meaning of yacht brokerage

Brokerage Services and Fees: What You Need to Know When Choosing and Buying a Yacht

Buying a yacht is a significant investment that requires time and expertise. If you lack the knowledge and time, you may need a yacht broker to help you through the process. However, many people confuse the role of a yacht broker with that of a real estate broker. This article explores the role of a yacht broker and the fees associated with buying a yacht.

The Role of a Yacht Broker

Yacht brokers play a crucial role in yacht buying and selling transactions. They have the necessary knowledge and experience to guide clients through the process. Unlike real estate brokers, yacht brokers offer specialized services tailored to the unique needs of their clients. They help with yacht search, brand recommendation, market pricing analysis, condition checks, advertising, and transaction support.

Brokerage Fees

The commission paid to a yacht broker is typically around 10% of the transaction value. However, for yachts costing more than $10 million, the commission is not more than 10%. The commission is usually shared between the buyer’s representative and the seller’s representative on a 60/40 or 50/50 basis. The commission is specified in the agreement between the boat owner and the broker and is paid after the transaction is complete. This motivates the broker to invest in the sale, knowing that their reward depends on it.

Payment and Transaction Process

The payment process for buying a yacht involves two payments. The first payment, usually 10% of the vessel’s cost, is made at the time of purchase. The second payment, which is 90% of the vessel’s cost, is made when all the transaction documents are ready, and the boat is complete. The boat is then removed from the register (if it is a secondary market), and a Bill of Sale is issued. The Bill of Sale is the main document indicating ownership of the yacht, and it is used to register the yacht in the owner’s country or a charter company.

MOA Yacht Purchase Agreement

The MOA contract is the primary contract used in yacht purchases. This contract fully protects the buyer’s rights. It cannot be found or downloaded from the internet, but a broker can provide it upon request. It is essential to read the contract’s terms since it may contain clauses requiring payment of a commission, even if the yacht is not sold.

Brokerage Fees and Negotiation

Large brokerage firms have fixed rates, and negotiation is not usually possible. Small brokers may be more open to negotiation, but this rarely happens since the brokerage community frowns upon it. A drop in one broker’s percentage can lead to a general drop in the market percentage, which is not desirable. Regular clients may receive preferential terms, but becoming a regular client requires owning several yachts.

Choosing and buying a yacht can be an overwhelming task. Working with a yacht broker can simplify the process and ensure a smooth transaction. The brokerage fees are usually around 10% of the yacht’s cost, and they cover a wide range of services, including advertising, condition checks, and transaction support. Before signing any contracts, it is crucial to read and understand the terms, including any clauses requiring payment of a commission, regardless of whether the yacht is sold or not.

Related Posts

Tips for buying a yacht or boat: what to look for before you buy, setting sail: tips for future ship owners, yacht financing: overview of financing schemes in europe.

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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.

Click to speak with a private yacht concierge.

What is a Yacht Broker and Why You Should Consider Using One?

Buying or selling a yacht is much like buying or selling a home. After all, a yacht is home for the few weeks every year in which an owner is cruising on it. And just as most people would use a real estate broker to buy or sell their home, many opt to work with a yacht broker to buy or sell their yacht--or a share of a yacht. 

What is a yacht Broker?

A yacht broker is a yachting expert who represents a buyer and/or seller in the sale of a recreational yacht. These experts uphold industry standards of skill, competence and character in service to their clients; they follow an established code of ethics, must be members of a recognized yacht broker trade association, and take part in continuing education throughout their career. 

Why are yacht brokers beneficial?

As yachting experts, yacht brokers know how to translate your unique wants, needs and lifestyle into a yachting experience fit just for you – from knowing the right size and style of yacht, to amenities, crew size, cruising location and more. 

Yacht brokers also offer insider access to the yachting world. Their expert network is your expert network. If you need to make updates on your yacht before selling it, they’ll know which service providers in the area can do it best. If you want to sell a share of your yacht, they’ll know who to sell it to. If you have a specific yacht you want to buy, they’ll know where and how to find it. 

Plus, when it comes to negotiating a deal, yacht brokers are your secret weapon. They negotiate yacht sales on a daily basis and have all the strategies and experience you need to get the deal you want. 

Yacht Brokers and Yacht Co-Ownership

Helping someone buy or sell a yacht is a feat in and of itself. But helping someone buy or sell a share of a yacht adds a level of complexity to the process and therefore requires a unique skillset. Not only is the yacht broker tasked with finding the right seller or buyer for a yacht, but they must also find the right co-owners for you to share it with. This takes time, commitment, know-how, and the right resources – all of which our Shared Ownership Specialists can offer. 

AvYachts is the expert in yacht share brokerage. Whether you’re looking to sell a share of your yacht to a like-minded partner, or you want to buy a share of a yacht, our dedicated team of yacht brokers and veteran matchmakers is here to guide you every step of the way.  Let us match you with just the right yacht, just the right partners and just the right ownership structure for you. Yacht to the fullest without the full costs of ownership. 

https://www.avyachts.com/what-we-do

Yacht Brokers: What Do They Do, Exactly and Why Do We Need Them?

Being represented by a professional brokerage house does not add a penny to the yacht purchase price for a buyer. The fee is totally paid for by the seller. Yes, the buyer’s broker is totally free to the buyer. So why not get your own broker to represent your interests when looking to buy a boat? You can have the listing broker represent both you and the seller but consider this: the listing broker’s job is to represent the seller and to get the highest possible price for the yacht, which is not necessarily your objective as the buyer.

That is why it’s best to have your own broker to represent your interests exclusively. When going into a purchase of this magnitude, yacht buyers need to know that they have a team of professionals that are acting entirely in their interests. Find a broker whom you feel comfortable with and trust and have him/her work for you. We have had buyers looking for as long as five years before actually buying (not typical, thankfully). But a good yacht broker will stick with you, educate you, and guide you through the process.

Choose a Yacht Broker Carefully

Before you choose your broker, make sure that you know what you want. Do your research and be realistic about your expectations. Decide what kind of boat will suit your needs, decide on a budget and make a list of the equipment and features on the boat that are most important to you. If you can, charter different boats to help you figure out more or less what is more important to you. For instance, will you give up a “walk around bed” to have a bigger cockpit or would you give up a big chart table to have more storage? These are extreme examples but unless you spend time on a boat, you cannot know what is important to you. Once you have a plan and a budget, it’s time to select your broker. Here are some things to consider:

Licensed & Bonded Broker

Requirements to become a broker is different in every state. Florida, because of the volume of yacht brokerage transactions, is one of the best jurisdictions in which to purchase a vessel. The laws are very favorable and very protective of the buyer. Here are some things that ensure buyers in Florida are protected:

• To become a yacht broker in Florida, one has to do a two-year understudy period under a licensed and bonded broker as a Sales Associate before being able to apply for a Yacht and Ship Brokers License.
• The brokers’ licenses are regulated by the state and require the broker to register with a bond ($25K errors and omissions) which is lodged with the state.
• Brokers are required to renew the license every two years which ensures that the details on record are updated.
• An escrow bank account is also required to be registered with the state and the details are updated at the time of license renewal.

So it’s important that your broker should be registered in the state where he/she operates for legal reasons.

Research the brokerage firm, i.e., their reputation in the industry. The biggest or most well-known brokerages are not always the best brokers. Smaller brokerages may be more personal than the very rigid structure of bigger corporations. Get testimonials from previous clients, interview your broker and make sure that they clearly understand your needs. Make sure that their specialty as a firm gels with what you are looking for. No point going to a dealer for 20ft Bayliner motor yachts when you are looking for a 50ft Bavaria Cruiser sail boat.

Yacht Broker Knowledge

The broker should be able to consult, advise, and educate the buyer on equipment or upgrades and help appoint vendors. Not only does he have to know the product/boat, but should also understand how to use the equipment and explain to a buyer how and why it is good to have certain equipment on board for your specific needs. For instance, a broker who has sailed/cruised and/or lived aboard will be better able to give the advice that a prospective cruiser needs. Weekenders or racers have totally different needs and the buyer should be aware of that.

Negotiating Skills

A good broker will know when to negotiate a little more aggressively and when to pull back. (A good deal is when both parties walk away happy). The seller’s bottom line is not always set in stone, even if they think so. Sellers always think their boats are worth more than it actually is but when you calculate holding costs like insurance, dockage, maintenance, haulout, etc., holding out for an extra $10,000 or $20,000 is not always the wisest decision. There are definite selling and buying seasons when boats will be cheaper i.e. phase-out season in the Caribbean when lots of boats go on sale from the charter fleets all at the same time. This would be the time to negotiate an incredible deal! Boats in certain regions will fetch better prices like boats in fresh water lakes. These boats typically have far less wear and tear because of the shorter seasons and the fresh water. Your broker should be aware of these market nuances.

Market Knowledge

There are currently about 80,000+ yachts listed for sale in the world. Most are in the major databases accessible also to the public, e.g., Yachtworld. However, some of the best deals are often not advertised, like bank repossessions, trade-ins, and boats that must be sold at any cost by a seller in a difficult situation. A professional broker knows where to find those “great deals” through his personal network. Brokers also have access to professional software and can compare and find the history of the real transactions on similar boats. This will give the buyer some perspective of what is out there and what to expect. We can provide photos, layouts, line drawings and spec sheets on any yacht in the world and therefore cut down on wasted trips to visit yachts that are misrepresented, unfortunately a common occurrence.

Yacht Buying Process and Logistics

The buyer’s broker is the person who ensures that all the components of the transaction are covered. The Buyer’s broker will perform the following duties:

• Ensure that the Purchase and Sale agreement as well as all the related documents used to negotiate the purchase are well written and protect all the parties in the transaction.
• Advise the buyer on the time line for acceptance closing etc. When doing a transaction like this the coordination, scheduling and time line is critical as follows:
• Date of the sellers acceptance of offer
• Scheduling the seller, buyer, brokers, surveyor and yard for haul out
• Date of final acceptance
• Date of closing with all related components – documentation, funding, insurance, transfer of possession etc.
• Assist the buyer in arranging the survey, haul-outs and sea trials. We assist in the survey follow up and analyze the survey findings with the buyer. Those findings could further lower the purchase price in a second round of negotiation, a process known as “conditional acceptance”.
• Advise the use of a documentation agent to obtain abstract of title and ensure that there are no liens or encumbrances and that the vessel is free and clear.
• Advise on vessel insurance
• Assist on vessel registration and flagging if it has been flagged offshore
• Assist and advise if the boat needs to be moved from the place of acceptance to the buyers home port
• Consult and advise the buyer on equipment or upgrades and help appoint vendors.
• Remain a friend and valuable resource for the buyer after the transaction has closed and the buyer owns the yacht. A quick disappearance act after the check clears is not the desired result!

Specific to Florida

The broker will check if the boat can be legally sold in Florida ( Duties & Sales Tax paid) Florida broker will assist with the sales taxes, county tax and dinghy taxes, or tax exemption if you are not a Florida resident.

Make sure that your yacht broker knows the product, understands the industry, and can advise on ALL components of the transaction. All boats are not created equal, so if you are not an expert on boat construction, propulsion, sails, mechanics and electronics, get yourself a good broker and appoint an independent surveyor. They will be your best allies in the yacht buying process.

Estelle Cockcroft

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2 thoughts on “Yacht Brokers: What Do They Do, Exactly and Why Do We Need Them?”

Hello………I’m looking for a buyer’s broker in Washington state to represent me in the purchase of a particular boat from it’s owner. Can you advise me?

Dorne Dibbs

Hi Dorne, we don’t have a broker in that area but our broker, Dave King lived there until recently. Perhaps he can help you? [email protected]

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Boat Dealers vs. Yacht Brokers: What’s the Difference?

Are you looking to buy or sell a boat? Congratulations! Buying or selling a boat is an incredibly exciting time. However, it can also be confusing, especially if you’re a first-time buyer.

Working with a boat dealer or yacht broker can relieve those burdens and ensure the process goes smoothly. However, how are you supposed to know which option is right for you? While boat dealers and yacht brokers are both great options, they each cater to different sizes and types of boats.

Not sure which one your situation requires? Today’s blog post compares boat dealers vs. yacht brokers. Keep reading to learn which option is right for you!

Buying New Boats from a Boat Dealer

Boat dealers specialize in the sale of specific boat brands. Therefore, they’re ideal for people searching for a particular boat model from a particular maker. Additionally, boat dealers have ample knowledge of the brands they carry, so they can answer any in-depth questions you might have.

Boat dealers liaise between you (the buyer) and the boat’s manufacturer. If you’d like a new model that is equipped and powered to your preference, your boat dealer can help you obtain it. Additionally, they will take care of your future repair, upgrade, or replacement needs.

Find a Boat Dealer

Purchasing Tips:

Thinking a boat dealer might be the way to go? Here are some tips for purchasing a boat from a dealer: 

• Buy in the off-season : If you can wait until September through February to purchase, prices will be lower. 
• Check out a boat show : Boat show season is upon us! Consider visiting a boat show to meet with dealers and browse different types of boats. 
• Buy last year’s model : Dealers usually keep several models of the same boat in stock. If you opt for a slightly older model, you will pay significantly less for a similar boat. 
• Ask for a discount : If you’re ordering a custom boat from a dealer, ask them if they will pass their discount (of not having to inventory and finance it) on to you.
• Educate yourself beforehand : Make sure to walk into a dealership prepared. Instead, research what kind of boat you want , what size/brand of engine you’d like, any upgrades you desire, and how much you’re willing to pay. Additionally, familiarize yourself with the questions to ask your boat dealer .
• Don’t bet on bargaining : Boat dealers have slimmer margins than car dealers, so keep your bargaining within reason.

Buying Used Boats from a Yacht Broker

Yacht brokers represent either the buyer or the seller in the used boat market. They take on the responsibility of assessing fair value, advertising, managing sea trials, securing financing, and closing the deal. As a result, they earn a commission.

Because brokers have a deep knowledge of the boating marketplace, many buyers and sellers use them for used boat transactions. Brokers can facilitate the sale of any brand or type of boat (whereas dealers are only knowledgeable of the brands they work with).

If you’re selling through a broker, you’d be happy to hear that they often list their inventory nationally. Therefore, this means they attract a wide range of buyers. In addition, brokers help owners value their used boats, negotiate on the owner’s behalf, and process transaction paperwork when it is confusing.

If you’re buying through a yacht broker, they can help you find similar boats on the market and suggest comparable models. Additionally, they can arrange convenient and safe ways to test drive boats. 

Yacht brokers are often used for larger vessels, as they simplify the complexity of those transactions. Yacht sales usually require surveys, documentation, and other things of that nature. But when you work with a broker, they take care of everything.

Purchasing and Selling Tips:

If you’re interested in purchasing from a yacht broker, here are some tips to keep in mind:

• Stay loyal to one: Think of yacht brokers as lawyers or real estate agents. Once you find one, stick with them. 
• Ask about their resources : Used boats come with a whole set of challenges. Therefore, you want to ensure your broker has the resources to handle them (financing companies, insurance providers, services, etc.). 
• Don’t let a broker talk you out of a survey : This will never benefit you!  
• Let the broker negotiate : Yacht brokers are professional negotiators. Let them speak on your behalf, so your emotions stay out of the transaction.  
• Verify their communication skills : Strong communication and organizational skills are essential to any yacht broker.

Final Thoughts

So, are yacht brokers or boat dealers a better option for you? Regardless of your answer, the resources at Discover Boating can help. Our  Buying Guide will help you find your dream vessel today.

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• Buying and Selling Boats
• Using A Yacht Broker Or Selling Privately

Using a Yacht Broker or Selling Privately

Just as buying a home involves a large financial investment, buying and selling a yacht requires a professional service, making the sale as smooth as possible.

Here's a simple guide to help you choose between using a yacht broker or buying or selling your boat privately.

Buying a boat

Choosing your boat.

Professional yacht brokers have access to an extensive database of boats, and may also have the ability to find boats that are not yet on the market. This saves you valuable search time allowing you to make the perfect choice. A Broker can also assist in the selection process by helping you clearly define your requirements and provide the information needed to consider each yacht.

You would probably expect to pay less when buying a boat from a private seller and possibly have more scope to negotiate price. Most private sellers will welcome questions about the vessel they are selling and it’s important to remember you may have to contact them in the future, so maintaining a good relationship with them is a good idea. Private sellers can often provide an added knowledge of the history of a boat and for this reason many buyers prefer a personal sale.

Once you are satisfied with the private seller you will need to negotiate an acceptable price and arrange to make payment for the boat. This is usually carried out by bankers draft or a cash payment can be made. Occasionally the seller may be happy to accept another method of payment.

Yacht brokers are able to help in the negotiation of the sale, including price, financing, terms and often the provision of repairs and furnishings or equipment. They often provide local information on different yacht services, such as engine repair, dockage and inspection services. An experienced and professional yacht broker will advise the buyer throughout the process of assessing the chosen yacht. Part of the broker service is to recommend the extent of the survey to be used in the inspection and help to identify the best individuals to conduct the surveys.

Plain Sailing

A Yacht Broker can assist in making sure that the title to the yacht is clear, title meaning ownership of the yacht. If the yacht is a foreign flagged yacht, set up as a corporation or existing under any number of other special circumstances, the services of a professional yacht broker will become even more valuable and will result in a smooth sale.

If you choose you buy your boat from a private seller, once the sale is complete it is recommended that a buyer’s contract is arranged to protect both parties. This will act as your purchase receipt and will prove that you are the new owner of the boat.

Selling a Boat

Advertising.

Selling your boat privately is a relatively easy experience. Websites such as www.theyachtmarket.com will aid you in your advertising and most websites do not charge commission for the services.

A yacht broker will know when and where to advertise your yacht to the public. Over 75% of yacht transactions are cooperative sales through other yacht brokers. Through worldwide Multiple Listing Services and other marketing networks, a broker has the tools to maximize exposure to your yacht.

Getting it right

During the selling process, a Yacht Broker can advise you on what is happening in the marketplace including price, financing and terms. These are key factors in getting your yacht sold at the best price, quickly and with minimum hassle.

For the private seller it is important to research every aspect of the selling process. The best time to sell a boat will be at the start of summer when the demand is high and equally the best time to buy will be off-season.

A Yacht Broker can help close the sale of your yacht. Between the initial sales agreement and closing, problems may arise. For example, unexpected repairs are required or a query in the title is discovered. The paperwork can be overwhelming for some sellers. A yacht broker is the best person to help you resolve these issues and finally sell your yacht.

When you sell a boat privately, an added advantage will be the extras that come with it. A boat cover, depth finder, marine radio, life jackets, speed control, water skis, anchor, emergency flares, life raft and the all important trailer can make the purchase more attractive to the buyer and assist in gaining a better price for the boat.

Useful resources

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• Find a yacht broker

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What A Yacht Broker Can Do For You

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Especially when buying or selling a large boat, the right broker can reduce stress and make the transaction go smoothly and painlessly.

A broker can take the complications out of buying or selling your next boat. (Photo: Michael Vatalaro)

When BoatUS member David Issacson bought his first boat 26 years ago, he searched the newspaper classifieds in the morning (remember those?), located a couple of candidates before noon, and by 3 p.m. wrote the seller a check for $1,000 for a 17-foot boat he took fishing that day. "It was so simple then," he says. "Pretty much like buying a cheap used car. I don't even think I got a bill of sale. It was all done with a handshake." Now that he's retiring, he's looking for his fourth boat, which he says will be much bigger, probably in the 42- to 45-foot range. "I have no idea what it's going to take now. I've never had a boat that was documented or had a loan on it. I don't even think they have classifieds in the paper anymore, and I'm not sure what the process is these days."

Issacson is exactly the type of person who could benefit from using a boat broker. Boat brokers are similar to real-estate agents, but with important differences: They're far less regulated, and their commission is 10 percent rather than six percent. Unlike realtors who must take classes, sit for an exam, and be licensed in every state, only boat brokers in Florida and California have to be licensed and only California requires an exam. In most other states, anyone can call themselves a boat broker. And while all brokers have certain legal responsibilities to their clients, selecting one should be done carefully. Ask around at your marina or boatyard and get referrals from others who have used a broker before. Talk to two or three and get a feel for them, just as you would with a real estate agent. One way to increase your chances of finding the right broker is to look for a Certified Professional Yacht Broker (CPYB). These brokers are members of the Yacht Brokers Association of America (YBAA), have taken a comprehensive exam, have pledged to abide by a code of ethics, and will work with the BoatUS Dispute Mediation Program (see links in sidebar).

If You're Selling

There are several advantages to using a broker, the biggest of which is exposure. Plastering "For Sale" signs in yacht clubs and marinas can't equal the power of a broker's listing, especially with larger boats that have a smaller pool of buyers who may not even be in the same state. Brokers typically list boats through websites such as Yachtworld, which is easily searchable by anyone, anywhere in the world. Only brokers can list boats on the site, which functions much like the Multiple Listing Service for real estate agents.

Here's How A Broker Can Help

If you're the seller, a broker will:.

• Advertise your boat. Brokers should list your boat on Yachtworld and advertise in other places where appropriate. Find out what their marketing plan is and get it in writing.
• Price your boat realistically. Brokers have access to recent sale prices and know a good starting point.
• Prescreen responses to advertising. This will avoid most tire kickers.
• Show your boat to prospective buyers. This will save you from wasting time with buyers who don't show up.
• Communicate all offers from potential buyers to you.
• Negotiate the selling price. This is where brokers can really earn their money.
• Draw up sales agreements and accept deposits. Many brokers can do this electronically over computers, tablets, and even smartphones.
• Arrange for sea trials and schedule surveys.
• Coordinate closing.
• Transfer funds to you. Now you can start shopping for your next boat.

Correctly pricing a boat is critical to getting it sold, and an experienced broker has a very good idea of what a boat will sell for and can price it accordingly. Brokers typically have access to what similar boats have sold for in the local area and they'll prepare a listing based on the kind of boat and type of buyers expected. They'll take photos, write an enticing description, and recommend things to improve the look and marketability of your boat. Brokers can also help you navigate some of the more confusing aspects of selling such as corporate ownership, loan payoffs, bills of sale, and other documents needed for transferring ownership. Aside from listing and advertising the boat, their most important job is helping move the process along once a buyer is found. Brokers can also help a buyer obtain financing and assist with changing the USCG documentation. While the 10-percent commission is usually not negotiable, brokers will sometimes discount it for a sale that might be falling apart because of a survey report or other defects found on a boat. The different listing contracts used by brokers can be confusing, but they're not complicated once you understand the two main types, a central agency agreement and an open listing agreement.

A central agency agreement (sometimes called an exclusive listing) means you've hired a specific broker to sell your boat. With this type of agreement, the broker typically lists your boat on Yachtworld and — this is important — is obligated to sell it through a co-brokerage arrangement. Co-brokerage means that if another broker finds a buyer for your boat, your broker agrees to split the commission with him. This incentive to help each other is why about 70 percent of all brokerage sales are co-brokered. Keep in mind, though, with this type of agreement, even if you bring in the seller or end up donating your boat, you'll still be liable for the broker's commission. The majority of brokerage sales are central agency agreements.

An open listing agreement means you've given more than one broker the right to sell your boat and you also retain the right to sell it on your own. The disadvantage is that because no broker is guaranteed at least a part of the commission, it's not very likely any of them will spend the money to list your boat on Yachtworld or pay for other advertising. There can also be confused communications between multiple brokers and potential buyers. On the other hand, a hungry broker may be more motivated to bring you a buyer because he would get the entire commission. With this type of agreement, if you find your own buyer, you don't owe anyone a commission. For either type, don't be pressured into signing for a longer term than you're comfortable with. Six months is typical, but don't be afraid to ask for less, though a broker typically needs at least a couple of months to generate interest. Usually, you can walk away from any contract after giving 30 days notice. Most agreements automatically renew, so give notice before that if you want to cancel. No matter what kind of listing, ask for biweekly progress reports.

Selling It Yourself

For Sale By Ow ner (FSBO) certainly sounds attractive. Not only do you pocket 10 percent more than if you used a broker, but you're in charge of the whole process. Selling it yourself has drawbacks, however. You won't be able to get the same kind of national exposure a broker can, and you'll be responsible for keeping the boat in top condition and available for showing. And, because most boat shopping occurs on weekends, expect to be tied down during your time off. Finally, like many others, you may simply dislike negotiating. But if you want to save some serious money, BoatUS can help. Our thousands of online classified listings are viewable by anyone, anywhere in the world, and we offer an escrow service that takes the anxiety out of the financial part of the transaction. We also offer members full documentation service, boat financing, comprehensive insurance, and on-water and roadside towing coverage.

If You're Buying

While owners may find the process of selling to be an anxious one, buyers are looking for their next dream boat and are likely to be enjoying looking around, trying to find the perfect fit. But buyers tend to get apprehensive once it comes to plunking down hard cash. This is where a broker can make the process less stressful. Brokers should have a separate bank account for holding deposits and there should be wording in the contract specifying what the sale is contingent upon as well as how and when the money will be returned if the sale falls through.

It's important to remember that the broker in a typical sale is getting paid by and working only for the seller, not the buyer. A broker will try to get the highest possible price (that's what his commission is paid from) and will try to sell his client's boat even if it's not necessarily the best deal for you. You're on your own with negotiations and paperwork advice. You can, however, enter into an agreement with a broker through a buyer's broker arrangement. A buyer's broker will represent you, not the seller. Once they know what you're looking for, they can scour their sources and suggest likely boats for you to view, assist in negotiating a price, and help with the paperwork. Typically, a buyer's broker gets a commission split from the seller's broker so there's no cost to you, but read the agreement before signing.

When it's time to seriously consider a boat, it will need to be hauled out and surveyed — something that's usually paid for by the buyer, though as with anything in a sale, that's negotiable. Never use a surveyor recommended by the broker or seller; it's critical to hire an independent, qualified surveyor (see links, below) who has no stake in the outcome. Not only will the survey uncover needed repairs and deficiencies, it will also establish a fair market value, all of which can be used for negotiations. It will almost certainly be needed for financing and insurance as well.

Useful Links

• Finding a Certified Professional Yacht Broker
• Find a Marine Surveyor
• BoatUS USCG Documentation Service
• BoatUS Financing
• BoatUS Insurance
• Find out if a Florida Broker is licensed

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Charles Fort

Contributing Editor, BoatUS Magazine

Charles Fort is BoatUS Magazine's West Coast Editor. He often writes local news items for BoatUS Magazine's Waypoints column and contributes to Reports, in-depth tech features in every issue written to help readers avoid accidental damage to their boats. He is a member of the National Association of Marine Surveyors, he's on ABYC tech committees, and has a 100-ton U.S. Coast Guard license. He lives in California.

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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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Frequently asked questions Yacht Brokerage

Advertising strategies for yachts, how to determine the asking price, why exclusively use a brokerage house to list a yacht for sale, sea trial and survey - how they work, what is involved in the administration of selling a yacht, how to make an offer on a yacht , what does a yacht broker do, what is a broker's involvement in after-sales, how do brokers deal with enquires, what is a broker's role to a yacht buyer.

Most brokerage houses have a standard outline plan of how a yacht is to be advertised in the most appropriate media. A broker�s objective is to devise a strategy with the best chances of reaching the most qualified audience for each yacht category. Common methods are e-marketing, online listing access for public viewing, yacht shows, print media, using in-house databases of clients, brokers and representatives all combined with professional "knowhow".

To ensure an appropriate sale, it is essential to ask a fair price. A broker can help establish fair-market value for the yacht through access to actual sold yacht data that is not available to the public.

Yacht broker�s work hard to generate interest and enquires for their yacht listings. They also protect and promote the principles of their clients. Most brokers sign a "Central Agency Agreement" with the owner/seller, providing a secure arrangement between all parties. Brokers will also work co-operatively with most other brokers on a co-brokerage basis. Yacht brokers charge a commission when the yacht is sold, and the commission amount would have been set in writing in the Central Agency Agreement. If another broker brings a buyer to the table on a co-brokerage arrangement, the total commission will normally be shared between the brokers.

A buyer of a pre-owned yacht will usually request a sea trial and the services of a marine surveyor. Buyers pay for the surveys and for hauling the yacht out of the water for inspection. The Broker will usually attend the sea trial and marine survey with their buyer to help determine how to properly address any yacht survey issues and put the problems in context. Part of this includes; estimating time and cost of rectifying and where to obtain accurate quotes for items that are unfamiliar. The Insurance Company will usually require a copy of the survey.

Brokers are familiar with all the paperwork requirements from the initial Offer to Purchase and Bill of Sale to licensing and registration; to paying tax, certificates of ownership, security agreements, and other documents needed to complete a sale. They also understand maritime and admiralty laws for the type of yachts they represent, as well as agency contracts, listing agreements, closing statements, deposit requirements and escrowed accounts to safeguard funds.

Brokers will help their buyer decide on a realistic figure to offer which will increase the chances of buying a yacht for a fair and reasonable price, and together with the necessary elements to protect interests. Once this is done, the broker will prepare a "Letter of Intent or Letter of Offer" ready for the buyer to sign. This document will display the terms of the sale including obligations that you and the seller have agreed to, and when these obligations will be fulfilled. The buyer should then make a good-faith deposit on the yacht, usually placed in escrow, and subject to sea trial and survey.

Most yacht brokers work in a similar way to estate agents. They are representatives consulted to find and purchase yachts, as well as appointed to list, represent, and sell yachts. Traditionally, the seller pays the commissions that a yacht broker earns, yet brokers have a duty to both buyer and seller in every transaction.

Once a yacht is purchased the broker will guide their client through the next stages such as; finding a berth, yacht maintenance, repair specialists, yacht handling, seamanship, sourcing yacht crew, charter management and all other after-sale fundamentals to complete the service package.

A professional broker will listen closely to your requirements and will help you determine if the yacht you are considering is the right yacht, at the best value. Brokers can objectively tell you about the condition of the yacht before you decide whether or not to spend your time inspecting it. They will source and compare similar yachts on (and off) the market, the history of the yacht, how long it has been on the market, and the motivation of the seller. Anyone can look up asking prices on yachts, but it takes a professional broker to have an intimate knowledge of current market conditions, a familiarity of similar yachts, and information on recent sale prices and time on the market through industry resources not available to the public.

Pre-owned yachts are either a "central agency listing" of a yacht broker, or a trade-in from a new yacht dealer. If you are interested in a broker's listing or a trade-in, the listing broker or dealer is likely to know the yacht inside and out. They have been selected by the owner/seller to exclusively represent this yacht and all enquiries must go through this yacht broker or yacht dealer. If you are not already working with a yacht broker, and if you find a yacht on the market of interest, you should contact the listing broker directly. However a more rewarding option might be to select a yacht broker of your own, and consult with that broker about all of your yachts of interest, and let that broker represent you in your enquiries and transactions.

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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Brokerage insight: where to charter the best yachts on the market this autumn

As the Mediterranean yachting season winds down and autumn approaches, BOAT catches up with leading charter brokerage firm Moravia Yachting to explore the current market landscape and highlight some of the finest yachts available.

With coastlines spanning thousands of kilometres, bustling towns, secluded coves and centuries of fascinating history, the Mediterranean is arguably one of the most popular yacht charter destinations. According to Moravia, this year’s charter season has been particularly successful. “Our savvy clients, as always, secured their 2024 bookings back in 2023, allowing them to lock in 2023 rates and select their ideal yacht from a tailored shortlist,” explains William Molloy, head of retail charter at Moravia.

“The second quarter of 2024 was quiet for a couple of months, but fortunately, last-minute bookings picked up in June and July, possibly due to poor European weather,” charter broker Roy Posthuma notes. But despite the slow start to the season, Molloy noted a significant surge in activity following the yacht shows at the start of the season, leading to what has become Moravia's “best year yet” so far.

An Indian summer charter

There's still time to experience the Mediterranean's beauty this summer with Moravia's exceptional fleet. Highlights include the 85.6-metre, five-deck HBC and the 85.3-metre explorer yacht Bold . For art enthusiasts, the 78.4-metre Amaryllis , available in the South of France and Corsica, features award-winning interior décor by Reymond Langton. Alternatively, the 47.4-metre sloop Hyperion is perfect for those looking to fulfil their summer sailing fantasies.

But west isn’t always best when it comes to yachting in the Mediterranean. Brimming with untouched hidden gems, the eastern Mediterranean has rapidly gained popularity in recent years, with its picture-perfect beaches, sparkling turquoise waters and abundant yachting amenities. Moravia boasts a rare gem available to charter across the region that can accommodate 36 guests, the 106.5-metre Dream . Alternatively, the 42.6-metre tri-deck Lady I excels, with availability in Greece, Turkey and the undiscovered bays of Albania and a crew of nine comprising a masseuse, manicurist, fisherman and singer, all of whom collectively speak five languages.

Chasing the sun

As the Mediterranean season draws to a close, Moravia presents a wealth of autumn options in the Caribbean and the Bahamas, with thousands of kilometres of stunning coastline. “I already have clients discussing winter charters in the Caribbean, as well as those planning for next year in the familiar Mediterranean spots,” says Posthuma. “Some clients seek something new or more remote, like French Polynesia.”

In the Caribbean and the Bahamas, Moravia offers the 65-metre Codecasa, Eternity , ideal for active charter guests with its sundeck gym and extensive selection of water toys. For a more intimate experience, Nauta Yachts’ 23.9-metre sailing yacht Mindfulness is perfect for island-hopping and provides a cosy getaway for a party of six.

While Moravia anticipates a busy autumn and winter season, some brokers have noticed a shift in client behaviour. “Interest remains strong, but many clients are taking more time to commit,” notes charter broker Lea Tintaud-Abbas. “This trend reflects the careful consideration clients are giving to their plans, as they focus on securing the perfect experience that aligns with their desires and offers the best value.”

Moravia has expanded its offerings to meet these evolving preferences, including exclusive itineraries catering to a wide range of interests - from gourmet culinary experiences with onboard chefs to exciting water sports and island-hopping adventures. “We have also invested in sustainability initiatives,” Tintaud-Abbas adds, “ensuring that our charters not only deliver luxury but also minimise environmental impact, in line with the growing demand for eco-conscious travel.”

Moravia works closely with each client to create a bespoke charter itinerary tailored to their every need. Whether it's fulfilling a lifelong dream of exploring a wreck 200 metres below the surface in a submersible or diving with whale sharks off the coast of Tanzania, Moravia goes above and beyond to ensure that each yacht charter is everything the client envisioned. The team of brokers, who come from backgrounds in yachting and high-end corporate hospitality, are driven by their passion to deliver exceptional service.

“With the support of the Hill Robinson Group, which operates in 12 locations worldwide, there’s truly no challenge in the yachting world that we can't overcome,” says Molloy.

To find out more about the yachts in this article, or Moravia Yachting’s charter brokerage services, contact the team today .

Sponsored content created for Moravia Yachting

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The Captain of the Sunken Italian Yacht is Under Investigation. Is He Responsible for the Tragedy? (Exclusive)

James Cutfield is under investigation in connection with the yacht that sank off the coast of Sicily, claiming seven lives

PERINI NAVI PRESS OFFICE/HANDOUT/EPA-EFE/Shutterstock

The captain of a sunken Italian yacht is under investigation after the accident off the coast of Sicily last week that killed seven people and left 15 survivors . 

New Zealand-born James Cutfield, 50, was chief officer of the British-flagged yacht Bayesian , which sank during a storm in the Tyrrhenian Sea near the Sicilian port of Porticello on Monday, Aug. 19. 

He has been questioned several times by Italian authorities, a source close to the investigation previously told PEOPLE. Police have opened manslaughter and negligent shipwreck investigations in connection with the sinking, per Ambrogio Cartosio, the Chief Prosecutor of Termini Imerese.

Despite investigators’ focus on him, his actual culpability for the tragedy remains uncertain, as Italian attorney and legal expert Praxilla Trabattoni explains in this Q & A. (Trabattoni is also a contributing writer for PEOPLE). 

What does the interrogation of Cutfield mean?

Cutfield’s questioning does not immediately imply that he will be tried, Trabattoni says, given that this kind of investigation is commonplace for such incidents. 

This and similar cases require a preliminary investigation in which authorities notify parties involved so that they can appoint their own forensic experts and legal teams to participate in investigations, including, in this case, the autopsies of the victims. 

Is Cutfield under arrest?

While Cutfield is being investigated for negligent shipwreck and manslaughter , he is not under arrest. For a pre-trial arrest — as happened in the 2007 Amanda Knox case — there are certain criterion the prosecutors have to meet.

“First, the crime should foresee a sentencing of no less than five years,” Trabattoni says. “Secondly, there needs to be a serious indication of guilt.”

Third, she says, prosecutors would have to have concerns that the purported defendant is at risk of tampering with evidence or is a flight risk or could commit a similar crime. 

HANDOUT/Vigili del Fuoco/AFP via Getty

Is there a precedent for a case like this?

This kind of investigation is not entirely unchartered territory.

Trabattoni notes similarities with the 2012 capsizing of Costa Concordia off the Tuscan island of Giglio, which killed 32 and left 4,200 survivors , as previously reported by the Associated Press and BBC.

Francesco Schettino, the captain of that ship, was later sentenced to 16 years in prison on charges similar to the ones Cutfield is possibly facing, per the outles. The search and rescue of the Bayesian is being conducted by the same crew that assisted with the Costa Concordia disaster, she says.

But there's a long way to go before Cutfield could meet a similar fate - including a bulletproof case from prosecutors.

How could authorities prove the captain's guilt?

Prosecutors have to prove beyond a reasonable doubt that the actions or omissions of the captain caused or contributed to the tragedy, Trabattoni says. They can do so by examining the boat and seeing if survivor and witness accounts are consistent with the physical evidence they find. 

For example, if the captain had heard that there was a weather alert and he failed to deploy the stabilizer, or if he decided not to go into a port that would have been provided a safe haven, or if he didn’t ensure that all the doors were shut during the night. These constitute behavior that would have contributed to the tragedy, Trabattoni says.

Prosecutors also have a legal obligation not only to look for evidence against the party, but also in favor of the defendant, requiring a diligent investigation of the case, she says.

FABIO LA BIANCA/BAIA Santa Nicolicchia/AFP via Getty

What Could Cutfield Argue in His Defense?

The captain has to prove that he behaved and maintained his duties and obligations both during the tragedy and after, says Trabattoni. There's also the question, Was there anything he could've done to save lives?

He could also claim that it was an unforeseeable and unpredictable weather phenomenon and there was nothing he could've done to avoid a disaster, she says. He could also claim that there was design or manufacturer flaw in the vessel.

Are other surviving crew members culpable?

Several crew members are now expected to be placed under investigation, local news outlets  Rai ,  Adnkronos  and  Sky Italia  report. One of them is the  first mate of the yacht, Tijs Koopman , who has been asked to not leave the Sicilian city of Palermo so that he can be questioned, per  Corriere della Sera  and TV channel TG La7.

“What often happens, and what happened in the Costa Concordia case, is that those further down the pecking order will cut deals and explain everything that happened,” Trabattoni says. This usually implies the captain would get most of the blame and, in turn, a harsher sentencing, she adds. 

“Maritime law dictates that the captain is in charge and responsible for the boat, crew and all the people sailing with him so the ultimate responsibility and liability lies with him,” she says. 

The accident claimed the lives of several high-profile individuals. They have been identified by authorities as British tech entrepreneur Mike Lynch and his daughter, Hannah Lynch; the yacht's chef Recaldo Thomas; prominent New York attorney   Christopher Morvillo and his wife, Neda , and Morgan Stanley International chairman  Jonathan Bloomer and his wife, Judy .

Want to keep up with the latest crime coverage? Sign up for  PEOPLE's  free True Crime newsletter  for breaking crime news, ongoing trial coverage and details of intriguing unsolved cases.

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Experts puzzle over why Bayesian yacht sank. Was it a 'black swan event'?

The Bayesian set off on a leisurely cruise around Italy's southern coast on a sunny day in late July.

The luxurious super yacht − which boasted one of the largest masts in the world and carried a crew of business moguls, including British tech tycoon Mike Lynch and his family and a chair of Morgan Stanley − set sail from the Amalfi Coast, bound for Sicily.

Less than a month later, the ship had sunk 160 feet under the water , leaving its cook dead and six of its passengers, including at least two Americans, missing and prompting a massive search that has drawn international attention.

Now, experts are trying to piece together why in the early hours Monday the Bayesian was quickly pulled under the waves amid a storm that saw at least one tornado spin up over the water.

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A perfect storm led to Bayesian sinking, experts say

The combination of unlikely factors that could have contributed to the ship's fate constituted a "black swan event," Matthew Schanck, chairman of the Maritime Search and Rescue Council, told USA TODAY.

The Bayesian was well-built: A 2008 product of Italian ship maker Perini, it was constructed in accordance with international maritime standards and commercially certified by the U.K.'s Maritime and Coastguard Agency, according to Schanck.

The bout of bad weather that swept the area when the ship went down was also out of the ordinary in the northern Mediterranean, "which isn't renowned for prolonged, significant stormy weather," he said.

"The fact that those two elements have then resulted in the foundering of a super yacht is pretty extraordinary," Schanck said. "These things don't happen every day."

After the ship sank just before 5 a.m. local time, 15 people, including a 1-year-old, were pulled from the water. Some were rescued from a life raft by the crew of a ship docked nearby.

Ricardo Thomas, the ship's cook and a native of Antigua, was found dead, according to authorities.

As of Tuesday, six people were missing, including Lynch and his 18-year-old daughter. Several missing passengers were involved in Lynch's trial on fraud charges, including Jonathan Bloomer, a Morgan Stanley chair who served as his character witness, and one of Lynch's attorneys. Lynch, accused of fraud after he sold his company to electronics giant Hewlett-Packard, was acquitted of all charges weeks ago.

Who is Mike Lynch? UK entrepreneur among those missing after superyacht sinks off Sicily

Tornado formed over unusually hot water

Storms in the area that night may have whipped up a water spout, a tornado over the water , according to local meteorologists.

It was likely triggered by the water's unusual warmth, said Rick Shema, a certified consulting meteorologist who served in the Navy.

"The water spout was an uncommon occurrence," he said. "But again, these things happen, especially in warmer water."

At 83.7 degrees, water in the area was more than 3 degrees hotter than average on the day the Bayesian sank, likely the result of climate change, Shema said.

"Hurricanes can form at 80 degrees. This was almost four degrees higher than that," he said.

The water spout may have spun up when cooler air dropped from mountainous places nearby onto the hot water, he said. "A water spout is a vortex, basically like a tornado, spinning real fast, sucking up water and moisture as the column rises," he said.

Although water spouts only reach around 120 mph, as compared with tornadoes on land, which can reach up to 300 mph, "you don't need 200 mph to sink a ship," he said.

"Even an average tornado, 120 miles an hour, that's a lot of wind," he said, "which would heel the boat over for sure."

Water spouts spring up suddenly, Shema said. Before they strike, winds can be slow, but "once the water spout comes over, bam, it's on," he said.

Before sunrise, the ship's crew may not have seen the water spout coming. "The visibility was probably a big factor," he said.

With the windows of the yacht opened, as they likely were in the hot weather, the water spout could have triggered water that flooded through the portholes, Shema said, causing the ship to sink.

Tragedy strikes: Scramble to find survivors after Bayesian yacht sinks off Sicily coast

Search continues, but shift to recovery phase approaches

Italian authorities said the Bayesian was probably at anchor when the storm struck, meaning it couldn't maneuver and ride the waves, according to Mitchell Stoller, a captain and maritime expert witness. Other ships in the area that turned on their engines rode out the storm, he said.

"When you're at anchor and you see weather, you start your engine and you put the wind on the bow. You don't let it get on the side," he said.

Schanck said another key question concerns the position of the keel, a heavy weight underneath the boat that acts as a counterbalance to keep it upright, when the ship sank. When lifted, "that's going to affect the stability of the vessel, because, obviously, you've now raised the center of gravity of that vessel," he said.

The Bayesian was floating over 160 feet of water at the time, deep enough that the keel would likely be deployed. But the fact that "the vessel heeled over so heavily makes me question that," Schanck said.

The cause of the disaster may not be known until the ship can be examined in more detail, experts say. Prosecutors in a nearby town have already opened an investigation.

Schanck said investigators will have plenty to work with once the operation moves into a recovery phase.

"The vessel is intact and in good condition on the seabed," he said. "There's a lot of eyewitness accounts from other vessels in the area and the shore."

As the search entered its second day on Tuesday, the rescue effort may shift in that direction soon. "I suspect, later on, today or tomorrow, we'll probably see some mention of a recovery operation being stated," Schanck said.

The decision to would depend on whether rescuers find signs of life in the ship and air pockets or survivable spaces, Schanck said. At this point, survivors on the water's surface looks unlikely. "My professional opinion is that the casualties will be located within the vessel," he said.

"There is a risk versus benefit in all maritime search and rescue incidents," he said. "Where we start transitioning to a recovery phase, that line shifts."

Contributing: Reuters

Cybele Mayes-Osterman is a breaking news reporter for USA Today. Reach her on email at [email protected]. Follow her on X @CybeleMO.

DMV’s El Centro Office Temporarily Closed for Remediation

Contact:  Office of Public Affairs 2415 First Avenue Sacramento, CA 95818 (916) 657–6437 |  [email protected]

FOR IMMEDIATE RELEASE August 27, 2024

Sacramento – The California Department of Motor Vehicles is alerting customers that the El Centro office at 233 N. Imperial Ave. has closed temporarily for remediation. A reopening date has not yet been determined.

Until the remediation is complete, customers can visit the Brawley office at 173 W. Main St. (about 14 miles away) for in-person services.

Before Going to an Office – Try Online First!

The DMV has taken many steps to offer additional digital services. Most DMV tasks do not require an office visit, including simple self-service transactions that are no longer available in offices. The DMV encourages customers to use its  online services  and other service channels to complete transactions, including eligible driver’s license and vehicle registration renewals. Customers can also use the  Service Advisor  on the DMV website to learn their options to complete DMV tasks.

To sign up for paperless vehicle registration and driver’s license renewal notices, customers must sign in or create a secure online account at  dmv.ca.gov  and then opt in.

Sign up to receive the latest DMV News Alerts:  DMV NEWS ALERTS – California DMV

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