Facilitate Yacht Showings and Surveys

Once potential yachts have been identified, the broker will coordinate yacht showings, providing you with the opportunity to view and assess the vessels of interest. They will accompany you during these visits, offering insights and answering any questions you may have. Although they can also arrange for a professional marine survey to ensure the vessel is in good condition, a buyer should remember that the surveyor he chooses works for him, the buyer, and is completely independent of the broker. It is best practice for the buyer to select the surveyor – the broker should be able to supply a full list of surveyors working in the area for you to choose from – and allow the broker to coordinate the arrangements for the pre-purchase survey itself.

Negotiate Prices and Terms

One of the key roles of a yacht broker is to negotiate on your behalf. They possess in-depth market knowledge and negotiation skills, allowing them to secure the best possible price and favorable terms for you. They will advocate for your interests throughout the negotiation process, ensuring you achieve the most advantageous outcome.

Assist with Paperwork and Legal Documentation

Yacht transactions involve a significant amount of paperwork and legal documentation. Your yacht broker will guide you through this process, ensuring that all necessary documents are completed accurately and efficiently. This includes contracts, registration, title transfer, and other relevant paperwork to finalise the purchase.

Provide Expert Advice and Guidance

A yacht broker is your trusted advisor throughout the buying process. They can provide valuable insights and expert advice, drawing on their extensive experience and knowledge of the boating industry. Whether it’s selecting the right yacht, evaluating pricing, or navigating complex legal aspects, your broker is there to support you every step of the way.

By performing these crucial tasks, a yacht broker acts as your advocate and partner, making the yacht buying process smoother, more efficient, and ultimately more rewarding. Their expertise and dedication help ensure that your yacht purchase aligns with your needs and preferences while providing peace of mind throughout the entire transaction.

What Does a Yacht Broker Do for a Seller?

When you enlist the services of a yacht broker as a seller, they take on various responsibilities to help you navigate the yacht selling process efficiently and effectively. Understanding the key tasks they perform on your behalf will highlight the value they bring to the table.

Prepare Sales Particulars and Photographs of the Vessel

A yacht broker will gather detailed information about your yacht, including its specifications, features, inventory and history. They will create compelling sales particulars highlighting the yacht’s strengths and appealing to potential buyers. Additionally, brokers will take high-quality photographs that showcase the vessel’s aesthetics and key selling points.

Conduct Market Research and Agree on a Suitable Listing Price

Yacht brokers have a deep understanding of the market and current trends. They will conduct market research to determine a competitive and realistic listing price for your yacht. By analysing similar yachts currently on the market, recent sales data, and other market indicators, they can guide you in setting an appropriate price that attracts potential buyers.

Yacht brokers take on the task of coordinating yacht showings and inspections with potential buyers. They arrange viewings at mutually convenient times, ensuring that interested parties have the opportunity to see your yacht firsthand. During these showings, the broker will present the vessel professionally and answer any questions that arise. They will also coordinate the pre-purchase survey to assess the yacht’s condition.

As experienced negotiators, yacht brokers are skilled at representing your interests during price and terms discussions. They will handle the negotiation process on your behalf, aiming to secure the best possible price and favorable conditions for the sale. Their market knowledge and expertise in negotiating can be instrumental in achieving an optimal outcome.

Manage Transfer of Payments

The management of escrow for the seller is not always within the direct scope of responsibilities for a yacht broker, however, many have access to an Escrow account as part of their activities and do undertake this role. Escrow services, which involve holding funds or documents in a secure account until specified conditions are met, are otherwise handled by a third-party escrow agent or a trusted closing lawyer.

In the yacht selling process, the buyer and seller may mutually agree to use an escrow account to hold the funds until the completion of certain conditions, such as the satisfactory completion of documentation and transfer of title. This helps ensure a secure and transparent transaction for both parties.

Yacht sales involve a considerable amount of paperwork and legal documentation. Your yacht broker will guide you through this process, ensuring that all necessary documents are completed accurately and in compliance with relevant regulations. They will handle contracts, transfer of ownership, title documentation, and other paperwork required to finalize the sale, ensuring a smooth and efficient transaction.

A yacht broker is your trusted advisor throughout the yacht-selling process. They provide expert guidance and insights based on their industry knowledge and experience. From preparing your yacht for sale to evaluating offers and strategizing marketing efforts, they offer valuable advice to help you make informed decisions at every stage.

By taking on these responsibilities, a yacht broker acts as your representative and advocate, streamlining the selling process and maximizing your chances of a successful sale. Their expertise, market insights, and professional network contribute to a smoother transaction, allowing you to focus on other things while entrusting the sale of your yacht to their capable hands.

Checking a Vessel’s Title

A yacht broker’s role includes checking the clear title and identifying any liens or secured loans associated with the vessel; however, the extent of their investigation may vary.

Yacht brokers typically conduct a preliminary check on the boat’s title and documentation during the listing process when they request relevant documents from the seller, such as the vessel’s registration, ownership history, and any recorded liens or encumbrances. They may also utilise online resources or databases to gather information about the boat’s title status.

While yacht brokers strive to ensure the accuracy of the information provided, it’s important to note that they may not conduct a comprehensive title search like a specialised maritime attorney or title company would. Their primary focus is on assisting with the transaction and ensuring a smooth process for the buyer and seller.

A yacht broker should encourage buyers to conduct their due diligence and seek professional assistance when necessary to ensure a clear title and mitigate any potential risks associated with the purchase.

If a potential buyer is concerned about the boat’s title and wants a thorough examination, it is advisable for them to seek the assistance of a maritime attorney or a title company that specialises in vessel documentation. These professionals have the expertise and resources to conduct a detailed search, examining public records, lien databases, and other relevant sources to determine the boat’s title status and identify any potential issues.

How Are They Paid?

Yacht brokers are typically paid through a commission-based structure. When a successful sale is made, the broker receives a percentage of the final sale price as their compensation – this is typically 8% in the UK and 10% elsewhere in the world.  The specific commission rate can vary depending on various factors, such as the size and value of the yacht, local market practices, and the agreement between the broker and the client.

This sum can be quite considerable, with a payday of $100,000 on the sale of a $1m vessel.

The commission rate is usually negotiated and agreed upon between the yacht broker and the boat owner (seller) before the listing is finalised. It is important for both parties to have a clear understanding of the commission structure and the associated terms.

In the case of a yacht sale, the seller is responsible for paying the commission to the broker. Upon the completion of the sale, the broker’s commission is deducted from the proceeds of the transaction. The remaining amount is then disbursed to the seller.

It’s worth noting that the commission is typically calculated based on the final sale price, including any additional costs or upgrades that may be negotiated as part of the sale; this may also be lower if adjustments to the price have been made following the pre-purchase survey.  The commission serves as the primary source of income for yacht brokers and is designed to align their interests with achieving the highest possible sale price for the seller.

It is important for both buyers and sellers to clarify the commission structure and any additional fees with the yacht broker upfront to avoid any misunderstandings or surprises during the transaction process. 

Benefits of Using a Yacht Broker

Advantages for yacht buyers.

Engaging the services of a yacht broker offers numerous advantages for buyers in the yacht purchasing process. The following are some key benefits to consider:

Access to a Wide Range of Yacht Options

Yacht brokers have an extensive network and access to a broad inventory of yachts, including both listed and unlisted vessels. This grants buyers the opportunity to explore a wide range of options that align with their preferences, requirements, and budget. Brokers can present you with a curated selection of yachts that match your specific criteria, saving you time and effort in your search.

Time and Effort Savings

Searching for the right yacht can be a time-consuming and demanding task. By leveraging their expertise, brokers narrow down the options based on your preferences, saving you the hassle of sifting through countless listings and facilitating a more efficient yacht search.

Negotiation Skills and Financial Savings

Brokers have an understanding of the market value and current pricing trends, allowing them to negotiate favorable terms on your behalf. Their negotiation skills can potentially lead to financial savings by securing a lower purchase price or favorable conditions, ensuring that you receive the best value for your investment.

Expert Knowledge and Guidance

Yacht brokers possess comprehensive knowledge of the boating industry, including various yacht models, brands, and market trends. Their expertise allows them to provide valuable insights and guidance throughout the buying process. 

Assistance with Paperwork and Legal Processes

Yacht brokers are well-versed in the necessary paperwork, contracts, registrations, and other legal requirements. They can guide you through these processes, ensuring that all documents are accurately completed and submitted in a timely manner. Their familiarity with the legal aspects of yacht sales minimizes the risk of errors and provides peace of mind.

Benefits for Yacht Sellers

The following benefits highlight the value that a broker brings to the yacht-selling process:

Broader Exposure and Marketing Reach

Yacht brokers have access to a wide network of potential buyers, industry contacts, and marketing platforms. They employ marketing strategies to showcase your yacht to a larger audience. By leveraging their connections and utilising various advertising channels, brokers can enhance the visibility of your yacht, increasing the likelihood of finding interested and qualified buyers.

Professional Listing and Advertising Services

Yacht brokers provide professional listing services to present your yacht in the best possible light. They know how to highlight the key features, specifications, and unique selling points of your yacht through compelling descriptions and high-quality photographs. A professional presentation enhances the appeal of your yacht to potential buyers.

Pricing Advice and Market Expertise

Determining the optimal asking price for your yacht can be a complex task. Yacht brokers provide pricing advice based on current market conditions, recent sales data, and the specific attributes of your yacht. Their guidance ensures that your yacht is competitively priced, attracting potential buyers while maximizing your chances of achieving a sale.

Screening and Qualifying Potential Buyers

Yacht brokers take on the responsibility of screening potential buyers to ensure they are qualified and serious about the purchase and have the financial capability to complete the process. They have experience in discerning genuine buyers from casual inquiries, helping you avoid time-wasting or unreliable prospects.

Assistance with Negotiations and Closing the Sale

Yacht brokers use their expertise to secure the best possible price and favorable terms. They handle the back-and-forth negotiations, providing guidance and advice to protect your interests. Additionally, brokers assist in navigating the closing process, ensuring that all necessary paperwork and legal documentation are properly completed.

Qualities and Skills of an Effective Yacht Broker

To be an effective yacht broker, certain qualities and skills are essential for success in the industry. These attributes enable brokers to provide exceptional service and ensure a positive experience for both buyers and sellers. 

Extensive knowledge of yachts and the yachting industry

Yacht brokers must possess comprehensive knowledge of different yacht types, brands, models, and their respective features. This includes understanding the technical aspects, performance capabilities, and maintenance requirements of various yachts. Staying updated with the latest industry and pricing trends , advancements, and regulations is crucial for providing accurate and up-to-date information to clients.

Strong communication and interpersonal skills

Effective communication is vital in building relationships with clients, understanding their needs, and articulating information clearly. Yacht brokers should be skilled communicators who can listen attentively, ask pertinent questions, and provide concise and relevant information. Interpersonal skills, including empathy, professionalism, and the ability to establish trust, are also essential for establishing rapport and fostering positive relationships with clients.

Excellent negotiation and sales abilities

Yacht brokers are responsible for negotiating prices, terms, and conditions on behalf of their clients. Possessing strong negotiation skills allows brokers to advocate for their clients’ interests effectively. A successful broker understands the dynamics of negotiation, employs persuasive techniques, and strives to achieve the best possible outcome for both parties involved. Additionally, having solid sales abilities helps brokers market yachts effectively, attract potential buyers, and close successful sales.

Attention to detail and organizational skills

Yacht transactions involve numerous details, documents, and deadlines. Yacht brokers must exhibit meticulous attention to detail to ensure accuracy in paperwork, contracts, and other essential documentation. They should possess strong organizational skills to manage multiple listings, client inquiries, and various aspects of the buying and selling process simultaneously. Being well-organized allows brokers to deliver a high level of service and ensure that nothing falls through the cracks during the transaction.

Trustworthiness and integrity

Trust is a fundamental aspect of the broker-client relationship. Yacht brokers must operate with the highest level of integrity and ethical standards. Clients rely on their brokers to act in their best interests, maintain confidentiality, and provide unbiased advice. Demonstrating trustworthiness and ethical conduct establishes long-term credibility and fosters strong relationships built on transparency and integrity.

By embodying these qualities and skills, an effective yacht broker can provide clients with exceptional service, professional guidance, and a positive experience throughout the yacht buying or selling process. 

Challenges Faced by Yacht Brokers

The yachting industry is subject to market fluctuations influenced by economic conditions, global events, and trends. Yacht brokers need to adapt to these changes and stay updated on market dynamics to provide accurate advice and make informed decisions on behalf of their clients. They must navigate through both seller’s and buyer’s markets, adjusting strategies accordingly.

When supply is short, finding the exact yacht that meets all client requirements can be challenging, requiring extensive research, networking, and potentially longer search periods to identify suitable options.

Yacht brokers occasionally encounter demanding clients with high expectations or challenging personalities. Great brokers possess strong interpersonal skills and the ability to navigate difficult negotiations while maintaining professionalism and a focus on achieving mutually beneficial outcomes. They strive to manage client expectations, mediate conflicts and ensure a positive experience for all parties involved.

Yacht brokers typically earn their income through commissions based on the final sale price of a yacht. While this incentivises brokers to negotiate the highest possible sale price, it may also create potential conflicts of interest. Some buyers may be concerned that brokers could prioritise higher commissions over their best interests. It is important for clients to communicate their expectations and ensure transparency with their broker openly.

Finding the Best Yacht Broker for Your Needs

Not all brokers have equal expertise or experience; the yacht brokerage industry comprises professionals with varying levels of expertise and experience. Not all brokers possess the same depth of knowledge or extensive networks. It is essential for clients to carefully select a reputable and experienced yacht broker who understands their specific needs, has a strong track record, and can provide the desired level of service.

Word of mouth is the best recommendation.

Disadvantages of Using a Yacht Broker

While utilizing the services of a yacht broker offers numerous benefits, it is important to consider potential drawbacks and limitations associated with relying on a broker. 

Commission Fees

Yacht brokers typically earn their income through a quite substantial commission based on the sale price of the yacht. This commission is a percentage of the final sale price and is paid by the seller. Buyers may find that this commission is factored into the overall price, potentially resulting in higher prices. Similarly, sellers should be aware that the commission reduces their net proceeds from the sale. It is important for both buyers and sellers to consider the financial implications and evaluate the value provided by the broker’s services.

Limited Control Over & Lack of Involvement in the Buying or Selling Process

Relying on a yacht broker means relinquishing some degree of control over the buying or selling process. Brokers are responsible for making decisions on behalf of their clients, such as negotiating terms and handling paperwork. While brokers strive to act in the best interests of their clients, there may be instances where clients would have preferred more involvement or different approaches. Clear communication and setting expectations can help address concerns regarding control and ensure a collaborative working relationship with the broker.

Potential Conflicts of Interest

As commission-based professionals, yacht brokers may face potential conflicts of interest. While brokers aim to prioritize their clients’ best interests, there is a possibility that their own financial gain could influence decision-making. Clients should openly communicate their expectations, including any specific concerns related to conflicts of interest, to ensure transparency and maintain trust throughout the process.

It is worth clarifying that while these potential drawbacks exist, they may not be applicable or significant in every situation. The value of a yacht broker’s services should be assessed based on individual circumstances, including the complexity of the transaction, personal expertise, time constraints, and comfort level with the yacht buying or selling process. Each buyer or seller must evaluate their specific needs to make an informed decision about whether to engage a yacht broker.

A good yacht broker can save you a LOT of time and effort in buying or selling a boat, but there can be a high price to pay in the form of commission on the selling price. In the end, whether to engage a yacht broker or not depends on your personal circumstances, preferences, and level of comfort with the yacht buying or selling process.

With such high sums at stake on a single transaction, it’s easy to see that lower-value vessels might have less attention than expensive ones; check the inventory of your local brokers and choose accordingly.

ABOUT THE AUTHOR

Sam Bartlett is an IIMS Surveyor, a Commercial Skipper of sailing boats, and a boat owner for over 30 years. She lives in St Martin in the Caribbean and provides yacht surveys, skippering and marine consultancy throughout the Caribbean.

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5 Ways Choosing a Yacht Broker Beats Going it Alone

By Jim Lodico

Marketing Manager, Crusader Yacht Sales

When it comes time to buy or sell a boat, it can be tempting to try going it alone. On the surface, buying or selling a boat by yourself may look like an easy way to save a few dollars on broker fees. However, when you dig into it, working with a broker as both a buyer and seller can save significant, unnecessary expense, and there are advantages that go way beyond the actual purchase or sale of a boat.

Here are five ways working with a yacht broker beats going it alone:

1. Brokers Know the Market

On average, a boat owner jumps into the market as a buyer, seller or both around once every five years. Yacht brokers live in the market. They know what’s selling and what isn’t. They know what buyers want and what is available. The have a solid command of supply and demand and most important, they know what people are currently paying for boats, how to evaluate a boat and how to set a proper price for a boat. This plays an important role in the process both when the seller lists their boat and when a buyer makes an offer.

2. Brokers Know How to Market Boats

Prepping a boat for the best possible sale takes more than hitting it with the power washer. A good yacht broker will go through an entire sales prep process with the seller. They talk to buyers every day and know what buyers want. As a result, a good broker can provide advice on what to repair and how to make the boat look its best. They also know where to spend the money when prepping for a sale.

According to Mike Titgemeyer, owner of Crusader Yacht Sales in Annapolis , “Something as simple as hiring a professional boat detailer can make a huge difference in the successful marketing of a boat. The seller spends some dollars on a proper detail, and short list of minor repairs and wham the boat is meeting the market’s expectations and sells quickly and for a better price.” A broker will know how to evaluate the boat and determine what it needs most to help it sell quickly at a fair market value.

Yacht Brokers also have a huge network of buyers and fellow brokers. Combine that with knowing where to market boats to get the best results. At a good yacht brokerage, brokers will meet regularly to discuss both their own listings, their buyers and the specific boats on their buyers’ radar. A good broker’s network extends beyond the brokerage to a regional and even a national level.

3. Brokers Know Where to Find Boats

The hunt for that perfect boat can quickly become all consuming. A good broker not only knows where to find specific boats but often knows owners who are thinking about selling if the right opportunity comes along. “A big part of our job is simply bringing people together. Sometimes it’s a simple as reaching out to one of our current owners who is might be kicking a few tires, cruising the boat shows but hasn’t made the leap and letting them know we’ve got someone who might be interested in their boat.

4. Brokers Take the Emotion Out of the Process

We spend countless hours working on our boats making them ours. Time spent on our boats becomes the stuff of lifelong memories. We even personify our boats, giving them names. When it comes time to sell a boat, it’s easy for emotions to get in the way. Fond memories can be quickly become confused with monetary value. Likewise for the buyer, dreams of time on the water can often cloud the reality of a “project” that could quickly overwhelm a new boat owner. A good broker can help their buyers and sellers see through the emotions and come to a fair deal that works for everyone.

5. A Good Broker is Your Boating Expert Before, During and Even After the Sale

Most people don’t realize that a good yacht broker can be there to help even after the sale. According to Titgemeyer, working with a yacht broker is about forming a relationship that carries on through the complete ownership of the boat. A good broker is there during the survey, he or she knows the boat and learns its idiosyncrasies with you. They are also experts in maintaining and repairing boats and know who to contact for help when the time comes.

“After the sale, we expect our owners to call us when issues arrive. We all have large networks throughout the marine industry and chances are we know somebody,” Titgemeyer said. “We can also help our owners when they want to change or upgrade their boats. We can help them determine what equipment is best for the boat and how it will affect resale value down the road.”

Finally, according to Titgemeyer, when choosing a yacht broker, the most important thing is to choose someone you enjoy working with. “More than anything, at Crusader Yacht Sales at least, we feel that being nice matters. You want a broker who is nice to work with both for you and for other brokers. Nice matters because 50 percent of the time we are going to be working with other brokers. Yacht brokerages all have similar models but when it comes down to it, you to work with someone that is easy to deal with and deals fairly with others.”

Explore some of the Bay’s best brokers and dealerships with CBM’s Broker Showcase .

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The world’s best 50 yacht brokers

Home > LUXURY/UHNW Trends > The world’s best 50 yacht brokers

Posted by Joanna Lewis 21 Apr 2023

The world’s best yacht brokers are relied upon for their expertise, market intelligence, and vast network of industry contacts by the most discerning yachting enthusiasts. The leading brokers work for global yacht brokerages facilitating transactions across yacht sales, yacht charter, yacht management, yacht refit, and new builds, including for the most luxurious motor boats and sailing yachts on the planet.

Relevance Yacht is the go-to digital marketing agency for the yachting industry and has helped the world’s leading brokers market their yachts and services to a qualified global audience. 

Here are the world’s 50 top yacht brokers,  in no particular order , that the world’s richest trust when it is time to buy, sell, charter, or build a boat. 

The world’s top 50 yacht brokers

David seal – northrop & johnson – yacht broker & head of video production .

David Seal is a veteran yacht broker and YouTube star based in Monaco with more than 226,000 subscribers on his Yachts For Sale channel, making it one of the most watched yacht channels on the internet. He broke into the industry following a move to Italy, where he started teaching English to yacht builder Norberto Ferretti. He later became sales manager for the CRN shipyard, part of the Ferretti group. Seal quickly differentiated himself by doing walk-through videos of yachts for sale before digital marketing became mainstream. He now works for Northrop & Johnson through an exclusive licensing agreement. 

Rosanna Arcamone  – Silver Star Yachting  – Yacht Charter Broker

Rosanna Arcamone’s career has been rooted in yachting, first as crew on the world’s finest superyachts, including as a chief stewardess, and then as a charter broker and co-founder of Silver Star Yachting. Arcamone boasts a wealth of industry contacts and a keen understanding of the demands of the world’s wealthiest travellers, regularly arranging charters on the world’s most lavish superyachts, including the award-winning 93-metre LADY S and the 85-metre O’PTASIA.

Ann Avery – Northrop & Johnson – Yacht Broker

Ann ‘Annie’ Avery is a sales broker with Northrop & Johnson , specialising in luxury sailboats. Her passion and success in this field led her to be awarded the IYBA Sailboat Broker of the Year in 2020, 2021, and 2022. She is also deeply passionate about conservation, producing audio interviews related to the health of the ocean. US-born and raised, Annie has over 30 years of experience in the industry, including 20 years with Northrop & Johnson. She is based in Northrop & Johnson’s Fort Lauderdale office. 

MATT PALMER – Northrop & Johnson – Yacht Sales Broker

Matt Palmer is a broker with Northrop & Johnson. He has been sailing since his youth, navigating the waters of the Channel Islands, where he grew up. Following a degree in law, Palmer joined a firm specialising in the structure and management of superyachts, enabling him to hone his skills regarding yacht ownership. Having begun his sales career in one of the largest brands in yachting, it didn’t take long before he transacted over 100 million Euros in sales. He champions professionalism and proactivity with strong traditional values and thrives on the true independence that Northrop & Johnson provides.

Nigel Beatty – YACHTZOO – Yacht Broker 

British-born Nigel Beatty is a yacht broker with YACHTZOO. He started his maritime career in the Royal Navy. In 1995 Beatty became a captain on private and charter superyachts around the world, giving him a unique insight into global yachting. He came ashore in 2005, starting six separate companies over a decade, all of which are still operating today. In 2015 he joined the YACHTZOO team in Florida and set up YACHTZOO’s Japan base shortly after. Nigel is the Chairman of APSA (Asia Pacific Superyacht Association) and lives in Monaco and Japan.

Charlie Birkett – Y.CO – Yacht Broker 

Charlie Birkett is a leading yacht broker and co-founder and CEO of Y.CO , based in Monaco. He started his career aged 16 when he left school to follow his passion for sailing. It took him all over the world in several positions, both shoreside and on board, supporting some of the world’s largest, most complex yacht operations, including M/Y CALIXE and M/Y TATOOSH. He founded Y.CO in 2004, along with his friend and business partner Gary Wright, growing the business into one of the world’s leading full-service yacht companies. With the company 100% founder-owned and founder-led, Birkett is known for his dedication to client relationships and treats every Y.CO client as the only client.

Alex Lees-Buckley – Camper & Nicholsons – Sales and New Build Yacht Broker 

Alex Lees-Buckly is a leading superyacht broker with Camper & Nicholsons .  A British native, he is a lifelong yachter with in-depth industry knowledge gleaned from 30 years of experience. Superyacht Times describes him as one of the “world’s most accomplished brokers” and, as such, boasts a loyal clientele with many multi-repeat clients. He has managed some of the biggest new build projects, including the 140-metre Fincanetieri OCEAN VICTORY, and is a leading sales broker for pedigree shipyards, including Benetti, Feadship, and Perini Navi. In 2016, Lees-Buckly was awarded the first Richard Earp Award from Fraser. 

Melanie Burke – Fraser – Yacht Charter Broker 

Melanie Burke is an award-winning charter broker and a recipient of the IYBA Charter Professional of the Year 2020. Based in Fraser’s Fort Lauderdale offices, Burke has been immersed in the yachting industry for over 30 years. She has worked as crew on charter yachts, sailed competitively, and managed yachts and marinas. She is now one of the world’s most recognised charter brokers, helping plan bespoke yacht charter experiences for the world’s wealthiest audiences.  

Marcel Busse – YACHTZOO – Yacht Charter & Sales Broker 

Marcel Busse has over 28 years of experience in the yachting industry as a captain with extensive knowledge of key cruising areas across the globe and superior expertise in vessels ranging from sport fishers to large superyachts. Born in South Africa, Busse has a stellar reputation for return clients and an excellent charter record. He is part of the global yacht brokerage YACHTZOO, where he works as a charter and sales broker specialising in high-end movie charters and yachts in excess of 60-metres.

Chris Callahan – Moran Yacht & Ship – Yacht Sales & Charter Broker 

Chris Callahan is a top yacht sales and charter broker and marketing director at Moran Yacht & Ship . Based in Fort Lauderdale, Callahan has over a decade of experience in the yachting industry and has facilitated yacht sales, charters, and new build projects. 

Tim Carbury – Moravia Yachting – Yacht Sales Broker 

Tim Carbury is a leading sales broker with Moravia Yachting . He was born and raised on the south coast of England, where he developed his passion for yachting, completing his first of many Fastnet races at just 15 years of age. He started his career in yachting at age 18 and has since covered many yachting industry touchpoints, including working as a yacht captain and marine engineer. Carbury is a versatile and adept broker and has successfully represented both buyers and sellers. He is based in Palma. 

Kent Chamberlain – Chamberlain Yachts – Yacht Broker 

Having owned and operated multiple successful yacht sales organisations in California and Florida, including San Diego Yacht Sales, Bradford Yacht Sales, Westship World Yachts, and Merle Wood & Associates  – where he previously served as Interim CEO – Chamberlain is a well-established and accomplished broker with extensive experience in sales, management, and charter. He has been instrumental in the creation of PartnerShips, the fractional yacht sales concept. Additionally, he is the founder and chairman of the Superyacht Network, a private group of top-tier superyacht brokers who regularly share industry information. Chamberlain is respected by his peers as a broker with an unwavering work ethic and high integrity. 

Jeremy Comport – Ocean Independence – Yacht Sales Broker 

Jeremy Comport is a leading yacht sales broker and group director with the brokerage Ocean Independence . He boasts decades of experience managing complex brokerage deals and new builds. Yachting is in Comport’s blood, having grown up around boats, notably sailboats. He kick-started his career in the yachting industry, working on yachts on the French Riviera. He later forged a career as a yacht broker and hasn’t looked back. Notable sales include the 56-metre Feadship built BROADWATER, which sold just three months following its listing, and the 44-metre Burger motor yacht PURE BLISS.  

Liz Cox – Cecil Wright – Yacht Management Broker 

Liz Cox is a senior partner highly specialised in management at Cecil Wright based in the Monaco office. She fell in love with yachting and the French Riviera some 30 years ago and helps owners enjoy worry-free yacht ownership that exceeds expectations. Throughout her career, Cox has helped manage and build some of the world’s finest superyachts, including overseeing the build of the 58-metre Amels, GU, the 68-metre Abeking and Rassmussen AVIVA II and SHERPA, a 73.6-metre Feadship, delivered in 2018. She currently heads up the charter management side of the business, including the management of one of the most successful charter yachts in the global fleet, the 60.9-metre Abeking and Rassmussen, ARIENCE .  

Robert Cury – RJC Yacht Sales and Charter – Yacht Sales Broker 

Robert ‘Bob’ Cury heads up RJC Yacht Sales and Charter , which he founded in 1997. He brings over 30 years of yacht expertise spanning design, brokerage, and new construction. He specialises in the sale of larger, late-mode pedigree motorboats and sport fishing vessels. RJC has represented some of the world’s most prestigious boats, including the 50-metre Trinity M/Y IMPROMPTU. 

Ed Dickinson – Northrop & Johnson – Yacht Sales Broker 

Ed Dickinson is a Monaco-based sales broker with Northrop & Johnson. He represents a wide variety of clients and yachts and has negotiated transactions on vessels from 24 to 70-metres plus. Many of his transactions are from repeat clients or through referrals. Hailing from Guernsey in the Channel Islands, he kick-started his passion for yachting as crew on a superyacht based in the Mediterranean. Dickinson is known for his industry insights and for always going the extra mile for his clients.

Mat Emerson – Camper & Nicholson – Yacht Sales & Charter Broker  

Mat Emerson is a senior partner and director of Americas with Burgess and was previously president of Camper & Nicholsons US. He has over 29 years of experience in the superyacht industry and is focused on sales and charter. He recently sold the 92-metre superyacht TATOOSH, acting as a co-central agent with Fraser’s Stuart Larsen. 

Richard Gray – IYC – Yacht Sales Broker 

Richard Gray is an accomplished yacht broker with a wealth of experience and expertise in the industry. As a broker at the prestigious yacht brokerage firm, IYC , Richard has established himself as a leader in the field, thanks to his extensive knowledge of the global yacht market and exceptional sales skills. Throughout his career, Gray has maintained a strong dedication to his clients, providing them with exceptional service and guidance through every step of the buying or selling process. He has a keen eye for detail, extensive knowledge of the technical aspects of yachts, and a deep appreciation for the beauty and artistry of yacht design. Richard has a sterling reputation in the industry and is respected by his peers and clients for his professionalism, honesty, and integrity. 

Darrell Hall – YACHTZOO – Yacht Sales Broker 

Darrell Hall is a leading yacht broker and the founder of YACHTZOO . He left his native South Africa to become a captain, navigating the world for over a decade until he settled down as a broker in Fort Lauderdale, Florida. Hall’s experience as a captain of both private and charter yachts has provided a solid client base and invaluable knowledge of yachts. Since his arrival in Monaco, he has established himself as a well-known and respected sales broker in the capital of yachting for all matters across motor yachts, sailing yachts, and new constructions of all sizes.

Richard Higgins – Northrop & Johnson – Yacht Sales Broker 

Richard Higgins is one of the world’s top 50 yacht brokers with Northrop & Johnson, based in their Monaco brokerage. He specialises in a wide range of vessels, both motor yachts and sailboats, drawing on over a decade of experience. Higgins is known for his technical acumen, exemplary service, and dedication to supporting his clients at every stage of their yachting journey. 

Jonathan Hind – Burgess – Yacht Sales Broker 

Jonathan Hind is a top yacht broker with Burgess and managing director for the brokerage’s Dubai office. He has over 16 years of industry experience spanning four continents and boasts a strong track record of project management, equally at home on small or large yachts. He most recently sold the 72-metre Delta Marine superyacht ALBATROSS just 11 weeks after she entered the brokerage market. Other notable yacht sales include the 50-metre Benetti motor boat BLUE NIGHT, with Hind representing the seller. 

Kyle van Huizen – YACHTZOO – Yacht Sales Broker 

Kyle van Huizen is a sales broker with YACHTZOO after moving ashore to be based in Monaco. He has many years of experience as a captain on modern and classic sailing yachts. He is highly professional and well-respected in the yachting industry. Since starting as a broker, van Huizen has proved an invaluable and prolific member of the YACHTZOO team, able to handle all types of sales, new and pre-owned, motor and sailing yachts as well as berth sales and some charters for select clients. Originally from South Africa, he is highly proactive and in the know for all yachting matters and new technologies.

Nicola Iacono – Silver Star Yachting – Yacht Charter Broker

Italian-born Nicola Iacono is a leading yacht charter broker and co-founder of Silver Star Yachting . Iacono has unique knowledge of the yachting industry and the needs of the world’s richest individuals, having worked as a consultant for luxury brands and leading shipyards before establishing Silver Star Yachting. He regularly arranges charters on the world’s most luxurious superyachts, including the 85-metre Oceanco yacht SUNRAYS and the 59-metre motor yacht IDYLLIC, built by Benetti.  

Peter Insull – Peter Insull’s Yacht Marketing – Superyacht Broker

Recipient of the prestigious Richard Earp Award, Peter Insull is a leading superyacht broker and principal of Peter Insull’s Yacht Marketing , headquartered in France. Insull is acknowledged as a leading broker for large yachts with an impressive track record of success, representing the interests of buyers and sellers. 

Tim Johnson – TJB Superyachts – Superyacht Broker 

Tim Johnson is the founder and CEO of TJB Superyachts and a leading yacht broker known for his boutique, modern approach. His career has been a varied one, including in management consultancy, tours in Afghanistan as part of the British Army Reserve, and private aviation. He discovered his passion for the yachting industry and has become a recognised force within the charter and sales market. He is based in TJB Superyachts’ London headquarters.

Carol Kent – Carol Kent Yacht Charters International – Yacht Charter Broker 

Carol Kent is the CEO of Carol Kent Yacht Charters International . She is a globally recognised yacht charter broker and recipient of the IYBA Charter Professional of the Year 2017, in recognition of her outstanding deduction and contribution to the yachting industry. Kent specialises in crafting vacations of a lifetime aboard some of the world’s finest vessels, partnering with all the major yacht brokerages, including Northrop & Johnson, Burgess, Fraser, and Camper & Nicholson. 

Brandon Kummer – Kitson Yachts – Superyacht Sales Broker 

Brandon Kummer, a co-founder of Kitson Yachts, began his yachting career at the early age of 18. In 2019, he became the recipient of the coveted IYBA Outstanding Young Professional in Yachting award. His astronomical sales record precedes him, and he is the first superyacht broker under the age of 30 to sell two Feadships. Based out of Miami, Brandon’s professional network and A-list clientele are built upon – and nurtured through – a reputation of impeccable trust and discretion, spanning the world over. In his decade-plus of industry experience, he has positioned himself as one of the most succe ssful yacht brokers in the world. 

Stuart Larsen – Fraser – Yacht Sales Broker 

Stuart Larsen is an internationally recognised yacht broker with Fraser. Based in Fraser’s Fort Lauderdale offices, Larsen has a remarkable sales record spanning three decades, representing buyers and sellers. He recently sold the iconic 92-metre Nobiskrug-built M/Y TATOOSH, which was showcased at the 2022 Monaco Yacht Show. Other notable yachts include the 126-metre explorer vessel OCTOPUS. Larsen also has extensive experience across new build projects, boasting a network of contacts with the world’s leading shipyards.  

Sean McCarter – Northrop & Johnson – Sailing Yacht Broker 

Sean McCarter has a long-held passion for the sea, growing up around boats in the UK. As an experienced sailor, he specialises in sailing yachts, offering expert advice drawn from firsthand experience. He joined the yachting industry during the America’s Cup in Valencia, 2005 to 2077, and progressed to skipper of power and sailing yachts up to 2000GT, including a round-the-world race and cruise. He has sailed 12 Atlantic crossings in varying directions. McCarter is based in Northrop & Johnson’s Palma office. 

Kevin Merrigan – Northrop & Johnson – Yacht Sales Broker 

Kevin Merrigan is the chairman, former owner, and a leading yacht broker with Northrop & Johnson, having negotiated purchase and sales agreements for more than 300 of the world’s finest boats, closing deals in over 15 countries. He oversaw the firm’s growth from an American-based brokerage with seven offices to an international powerhouse with offices in every global yachting hub. Kevin is the founder of the International Yacht Council and has served on the Board of Directors of the Florida Yacht Brokers Association and the International Yacht Council.

Robert Moran – Moran Yacht & Ship – Yacht Sales & New Build Yacht Broker 

Robert Moran is president of Moran Yacht & Ship and a top yacht broker based in Fort Lauderdale. He started his career as a deckhand working his way up the ranks to captain. On dry land, he founded Moran Yacht & Ship in 1988, establishing the company as a leading yacht brokerage. Amongst its most notable yachts is AHPO, which Moran oversaw the build of. It is listed for sale with Moran and is the world’s most expensive yacht currently on the market.

Sean Moran – Moran Yacht & Ship – New Construction Yacht Broker 

Sean Moran is a yacht broker and managing director of Moran Yacht & Ship in Fort Lauderdale. He grew up in the world of yachting as a son of a yacht captain and yacht chef. Moran started his career as a deckhand, working his way up through the ranks to First Officer. Over the years, he has developed in-depth technical and operational management expertise, helping him to guide his clients through the more technical aspects of yacht ownership. He specialises in new yacht construction projects and has worked on some of the world’s most luxurious new build projects.  

Juan Morillo – United Yacht Sales – Sales Yacht Broker 

Juan Morillo is a top-performing Florida yacht broker with United Yacht Sales , known for his level of service and passion for yachting. He is focused on new builds and pre-owned yachts and boasts vast experience in sales and consulting on complex acquisitions. Morillo introduced the buyer for the 62-metre M/Y CLOUD 9 in 2022. 

William Molloy – Moravia Yachting – Yacht Charter Broker 

William Molloy is head of charter and a senior charter broker at Moravia Yachting, with over 200 charters completed, including on some of the world’s most iconic superyachts. His passion for yachting stems from his early career as professional yacht crew and a degree in maritime studies. He represents both families looking for quiet getaways to corporate hospitality at major global events. He is known for his bespoke approach and his ability to cater to clients’ individual needs.  

Tim Morley – Morley Yachts – Yacht Sales Broker 

Tim Morley is an experienced and knowledgeable yacht broker with Morley Yachts . He has extensive knowledge of the international yacht market, allowing him to quickly identify market trends and changing values. With over a decade of experience working in sales, Morley is well-versed in both the technical and practical aspects of selling and buying yachts. He takes great pride in helping his clients find the perfect boat at the right price, offering years of experience and expertise to ensure a successful transaction. He is committed to providing first-class customer service, working hard to ensure that the entire process goes smoothly from start to finish. 

Adam Papadakis – Moravia Yachting – Yacht Sales Broker 

Adam Papdakis is head of sales and a senior broker with Moravia Yachting. As one of the world’s leading top 50 yacht brokers, he brings over two decades of expertise and has been involved with several iconic new-build commissions and high-profile superyacht sales. He boasts an impressive network of contacts and is respected for his eye for detail and genuine care of his clients. 

Todd Rittenhouse – Northrop & Johnson – Yacht Sales Broker 

Todd Rittenhouse brings close to two decades of experience as a yacht sales broker. He specialises in high-end power and sail transactions, both new and used. His career has been spent ‘at sea’ starting in the merchant marines working aboard tankers, drill ships, and ocean-going tugs, logging over 150,000 sea miles. His experience working on yachts and large commercial vessels enables Rittenhouse to provide his clients with unique insights to help them make informed decisions. He works for Northrop & Johnson, based in their Newport Beach office. 

Glen Runyan – Seattle Yachts – Superyacht Sales Broker 

Glen Runyan of Seattle Yachts is an accomplished top 50 yacht broker with a comprehensive background in the boating industry. Based in Fort Lauderdale, he has negotiated sales on some of the world’s largest superyachts, including the 74-metre M/Y ELANDESS, where he represented the buyer. 

Wes Sanford – Northrop & Johnson – Yacht Sales Broker 

Wes Sanford is a yacht broker with Northrop & Johnson, working out of their Fort Lauderdale office. He specialises in new deliveries, including large yachts from 70-metres plus. He takes a holistic approach, having been immersed in the yachting world from a young age. He worked as a mate, engineer, and then charter captain on some of the world’s most luxurious yachts for some 12 years. Following the birth of his daughter, he decided to retire from the bridge and instead forge a career on dry land as a yacht broker. He is known for his confidentiality, integrity, and dedication to his clients.

Henry Smith – Cecil Wright – Yacht Sales Broker 

Henry Smith is a highly regarded yacht broker, partner and director of the Monaco office of yacht brokerage Cecil Wright . Smith has a life-long passion for yachting, having sail ed competitively since childhood. A career in the industry was, therefore, a natural fit. With in-depth knowledge of mechanics and engineering gleaned during his time at university, he can advise on more than simply the cosmetics of a boat. He is known for his in-depth knowledge and trusted expertise, especially on northern European pedigree yachts. His most notable sales include the 62-metre Feadship NEW HAMPSHIRE, the 56- metre Feadship HAMPSHIRE I, and the 55-metre Amels LA MASQUERADE. His most notable new build is the 80-metre Nobiskrug Project BULLSEYE which is currently under construction.

Jeffrey Stanley – Gilman Yachts – Yacht Sales Broker 

Jeffrey ‘Jeff’ Stanley is a broker with Gilman Yachts and recipient of the 2021 IYBA Lifetime Achievement Award. A career yacht broker with 40 years of expertise and over 900 closings under his belt, he represents both buyers and sellers of yachts from 30-metres plus. Stanley also has experience with new build projects, his most notable being the 36-metre Crescent built M/Y IMPETUOUS. He previously served on the IYBA board from 1998-1999. 

Matthew Stone – IYC Yachts – Yacht Sales Broker & New Construction Specialist 

Matthew Stone is a multi-award-winning yacht broker and managing partner for IYC Yachts’ California-based brokerage, who has devoted more than half his lifetime to the yachting industry. In 2018 and 2019, he was named Broker of the Year, and then in 2020, he was nominated for the coveted IYBA Outstanding Young Professional in Yachting award. Stone has a passion for new construction builds and has spent time touring the world’s most prestigious shipyards. He is a regular on AWE’s network television series, Selling Yachts, and is regularly featured in industry publications. 

Lukas Stratmann  – Ocean Independence – Pre-Owned & New Construction Superyacht Broker 

Lukas Stratmann is a top yacht broker based in Dusseldorf with Ocean Independence. His completion of German National Naval Service, degree in yacht manufacturing and servicing, and 18-month tenure at Abeking –  where he gained in-depth insights on the above 100-metre range – ensures he brings incredible acumen and outstanding management services to his clients. He provides expert advice for pre-owned and new construction projects, as well as legal, financial, and administrative matters. Stratmann holds his Yachtmaster Ocean Certificate and has worked on superyachts in the North Sea, Mediterranean, and North Atlantic. Notable recent sales include the 34-metre Baltic sailing yacht NILAYA, and the 32-metre HARMONY 1 motor yacht.

Michael Tabor – Kitson Yachts – Yacht Sales Broker 

Michael Tabor, a co-founder of Kitson Yachts , brings a strategic vision and a sophisticated approach to a business built upon leisure. Supremely dedicated to his craft, Michael has a background and award-winning track record in capital markets, but his family heritage – three generations of shipbuilders – has brought him back to his passion for the sea. Michael quickly rose to the #1 producing broker at his previous firm before co-founding Kitson Yachts. Tabor now stands as one of the top global leading superyacht brokers, with a speciality in new construction and over 1,400 Linear feet of yachts presently under construction. 

Ross Tannock – Moran Yacht & Ship – Yacht Sales & Charter Broker 

Scottish-born Ross Tannock is a sales and charter broker with Moran Yacht & Ship with over a decade of experience. Based in Fort Lauderdale, he started his career in professional sports and sports marketing, building a network of contacts with global business leaders. Notable sales include the 75.4-metre Lurssen M/Y NORTHERN STAR, the 50-metre Mangusta M/Y INCOGNITO, and the 58.5-metre Lurssen CAPRI.  

Peter Thompson – Thompson of Monaco – Yacht Sales Broker 

Peter Thompson is an experienced yacht broker and industry expert with decades of experience. Having worked for some of the most prestigious yacht brokers and shipyards worldwide, including Worth Avenue Yachts, TWW Yachts, and Yachting Partners International, Thompson brings a wealth of knowledge and expertise. Throughout his career, he has established himself as a respected and trusted broker, thanks to his industry experience, sales skills, and exemplary customer service. He is knowledgeable about all aspects of yacht sales, from market trends and valuation to negotiations and contract management. 

Simon Ting – SuperYachtsMonaco – Yacht Charter & Sales Broker 

Simon Ting boasts 20 years of yacht industry experience, focusing on large yacht charters and sales. He is based in Monaco with the yacht brokerage SuperYachtsMonaco . He recently represented the seller for the 72-metre superyacht STELLA MARIS, built by Viareggio Superyachts. She was one of the largest and most luxurious vessels to sell in 2022. 

Edouard Vignal – Ocean Independence – Yacht Sales Broker 

Edouard Vignal is an experienced yacht sales broker specialising in pedigree yachts, including Custom Line, Benetti, Sunseeker, Princess, and Azimut. His global background and previous career in asset management consultancy enable him to provide highly astute advice based on the latest market analysis. Recent sales include hull no.07 from the celebrated Custom Line 120’ and the 32-metre M/Y HARMONY 1. Vignal is based in Ocean Independence’s Monaco brokerage. 

Chris Cecil-Wright – Cecil Wright – Yacht Broker 

Chris Cecil-Wright is the founder of Cecil Wright and has been a leading yacht broker in the industry for nearly 30 years. His passion for yachting comes from his love of all things nautical, sparked by sailing dinghies on the Solent in the UK and later as a skipper on luxury yacht charters. He started his career at Camper & Nicholsons and later set up Edmiston with Nick Edmiston before creating his own brokerage, Cecil Wright, in 2013. Chris has worked across every touchpoint of the yachting industry and is known for his trustworthiness, integrity, and market intelligence. Career highlights include the builds of the 99-metre Feadship MADAME GU, the 77.7-metre Feadship TANGO, and the 78.5-metre Feadship HAMPSHIRE II and the sale of the 81-metre Abeking and Rassmussen KIBO, the 72-metre Feadship UTOPIA (twice), and the 70-metre AMADEUS.  

We are expanding our top broker list to 100. If you are a yacht broker, then let us know why you should be included. Please email marketing@relevance.digital with your biography.

Relevance Yacht is the go-to yacht marketing agency. For over a decade, our team of yacht marketing experts has worked with the world’s best yacht brokers, helping them reach the world’s most affluent yachting enthusiasts. If you need help marketing your yachting brand, contact our team. 

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A Beginner’s Guide To Choosing a Yacht Broker

Table of Contents

Buying and selling a yacht involves complex processes. These processes can be time-consuming and confusing when unfamiliar with the yachting industry, particularly for first-timers.

Whether you’re ready to buy, sell, or actively seeking options, yacht brokers can help you achieve your yachting goals.

As the yachting industry continuously grows, more yacht brokers have become available. With many options in the market, how can you find the right one to work with?

What are yacht brokers, and how can they help you?

Yacht brokers are agents that will help you sell or buy a yacht. Besides sourcing potential buyers and yacht options, they negotiate prices, prepare legal documents, and provide expert industry advice. They either represent buyers or sellers, but they can also represent both in transactions. Most of them work for brokerage firms.

Other services yacht brokers can provide include:

• Access to a broad range of yachts, including exclusive ones
• Smooth and seamless negotiations
• Exclusive network of contacts, including potential buyers, sellers, and owners
• Professional yacht marketing approaches (e.g., marketing in multiple platforms like print and social media)
• Objective advice that prioritizes your interests and enables informed decisions
• Excellent communication and negotiation skills
• Yacht photo and video galleries

Essential Factors When Choosing a Yacht Broker

You can ask your loved ones with yachting experience or a local professional yacht club for advice and recommendations. However, their input may not be enough. Remember that their experience won’t necessarily reflect your own.

Understanding these facets can help you choose the most suitable yacht broker to work with.

Experience and track record

The first thing to consider is a yacht broker’s experience and track record. Look for one that can prove these aspects through successful, reputable, and repeat transactions. You should also look for their certification and license.

Yacht brokers with certifications and seasoned track records are better equipped to facilitate your buying or selling transactions. Additionally, they can efficiently handle and manage issues that may arise during the process. They also focus on building long-term client relationships and strive to understand your interests and requirements.

Concurrently, their experience determines their industry knowledge. This way, they can provide expert guidance and impartial advice to help you make wise decisions. 

Two-way communication

Effective communication is crucial in every transaction—working with yacht brokers included. Your yacht broker should be able to provide two-way communication that encourages feedback and considers every suggestion.

Two-way communication also means that the broker listens attentively to your concerns. You can ask questions, and they’ll answer promptly to keep you informed.

For example, when you ask your broker about affordable yachts with comprehensive features, they should be able to tell you about potential options. You should also be able to agree or disagree with their advice and recommendations. As such, effective communication can guarantee objective choices that consider your needs.

Servicing options

For buyers, yacht-buying doesn’t end after the closing. Your broker must provide after-sales support should you require one.

Suppose you encounter some issues within the warranty period . The broker must coordinate with you and address the issues promptly and effectively. They should ensure that they uphold the warranty agreements listed in your contract.

Other after-sales support they should provide are:

• Maintenance and repairs
• Documentation assistance for ownership, registration, and title transfers when reselling
• Upgrading and customization assistance
• Post-closing follow-ups
• Crew hiring or replacement

In-depth local knowledge

Consider a locally-based broker like YACHTZOO if you’re a first-time buyer who plans to start yachting within your locality. They have in-depth local knowledge about regulations, nearby marinas, and accessible maintenance and repair services.

For instance, locally-based brokers can quickly provide the best nearby marinas where you can dock your yacht. It could save more time by reducing the need for research. They also ensure legal compliance by informing you of your state’s or locale’s yacht ownership regulations.

Professionalism and transparency

Professionalism matters in the service industry , which involves yacht brokers. If they represent a brokerage firm, they are considered the face of their company. Being professional is necessary to ensure polite behavior and boost client satisfaction and retention.

Furthermore, transparency is significant in providing honest and open services. It means that the broker can deliver clear cost breakdowns and commissions. They should also be able to address all your concerns without asking for clarifications on aspects that could’ve been explained the first time.

Attention to detail

Overlooking some documents is sometimes inevitable. Since yacht transactions involve extensive documentation, your broker must be attentive to every necessary document and detail. They should help you ensure that everything is accurate and complete. This way, you can avoid potential legal consequences in your transactions.

Work With the Right Yacht Broker for Seamless Transactions

Working with a yacht broker is beneficial for your yacht transactions. The right broker will save you time and energy by ensuring seamless negotiations. Following the tips above can help you choose one who will treat you as a valuable asset rather than a money-maker.

Image by Jared Watney on Unsplash

How To Become A Yacht Broker

Jul 19, 2016

Professional yacht brokering is an appealing career for many people who have a maritime background and live close to the water. How does one go about becoming a yacht broker? What steps should you take in order to successfully become a licensed broker? Let’s look at some fundamental requirements one must consider in the pursuit of becoming a broker.

It’s important to understand the industry of boating before diving into this career path. Being familiar with different boat brands is key; you wouldn’t start selling cars with any knowledge of car brands. This will serve as a base for understanding the prices, quality, performance, and manufacturing quality of individual yachts. Having this basic comprehension will pave the way for smooth sailing when dealing with experienced and amateur customers.

Certifications:

The Yacht Brokers Association of America strongly recommends that new brokers receive their CPYB (Certified Professional Yacht Broker). This certification is not mandatory for yacht brokering, but it puts potential customers in a more comfortable situation. To become eligible for certification, one must have at least three years in sales/yacht brokerage, a history of using and maintaining legal contracts, required licenses, and proof of appropriate trust accounts. The certification process concludes with an exam that determines if one is fit to become a certified broker.

Only a few states actually require new yacht brokers to have a license. States that do require one will need to see evidence of a background in sales, more specifically experience under another licensed broker. Another portion of states will require an administered background check in order to continue the licensing process. Next, yacht brokers may have to take out surety bonds in order to protect their clients and themselves in case of a financial emergency. After acquiring your license, it’s important to note that state rules and regulations state that you must renew your license pending a specific amount of time.

A bachelor’s degree is the standard to find employment in yacht brokering, although having a GED or no formal higher-level education could be sufficient depending on the situation. Ultimately, having a strong knowledge of boats and boating culture can take you far in this field, it is more than possible to become successful in yacht brokering without a college degree.

In the end, anyone can become a yacht broker. If you are motivated, like to make your own hours, and have a thorough knowledge of everything boating…you are on the right track. If you have any questions, or have any of your own tips for becoming a yacht broker, please leave a comment!

Interested in becoming a yacht broker? Join our team today! Contact us at [email protected] or call our office at 910-239-9344. Learn more here!

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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 Qualify a Yacht Broker

A good broker can be hard to find when looking to buy or sell your boat. denison yacht brokers weigh in on what makes a broker a good one..

Brokers come in all shapes and sizes. Some yacht brokers have specialties, including specific brands or particular boat types (like sailboats or catamarans). Others have years of experience and proven sales to back up their expertise. If you’re in the market to buy a new boat or sell the one you currently have, you may be overwhelmed by the amount of brokers out there. Here, Denison brokers delve deep to share what makes a broker the right one for you and your needs.

Denison broker Peter Quintal has been in the industry for over 20 years. With many yacht sales under his belt, he knows a lot about what works when it comes to making clients happy–besides the fact that he has filled the role of “client” many times, having owned 18 boats in his life. When it comes to brokers, he says: “It’s no different than real estate. There are good realtors and there are bad realtors. There are good brokers and there are bad brokers.”

“If a client is new to the scene and they’re getting into it, they really should interview the broker, ask the right questions. If they’re looking for a new boat, find out what new boats they can offer. Find out how long they’ve been in the business. Did they just come from a car dealership and they’re trying their hand at selling boats, or are they just coming from real estate because they were bad at real estate and they’re trying to sell boats? I would have a conversation ahead of time and ask them, what are your annual sales? What do you focus your sales on? What size range? What style? They could be a sailboat broker who really doesn’t focus on powerboats, or they could be a powerboat guy who only focuses on that and doesn’t know anything about sailboats. They want to find somebody who knows the market for what they want to buy.”

“Also, successful brokers have repeat customers. There are a lot of guys that are one-and-done. They slam a customer into a boat and they don’t see past that closing date or that paycheck. I’ve been in the business 21 years and I’ve had customers buy seven, eight, nine boats with me in a very short window of time. So you want to look at somebody who has relationships and don’t be afraid to ask for referrals. Have a conversation, especially if you’re purchasing a larger asset. You want to understand other people’s experiences that have worked with that broker before.”

“There’s a lot of confusing information. They’re going to get a lot of opinions from a lot of different people and I’d say just do their homework. They can check on the internet, they can look up a broker online. They can check client reviews of that broker. It’s all pretty public. You can find out if that broker has ever been sued, let’s say for bad practices.”

The vetting should also go further than just the broker–the brokerage firm can speak volumes as well. A client should also keep in mind what types of boats certain companies represent. “There are small, mom-and-pop companies that specialize in certain size range of boats, but if you’re looking at a certain size vessel that those mom-and-pops are not used to handling, don’t go to a small firm that sells small boats to buy a big boat. The boat will determine the broker and the firm that are looking out for your best interest. I have the ability to work wherever I want and I’ve chosen to be with Denison for 12 years.”

Denison broker  Brian Nobles has been with the company for 11 years, and has seen his fair share of deals. “The biggest thing that I’ll do is try to pre-qualify somebody and vet the client,” he says. “It’s good to ask pre-qualifying questions like: are you looking to buy this season or next season, do you currently own a boat, what kind of boat do you have? Once you talk about what their perfect day on the water is, whether it’s with friends, family, etc., you break down those barriers and build rapport, you can ask them how they plan to pay for the boat, and see if putting 20% down is an issue, to really get the ball rolling. Find out where they plan on docking the boat. You need to find out if it’s the right boat for them. That’s what makes a broker really good at boat shows, is that you have a limited amount of time. You need to stay quick on your feet and ask the right questions.” Vetting a client can help a broker not only understand if a buyer is ready to purchase a yacht, but what boats will fit their preferences and be the right fit.

Denison broker Jon Plewniak shared his opinion of what a good broker does. “One of the biggest things, which is why I share weekly newsletters, is that people that are active in the industry. Some brokers are captains or work in the marine industry They go to events, network, and find boats that are off-market that are available for sale before they actually go on market. Somebody that can stay on top of the market and knows market pricing and what’s moving and what’s not (which is what brokers are here for).”

“After that, I’m guiding you through everything,” he shares, “Sea trial and survey, the process of buying a boat, the negotiations of it. There’s going to be key processes and if a broker doesn’t know the mechanical sides of the boat and things like that, that’s important. Because anyone can look at a survey and say it looks good, but being able to know what it is is important.”

“With a good broker, a broker isn’t going to be there just for the sale of the boat, but they’re going to be there for the whole ownership of the boat. When it comes to finding dockage, finding a mechanic, finding good detailers–anything in the marine industry–that they’re well-rounded to get you information and they stay in touch the whole time. It’s a relationship and friendship for that whole time.”

Denison broker Aderbal Coelho Jr. discusses the frequent difficulty to find the “right boat” for clients when they are looking to trade in, citing the fact that it means that “they want to get out of their original boat and buy the new boat”, which can prove challenging because “they want to sell their boat for more money” and that is often not possible. Generally, he says that clients need a lot of attention now, and it is important to provide it. “The biggest thing is just spending time with them and figuring out what is the best fit.”

Broker Jordan Preusz shared a similar sentiment to many other brokers in the company. “A good thing that I would want a broker to look out for would be like finding off-market deals. Maybe things that aren’t in the show, that aren’t online. For example, at the Fort Lauderdale show, I had clients that ended up buying an 88 Azimut. The boat online was listed as in Rhode Island, and it happened to be right next to the boat show and the broker jusr didn’t change the location. So I called him to see if it was available and he said that it was available, it was around the corner. They ended up buying it. So, basically, knowing the ins and outs. Having the insider details. You know, actually calling the listing agents. Doing the work.”

When asked how to vet a broker, Jake Garber says one word: honesty. “Honesty is everything for a broker. What I would look for as a buyer, if I was with a broker, is if he walks me on a boat, I look at it, I love it, but in the back of my mind, I know that’s not a quality boat. He should tell me. Don’t sell your client a boat that you wouldn’t like yourself. The brokers who sell their clients an expensive boat that’s not a quality boat, that maybe has gremlins on it, they lose that client on the next sale because the client hates it.” In Jake’s opinion, a broker who isn’t just trying to make a sale will get repeat customers.

Superyacht broker Alex G. Clarke argues that there is a longer process for clients to discover what they want when searching for a yacht, even before choosing a broker. “Many clients attend yacht/boat shows to not necessarily buy something but rather to educate themselves on what the market has to offer. Prior to arrival, they will do their research, check market conditions, communicate with brokers (many times engaging with multiple brokers), and then walk the docks with the goals of getting onboard as many yachts as possible to gage the interior and exterior deck spaces and appealing features found onboard different models and brands. During this research stage, a client will often form a relationship with a broker with whom they feel comfortable. To form this relationship, the broker needs to obviously be knowledgeable, experienced, and give proper advice to a client. It is very rare for a client to show up to the show without a broker whom they are working with or have worked with in the past.”

“Most clients, after touring multiple yachts with ‘their broker’ during the show,” he continues, “depart having a better understanding of their options and then move to the next step of making a more educated decision on what the right yacht is for their family. The key for the broker is to spend valuable time with the client in person during the show so that they create a strong bond based on trust and knowledge. That face-to-face time is invaluable–go to dinner with the clients, walk the docks with them, and hopefully, the end result is a lifelong relationship with multiple sales in the coming years.”

Denison broker Jerry Gilpin has a lot to offer in regards to best practices for brokers. “What a broker should be teaching a client about is really diving into the records,” he says. “Product knowledge is key and a lot of that just comes from experience selling a lot of boats or being involved in the industry in one aspect or another, whether you’re in service or as a captain or a concierge service or whatever…but you should be able to lead your clients to a boat that fits them properly. We’re not in it just to make a sale, we’re in it to actually educate our clients because we want them coming back. We want to make sure that they think of you the next time, when they want to sell their boat and everything like that.”

“I think it’s special, the first encounter you have with a client is the best encounter because that’s going to be the most memorable one that will, one, ultimately get you a referral, hopefully, and then the second, obviously, is them coming back. If I put myself in that situation as a consumer, like when I’m making big purchases, I always look for referrals. I look for ratings. I think most people will Google reviews and see what kind of information they can find on someone.”

Juno Prudhomm finds it important that brokers come prepared to boat shows. “A good broker sets up a prior appointment with the listing agent at a boat show (if they have a boat in the show), with specification on which date and time beforehand. That way, that broker knows when the client comes up and the broker is there it’s not such a hassle of checking in, it’s just an easier process of them getting on and off.”

“A big part of picking a good broker really is just the gut feeling and the intuition, as well as just the relationship and the synergy that they feel from you,” Juno shares. “How educated you are in speaking about the product and not forcing them into something that they don’t really want. I think you feel a connection there of qualifying questions; you’re really building a rapport. I think that’s what a client has to feel when they’re buying a boat. That’s what happened when I sold my 85’ Azimut. The client’s son loved the boat. I was focused on his son, and I told him he could be the captain, asking the son what he likes. And the client was telling me how much his sons love boating and what he likes to do with his son. You’re building a relationship and rapport. Like if they have a dog, mentioning how much they would love the boat and how much space there is to run around. It’s just building trigger points for them on what they’re really looking to do on the water, and meeting their needs.”

Paul Denton agrees with other Denison brokers that industry experience is a big tell if a broker will know his stuff. “I would say longevity in the industry regarding if they’ve worked a ladder, if they’ve been in the boating industry or yachting industry, how long they’ve been in it. Furthermore, their education on mechanicals, on electronics, cost to get these items replaced or repaired.”

“I, number one, work off this industry for the relationship,” he shares. “First thing I do is sit down with a client and spend maybe 30 minutes to an hour discussing what their plan is with the boat. If they want to do long trips to the Bahamas, or they want to do Med trips, or they want to do weekend trips. With that information, I can dial in where their budget, with their budget in mind, where we should be looking. If they want to owner-operate, if they want a captain, how many crew or staff they need onboard. With all that information put together, then I can put out a good game plan or structure of what boats we should be looking at that fits their lifestyle and their expectations.”

Paul highlights how important it is for a good broker to do his due diligence when looking for the right boat for his client. “Number one thing a lot of brokers do in this industry that they get lazy on doing is previewing boats. So, I delegate a lot of my time before wasting a client’s time by going to look at an asset because, as we all know, planes and yachts are the most photogenic things. With that information, I’ll go and give them transparent feedback on what the boat needs in regards to upholstery, in regards to updated electronics, in regards to teak deck, in regards to maintenance on the engines, generators, do they want stabilization or not. If so, we’re looking for Seakeepers, we’re looking for fins, and also maintenance records on those same items.”

Denison broker Richard Glazer finds that listening is key. “What I would look for in a broker is a broker who, I know it sounds cliche, but who really does a lot of good listening and observing. We tend to try to sell somebody without knowing what it is that they’re trying to buy. And we presume that the boat’s going to fit what they want. What we really have to be keen about is to be able to…when I say listen, it’s just not listening, it’s observing, it’s gauging their reaction to what they’re seeing or what they’re saying. And to be able to point them in the direction of what boat features are important to them on the boat. And not just walk on the boat and say, ‘oh look, you know, there’s a big beautiful kitchen’. ‘I don’t cook.’ If you don’t know that they don’t cook, it’s not important to them. So it’s really getting to know them too, is what they mean. It’s really gaining an understanding of what’s in their mind, in their head, and what’s practical, what’s going to fit for them. And guiding them onto that boat. What I do is when I get on a boat with people is I watch them. I try to talk less. You really have to just watch them react to the boat. You can gauge their body language, you can gauge their reaction. Somebody walks by and touches something kind of nicely and you can kind of see in their face or their reaction that this feels good. It’s something that’s practiced.”

“We can spend a lot of time selling the wrong thing and making mistakes and not gaining the confidence of the buyer,” he continues. “The main thing is, you know, listen and understand what it is they want to buy. It’s not quick. It can take getting on and off a number of boats. It really takes good observation skills.”

“At least for myself, the way I picture it is that when I want to buy something, I want to formulate in my own head what my thoughts are. And if somebody’s in my ear telling me how to think or feel, it’s just a hindrance. So I try to spend a lot of time just watching and let them, you know, if we walk on a boat, I’ll let them walk in and I’ll reinforce some of the positives. Or if I know the things that they are looking for and they miss it, I may point it out. Let them go experience the boat.”

Being a broker takes a good mix of industry experience, sales experience, people skills, knowledge, and intuition. There are many important steps in helping a client find the right yacht for them, or sell their current boat. Denison offers over 100 licensed and certified brokers with years of experience and a wide range of resources at their hands.

Interested in buying or selling your yacht? Contact a Denison yacht broker to start the process today.

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How to Qualify a Yacht Broker A good broker can be hard to find when looking to buy or sell your boat. Denison yacht brokers weigh in on what makes a broker a good one. Brokers come in all shapes and sizes. Some yacht brokers have

The Guide for the Professional Practice of Yacht Brokerage & Sales , the complete reference and training guide for yacht brokers who are committed to their success.

Based upon the CPYB program Body of Industry Knowledge and including a variety of helpful resources and sample documents, The Guide is a useful three-ring-binder publication addressing the following key topics:

• Laws & Regulations, including legal reports and updates
• Technical Knowledge, including vessel types and construction, systems and terms
• Brokerage Transactions
• Yacht Broker Responsibilities
• Yacht Broker Ethics

The Guide also includes a Glossary of Terms, links to appropriate industry web sites, copies of association Codes of Ethics, and, sample contractual forms, including Listing Agreements, Purchase & Sale Agreements, Acceptance of Yacht forms and related transaction forms.

The Guide was developed and written in response to requests from, and to meet the needs of, two segments of the yacht brokerage community. For those individuals preparing to enter the profession as neophytes, The Guide provides a comprehensive overview of the key skills and knowledge required to become a professional yacht broker. Combined with appropriate in-service and on-the-job-training within a qualified brokerage firm, new yacht brokers will be better prepared for the demands and rewards of their chosen profession. Their clients, likewise, will be better served through the broker’s commitment to their profession.

For experienced yacht broker professionals who are seeking to earn their credentials as a CPYB - Certified Professional Yacht Broker -  The Guide serves as an excellent tool to prepare candidates for the CPYB examination; used alone as a study manual, or as a reference text when participating in formal CPYB Study Sessions.

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Luxury yacht skipper loses $400k in scam, faces accused ‘money mule’ in court, says deception ruined his life

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Far North commercial skipper Tim Michalick lost $400,000 in an investment scam. He is speaking publicly to highlight flaws in the banking system and deficient customer protections. Photo / Jenny Ling

Sitting in court just metres from the man accused of laundering his stolen $400,000, Tim Michalick felt disgust and “burning hot anger”.

“It was really stressful. I just can’t describe my hatred towards that person. In my opinion, he’s the lowest of the low.”

Michalick, 43 - a luxury yacht skipper based in Kerikeri - thought his family’s life savings were being invested in a low-risk term deposit with HSBC bank.

In fact his money had been sent to an account allegedly controlled by a disbarred Auckland lawyer who is now facing 11 money laundering charges and, if convicted, up to seven years in jail.

Michalick lost the money in January last year and realised he’d been scammed the following month. He said the last 13 months had been a roller coaster of emotions as he came to terms with the sophisticated fraud and tried to navigate a banking regulatory system which he compares to “Swiss cheese.

“This has ruined my f***en life. It’s been so hard and I’ve been on a steady decline since [being scammed]. It’s really turned my life upside down.

“I’ve got the court case coming up. I’m just struggling at the moment to be honest. I ran out of steam at the end of last year and I’ve been running off fumes.”

The Herald revealed Michalick’s story in an investigation last June . At the time he remained anonymous, concerned about the impact going public would have on his personal and professional life.

But Michalick now wants to tell his story openly due to frustrations about the banking sector’s accountability, the ability of criminals to target unsuspecting Kiwis through the country’s deficient payment system with impunity, and what he describes as a “flimsy” and ineffective Banking Ombudsman Scheme leaving some victims without hope.

“All the reasons why I didn’t go public initially still apply. But do I sit back and miss out on opportunities to tell New Zealand what’s going on, or do I go hell for leather to do my bit for all those poor people who are going to be taken advantage of?

“I would be doing the banks a favour if I didn’t come forward.”

‘Sick to my stomach’

Michalick sent his money from his ASB account to what he thought was a Kiwibank “cooling off” account set up under his own name - writing “HSBC term deposit” in the payment reference field.

After Michalick alerted the banks and police to the fraud, Kiwibank was able to recover about half the money. The rest was allegedly used by the suspected mule to pay private school fees or transferred to other accounts.

When the $200,000 was refunded, Kiwibank included the company’s name that received Michalick’s money. He Googled it to find the sole director was the disgraced lawyer whose career downfall had been reported by media.

He is still shocked this man was able to open an account and allegedly use it to conduct criminal activity without being detected by Kiwibank’s fraud security systems.

“The fact he was allegedly operating this long without any oversight from the bank makes me sick to my stomach.”

Michalick handed a dossier of information about the man to police but it took months for stretched fraud investigators to lay charges.

Michalick also complained to the Banking Ombudsman about why a supposed HSBC term deposit payment going to Kiwibank did not raise suspicions with ASB, and about what he believes was Kiwibank “harbouring” a mule account that was allegedly used to launder stolen money.

The Banking Ombudsman dismissed the complaint about ASB, ruling the bank was not at fault. Regarding Kiwibank, the Banking Ombudsman said its current remit prevented it from investigating the actions of receiving banks.

Deflated, Michalick sought a review, but the Banking Ombudsman declined to reopen his complaint this month.

He also complained to the Reserve Bank, claiming Kiwibank had breached anti-money laundering rules through alleged failures to check the customer’s background or monitor the account activity to prevent fraud.

However, the Reserve Bank found Kiwibank was not at fault.

Michalick told the Herald he believed the regulatory system was utterly deficient, with victims left to carry the blame.

“They’re allowing customers to operate without any scrutiny or restrictions on their banking activity and there’s no one I can turn to to hold them to account.

“My only option is to run a private civil case against Kiwibank which costs hundreds of thousands of dollars, and that just can’t be done.”

He believed the Banking Ombudsman scheme was “completely flimsy”. Though it was meant to investigate the banks, two major banks’ CEOs were board members and the banking sector helped draft the scheme’s terms of reference, Michalick said.

He claimed complaints weren’t assessed on a “fair playing field” and believed the scheme wasn’t independent or working to protect consumer rights.

Michalick said he had drawn strength from other victims who were brave enough to tell their stories publicly.

He also thanked the Herald for its coverage, which was a “driving force” in promoting change.

Kiwibank, Banking Ombudsman respond

A Kiwibank spokeswoman said it immediately froze the recipient account when alerted to the fraud and tried to recover funds.

Kiwibank had co-operated with the police investigation and was satisfied it completed all required anti-money laundering checks and that its customer “met the requirements”.

The spokeswoman said there was nothing about Michalick’s transactions to trigger the bank’s security warnings.

Banking Ombudsman Nicola Sladden said she had considerable sympathy for scam victims who often lost life-changing amounts of money.

She strongly refuted Michalick’s criticisms.

The scheme was an independent dispute resolution body which must apply the rules in force at the time of a complaint. Current rules did not require banks to reimburse authorised payment scam victims unless the bank had missed “red flags”.

“We do not make the fraud reimbursement rules. We apply them.”

Sladden’s office had repeatedly urged the Government to review fraud reimbursement laws and strengthen consumer protections.

She said a recent review found the scheme was “highly effective” and operated with “integrity and professionalism”.

The composition of the scheme’s board gave equal representation to banks and consumers, with an independent chair casting the deciding vote.

Sladden said she was “ deeply concerned” about victims’ money being laundered through domestic mule accounts.

But her office was not responsible for supervising the anti-money laundering regime. This was the purview of the Reserve Bank, Financial Markets Authority and Department of Internal Affairs.

Under its terms of reference, her office could not investigate complaints about recipient banks, as they usually provided no “direct service” to complainants.

Receiving banks could not share information about recipient account holders due to privacy laws.

Sladden’s office was considering a review of its terms of reference to consider complaints about payee banks, but this was “likely premature” until they had clear duties to scam victims, she said.

Lane Nichols is a senior journalist and deputy head of news based in Auckland. Before joining the Herald in 2012, he spent a decade at Wellington’s Dominion Post and the Nelson Mail.

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I was a first-time homebuyer and got scammed out of $167,000 of my life savings

• Pat and Marisa Lawlor were the victims of real estate wire fraud in 2022.
• The couple lost their $167,000 downpayment for their first home because of a fake email.
• They've dedicated their time since to educating other first-time homebuyers. 

This as-told-to essay is based on a conversation with 49-year-old Los Angeles-based business owner Pat Lawlor. It has been edited for length and clarity.

My wife Marisa and I were stoked when a seller accepted our offer on their home after we were outbid at three other places .

But three weeks later I ended up wiring our $167,000 downpayment to criminals pretending to be my escrow office.

We were first-time homebuyers, and before this, we were renting a house while raising two kids and never making tons of money.

I sell roller skates and skateboards, and my business went crazy as people started going outside more around the pandemic lockdown. We were able to get out of credit card debt and save enough for a downpayment on a house. So, we began our homebuying process in November 2021.

We were like, "This is our only chance to do this. Let's do it!"

But, during that time it was a seller's market — there was no inventory. We'd put in offers on three different houses and were outbid on all of them.

Finally, in February 2022, our offer on a home in the San Fernando Valley was accepted, and we opened escrow with a boutique escrow company chosen by the seller.

I asked my real-estate agent, "Who are these people?"

His reply: "It's a seller's market. Do you want to get this house or not?"

It felt like if we pushed back on anything, they would just take somebody else's offer. So, we wired our deposit to the escrow office, and we were kind of just waiting for everything to go through.

Then, about three and a half weeks later, I received an email on a Friday morning from who I thought was my escrow officer.

The format was the same, the signature was the same, and the names at the top were the same as previous messages, but it was a fake email.

Upon receiving it, I phoned the escrow office because you're supposed to call to make sure it's not a fraud email, but I didn't get through. I responded to the email asking them to confirm the amount, and they replied with an amount that was only $3 off the correct number (later, my escrow officer told me the figure was identical to another closing disclosure he had).

So I went and wired the money. I ended up wiring our $167,000 life savings to criminals.

Initially, we were excited because there was all this pent-up anxiety and wondering when the house purchase was going to happen. I even hung out with my real-estate agent the same day.

I was so trusting of everything that I emailed the scammers to follow up and confirm they received the transfer.

I didn't hear back from them. They were gone.

The realization

A week later, I got an email from my real escrow officer. It had the same format, same signature, same everything.

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They were telling us we were clear to close, and the attachment on the email showed the balance due for our downpayment. I immediately thought, "That's not right."

I was still unaware that the money had been stolen. I was thinking that these people just didn't have their shit together. But then, when I called my escrow officer, he had me read him the wire instructions of the first email.

"That's not us," he told me.

That moment was like a punch in the stomach. He told me to go to my bank and file a claim.

My dad died when I was in my 20s, and it felt like that. It's almost like you're in a dream. I was standing out in front of the bank, watching the cars go by.

By the time I met with the branch manager, I was spiraling.

"You're not getting that money back," she said. I just stared at her lips, watching the words leave her mouth.

It turns out that the scammers hacked into the escrow office's email server through a process called business email compromise.

With real estate wire fraud, they target mom-and-pop independent brokers, escrow, or title companies like the one we used.

Criminals get into the server, and they just sit there, wait, and watch all of the communication back and forth between everyone working together through the escrow process.

They study the language you use to communicate, with the goal of mimicking it, which is known as social engineering . They typically hit victims — like me — on a Friday so they have time to move the money out of the country before banks open on Monday.

The police traced the money to an offshore crypto exchange, but it was already too late.

The aftermath

On one hand, I feel so stupid, but we were the least knowledgeable party in this transaction. We were surrounded by so-called professionals who were supposed to have our best interests at heart.

But they aren't responsible for this legally. We are.

The detective involved told me our best chance to get the money back would be through a civil suit against the escrow company, but we didn't have the money to pursue that.

We had a powerful law firm helping us out at one point, but they couldn't litigate for free. So, the statute of limitations for a potential negligence lawsuit ran out, and we let it go.

From the escrow office's perspective, it's not their fault I sent the money, but they did have our personal information, which the criminals were able to get.

When I called a family member for legal advice, he offered to loan us the money so we wouldn't lose the house. Thankfully, we were still able to get it, but we're paying him back in monthly installments.

It's now been two years, and we've been forced to go from victims to advocates. This month, I'm speaking at the California Association of Realtors' annual meeting for Riverside County.

We've started a GoFundMe fundraiser to get that money back and raise awareness about real estate wire fraud. It's all we can do at this point.

We lost our life savings because of the internet. Now we're trying to use the internet to get it back.

The United States Secret Services describes business email compromise (BEC) as "a sophisticated fraud scheme targeting businesses that use wire transfers as form of payment." It estimates current daily losses due to the scheme at about $8 million globally.

Have you ever been a victim of wire fraud? Are you a cybersecurity expert with tips or guidance? Reach out to this reporter via email at [email protected] .

Watch: How scam call centers work, according to a 'scambaiter'

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