The benefits of a Buyer’s Broker
by Matt Condon
Are you in the market for a pre-owned Viking Yacht? Perhaps you should consider working with a buyer’s agent. Virtually all pre-owned Vikings are offered for sale through listing agents on the primary website – yachtworld.com. These agents have a fiduciary relationship with the seller. By law they must work in the seller’s best interest. True, most good brokers try to be fair to all parties. But, only a buyer represented by a Buyer’s Agent is contractually assured his agent will look out for his best interests, exclusively.
How it works -
A buyer enters into a representation agreement with a Buyer’s Agent who has expertise in the size and type of boat they are considering for purchase. The agreement typically lasts for 120 – 180 days and includes a good faith deposit held in the Broker’s escrow account. The Buyer Agent’s fee is paid from the seller’s commission through a standard co-brokerage arrangement with the listing agent. This is similar to a normal two broker transaction except the buyer broker is bound by contract to work in the buyer’s best interest at all times. There are no extra costs to the buyer to be represented by a buyer’s agent.
The next step is to find the perfect boat. Instead of a prospective buyer calling around and speaking with various listing agents or having a friendly broker call around, a Buyer’s Agent handles all the communication with the listing agents. The agent presents vessels that have been pre-screened to meet the needs of the purchaser. Offers are then made using a purchase agreement written in the buyer’s best interests and using the buyer broker’s escrow services. At no time does the buyer’s deposit get put “at risk” until the buyer specifically accepts the vessel after all due diligence and inspections.
A Buyer’s Agent will use his expertise and intimate knowledge of the market to negotiate the best deal for a purchaser. Working with a large and well respected brokerage house like Galati Yacht Sales can help smooth out any waves and lead to a successful purchase. Access to Galati Yacht’s well earned reputation to service after the sale in included with every purchase.
The Buyer’s broker will use his best efforts and expertise and that of a reputable surveyor to determine if the boat is suitable. Unlike a listing agent, who will only earn a commission if you buy this particular vessel, a buyer’s agent knows a commission will be earned no matter which boat the buyer accepts so there is no bias to purchase one over the other.