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Friday, September 10, 2021

How to Become a Successful Yacht Broker

Many people are interested in becoming yacht brokers. Although many of us fantasize about the day when we can quit our jobs and go cruising, our retirement funds may not allow us to do so just yet. As a result, many people who enjoy boats and know more than their fair share consider working in the marine industry.
 
Many persons with marine experience or who live near the water find professional yacht brokering interesting. I find it appealing to become a yacht broker because my dad and I are yacht enthusiasts. Because of this hobby, I want to create a yacht broker company myself, aside from doing a yacht chartering business. I believe that becoming a yacht broker allows me to be flip yachts as a business.  
 
Due to my interest in this niche of business, I am researching and writing a topic on this article. What are the steps to become a yacht broker? What procedures do you need to take in order to become a licensed broker? Let's take a look at some basic needs to consider when pursuing a career as a broker. I will explain how you can become a successful yacht broker and make a high income from this industry niche. Furthermore, I will talk about my Plan as a Yacht Broker and the business I will build. 

Basic Requirements: 
Before embarking on this professional path, it's critical to understand the boating business thoroughly. Knowing the different boat brands is essential; you would not start selling cars without knowing the different car brands. This will serve as a starting point for determining specific yacht pricing, quality, performance, and manufacturing quality. When working with experienced and novice consumers, having this basic understanding will pave the way for smooth sailing.
 
Brush up on your boating skills. You must have a significant understanding of both powerboats and sailboats before you can assist your customer in buying or selling his boat. Take the time to learn more about boats and their manufacturers if you already have a lot of boating expertise.
 
Learn about the same 38-foot sailboat variations, or broaden your powerboat knowledge to include convertibles, motor yachts, and trawlers. Purchase various boating periodicals and peruse the pages of yachts for sale sponsored by brokerages. On yacht brokerage websites, there are many more yachts to choose from.
 
Take a look around your neighborhood. Yacht brokerage, like other sales enterprises, is a numbers game. There is a finite pool of boat owners that wish to sell their vessels in any port city. Another small group of potential purchasers is on the lookout for their ideal boat. Several local brokerage firms are fighting for the same boat owners' business to make matters more complicated.
 
Place yourself in a region with many boats, boating enterprises, and boating destinations to enhance your quantity of prospects. Other towns and ports in the surrounding area should ideally be boating havens as well.
 
Become a member of a respected brokerage firm. Once you have decided on a site, inquire about the city's largest and most respected yacht brokerages. The physical environment of a firm can reveal a lot about its success. Look for a company with friendly offices, a full-time listing secretary, and a full-time broker duty roster. A one-person show in a tight office, on the other hand, may not be able to provide you with the support you require.

There are two reasons to join a respectable brokerage firm: (1) you will receive better sales and marketing help, and (2) you will earn credibility due to your affiliation with the firm. Using a state-by-state listing service, locate a local brokerage (see Resources).
 
With listings and services, you can grow your business. Your boat sales company will be comparable to that of a real estate agent in that both rely on gaining listings that can be sold by the listing broker or by others. Here are a few places to look for listings:

1. Volunteer for "desk duty," since boat owners occasionally stroll into the office to advertise their boat
2. Walk the docks of surrounding marinas, handing out your card to well-kept boat owners
3. Work the brokerage booth at local boat shows
4. Ask for references from happy buyers and sellers
 
Treat your buyers and sellers as partners, not revenue generators. Remember important client dates and facts with the help of a contact management system. Continue your education so that you can provide more outstanding service to your buyers and vendors. Finally, because it takes time to create a successful brokerage firm, be sure you have a backup plan in place.

 
Certifications: 
The Yacht Brokers Association of America strongly advises new brokers to obtain their CPYB certification (Certified Professional Yacht Broker). This qualification isn't required for yacht brokerage, but it makes potential clients feel more secure. To be certified, you must have at least three years of experience in sales/yacht brokerage, a track record of using and maintaining legal contracts, the necessary licenses, and verification of proper trust accounts. The certification procedure culminates in an exam that decides whether or not the candidate is qualified to become a certified broker.

 
Licenses: 
Only a few states impose licensing requirements on new yacht dealers. States that do require one will demand proof of a sales background, specifically experience working for another licensed broker. In order to continue the licensing procedure, certain jurisdictions will demand a conducted background check. Following that, yacht brokers may be required to obtain surety bonds to protect their clients and themselves in the event of a financial emergency. It is crucial to remember that state rules and regulations need you to renew your license once a certain period has passed.

 
Education: 
In order to work as a yacht broker, you must have a bachelor's degree, though a GED or no formal higher-level education may be adequate, depending on the situation. Finally, while having a solid understanding of boats and boating culture can help you advance in this sector, it is possible to succeed in yacht brokering without a college diploma.


Here are 15 tips to become a Successful Yacht Broker!

1. Be Yourself.
Forget about "faking it till you make it." Your prospects want to do business with real people, and they can usually tell if you are faking it. Use words that you are not familiar with. Keep your body language in mind.
 
Remember that empathy is one of the most powerful emotions in sales, so when meeting a new prospect, constantly ask yourself, "If I were in their place today, how would I want to be treated?"


2. Embrace Rejection.
By the age of 17, the average adolescent will have heard the words "No you cannot" over 150,000 times, compared to 5000 times "Yes you can." That is a 30:1 ratio of noes to yeses! As a result, we have all developed a phobia of the word "no." We are terrified of hearing and saying "NO." However, receiving more "No" s is the key to sales success.
 
Let us use the Gold Mine as an example. When you mine for gold, you are not looking for gold; instead, you are removing the dirt in the way. Whoever can clear the most dirt in the shortest amount of time will find the most gold. In other words, the persons who have received the most rejections (the most 'no's) are the ones who receive the most 'yes.' Begin to compare your "No's" to dirt and your "Yes's" to gold. You will find more gold if you collect more "No's."

 
3. Become a Persuader.
If you have ever had difficulties closing a deal, getting a job, finding a date, or doing anything else that allows you to progress in life, you should devote more time to learning the art of persuasion.


4. Get Uncomfortable.
Let me share with you an intriguing lesson that we can learn from lobsters. Lobsters have no choice but to hide beneath a rock and shed their old shell to create room for a new one when their shell becomes too tight and unpleasant. Their discomfort is a natural component of their maturation.
 
Consider your next period of hardship or adversity as an opportunity to learn and grow. Yes, it will be painful to remove your old skin, but it will make room for a new you with tremendous potential. Avoiding discomfort through avoidance, denial, or even concealing its effect through the use of food, drugs, or alcohol will not lead to any positive outcomes in life. Also, keep in mind that you are doing something wrong if you are not afraid when increasing your boat sales.
 
If you think you are bad at making videos of your listings, go ahead and make more! Do you despise social media? Great, put in extra time because you are not doing it for yourself; you are doing it for your clients and family to improve your sales skills.

 
5. Be Persistent.
"Your IQ is less essential than your 'I Can.'" The majority of your life's goals are within easy reach. It may be difficult, and it may take time and a lot of trial and error, but persevere. Remember the marshmallow experiment? The kids who want quick pleasure always receive less than those who exercise self-control.

 
6. Build Systems.
Make your aim a system instead of a goal if you want to succeed. Use technology to make it easier to put everyday systems in place to help you achieve your objectives. Here is an easy example that will have a big impact on your life: Take out your iPhone and say to Siri, "Set me a daily reminder at 8 a.m." "Tell me what you want to be reminded about?" Siri will then ask. "What should I do today in order to have a successful day?" you might respond. And there you have it. You will be reminded of this magical question every morning at 8 a.m.

 
7. Do Not Be Average.
Keep learning and improving, like sharks which must swim continually to survive. Settling and giving up on becoming better at what you do is a surefire way to become unhappy or ordinary. "The average is made up of the finest of the worst and the worst of the worst." Being ordinary is not particularly satisfying.
 
Remember that competition is usually fiercer at the bottom of the pyramid than at the top. The more you progress and improve, the less competition you will face. There is no competition for larger goals, but everyone aspires to achieve the same average results.


8. Make More Time.
Save 30 minutes a day, and you will have 182 extra hours in a year or one month's worth of full-time employment! There are many disparities in the world, but we all have in common the number of hours we have in a day.
 
I recall reading an interview with Ingvar Kamprad, the founder of Ikea and a billionaire. When asked what his secret to success and accomplishments was, he said, "I divide my days into 10-minute parts." It would help if you recognized that time is your most valuable resource. In ten minutes, you can accomplish a lot." While most people split their week into seven 24-hour parts, he divides it into 1008 10-minute chunks.

 
9. Be Curious.
Curiosity leads to learning, and learning is one of the most fundamental aspects of success. "Your level of self-development will rarely exceed your level of success. "Success is a person you become, not something you attract." Mark Cuban and Richard Branson read for three hours each day, whereas Mark Zuckerberg reads one book every week and Warren Buffet reads 500 pages per day! "The more you learn, the more you earn," says no one. So be inquisitive and continue to learn.

 
10. Be Empathic
You have probably heard the phrase "live today as if it were the final day of your life." Consider it a different way. When you meet someone, act as though it is the final day of their life, and treat them as if that were the case. There are two types of people in a perfect society: those who go into a room and say, "Here I am," and those who say, "There you are." Become a giver rather than a taker. Focus on what clients want to buy, not what you want to sell if you are in sales. It is important to remember that customers buy from individuals and businesses they like.
 
11. Get Directions.
Have you heard the legend that lost travelers wind up traveling in circles after their sense of direction is lost?
 
Jan Souman, a researcher, validated this in a 2007 experiment in which he dropped participants into the Sahara Desert and a German woodland and watched them travel for several miles in a straight line. They were indeed driving in circles, according to GPS trackers. It is human nature not to have a sense of direction, and it will get you nowhere in life, much like the hikers walking in circles.
 
Vision, goals, plans, and strategies are all examples of directions. In general, we are not very good at planning and establishing directions in our life. The majority of Americans devote more time to preparing for their summer vacation than they do to planning their lives. Let me give you a little introduction because we are often inexperienced in organizing our lives and have no idea why or what to do.
Goals come from the intellect, but vision comes from the heart. A goal without a strategy is nothing more than a desire or a fantasy. Strategic thinking entails building a relationship between where you are and where you wish to go. You will not go far with a plan that lacks preparation, strategy, or action. "Everyone has a plan until they get smacked in the face," stated Mike Tyson.
 
As a result, planning and developing a vision and strategy are critical. Never feel like you are wasting time if you're merely sitting in a chair planning out your day's activities. Spend at least half a day per week defining your vision, refining your practice, and learning how to be a better broker. While planning is beneficial, please don't overdo it. Set a single goal for yourself and go for it. Remember this piece of advice from Elisabeth Holmes, the world's youngest female billionaire: "As soon as you have a backup plan, you have conceded you will not succeed."
 
12. Surround Yourself With The Right People.
Surrounding oneself with motivated and successful individuals is one of the simplest methods to achieve success.
 
"You are just the average of the five people you hang out with the most," you may have heard. "Show me your friends, and I will show you your future," says another.
 
I like to use the Crab Pot Theory as an example. It is a psychological metaphor used to describe those who try to bring others down. When a crab tries to escape out of a pot, the other crabs usually pull it back into the pot. If your friends or entourage notice you improving and becoming a better person, they will likely want to bring you down. So, if a relationship is not bringing you happiness, do not be afraid to stop it.

 
13. Be Accountable
"Life is 90% how you react to what occurs to you and 10% what happens to you." "You may either be wealthy or a victim; you cannot be both." If you consistently blame external conditions, nothing will ever work out for you. So get out there and start doing it right now. But keep in mind that you should begin before you feel ready since you will never be ready.
 
14. Remember the Secret to Happiness.
The ultimate currency is happiness. "Do not wait till you are wealthy to be content. "Happiness is a gift."

"Success does not lead to happiness, but happiness leads to success," as the saying goes.
 
It would be best if you had goals, but your happiness CANNOT be dependent on them. If you wait until you achieve your goals to be happy, you will never be pleased with your life. Every day, express thanks (set a daily reminder using Siri like we saw earlier and write down three things you are grateful for daily). This simple activity has been shown to boost happiness by 51% in just one week!
 
15. Invest in Yourself.
The truth is that we rarely experience sales issues. We have personal issues that affect our sales or business. Keep in mind that how we do one thing is how we do everything. If you do not have the willpower to go to the gym or clean your house, you're unlikely to have the willpower to follow up with your leads. If you haggle for everything you buy, you are likely to attract clientele who will bargain as well. If you procrastinate and take longer to decide, you are likely to attract perpetually indecisive clients. If you do not invest in yourself, others are less likely to do likewise.

 
My Plan as a Yacht Broker & Starting my own Yacht Broker Company.
I personally have some knowledge and experience in the yachting industry. My father owns a few yachts of his own. Since he first purchased the yachts he currently owns, he learned how to maintain and renovate pre-owned yachts. He has the experience of how to make an old-looking yacht look brand new again.
 
In addition, we have been chartering the yachts we own and have managed to sell a few of them. I already made a dedicated website for the yacht chartering business. However, I want to expand the yacht chartering business into a brokerage and a flipping business. Because of this reason, I am learning the trait to become a successful yacht broker. Moreover, I am already learning how to build my own yacht brokerage website using Word Press engine. Having a dedicated website for the yacht brokerage business allows me to get my name out there. I know I am not an expert in this business niche yet; however, learning new traits can allow me to increase my active income.


Are You Willing to Invest in Yourself to Get Serious ROI as a Yacht Broker?
If that is the case, I would be happy to assist you in putting all of these suggestions (and more) into action and the marketing strategies. My dad has used to sell boats for himself and his clients effectively. I know I do not have that much experience as a yacht broker; however, I am willing to keep learning so that I can be a successful one.
 
If you are not afraid to invest in yourself for a significant return on investment, send me an email or WhatsApp message (+62 8787 457 8424). I am also looking for a partner who is willing to work together with me. I hope this article brings value to anyone out there who is interested in becoming a yacht broker. If you are still new, learn as much as you can. The more you learn, the better you will be. Best wishes for your success!

1 comment:

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