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Respond and Show - By knowing the seller's conditions for a sale, the broker can qualify responses for a realistic appraisal of whether or not the contact will lead to a potential sale. When showing the boat, the broker will be able to point out its strengths and enhance its best features. Similarly, a good broker will offer possible solutions to problems. By dealing with the buyer honestly, the broker will do more to make a buyer comfortable with the boat than if he or she were to resort to presenting half-truths and high-pressure sales tactics in an attempt to hide a boat's weaknesses.
Facilitate Negotiations - Too often, a transaction is nixed over a $500 item rather than a $5,000 difference in price. First, a broker can help the buyer and seller reach an agreement on selling price, and then he or she can keep the small obstacles from becoming insurmountable problems. In cases where the buyer and seller disagree, the broker can use his position as a middleman to help restore reason to give the negotiations a chance to continue.
Once an offer is accepted, the broker can ease the process to finalize a transaction. This includes:
Safeguard Funds - All licensed brokerages are required by state law to maintain an escrow account, in which the 10 percent earnest money from the buyer is deposited. This protects the seller's investment by ensuring that all money stays separate from the brokerage's operating capital.
Promote Ethics - Every broker should either be or work for a licensed brokerage or dealership. All members of the Northwest Yacht Brokers Association have also pledged to uphold a Code of Ethics. The broker's position between buyer and seller places a substantial ethical responsibility on him or her to ensure that both parties are treated fairly. If at any time the seller believes he or she has been treated otherwise, that person may file a grievance with the NYBA's Ethics Committee and its non-binding mediation process.
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