Boats on Used Victoria and Other Areas

[kaelc]

Exhibit a....

Thank you on behalf of all the boat shoppers.

Maybe the same, just assuming, you would think yatchworld would not advertise as clean, excellent condition if it’s like that, the worse surveyor in bc can pick that boubou without glass on, I would not touch it would a ten foot pole

Broker might not have seen it. Pictures are from Barkley sound lodge, and when there are more pictures to come it could be because they haven’t even gotten close to the boat in person? I asked them for pictures of the transom and legs

 

[ab1752]

It was on the hard when I arrived last May and I was a bit early. They were about to launch when I walked up which I put a stop to so I could see it. In the first minutes I knew it was a wasted trip. Broker had a guy jump on the engines and say hey look the cracks are not spreading under load so its all good. OK sure, and if i was trading it in they would have smoked me for 30k less right off the top.

Im still choked at then. It would be difficulty to see any of that mess with the boat in the water.

 

[ab1752]

Thank you on behalf of all the boat shoppers.

Broker might not have seen it. Pictures are from Barkley sound lodge, and when there are more pictures to come it could be because they haven’t even gotten close to the boat in person? I asked them for pictures of the transom and legs

In my experience, 99.999% of brokers sell dreams not substance. In my case, this one sure did.

 

[Bill 310]

In my experience, 99.999% of brokers sell dreams not substance. In my case, this one sure did.

I was curious about what the standard commission is for a yacht broker . Welcome to ADHD Brain

It appears that the published commission is a flat 10% with the listing and selling brokers doing some form of a 60/40 commission split

 

[ab1752]

I believe its 10% gross vessel sale and the split is 50/50. Then there is further dilution if there are multiple brokers involved.

 

[BigReel]

Sometimes I see people in their ads say "courtesy to brokers". What does that mean? Are they giving them their share/half of what would be the 10% broker fee?

 

[brutus]

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[Bill 310]

Sometimes I see people in their ads say "courtesy to brokers". What does that mean? Are they giving them their share/half of what would be the 10% broker fee?

I think this means that if you are trying to sell your boat, a broker sees it and they bring you a buyer the broke gets paid by someone in some fashion. I think the transaction would need an expert to explain how it might be structured

Let me muddle the waters

You are asking 110K for your boat. The broker brings you a buyer at 100K and you accept the offer

Now if the broker had a contract with you, had done the work of advertising the boat, advising you on prepping it for sale, brought you other prospective buyers the commission would be 10% or $10,000 you would net $90,000. That $10,000 might have been shared with another broker who brought them a client and the the two brokers would split the $10,000 perhaps 40% to the broker who brought the client and 60% for the listing broker . The listing broker would have incurred more costs, listing the boat, writing and placing ads, perhaps multiple showings, etc.

So now we get into the interesting part. How does the broker who brought you the buyer get paid, who pays them and how much do they get paid? And most importantly what about the taxes on the sale and the taxes owed on the brokers commission

If the system between brokers works as I have described you did all the work and therefore the broker who brought you the client would at most be entitled to 4% or $4,000, A broker might believe that they were entitled to the full 10% -who knows.

Now we get into the tax thing. I imagine some folks might pay the broker the $4,000 commission but how do you account for that tax wise. Do you give the broker a tax slip, does he invoice you for professional services (plus gst).

Then you have the issue of PST and GST on the boat sale

https://www2.gov.bc.ca/assets/gov/taxes/sales-taxes/publications/pst-108-boats.pdf

The more I write on this the more my head hurts - I know just enough to ask myself annoying questions .

Hopefully someone who understands this type of transaction better than me i.e. anyone in the province for example, might be able to explain this and outline the correct way to manage this kind of a transaction.

Apologies to all.

 

[ab1752]

Sometimes I see people in their ads say "courtesy to brokers". What does that mean? Are they giving them their share/half of what would be the 10% broker fee?

Yep. When a private seller would provide a commission to a broker when they are under no obligation to do so.