Using a broker to sell your boat delivers benefits worth considering. Your broker will help determine fair market value and provide advice on any maintenance or improvements that can greatly enhance the way your boat shows to prospective buyers. The broker’s advertising programs and foot traffic at the sales dock assure that your boat will gain good exposure to prospective buyers. The broker fields all enquiries and arranges showings, and brings ample knowledge to play in describing your boat’s features. As well, the broker works with the prospective buyer to arrange the sea trial and survey, and handles all aspects of completing the transaction. For that service, you will pay the broker up to 10 per cent of the boat’s selling price.

If you’ve decided to sell your boat privately, here are a few things to think about. Before advertising your boat, you need to determine its resale value. A recent survey is a good starting point, as the surveyor would have established fair market value as part of his examination. You can attempt to factor in other considerations, such as any changes to the boat’s condition or equipment since the survey. Overall market conditions, which go through peaks and valleys, could also have an impact. Search the internet or other classifieds to see what similar boats are listing for. Remember, asking price and selling price are two different things. Your asking price is only a starting point. Be realistic, but also be prepared to negotiate.

Before you start to show your boat, try to see it from a buyer’s perspective. The first impression is important, and can hinge more on overall appearance than on more essential features. Make sure the boat is clean and consider waxing or other detailing. The condition of brightwork and interior wood is also key to a good first impression. Showing the inside of a boat is not unlike showing a house or apartment. For the galley, upholstery and living areas, apply the same domestic standards you would at home. Clean the lockers and the bilges. It’s not a lot of work to put some fresh paint in lockers, yet it can make the boat appear fresh and accommodating. The engine(s) and compartment should also be clean and grease-free.

Know the answers to basic questions. What is its cruise speed? How much fuel does it burn? How big are the water and fuel tanks? How many hours are on the engine(s)? How many horsepower? What is the sail inventory and how old are the sails? What batteries are included? How old are they? Having the answers to these questions will impress a potential buyer.

Make a list of all equipment and navigational or drive systems on the boat. Be prepared to describe their operation, maintenance records, age and overall condition. If something doesn’t work, be upfront about it. Letting a prospective buyer discover it for himself just creates uncertainty.

Dig out the registration or licence. You will need these documents to transfer ownership to the new owner.

Now you’re ready to start showing your boat. The biggest challenge is often getting the word to prospective buyers. There are a number of avenues available, and you will have to determine which ones are cost-effective for you.

Coming to a tentative purchase price will probably involve some haggling – perhaps over price, or included equipment, or both. Once you agree on a price, the buyer will likely make the sale conditional on a sea trial, a survey and perhaps financing. You should agree on a closing date for the transaction and advise the buyer of any liens registered against the boat. Don’t be shy about discussing all eventualities; the key is to avoid surprises. All this information should be put in writing and signed by both parties. Get a deposit from the buyer; the money should be held in trust pending completion of the sale.

During this period, you’re free to continue to show the boat to other possible buyers, and even accept back-up offers. However, you are committed to fulfilling the terms of the initial sales agreement. You should also refrain from using the boat, as it is under contract in its current condition.

The sea trial will typically precede the survey. Being able to handle your boat competently and confidently will make the appropriate impression. Use this opportunity to explain your boat’s systems and handling characteristics. You owe the buyer the opportunity to put the boat through its paces -- not an afternoon cruise.

Costs of the survey are typically paid by the prospective buyer. You’ll have to make suitable arrangements with the buyer on where the boat will be hauled for beneath-the-waterline inspections and delivery and pick-up at the facility. It’s still your boat, so don’t agree to anything you’re not comfortable with.

Unless your boat is the exception, a few blemishes will emerge during the survey. If any major problems emerge, the seller may want to renegotiate terms of the agreement. You're under no obligation, but the prospective buyer can, for almost any reason, refuse to complete the sale. If he does, he is entitled to a full refund of the deposit. You are not obligated to reimburse him for any expenses incurred to date.