Negotiating Tips
By
myBoat.com Staff Writers
Palm Harbor, FL -- To make sure
you're always negotiating from a position of strength, it's important to arm
yourself with as much information as you can. Selling your boat can be a
rewarding experience when you transform that knowledge into negotiating power.
Create Urgency
From
the moment a potential buyer contacts you, the negotiation process begins.
Focus on building urgency. Let buyers know that others are interested and, if
applicable, that you already have sea trials scheduled. Show potential buyers that
you're a motivated seller and that you want to accommodate their needs.
Be Prepared to Negotiate
It's
highly unlikely that a buyer will pay your asking price so be prepared to negotiate.
When you negotiate, know how low you are willing to go and don't be afraid to
walk away from the sale. Sometimes walking away is your best option if
negotiations start to drag on unproductively.
Don't Panic
It's
not uncommon for a potential buyer to start with a low offer; don't panic. Use
the buyer's offer as an opportunity to explain how you arrived at your price.
Consider lowering your price some to show you're willing to negotiate. If a
buyer is serious, they should counter with a higher offer. Expect some back and
forth but realize a serious buyer wants to purchase a boat not negotiate
endlessly. Don't let a disingenuous buyer take you for a ride.
Be Objective
During
the negotiation process, there's no need to be overly emotional or stoic. If
you're concerned you might not be objective or you might jump at the first
offer, bring someone with negotiating experience that isn't invested in the
sale.
Remember,
your number one goal is to sell your boat for a price that's fair to both you
and the buyer. Be objective and ready to explain why you priced the boat the
way you did.
Know Your Boat's
Value
For
most sellers, getting top dollar is their top priority. The key to good
negotiating is to arrive at a price that both you and the buyer are happy with.
The first step in doing that is to know the market value of your boat. When you
know your boat's real market value, you're less likely to be influenced by
aggressive buyers that try to whittle down the price by nitpicking at minor
problems. Explaining that you've already factored those into the price allows
you to refocus the conversation on the overall value of the boat and your price.
Provide Paperwork
It's
important to provide paperwork, including service records. Often, if these
records cannot be produced, potential buyers may believe your boat hasn't
received proper maintenance and lose interest. Or they may use that information
as an opportunity to negotiate the price down by arguing that purchasing a boat
without the appropriate records is a substantial risk.
Get Your Own
Inspection
A
potential buyer will likely want to have your boat inspected by a technician of
their choosing, which is a good sign. It demonstrates that the buyer has
substantial interest. However, it's also a good idea to have your boat
inspected by your own technician before
you list your boat. This gives you a baseline understanding of the health of
your boat and you can use your inspection report to refute any findings from
another technician that you think are inaccurate or unreasonable.
If
the buyer's technician identifies problems with your boat that you think are
reasonable, reduce the price appropriately. However, never allow yourself to be
intimidated by the buyer or their technician. If certain requests seem
unreasonable, it may be best to walk away rather than proceed if you believe
you're being taken advantage of.
By
converting knowledge into power, the negotiating process can go smoothly, and
both you and the buyer can walk away knowing you each got a good deal.