The superyacht market has enjoyed unprecedented growth over the past few years, with more wealthy individuals opting to own a luxury yacht.
Indeed, the global yacht market is now estimated to be worth US$ 8.91 billion and is expected to enjoy a compound annual growth rate of 5.8 per cent from 2023 to 2030. Yacht brokers state that demand remains high, which means potential buyers often have to move quickly.
However, navigating the yachting industry is no easy feat. A luxury yacht is a significant asset, so it’s important that you select the best yacht brokerage for your needs.
Choosing the right superyacht brokerage can reap dividends by not only ensuring you enjoy a flawless yacht acquisition process but also ensuring you buy the right yacht, one that is uniquely suited to your lifestyle needs, at the best price. An experienced yacht brokerage will also go out of their way to make sure you are fully armed with all the necessary information, meaning when the right yacht comes along, you can make an informed decision.
If you’re wondering how to choose the best superyacht brokerage in 2024, then read on. Here we explore four of the top considerations to consider.
How to choose the best brokerage
1. Reputation and credibility
Working with a yacht brokerage that has a strong reputation is a must. Many of the best yacht brokerages gain clients through recommendations in the yachting industry from other yacht owners, shipyards, captains, and yacht service providers. Why? Because quite simply, the best brokerages always put their clients’ best interests first. For further peace of mind, look for brokerages that are members of industry bodies, ensuring they adhere to the highest professional standards. Key industry bodies include the Mediterranean Yacht Brokers Association, Cluster Yachting, and the Professional Yachting Association.
2. Experience and expertise
It’s vital that you work with a yacht broker who has specific expertise in the type of yacht that you want to buy. Some luxury yacht brokers specialise in motor yachts, others in sailing vessels, while some yacht brokers will be highly specialised in yachts built by specific shipyards or those that are in a certain size class. Before instructing a broker, check their current listings and sales records to ensure their knowledge is a good match.
3. Connections amd relationships
Having the right connections and relationships is everything in the yachting industry, which is where working with an established global powerhouse can really reap dividends, such as Moravia Yachting, an established yacht brokerage with over six decades of expertise.
Having a brokerage with the right contacts and relationships with key industry players means you will enjoy access to the best yachts for sale. For example, the yacht brokers at Moravia often hear about luxury yachts for sale before they become public, giving clients early access before anyone else.
Finally, a brokerage with an extensive network of industry specialists means that they can advise on trusted experts who are valuable during the buying process, including surveyors, insurance providers, and yacht finance specialists.
4. Chemistry
Chemistry is an important part of the decision-making process but one that is often overlooked. You need to feel you connect with your chosen yacht broker, that they will be responsive, transparent, and, above all put your interests first.
Buying a luxury yacht represents the ultimate lifestyle purchase. You not only want a luxury yacht broker who knows the industry inside-out but also one that you can truly connect with. Your yacht broker should handle the complexities of buying a luxury yacht by managing all the pain points while ensuring you enjoy an indulgently fun process. When selecting which yacht brokerage to work with, ask them about how they will help guide you through the process.
5. An end-to-end solution
Our final tip on how to choose the best yacht brokerage is to consider whether working with a full-service brokerage would be advantageous. Choosing a full-service brokerage means that at the close of the sale, you won’t be left alone, unsure where or who to turn to next. Full-service brokerages often include additional services, such as yacht management, which typically covers compliance, crew services, yacht accounting, and day-to-day operations, as well as charter management.
