how much does a yacht broker earn

How Much Do Yacht Brokers Make? (Helpful Examples)

Yacht brokers can be a great help when you are looking to buy or sell a yacht.

It’s always nice to know exactly how much they typically make from the sale. This way you can (often) negotiate a better deal and make sure you are not being ripped off!

How Much Do Yacht Brokers Make? The base salary for a yacht broker is typically between $15,000-$30,000. On top of that, a yacht broker typically earns around 10% commission on the sale value depending on the size of the vessel.

Here are the salary and commissions yacht brokers typically make from a sale.

Table of Contents

How Much Do Yacht Brokers Make in Salary?

Depending on who they work for, a yacht broker might make a base salary and commissions on top of that.

If a company is paying a base salary, they are not likely to pay as high of a commission as you would get in a commission only position.

Yacht broker base salaries could range from around $15,000 to around $30,000.

This is not a large amount of money, which is why yacht brokers rely heavily on commission to make their money.

Oftentimes, yacht brokers do not get a base salary and will work solely on commission.

How Much Do Yacht Brokers Make in Commissions?

Because yacht brokers work mainly on commission, you will want to ensure that you have sales skills before you try to make a living as a yacht broker.

Like the real estate industry, yacht brokers usually get the commission paid to them by the seller involved in the transaction.

There are two ways that commission can be calculated, either using a net number or a percentage.

Net Commission Levels:

A net number is when the commission is a set number negotiated with a seller. This means that no matter the price received for the boat, the yacht broker will get paid the amount agreed upon.

There are some pros and cons to this method.

If you have a set commission then you know what you are making up front. This can be ideal if you like having security in your commission.

This also means that if the boat sells for less than you anticipated, your commission will still be what was originally agreed upon instead of decreasing with a low sale.

This also means that unfortunately if you sell the boat for higher than anticipated, your commission will not be increased to reflect the sale amount.

If you are the seller, the pros and cons of using a net commission are reversed. If you sell the boat for a lower amount, you will have to pay more in commission than you might have with a percentage, but if you sell the boat for more than anticipated you will profit more from the sale with a lower commission.

An example of a net yacht commission might be:

• If the yacht does sell for $500,000.00 you would make 10% on the sale.
• If the yacht sells for less, such as $450,000.00 you would make 11% commission.
• If the yacht sells for more, such as $550,000.00 you will only make 9% commission.

Percentage Commission Levels:

A percentage commission is where you get a certain percentage of the sales price of the yacht. This means that your commission will change based on how much you are able to get for the boat.

The downside to this is that your commission is based entirely on how well you do with the sale. If you do not sell the boat for as much as you anticipated, you will make less money.

However, if you end up selling the boat for more than anticipated you will make more.

The majority of yacht transactions use a percentage commission structure. The percentage is often agreed upon between the seller and the broker in advance.

The most common commission for a yacht broker is 10% of the sales price. This is not a number that is set in stone.

An example of a standard commission sale would be:

If you have a yacht that you would like to sell for $500,000 and you have agreed upon a 10% commission your profits could vary:

• If the yacht does sell for $500,000.00 you would make $50,000.00 on the sale.
• If the yacht sells for less, such as $450,000.00 you will only make $45,000.00 from the commission.
• If the yacht sells for more, such as $550,000.00 you would make $55,000.00 from the commission.

Some brokers may offer a lower commission option to bring in sales and stay competitive. These could be between 3%-5%.

One downfall to a lower commission is that it discourages brokers who might have potential buyers. This is because usually, the buying and selling broker split the commission. If a buying broker can show their clients a yacht that would get them a higher commission, they are more likely to do so.

Commission Splitting Levels:

Commissions are typically paid by the seller of the yacht. If the transaction involves two brokers, they often split the commission 50/50.

An example of a split commission could be:

If you have a yacht that you would like to sell for $500,000 and you have agreed upon a 10% commission and there are two brokers the transaction would vary.

• If the yacht does sell for $500,000.00 you and the other broker would make $25,000.00 on the sale.
• If the yacht sells for less, such as $450,000.00 you and the other broker would each make $22,500.00 from the commission.
• If the yacht sells for more, such as $550,000.00 you and the other broker would make $27,500.00 from the commission.

This means that the buyer does not pay commission to their agent and that it comes out of the commission paid to the selling agent.

If a deal is negotiated beforehand it is possible that the commission is split differently. Local brokers that work together often might have a deal set that splits commission 70/30 with 70% going to the selling broker.

You may also have to split commission if you work for a brokerage company or dealership. Brokerage companies or dealerships will likely only give you a percentage of the commission earned.

This amount can range from 30% to 70% of the collected brokerage amount. This number could be affected by base salary and other factors depending on what company you work for.

An example of a commission when working for a brokerage company or dealership might be:

If you have a yacht that you would like to sell for $500,000 and your contract states that you get 70% of the commission per yacht that you sell.

• If the yacht does sell for $500,000.00 the commission would be $50,000.00. You would get $35,000.00 and your company would get $15,000.00.
• If the yacht sells for less, such as $450,000.00 the commission would only be $45,000.00. You would get $31,500.00 and your company would get $13,500.00.
• If the yacht sells for more, such as $550,000.00 the commission would total $55,000.00. You would get $38,500.00 and your company would get $16,500.00.

Even though you make less commission, working for a company is a great way to start your client base. Most people would rather go to a trusted company or dealership than someone working out on their own.

How Do I Become a Yacht Broker?

If this job seems ideal for you, there are some steps that you need to take before you can become a yacht broker.

One way to become more attractive as a yacht broker is to get a degree in marketing or sales. This degree is not required, but a lot of companies will look at candidates who have a higher level of education and some knowledge in these fields.

You will also be more likely to get a job as a yacht broker if you have sales experience.

If you do not have sales experience you should look for entry-level positions that will put you through a training course.

If you cannot find a position in yacht sales, having experience selling other high ticket items, such as cars, will help to show future employers that you have a proven sales record.

In some states, you might be required to obtain a brokerage license. You might also be required to pass a background check before being able to obtain this license.

If you do not need a license, you might benefit from getting certified. Organizations such as Yacht Brokers Association of America can certify you after 3 years of experience. This will help raise your credibility to employers and potential customers.

Overall, with salary and commissions, as a yacht broker, you could make an average of $121,000 per year. This depends highly on location and type of yachts sold. Some yacht brokers even make closer to $300,000.00 per year.

Yacht brokers should be sales motivated and thrive in an unconditional work environment. They do not spend the majority of their time behind a desk. Being a yacht broker can be challenging and highly rewarding!

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How to Become a Yacht Broker: The Ultimate Guide

Are you passionate about the ocean and have a keen interest in luxury yachts? If you dream of combining your love for boats with a

August 4, 2023

Are you passionate about the ocean and have a keen interest in luxury yachts? If you dream of combining your love for boats with a rewarding career, becoming a yacht broker might be the perfect choice for you. As a yacht broker, you will have the opportunity to work with boat owners and buyers, facilitating their transactions and making their dreams come true. In this comprehensive guide, we will walk you through the steps to becoming a successful yacht broker, from acquiring the necessary skills to building a strong network in the industry.

Table of Contents

Understanding the Yacht Broker Profession

Yacht brokerage is a specialized field that requires a deep understanding of the industry and the ability to connect buyers with sellers. To excel in this profession, it is crucial to grasp the responsibilities and requirements of a yacht broker.

Legal Aspects and Licensing Requirements

Before embarking on your journey as a yacht broker, it is essential to familiarize yourself with the legal aspects and licensing requirements. Yacht brokerage is regulated in many countries, and obtaining the necessary licenses and certifications is vital to operate legally and gain the trust of clients. Research the specific regulations in your region and ensure that you meet all the requirements.

Industry Knowledge and Expertise

Being knowledgeable about different types of boats, yachting destinations, and the latest industry trends is crucial for success as a yacht broker. Clients rely on your expertise to guide them through their yacht purchasing journey, so it is essential to stay updated with the latest developments. Dedicate time to research and immerse yourself in the yachting world, attending boat shows, reading industry publications, and networking with professionals to expand your knowledge base.

Understanding Buyer and Seller Needs

As a yacht broker, your role is to bridge the gap between buyers and sellers. To effectively serve your clients, it is crucial to understand their needs and expectations. Gain insights into the preferences of potential buyers, such as yacht size, features, and desired destinations. Similarly, understand the motivations and goals of boat owners looking to sell. By understanding the needs of both parties, you can facilitate successful transactions.

Developing Yachting Industry Knowledge

Yacht brokers need to possess in-depth knowledge about different types of boats, yachting destinations, and the latest industry trends. In this section, we will discuss various resources and strategies to help you enhance your yachting industry knowledge and stay up-to-date with the latest developments.

Industry Publications and Websites

One of the best ways to stay informed about the yachting industry is by regularly reading industry publications and websites. Subscribe to magazines and newsletters that cover topics such as yacht design , yacht sales, and industry news. Websites and forums dedicated to yachting are also valuable sources of information, providing insights into the latest trends, market conditions, and industry events.

Attending Boat Shows and Industry Events

Boat shows and industry events offer excellent opportunities to immerse yourself in the yachting world and expand your knowledge. Attend local and international boat shows where you can explore different yacht models, network with industry professionals, and participate in educational seminars. These events provide firsthand experience and insights that can enhance your understanding of the yachting industry.

Networking with Industry Professionals

Building relationships with industry professionals is crucial for gaining insights and staying updated on the latest happenings in the yachting world. Attend networking events, join industry associations and forums, and connect with yacht brokers, boat builders, and other professionals through social media platforms. Engage in conversations, ask questions, and share your own expertise to establish yourself as a knowledgeable and trusted professional in the industry.

Gaining Sales and Negotiation Skills

Being an effective yacht broker requires excellent sales and negotiation skills. In this section, we will explore various techniques and strategies to help you refine your sales pitch, build rapport with clients, and negotiate successful deals.

Understanding the Sales Process

Before you can effectively sell yachts, it is essential to understand the sales process. Familiarize yourself with the steps involved in closing a yacht deal, from initial client meetings to finalizing the transaction. Develop a systematic approach that ensures you cover all the necessary aspects and provide exceptional service to your clients.

Effective Communication and Listening

Communication is key in any sales role, and yacht brokerage is no exception. Hone your communication skills to effectively convey information, listen to your clients’ needs, and build rapport. Practice active listening, ask probing questions, and demonstrate empathy to better understand your clients’ desires and offer suitable solutions.

Building Trust and Credibility

Trust and credibility are crucial in the yacht brokerage industry. Buyers and sellers are entrusting you with significant financial transactions, and they need to have confidence in your abilities. Build trust by being transparent, honest, and reliable. Showcase your expertise and knowledge to establish yourself as a credible authority in the field.

Negotiation Techniques

Negotiation is a fundamental skill for a yacht broker. Develop negotiation techniques that allow you to achieve win-win outcomes for both buyers and sellers. Learn to identify areas of compromise, understand market dynamics, and effectively communicate the value of a yacht. Strive to create mutually beneficial agreements that satisfy all parties involved.

Building a Professional Network

Building a strong professional network is crucial for success in the yacht brokerage industry. In this section, we will provide tips and guidance on how to build relationships with boat owners, fellow brokers, and industry professionals, allowing you to expand your reach and increase your chances of success.

Attending Industry Events and Socializing

Industry events, such as boat shows, conferences, and networking gatherings, provide excellent opportunities to meet and connect with boat owners, fellow yacht brokers, and other industry professionals. Actively participate in these events, engage in conversations, and be genuinely interested in others. Socialize and build relationships that can lead to future collaborations and referrals.

Joining Industry Associations and Organizations

Joining industry associations and organizations is a valuable way to connect with like-minded professionals and gain access to exclusive networking opportunities. Research and join relevant associations such as the International Yacht Brokers Association (IYBA) or local yacht broker associations. Attend their events, participate in forums, and contribute to discussions to establish yourself within the industry.

Utilizing Social Media Platforms

Social media platforms are powerful tools for building and maintaining professional relationships. Create a strong online presence on platforms such as LinkedIn, Facebook, and Instagram. Share valuable content, engage with industry professionals, and showcase your expertise. Regularly connect with boat owners, potential buyers, and fellow yacht brokers to expand your network and increase your visibility.

Providing Exceptional Service and Building Referrals

Word-of-mouth referrals are invaluable in the yacht brokerage industry. Provide exceptional service to your clients, exceeding their expectations at every step. Satisfied clients are more likely to recommend your services to others, helping you expand your network and attract new business. Nurture your relationships with past clients and maintain regular communication to stay top of mind.

Marketing Yourself as a Yacht Broker

In today’s digital age, effective self-marketing is essential. In this section, we will explore various marketing strategies and platforms that can help you establish your brand and attract potential clients. From creating an impressive online presence to leveraging social media, we will guide you through the process of marketing yourself as a yacht broker.

Creating a Professional Website

A professional website is the centerpiece of your online presence as a yacht broker. Invest in a well-designed website that showcases your expertise, listings, and services. Include engaging content, high-quality images, and easy-to-use contact forms. Optimize your website for search engines to increase your visibility and attract organic traffic.

Social media platforms offer immense marketing potential for yacht brokers. Establish a presence on platforms such as Facebook, Instagram, and LinkedIn. Share engaging content, such as yacht photos, industry news, and client testimonials. Engage with your audience, respond to comments and inquiries, and leverage social media advertising to reach a wider audience.

Creating Compelling Content

Content marketing is an effective way to establish yourself as a thought leader and attract potential clients. Create compelling blog posts, articles, and videos that offer valuable insights and tips related to yachting. Share your expertise, answer frequently asked questions, and provide unique perspectives to engage your audience and position yourself as a knowledgeable professional.

Utilizing Online Directories and Listings

Online directories and yacht listing platforms provide exposure to a wide audience of potential buyers and sellers. Create profiles on popular platforms such as YachtWorld, Boat Trader, and SuperYacht Times. Optimize your listings with high-quality images, detailed descriptions, and accurate contact information to maximize your chances of attracting interested clients.

Gaining Practical Experience

Practical experience is invaluable in the yacht brokerage industry. In this section, we will discuss various ways to gain hands-on experience, whether it’s through internships, apprenticeships, or working for an established yacht brokerage firm. We will also provide guidance on how to make the most of your practical experienceto enhance your professional growth.

Internships and Apprenticeships

One of the best ways to gain practical experience in the yacht brokerage industry is through internships or apprenticeships. Seek opportunities to work with experienced yacht brokers or brokerage firms, where you can learn firsthand about the day-to-day operations, client interactions, and sales processes. This hands-on experience will provide you with valuable insights and help you develop essential skills.

Working for Established Yacht Brokerage Firms

Another option to gain practical experience is by joining an established yacht brokerage firm. Working alongside experienced brokers, you will have the opportunity to learn from their expertise, observe their sales techniques, and participate in real client transactions. This exposure will not only enhance your knowledge but also help you build a strong network within the industry.

Building Relationships with Boat Owners

Developing relationships with boat owners is a valuable way to gain practical experience and build your reputation as a yacht broker. Offer your assistance to boat owners looking to sell their yachts, even if it means starting with smaller transactions. By successfully closing deals and providing excellent service, you will earn their trust and may receive referrals to other boat owners in their network.

Attending Yacht Broker Training Programs

Yacht broker training programs are designed to provide aspiring brokers with the knowledge and skills needed for success in the industry. Look for reputable training programs that offer comprehensive courses covering topics such as sales techniques, legal aspects, and industry practices. These programs often include practical exercises and case studies to give you a hands-on understanding of the job.

Becoming a Licensed Yacht Broker

In many regions, becoming a licensed yacht broker is a requirement to operate legally and gain credibility in the industry. In this section, we will explore the licensing requirements and steps to become a licensed yacht broker.

Researching Licensing Requirements

Start by researching the specific licensing requirements in your region or country. Licensing requirements can vary, so it’s essential to understand the qualifications, examinations, and fees involved. Contact your local maritime authority or yacht broker association for detailed information on the licensing process.

Preparing for Licensing Exams

Once you have a clear understanding of the licensing requirements, start preparing for the licensing exams. These exams typically cover topics such as yacht sales regulations, ethics, and industry practices. Study relevant materials, take practice exams, and consider joining study groups or enrolling in preparatory courses to increase your chances of success.

Applying for a Yacht Broker License

After successfully completing the licensing exams, you can proceed to apply for a yacht broker license. Follow the application process outlined by your local maritime authority or licensing body. Pay attention to any additional documentation or fees required, and ensure that you submit a complete and accurate application.

Continuing Education and Professional Development

Continuing education is crucial in any profession, and yacht brokerage is no exception. In this section, we will discuss the importance of ongoing professional development and provide resources and recommendations for furthering your knowledge and skills as a yacht broker.

Attending Industry Seminars and Workshops

Industry seminars and workshops offer valuable opportunities to expand your knowledge and stay updated on industry trends and best practices. Attend events that focus on topics such as sales techniques, marketing strategies, and legal aspects of yacht brokerage. Take advantage of these educational opportunities to enhance your skills and network with industry experts.

Participating in Continuing Education Programs

Continuing education programs specifically tailored for yacht brokers can provide in-depth knowledge and advanced training. Look for programs offered by reputable institutions or industry associations. These programs may cover specialized topics such as superyacht brokerage, international regulations, or luxury yacht sales. By participating in these programs, you can demonstrate your commitment to professional growth and stay ahead of the competition.

Reading Industry Publications and Research

Stay informed about the latest developments in the yachting industry by regularly reading industry publications, research papers, and reports. Subscribe to magazines and online platforms that cover yacht sales, industry trends, and market analysis. Stay up-to-date with the latest advancements in technology, design, and sustainability practices to better serve your clients.

Networking and Collaborating with Industry Professionals

Networking with industry professionals is not only valuable for building relationships but also for learning from others’ experiences and expertise. Engage in conversations with fellow yacht brokers, boat builders, yacht designers, and other industry professionals. Collaborate on projects, share insights, and exchange knowledge. By actively participating in the industry community, you can gain valuable insights and stay informed about the latest developments.

Navigating Challenges and Building a Successful Career

Being a yacht broker comes with its own set of challenges. In this final section, we will address common challenges faced by yacht brokers and provide tips on how to overcome them. We will also offer insights on building a successful and fulfilling career in the yacht brokerage industry.

Building Resilience and Persistence

The yacht brokerage industry can be competitive and demanding. It is essential to develop resilience and persistence to overcome challenges and setbacks. Understand that building a successful career takes time and effort. Stay focused on your goals, learn from failures, and adapt to changing market conditions. With perseverance, you can navigate challenges and build a thriving career.

Adapting to Market Conditions

The yachting market is influenced by various factors, including economic conditions, global trends, and consumer preferences. Successful yacht brokers are adaptable and can adjust their strategies to meet changing market conditions. Stay informed about market trends, monitor industry news, and be flexible in your approach. By adapting to market conditions, you can position yourself as a trusted advisor to your clients and maintain a competitive edge.

Providing Exceptional Customer Service

Exceptional customer service is the foundation of a successful career in yacht brokerage. Strive to exceed your clients’ expectations at every interaction. Be responsive, communicative, and attentive to their needs. Build long-term relationships by maintaining regular communication and providing ongoing support. Satisfied clients are more likely to become repeat customers and refer your services to others.

Continuing Professional Growth

To stay ahead in the yacht brokerage industry, it is essential to continue investing in your professional growth. Seek opportunities for further education, attend industry conferences, and stay updated on the latest industry trends. Develop new skills, embrace emerging technologies, and explore niche markets to expand your expertise and broaden your client base.

Building a Strong Reputation and Network

A strong reputation and network are invaluable assets in the yacht brokerage industry. Deliver exceptional service, build trust with your clients, and establish yourself as a reliable and knowledgeable professional. Cultivate relationships with boat owners, fellow brokers, and industry influencers. Leverage your network for referrals and collaborate with others to enhance your professional standing.

Becoming a yacht broker is an exciting career choice for those who have a passion for yachts and the open sea. By following the steps outlined in this guide, you can embark on a journey towards a fulfilling and rewarding profession. Whether you are just starting or looking to enhance your existing career, the opportunities in the yacht brokerage industry are vast. With dedication, knowledge, and a strong network, you can turn your passion for yachts into a successful business.

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Yacht Broker Salary: How Much Does a Yacht Broker Make?

In the wonderful and often luxurious world of yacht ownership, brokers have managed to make a handsome living off of the sales that happen within the industry. These guys facilitate the purchase and sale of yachts, helping with negotiations, inspections, and deliveries to ensure a successful transaction.

And because it’s really no secret how expensive a yacht can be, lots of people assume that yacht brokers make big bucks. But do they? If you’re curious whether you should dip your feet into the cut-throat yacht dealership industry, here’s a sneak peak of what you might own as yacht broker salary.

How Much Does a Yacht Broker Make on Average?

Remember that brokers make money depending on their sales. That is, the more they sell, the more they make. However market studies have found that most yacht brokers will make up to $120,000 a year , especially if they work with high end clients that deal with expensive yacht models.

But although it is possible to make over a hundred grand in a year, it’s not too common. The average salary for a yacht broker actually rests at just under $70,000 a year. That puts them at a weekly salary of about $1,300 to $1,400.

How Much Does a Yacht Broker Make on Commissions?

It’s not easy to find a yacht buyer or seller, and it’s even harder to go through the technicalities of the sale including negotiations. So by stepping in and taking responsibility for the nitty gritty, brokers earn a commission for doing the legwork while the seller enjoys the profits.

The commission percentage itself is not set in stone. Usually, the broker and the seller will decide the size of their cut before the sale happens. The typical commission will see the broker earning around 10% of the sale price . But again, it’s not all that simple.

For starters, there’s what they call ‘net commission’. This simply means that the broker will earn a fixed amount, regardless of whether negotiations change the price of the yacht. For instance, if they’re promised $20,000 in net commissions, they’ll earn exactly that whether or not the yacht sells for its original estimate.

This can be a good deal in case the yacht’s value decreases during appraisal and negotiations. However in the scenario that the yacht sells for more than the original estimate, the broker is left with a fixed commission that will not increase along with the sale price.

They also have the option to go with a percentage commission. As its name suggests, the percentage commission earns you a fixed percentage of the sale price. That is, a yacht that sells for $150,000 will provide the broker with the agreed percentage commission prior to making the sale.

If the seller agreed to a 10% commission, that earns the broker $15,000. In cases when it’s anticipated that the yacht might sell for more than the original estimate, this can be a good deal. But in the event that the watercraft sells for less than the estimate, the broker’s commission also takes a hit.

What are Split Commissions?

Remember that there are two kinds of brokers - the ones hired by the sellers, and the ones hired by the buyers. Obviously, this can complicate the whole commission picture since there are two brokers in the picture.

The listing broker is the guy who helps the seller find a buyer. The selling broker is the one who tries to look for a yacht for sale so his buyer can seal the deal. Most of the time, these guys will take part in a single deal. So what happens to their commission?

Simple -- they split it 50-50. So if the seller decides on a percentage commission at 10%, the brokers will not receive 10% each. Instead, they go halfsies on the 10% commission, which essentially means that they get 5% each.

When Do Yacht Brokers Get Paid?

Sellers don’t want to shell out their money on expensive commissions when they haven’t guaranteed a sale yet. So it’s only fitting that yacht brokers get paid only when the sale has been successfully completed. That means that the buyer should have paid the amount in full before any commission is tendered.

Keep in mind that the yacht industry is for high rollers only. So it’s really uncommon for buyers to take out a loan to pay for their yacht. Most of these buyers pay for their yachts out of their own pockets. That means sellers can get the full amount they expect within a few days or weeks of shaking hands on a deal.

How Much Do Yacht Charter Brokers Make?

There are people who own yachts or super yachts , but don’t really intend to use them for personal enjoyment. These individuals use their yacht as an investment, renting it out to private individuals or companies who want to charter their yacht with a crew .

A yacht charter broker is the guy who helps owners and renters find each other and strike a deal. Keep in mind though that this is a completely separate job from that of a yacht broker . But some brokerage companies will have brokers who perform both roles.

Most of the time, those who work as yacht charter brokers have the potential to earn more since they’re dealing with massive super yachts that can be rented out multiple times in a year, versus a single yacht sale that sort of closes any potential to earn again off of the same watercraft.

What Are the Highest Paying Cities for Yacht Brokers?

Needless to say, not all locations offer reasonable returns for yacht brokers. So if you were hoping to maximize the gains of your efforts, you might want to consider moving to one of these cities that pay the highest for yacht broker services:

• San Jose, California
• Oakland, California
• Tanaina, Arkansas
• Wasilla, Arkansas
• Hayward, California
• Jackson, Wyoming
• Norwalk, Connecticut
• Seattle, Washington
• Vallejo, California
• Concord, California

If money was no object and you don’t really mind leaving behind the life you know and love, then you might want to consider places like the French Riviera, the Greek Islands, or Costa Smeralda, Italy. These places have become exceedingly popular for their lively yachting industry that also makes a great place for a broker hoping to earn a pretty penny off of a sale.

Tips on Becoming a Yacht Broker

Maybe the potential for earning big bucks has you feeling keen on making that career change. But before you decide on actually becoming a yacht broker, there are a few things you might want to take into account to guarantee your success. Here are a few tips on becoming a yacht broker to increase your chances of snagging those sales:

If you’re not familiar with yachts already, now would be the perfect time to brush up on your knowledge. You would expect a car salesman to know what he’s talking about, down to the very last detail of each model and brand of car that he deals with. So the same goes for a yacht broker.

Read up on the different yacht models and brands, and try to find out what each of their selling points might be. If you can, try to see each boat in person to get a better feel of how it performs, and what it might lack that could affect the buyer’s decision.

Look for Certification

Not all states require certification or licenses for yacht brokers, but that doesn’t mean you shouldn’t get one. Those who have these certificates under their belt are in a better position to earn bigger bucks since sellers and buyers feel more comfortable dealing with someone who knows the ropes -- and has the paperwork to prove it.

The Certified Professional Yacht Broker certification isn’t required in any state, but provides aspiring yacht brokers a wealth of knowledge that they can use to provide polished professional assistance to those who might need their services.

Work with Another Broker

Most of those who wiggle their way into the industry first work as an apprentice for another yacht broker. Hanging around someone who has the contacts and the experience should put you at an advantage of learning the ins and outs much faster and more efficiently.

In fact, most people might have to work with another broker for several years before being able to stand on their own two feet. This can also be especially helpful for those who might not have any experience in sales, since the exposure provides much needed understanding on the specifics of negotiations and persuasion.

Get Ready with Your Sales Talk

A yacht broker salary can definitely lure in anyone looking to earn big bucks. But more than just the pay, simply working with the sale of such luxurious watercrafts can make you feel like you’re living the high life alongside those celebrities and public figures that you work for.

No doubt, the yacht broker life can be pretty opulent. And while there might be a bit of a struggle at the start, there’s a whole lot of potential for those who play their cards right and learn what they can from the veterans in the business.

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How To Become A Yacht Broker

I consider becoming a yacht broker one of the best decisions I have ever made.

In 2016 I jumped feet first into the yacht, boat, and ship brokerage industry with little experience but with incredible passion. Selling yachts was my first job out of college and is still my only post graduation job, aside from working on this website and building other websites.

I even turned down a job offer from Google to work in the yacht industry!

One of the many benefits, in my opinion, of being a yacht broker is that the job is semi seasonal. While the definition of seasonal will change depending on where you work, not being busy for the full 12 months allows me time to offshore fish, build websites , travel, and much more.

How I Became A Yacht Broker

While in college I started a drone photography and videography business as drones, at the time, were still new to market and the barrier to entry was high.

I started by filming short video clips for car dealerships and real estate agents, but I wanted to incorporate my passions of saltwater fishing and yachts with photography.

One day I cold emailed the most reputable “fishing centric” yacht brokerage in San Diego, California and offered my drone services free of charge. Fast forwarding, this free video offer lead to monthly paid work for over a year. During this year period I was becoming more immersed in saltwater fishing and built up a small following on social media.

Upon graduating from college, I approached the owner and asked for a sales position at the brokerage, to which I was added to the team immediately. Over the last 5 years, I have been responsible for the sale of nearly $33 million in yachts and boats.

How Much Does A Yacht Broker Make?

Researching the compensation for a particular industry or position is important before making a career move.

In most cases, a yacht broker is not paid a salary, rather paid solely on commission. The standard industry commission is 10% based on the selling price of the vessel. This means compensation can range from $100,000 to over $1 million per year.

In my experience, the harder you work the more you will earn as the job is purely commission. There will be months, or several months, where you don’t bring home any income, but when the season is in full swing you will be glad you’re paid on commission and not salary.

Yacht Broker License Information

It’s fairly easy to become a yacht broker or a yacht salesperson. These terms often get lumped together as the same, however a broker owns the company where the salesperson “hangs” their license under.

Only two states in the United States required a license to sell yachts and boats. Florida requires a license for those selling vessels over 32’ that are not their own, and California requires a license for those selling vessel over 16’ that are not their own. The other 48 states are more lax, so I would suggest speaking to a local brokerage in your state about their rules.

How You Can Become A Yacht Broker

Nearly anyone can become a yacht broker or a yacht salesperson, but not everyone will succeed at the job. Below is a list of traits and actions that can help you get into the category of yacht brokers who earn a substantial living.

1. Be Driven 

As mentioned earlier, this job is purely commission based so you need an excellent work ethic and a “go getter” attitude in order to generate income. Yes you can sit back and not do much work, but when starting out and building your client base, this will lead to lackluster results. Be willing to walk the docks, advertise, leverage social media, and look for opportunities to spread your name and services.

There will be some months where you don’t earn any money, just know that this will happen and be prepared. Have some money set aside to get through the slow times, but on the contrary, when the market is on fire, the sales come quick and steady. 

In any business, honesty is vital for longterm success. Boats and yachts have countless systems and nuances, so when asked a question you don’t have the answer to, simply say you do not know but will find out. Follow up with your client the same day with the answer.

When it comes to negotiations, stick to your guns and don’t become intimidated. There is a time and place to offer a reduced commission or to help bridge a survey allowance gap, but don’t make this your automatic go to.

2. Have A Passion For Boats and Yachts

Your body language and attitude, whether intentful or not, will be analyzed by prospective buyers and sellers, and if you don’t show passion for what you’re talking about, then this will be apparent.

Many buyers and sellers have chosen to work with me because they could sense my drive and passion for their needs. I highly encourage you to be genuinely excited to show or preview a vessel because you can always learn something new, plus the water is your office…it doesn’t get much better than that.

Having prior sales experience will be helpful in making a seamless transition into the yacht sales industry, but I’ve found it’s not a requirement. As your deal flow increases, transactions will become easier but for the first year or two there will be a lot of learning moments throughout the sales cycle.

When starting out, take as many listing as you can to get experience learning about different boat platforms and brands, as well as work out all the kinks that can arise during negotiations, paperwork and closing.

3. Excellent Communication and Follow Up

This section separates excellent brokers from mediocre brokers. While this may be the most important aspects of the job, I think it requires the least amount of text.

• Always tell the truth and be honest…if an unpleasant conversation needs to be had, do it quickly and with a phone call opposed to sending an email
• Always stay in contact with your clients…whether they are a prospect, in contract on a boat, or a past client, maintain contact often
• Follow up early and often…be preemptive in your communication, pre addressing and questions before they become questions…a simple text message or two sentence email with an update is often all that is needed for your client to instill additional trust in you

4. Contact Local Yacht Brokerages For An Open Position

Once you have a good understanding of what you’re entering in to, it’s time to start looking for a brokerage to work under.

If you’re totally new to the industry, I recommend using Google to find reputable brokerages in your area, or you can see which brokerages advertise in the back of Yachting Magazine or Marlin Magazine for example.

For those with some experience within the boating industry, you should have somewhat of an idea of which brokerage houses are the most reputable in your area.

There is no better way to land a job than walking in and asking to speak to the owner or manager. Bring a resume and be prepared if the decision maker wants to talk right then. Even if a position isn’t available today, stay in contact via email so that when an opening does occur your name comes to mind.

Selling yachts for a living has offered me many opportunities that I could have never had without this employment. If you’re ready to work hard, then I encourage you to take the plunge immediately. The first 12 months will be difficult, but after that the learning curve begins to flatten.

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How Much Do Yacht Brokers Make?

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If you want to make a career in the boat market, a yacht broker might be a lucrative choice. These brokers have a wide range of responsibilities, including posting classifieds, finding potential buyers or sellers, arranging meetings with clients, negotiating prices, handling paperwork, and more.

One question always fascinates boat enthusiasts – How much can a yacht broker make in a year? Since these luxury toys usually cost a fortune, one naturally thinks that brokers’ income must also be significantly higher. 

However, the answer is not that straightforward. The overall income depends on a variety of factors, including the type of yacht, market situation, and, most importantly, their ability to strike a good deal. 

Over the past decade, the role of a yacht broker has gained considerable recognition, with numerous individuals considering it a fruitful career option. But is it? This article revolves around the yacht brokers’ duties and salaries. I will walk you through every aspect of becoming a successful broker and making good deals. Without further ado, let’s get right in. 

Yacht Brokers: Roles and Responsibilities

A yacht broker is a marketing professional who helps clients buy or sell yachts. Purchasing a boat, especially a used one, can be challenging, and buyers often need guidance. The brokers act as mediators between the two parties, helping to find the right person to do business with.  

The brokers may be associated with a brokerage firm or work independently. They usually have a good knowledge of the yachts and the boat market. They also have several connections that help with legal processes and paperwork. But their communication and negotiation skills set them apart from ordinary brokers. Yacht buyers usually belong to a specific class of people, and it might take skill to convince them. 

Here are some essential duties of a yacht broker:

• Locating potential buyers or sellers for yachts in the area
• Conducting market research to find the current value of the vessel and inform the clients
• Posting classifieds regarding the boat’s availability, price, ownership, etc
• Price negotiation
• Explaining sales terms to buyers and sellers
• perform in-person surveys and inspections of available yachts
• Arrange meetings between buyers and sellers and convince them to make a deal
• Getting legal formalities done, including transfer of ownership, getting a bill of sales, legal permissions, and more. 
• Educate new clients regarding yacht ownership, management, legal approvals, and safety regulations. 
• Following the market trends for the latest changes in rules and regulations. 
• Create a network of frequent buyers, sellers, yacht designers, and other brokers.

How Much Do Yacht Brokers Earn?

The income of yacht brokers is flexible and largely depends on the number of deals they make in a month or year. However, the United States Bureau of Labor Statistics reported that the average annual salary for brokers and sales executives was $51,220 in 2020. It’s important to note that this was during the pandemic and multiple shutdowns, meaning one can expect significantly higher income these days.

Yacht brokers primarily earn their income through commissions on each deal they close. The commission amount can vary based on multiple factors, including the yacht’s size and the dealer’s location. Typically, the larger the vessel is, the higher the commission percentage is likely to be. 

Moreover, the location of the sale can also have a significant impact on the broker’s income. For instance, brokers selling yachts in premium markets like Monaco or the Caribbean will likely profit considerably from their deals.

Here are some key factors that determine the yacht brokers’ income:

Market Situation

The first thing that impacts the broker’s income is the market conditions. When the yacht market is flourishing, brokers have a higher chance to strike a deal and earn a commission. The location of the buyer/seller may also boost your income. In some markets where the demand is higher, the prices of yachts can be extremely high, allowing you to earn a hefty commission on each deal. 

Knowledge of the Field

Additionally, experienced brokers better understand the yacht market, which helps them make more informed decisions and negotiate better deals. The source of knowledge can be a degree in the marine field, a boat-ed exam, or simple research. Brokers who know the product they are dealing with are always in a position to explain it better to the clients and convince them to make a decision. 

Marketing Experience

Experience is valuable in any sales and marketing job. As you spend time in the market, you get to learn about significant players, marketing trends, pricing history, and more. Depending on this knowledge, brokers make better decisions and choose better deals to invest their time and energy. 

Also, over time, they can establish connections and build a strong network of clients, and other brokers, allowing them to make more deals and earn more commissions. 

Type of Yacht

Another factor determining yacht brokers’ earnings is the type of yacht they deal with. Yacht brokers can deal with different kinds of crafts, such as sailboats, motor yachts, and mega yachts. The larger the yacht’s cost, the higher the commission a broker can earn. 

What’s the Maximum Commission A Yacht Broker Can Get?

Typically, brokers earn a minimum of 10% commission per deal. So, if you assist a client in selling a $10 million yacht, you can expect a commission of $1 million.

As of 2022, the average annual income for yacht brokers ranges between $120,000 and $150,000, including their commission and payment from catering services, financial management, and other amenities.

Watch this video to learn more about yacht brokers’ income:

Other Sources of Income

Yacht brokers can generate revenue from various sources beyond just commissions, such as leasing or renting yachts. Renting a boat is popular among folks these days. It provides them with a cost-effective way of indulging in luxury. 

Clients can rent a yacht without worrying about the expenses of owning and maintaining a vessel. Some brokers have established connections with yacht rental services and can assist individuals in renting a boat for a commission.

Another avenue for brokers to earn money is by assisting clients with financial arrangements. Buyers often require support from financial services, and brokers can act as their representatives to handle all the necessary paperwork and legwork. This may result in a substantial income for the broker in addition to the commission.

Yacht management services also serve as a good source of income for brokers. While some individuals prefer to hire a yacht without an additional crew for short trips, some high-rollers opt for a luxurious yacht experience with an entire crew, catering, and other activities. 

A broker can provide comprehensive management support, including a staff, captain, chefs, and sporting activities like jet skiing, scuba diving, and other water sports. 

The Final Word: Want to Become a Yacht Broker?

Becoming a yacht broker could be a perfect career path for marketing enthusiasts passionate about boats. This is what you need to become a yacht broker:

• A high-school diploma from a recognized educational institute
• State-issue brokerage license
• Excellent communication skills (including more than one language)
• Extraordinary negotiation skills 
• Understanding of the boat market

Here is a video explain the process further:

Many yacht brokers also have a college degree in business and marketing, which can help them gain a competitive edge in the industry. A marine science or naval architecture degree can also be helpful if you want to stay in this field for the long haul. Also, prior experience in marketing, customer service, and after-sales can be advantageous if you want to work with a brokerage firm. 

Ultimately, it all depends on your marketing skills and field knowledge. As a broker, you are supposed to build close relations with buyers and sellers, and it’s your responsibility to create trust and understanding between the two. This is where your negotiation and communication skills will be tested. 

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How Much Does a Boat Broker Make: Insights into Their Earnings

Overview of Boat Broker Earnings

Boat brokers facilitate the sale and purchase of boats, earning a living from these transactions. Their income typically comprises a base salary and commissions from sales.

Base Salary : A boat broker’s starting salary can range from $15,000 to $30,000 on the lower end, with some variation based on experience and geographic location. Seasoned professionals, especially those in high-demand regions or selling high-value yachts, might command base salaries closer to $100,870 annually .

Commission : On the sale of a boat, brokers generally earn a commission percentage. This rate hovers around 10% of the sale price for yacht brokers but can vary depending on the price point of the vessels they specialize in. Brokers handling smaller vessels may receive a commission of 2.5% to 3% of the sale price.

The final annual earnings for a boat broker can therefore vary greatly. Factors such as the size and number of boats sold, the broker’s client base, and the prevailing market conditions all influence potential earnings. High-performing brokers have the potential to exceed $100,000 per year .

Typical Commission Range :

• 2.5% – 3% for standard boats
• Up to 10% for luxury yachts

Earnings are also tied to geographic location, market trends, expertise, and the broker’s ability to network and close sales effectively. These figures reflect the potential for a lucratively rewarding profession for adept boat brokers.

Factors Influencing Boat Broker Income

The income of a boat broker is not fixed and varies significantly based on several determinant factors. Understanding these can provide insight into the potential earnings within this profession.

Experience and Location

Boat brokers with extensive experience tend to earn higher incomes due to their established networks and expertise in negotiating deals. Novice brokers may start with a lower income but can see an increase as they gain experience and recognition in the industry. Geographical location also plays a critical role; brokers working in affluent areas with a robust boating culture, like Florida or California, often have the potential to earn more due to a higher volume of sales and clientele who may purchase expensive vessels.

Type of Boats Sold

The size and type of boats sold have a direct impact on a boat broker’s income. Selling luxury yachts, for instance, can lead to hefty commissions, especially if these high-value transactions are consistent. Contrastingly, brokers focusing on smaller, less expensive vessels may need to close more sales to achieve similar income levels. The yacht sales market is notably competitive, and brokers specializing in sought-after models might see greater financial success.

Commission Structures

Income is also heavily influenced by commission structures which can vary from one brokerage to the next. Brokers generally earn a percentage of the sale price, which means higher-priced vessels yield greater commissions. According to some reports, the average commission ranges between 5% and 10% for new yachts, and 2.5% to 7.5% for used yachts. The specific agreement a broker has with their employer or their status as an independent broker can further affect their take-home pay, with some earning more than $100,000 annually.

Average Income by Region

The income of boat brokers can vary significantly depending on the region within the United States. Data indicates that boat brokers in certain areas may earn more due to factors like local economic conditions and the yachting industry’s prominence.

In high-end markets , such as the coastal regions where the demand for luxury yachts is higher, brokers often experience a boost in earnings. For example, boat brokers in the United States have an average base salary of around $108,125 annually, with potential to earn higher based on the range of salaries reported.

The Northeast and West Coast markets show particularly strong figures. From the information gathered, yacht brokers in these regions can command impressive figures, occasionally exceeding the average with incomes shooting towards the $239,604 mark in cases where sales volume and value are high.

Conversely, in some midwestern and southern states, where the boating market might not be as robust, boat brokers might find themselves on the lower end of the salary spectrum, experiencing earnings around the $48,794 range.

For a broader understanding, consider the following average salary figures from various sources:

• Indeed reports an average annual salary for yacht brokers at $108,125 within the United States.
• Glassdoor’s estimate includes a total pay combination, amounting to $156,423 per year, which factors in additional pays like commissions.
• Salary.com suggests a slightly lower range of $72,476 to $91,284 per year for yacht brokers.

These numbers reflect not only base salaries but also potential earnings through commissions, which can heavily influence a boat broker’s annual income.

Income Breakdown

The compensation for boat brokers varies and typically includes a base salary , commissions from sales, and often bonuses and other incentives for performance.

Base Salary

Boat brokers receive a base salary which provides financial stability regardless of sales. As of December 2023, the average annual base salary for a boat broker in the United States is approximately $66,677 . This forms the foundation of a broker’s income, ensuring a steady influx even in the absence of sales.

Commissions

Commissions present a significant portion of a boat broker’s earnings, generally derived from the percentage of the sales price of each boat sold. For instance, with an average sale commission rate, brokers could earn an additional income — a yacht broker could potentially make an average of $121,000 per year with salary and commissions combined, heavily influenced by the location and the type of yachts sold.

Bonuses and Other Incentives

Brokers may also receive bonuses and other incentives which often correlate with their sales achievements or meeting certain performance benchmarks. The potential for additional pay through these means can be substantial, with some brokers earning as much as $64,478 per year in the United States as estimated additional pay. This can include year-end bonuses, performance bonuses, and other forms of profit-sharing.

Comparative Analysis with Similar Professions

When comparing the earnings of boat brokers to those in related fields, it is essential to consider factors such as industry, geographical location, and levels of experience. Boat brokers, for example, have a specialized niche in maritime vehicle sales, which can lead to variable incomes based largely on commission.

Real Estate Agents : They typically earn a median salary of around $51,220 , though this can vary widely depending on the value of the properties they sell and the current housing market. Real estate agents, much like boat brokers, often work on commission.

Car Salespersons : In contrast, car salespersons might see average yearly earnings closer to $41,539 . The automotive industry is more standardized, and sales are generally more frequent but of lower individual value compared to boats or homes.

Insurance Sales Agents : Those in insurance sales can expect a median income of approximately $52,180 . While also commission-based, insurance sales tend to offer more stable and recurring income through policy renewals.

It is clear that a boat broker can expect to earn a base average salary of $108,125 in the United States, with earnings potentially ranging from $48,794 to $239,604 . This variance is reflective of the broker’s ability to sell high-value commodities and the luxury nature of the yachting market.

One should consider that the above figures are subject to fluctuation based on market trends, individual broker performance, and economic factors. The figures also do not always account for differences in regional cost of living, which can influence salary ranges and the purchasing power of earned income.

Career Path and Progression

In the yacht brokerage industry, compensation often reflects one’s level of experience and achieved sales milestones. A broker’s career typically progresses from entry-level to mid-level, and ultimately, to senior opportunities, with each stage offering different potential earning and responsibilities.

Entry-Level Position

At the onset of their careers, entry-level yacht brokers are learning the ropes. They build their networks, learn about different types of boats, and start creating sales strategies. According to Indeed , individuals in these positions may earn around $120k annually in the beginning years, although this figure can vary widely.

Mid-Level Experience

Brokers with 4 to 8 years of experience may see increased earnings potential and begin to cultivate a more nuanced expertise in yacht sales. As reported by Indeed , annual salaries can hover around the $120k mark, often depending on the broker’s sales success and developing industry reputation.

Senior Broker Opportunities

Senior yacht brokers benefit from extensive networks and a strong client base, which can significantly enhance their income. Experienced brokers with over a decade in the industry may earn upward of $130k annually and sometimes substantially more. For example, top companies can offer significantly higher compensation, as much as $249,615 per year, according to salaries reported by Bluewater Yacht Sales employees on Indeed.

Impact of Market Trends on Income

Boat brokers’ incomes are significantly influenced by market trends. When the demand for boats rises, more transactions are likely to occur, leading to increased earnings for brokers. For example, a surge in the boating lifestyle can trigger an uptick in sales, positively affecting brokers’ commissions.

Economic factors also play a crucial role. In a strong economy, discretionary spending on luxury items such as yachts generally increases. Conversely, economic downturns may reduce consumers’ ability to purchase expensive boats, thereby decreasing brokers’ income potential.

Yacht brokers can earn more by selling higher-priced vessels, as the commission is usually a percentage of the sale price. Brokers can expect around 10% commission on each sale. Therefore, their income can vary greatly depending on the types and prices of boats they sell.

Additionally, location affects income. Brokers in affluent areas with a high turnover of luxury yachts, for example, might have the opportunity to earn more than those in regions with fewer high-end transactions.

Agents with a depth of knowledge and strong sales acumen may capitalize on trends such as the increase in eco-friendly vessels or the popularity of certain boat types, positioning themselves to benefit from niches within the market.

Skills and Qualifications for Success

Success as a boat broker hinges on a combination of formal certifications, strong professional networks, and effective sales and negotiation skills.

Necessary Certifications

A broker’s expertise in the yacht industry is often validated by certifications. For instance, becoming a Certified Professional Yacht Broker (CPYB) necessitates meeting specific requirements, such as relevant experience Requirements Explained . Acknowledgement by industry bodies assures clients of the broker’s proficiency and commitment to ethical practices.

Professional Networking

Effective brokers cultivate a web of industry contacts, including manufacturers, boat dealers, and other brokers. Networking enables them to quickly match buyers with sellers and stay ahead of market trends, facilitating successful transactions and repeat business.

Sales and Negotiation Skills

Brokers excel through sharp sales strategies and negotiation tactics. They must understand a boat’s value and persuasively communicate this to both buyers and sellers to close deals. [Performance metrics], such as commission rates, which typically range from 10% to 20% of the boat’s selling price, reflect their success in this area.

Frequently Asked Questions

In this section, readers will find concise answers to common queries regarding the income and commission structures of boat brokers, as well as the various factors affecting their earnings.

What is the average annual income of a boat broker?

The average annual income of a boat broker varies widely based on several factors but typically, a yacht broker could make an average of around $121,000 per year, with some even reaching up to $300,000 depending on their location and type of yachts sold.

Can you outline the typical commission structure for boat brokers?

Boat brokers commonly receive a mix of a base salary and commissions from sales. The commission rate is often around 10% of the yacht’s purchase price, although this can be a fixed amount or a variable percentage.

What factors influence the earnings of a yacht broker?

Earnings of a yacht broker are influenced by the cost of the yachts sold, the number of sales completed, the broker’s negotiation skills, market demand, the broker’s experience, and the region where they operate.

What is the earning potential for a yacht broker in top yachting locations like Miami and California?

Yacht brokers in prime yachting locations such as Miami and California often have higher earning potential due to the presence of affluent clients and the propensity for higher-priced yacht sales, potentially resulting in more substantial commissions.

How do yacht charter brokers’ earnings compare to yacht sales brokers?

Yacht charter brokers may have a different earning structure compared to yacht sales brokers, focusing more on rental commissions, which can vary greatly depending on charter frequency, the cost of the charter, and seasonality.

What steps are necessary to pursue a career as a yacht broker and what can one expect to earn?

To pursue a career as a yacht broker, one typically needs to obtain relevant licenses, experience in sales, and in-depth knowledge of the boating industry. The expected earnings can start from variable commission-based income and can grow significantly with experience and a strong client base.

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I organize yacht charters for the 1% and love my job. I take care of everything for them, from ordering KFC to $12,000 Pinarello bikes.

• Alex Coles, 43, is a bespoke yacht charter broker based in London.
• He organizes private yacht trips for UHNW clients that can cost over $100,000 for seven days.
• This is what his job is like, as told to writer Chrissie McClatchie.

This as-told-to essay is based on a conversation with Alex Coles, a yacht broker from London, about his job. It has been edited for length and clarity.

Preparation is the key to organizing yachting vacations for the 1%. When charter arrangements are well-planned, a lot of potential problems can be avoided. In my experience when things do go wrong, it's usually a technical issue with the yacht, which unfortunately is out of everyone's control. 

But when something does go wrong, I've learned to keep my clients happy by  offering solutions. I'll never forget the time I organized a 40-person charter along the Tuscany coast. Three days into the trip, the yacht's air conditioning broke down and was going to take three days to get fixed. So I chartered helicopters to fly the party from Forte dei Marmi to Monaco, where I booked 20 suites at the Hôtel de Paris Monte-Carlo for them to stay in until the repairs were done, as well as day charter boats so they could still be out on the water. When the AC system was working again, the yacht came to Monaco to pick them up. 

I've been in the industry for over 20 years now and founded Bespoke Yacht Charter with my wife Rachel in 2014. Ever since then we've split our time between London, Nice, and the hinterland of the Côte d'Azur. Rachel works on the event side of the business with companies looking to book yachts during events like the Cannes Film Festival, as well as corporate functions and weddings. Yachting vacations are my expertise. 

The job of a yacht charter broker is to find the perfect yacht for the needs and demands of each client

If, for example, the client is passionate about Japanese cuisine, I will hunt for yachts with chefs who specialize in that cuisine. After confirming the charter with the yacht's representative, called a central agent, I then make sure the yacht is completely prepared for my client's arrival and that, once onboard, everything runs smoothly during their vacation.

The most popular charter our clients book is seven days on a 115-foot motor yacht

On average, this type of vacation would cost around $110,000. The charter price always includes crew but food, wine, and fuel are extra. Clients pay an APA, or Advanced Provisioning Allowance, in advance to cover these additional expenses. The crew's tip isn't included either, and is given at the discretion of the client. 

Smaller yachts are of course more affordable — for example, $23,000 will get you seven days on a 60-foot catamaran in Croatia, with everything included in that price.

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Our focus is on chartering motor yachts between 100- and 200-feet. It's less common for clients to ask for sailing yachts. The largest yacht I regularly charter is a 230-foot vessel that can sleep 30 guests in 15 cabins. It has a 2,700-square-foot sun deck, gymnasium, beauty salon, spa and sauna, and a 12-person spa pool.

A large chunk of my clients have booked at least six charters with me and some much more than that, so I get to know their individual preferences and what does and doesn't work for them. I always pass that information on to the crew when I meet them on board before each charter.

We are as hands-on as the guests want us to be when their charter begins

Some clients want us to be there at cast-off, so I'll meet them with a driver at the airport, accompany them to the yacht, introduce them to the crew, and show them around the boat. 

Other clients are extremely busy people and their holidays are seriously valuable to them, so they just want to be cruising out of the port with a drink in their hand as quickly as possible. 

Throughout the charter, I'm on the phone 24/7 with the crew, handling all the nightclub and restaurant reservations and any other requests that may come up

The most common request is for gym and exercise equipment. I've delivered so many Pinarello bikes to yachts that I now have an account with the company. I've even arranged for professional cyclists to ride with clients who want to train with the best in the business.

Clients are often intrigued by the array of water toys that they can use while onboard. The most popular right now are e-foils (electric hydrofoil surfboards), paddle boards, and water bikes. Jet-skis are always in fashion, too.

The summer months from June to September are the most hectic of the year. July is my busiest month — sometimes I have up to 14 charters scheduled at once.

I've had clients spend tens of thousands of dollars on wine and champagne for a week-long charter

Guests are less inclined to eat in restaurants nowadays and prefer to eat onboard, which makes sense as many yacht chefs have Michelin backgrounds. Clients typically prefer health-conscious food on the charter, although from time to time people do have fast food cravings which is a bit tricky if the closest McDonald's or KFC is 30 miles away. 

More than once I've found myself delivering buckets of fast-food chicken wings to the yacht's chef, who then has to heat everything up. But those unique requests are exactly what I love about the job — making sure that every single moment of those seven or 14 days is just the way my clients want it to be.

I have a lot of American clients, so it's not unusual for me to be on the phone working at 3 a.m.

Often I have clients who have shortlisted three or four yachts for their charter, so I'll group together viewings and walk through the yachts on FaceTime. I go with what the day throws at me — some days I have four hours of work to do, others 14. 

Although last year was a good season for us, after two pandemic years we're hoping this summer marks a return to normal, especially for the events side of the charter business. The signs are very promising, so we're crossing our fingers!

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• Is more expensive steak better for you?
• The rise of Michelin starred 'fast food'
• Basically...  What is PIP - and what could government changes mean?
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• Cheap Eats:  Michelin-star chef reveals his top steals in London - including an unbeatable sub sandwich
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A hotel part-owned by Gary Neville and other ex-Manchester United legends has been named one of the best places to work in hospitality. 

Each year, The Caterer releases its top 30 best places for employees in the sector, with the top six featuring some familiar names.

The list is compiled via anonymous employee survey - with no input from managers or owners. 

Hotel Football, the only hotel with a rooftop five-a-side pitch, was among the top six venues selected by employees across the UK. 

The hotel's benefits package was particularly well-praised by those who work there - given that it "prioritises the financial wellbeing of employees during the cost of living challenge".

Management at the hotel, which is situated next to Manchester United's Old Trafford stadium, was also praised for enhanced maternity, paternity, parental and adoption leave policies and a strong belief in diversity and inclusion. 

The other five to make up the top six are The Biltmore in Mayfair, Cycas Hospitality (which has 18 locations across the UK), Dalata (which boasts some 1,000 employees), Gleneagles Hotel in Edinburgh and Nobu Hotel in Shoreditch, London. 

The energy price cap is set to fall by about 7% in July, a leading thinktank has said. 

Cornwall Insights said: "For a typical dual fuel household, we predict the July price cap to be £1,574 per annum" - a drop from £1,690.

Looking further ahead, it forecasted the cap to rise again slightly in October, before falling again in January next year. 

Reacting to the news, Uswitch said the predicted drop was "clearly good news". 

"The future still remains uncertain, and with the price cap changing every three months – currently expected to rise in October before falling slightly in January –  it's crucial not to be complacent," Richard Neudegg, director of regulation, said. 

However, "a predicted 7% drop in energy prices in July is clearly good news, with the price cap looking likely to hit its lowest level in over two years", he said. 

He also urged  households who want to lock in rates for price certainty to run a comparison to see what energy tariffs are available to them.

"There are many 12-month fixed tariffs available at rates cheaper than the current price cap, and even some that are 2% below these new predicted July rates," he said. 

Cristiano Ronaldo has topped Forbes' list of highest-paid athletes for the fourth time in his career.

Ronaldo became the world's highest-paid athlete after his move to Saudi Arabian side Al Nassr and Forbes said the 39-year-old's estimated total earnings were around $260m (£205m) - an all-time high for a football player.

His on-field earnings amounted to $200m (£158m) while off-field he earned $60m (£47m) thanks to sponsorship deals where brands make use of his 629 million Instagram followers.

Spanish golfer Jon Rahm took second place following his switch to Saudi-backed LIV Golf.

Rahm earned $218m (£172m) and joins Ronaldo as the only two athletes to earn over $200m.

Third on the list is record eight-time Ballon d'Or winner Lionel Messi, who switched to Major League Soccer team Inter Miami, which helped the Argentine World Cup winner earn $135m (£107m).

The 36-year-old earned $65m (£51m) in on-field earnings but $70m (£55m) off it from deals with major sponsors such as Adidas and Apple.

Los Angeles Lakers forward LeBron James came in fourth at $128m (£101m), while fellow NBA star Giannis Antetokounmpo of the Milwaukee Bucks made fifth with $111m (£88m).

France football captain Kylian Mbappe dropped down to sixth with $110m (£87m).

French striker Karim Benzema, who also moved to Saudi Arabia, is eighth on the list with $106m (£84m), followed by Golden State Warriors guard Stephen Curry with $102m (£80m).

Lamar Jackson is the only NFL player on the list, in 10th place with $101m (£80m), thanks to the signing bonus negotiated into his new Baltimore Ravens contract last year.

The number of new pupils joining private schools has fallen by  2.7% since last year, according to the latest figures.

Data from the Independent Schools Council (ISC) shows families are now paying more than £18,000 a year on average to send their children to private school.

This is an 8% rise in school fees for the 2023-2024 academic year compared with the year before.

But as fees soar, figures show a 2.7% drop in the number of new pupil applications - this is the biggest fall since the ISC started collecting data in 2011.

Every Friday we get an overview of the mortgage market with independent experts from  Moneyfactscompare.co.uk . Today, finance expert Rachel Springall outlines what's been happening within the buy-to-let market…

A handful of lenders moved to tweak the fixed rates they charge on buy-to-let mortgages over the past week. 

Paragon Bank launched some new "portfolio" and "green" fixed mortgages, and Aldermore pulled its limited edition five-year fixed rates, max 65% loan-to-value. 

Buckinghamshire Building Society also launched new deals onto the market, and Claire Askham, head of mortgage sales said: "The decision to increase our BTL lending to 80% represents a positive move for the sector as we continue to see landlords appraising their portfolios through divesting, refinancing and taking advantage of a variety of property-related opportunities as they arise."

Week on week, there has been minor moves to the overall average fixed buy-to-let rates, with the two-year remaining unchanged at 5.62% and the five-year falling by 0.02% to 5.59%.

This week the lowest two-year fix for buy-to-let customers at 75% loan-to-value comes from Metro Bank, priced at 4.19%, which charges a percentage booking fee of 5.00% of the mortgage advance and is available to second-time buyers and remortgage customers borrowing a maximum of £2m. 

There is another option from the same lender which carries an incentive package just for remortgage customers, but it has a lower maximum advance of £1.5m.

If you are looking to borrow more, then Suffolk Building Society has the lowest two-year fix for buy-to-let customers at 80% loan-to-value priced at 4.79% for second-time buyers and remortgage customers. 

The deal charges a percentage completion fee of 3.00% of the mortgage advance as well as a flat £199 booking fee.

Remortgage customers will receive a free valuation and free legal fees incentive.

A five-year fixed buy-to-let mortgage may be more appealing for you to guarantee your monthly repayments for longer. 

If you looking to borrow at 75% loan-to-value, HSBC has a deal for remortgage customers priced at 4.33%, which carries a free valuation and free legal fees incentive package but charges a flat £3,999 product fee.

If you are looking to borrow more, then Furness Building Society has the lowest five-year fixed buy-to-let deal at 80% loan-to-value priced at 5.39% for second-time buyers and remortgage customers. It charges a booking fee of £995 and includes an £250 cashback incentive. 

Remortgage customers will also receive a free valuation. This deal also happens to be a Best Buy for a five-year fixed deal at 80% loan-to-value.

Best Buy alternatives

The lowest buy-to-let rates may carry both a flat product fee and an arrangement fee which is based on a percentage of the mortgage advance, so a Best Buy package may be more suitable if you are looking to save on the upfront cost of any deal. 

You might also want a deal to cover a valuation or legal fees. A Best Buy buy-to-let mortgage could be the most cost-effective choice in this instance, but it's worth seeking advice before entering any arrangement.

This week the top packages on a two-year fixed buy-to-let deal at 75% loan-to-value comes from HSBC, priced at 4.69%, which comes with a free valuation and charges a £3,999 product fee and is available to second-time buyers. 

If you want a loan with a lower upfront fee, then HSBC also has a Best Buy deal priced at 4.94% at 75% loan-to-value, which carries a free valuation and charges a £1,999 product fee and is available to second-time buyers.

If you are looking to borrow more, then Furness Building Society has a Best Buy two-year fixed buy-to-let deal priced at 5.73% at 80% loan-to-value for second-time buyers and remortgage customers. It charges a fee of £995 and includes a £250 cashback incentive. Remortgage customers will also receive a free valuation.

A five-year fixed buy-to-let mortgage may be more appealing for you to guarantee your monthly repayments for longer. If you looking to borrow at 75% loan-to-value, HSBC has a Best Buy deal priced at 4.39%, which carries a free valuation and charges a £3,999 product fee. 

If you want a loan with a lower upfront fee, then HSBC also has a Best Buy deal priced at 4.64% at 75% loan-to-value, which carries a free valuation and charges a £1,999 product fee.

If you are looking to borrow more, then Furness Building Society has a Best Buy five-year fixed buy-to-let deal priced at 5.39% at 80% loan-to-value for second-time buyers and remortgage customers. 

It charges a booking fee of £995 and includes an £250 cashback incentive. Remortgage customers will also receive a free valuation. This deal also happens to be the lowest rate on a five-year fixed deal at 80% loan-to-value.

By James Sillars , business reporter

A lack of strong corporate updates did for the FTSE 100 on Thursday.

A flat end to the day has been followed by a flat end to the week, with the index falling almost 0.1% to 8,433 in early deals on Friday.

Very little around for investors to ponder.

Developments this morning included pharmaceutical firm GSK saying it had raised £1.25bn from selling its entire remaining stake in Haleon.

The consumer healthcare firm was spun out of GSK almost two years ago.

One other announcement of note came from Sainsbury's.

It revealed a five-year strategic partnership with Microsoft that will see generative AI used to boost personalised shopping experiences for consumers, improve search functions and make staff working practices more efficient.

The financial terms were not disclosed. Its shares were 0.4% higher.

Away from the equity markets, it's worth taking a quick look at how oil is finishing the week.

Brent crude is trading above $83 a barrel on evidence of rising demand.

Prices at these levels should not have an impact at the fuel pumps but small recent declines in average costs could be reversed if the upwards oil price trend continues.

Greggs will open eight stores in the next few weeks, as the company continues its expansion plans 

The bakery said it would open a total of 180 new branches before the end of this year. 

We were told earlier this year that the famous sausage roll-seller would open new stores in London, Cambridge and Sale, but Greggs has now revealed where its next eight new branches will be. 

Here are the locations of the eight new sights, revealed by the bakery to The Sun:

• Saffron Walden, Market Place, England
• Bangor, Carnarfon Road, Wales
• Birmingham Prime Park, England
• Brierley Hill, Merryhill, England
• Consett Delves Lane Drive Thru, County Durham, England
• Edinburgh, 60-61 Seafield Road, Scotland
• Glasgow, Argyle St, Scotland
• Porth, U3C Geilligron IE, Wales

Drivers are suffering from "unfairly high margins" on fuel sales, Energy Secretary Claire Coutinho has been warned.

In a letter to the cabinet minister, the RAC said the Competition and Markets Authority (CMA) must be given the power to take "meaningful action" against companies charging too much for petrol and diesel.

The average retailer margin - the difference between the amount they pay for fuel and the pump price - has been above 18p per litre for diesel since 7 May and is nearly 12p per litre for petrol, RAC head of policy Simon Williams wrote.

The long-term average for both fuels is 8p.

The RAC believes if retailers charged "fairer" margins, the average price of a litre of petrol and diesel would be around 145p, down from the current prices of 150p per litre for petrol and 157p per litre for diesel.

Mr Williams said the current margins being charged by larger retailers in particular were "extremely unfair on drivers struggling to get by in the cost of living crisis". 

"It's very concerning to see fuel margins at such high levels, particularly as this is happening under the close eye of the CMA and while retailers are voluntarily sharing their forecourt prices with the intention of increasing competition," he said.

The RAC spokesman added that the situation would only be improved in the long-term if the CMA took "meaningful action against retailers whose margins are deemed not to be mirroring significant reductions in the cost of wholesale fuel".

It can be hard to balance the demands of eating well without spending a lot.

In this series, we try to find the healthiest options in the supermarket for the best value - and have enlisted the help of  Sunna Van Kampen , founder of Tonic Health, who went viral on social media for reviewing food in the search of healthier choices.

In this series we don't try to find the outright healthiest option, but help you get better nutritional value for as little money as possible.

This time we're looking at meat. 

"When it comes to which type of meat you buy, there's a common misconception the more expensive the cut the healthier it is," Sunna says.

"But fatty meat stores more nutrients than their lean counterparts - vitamins like A, D, E, and K are fat-soluble and stored in animal fat - so, a fillet steak may contain less nutrients than its fatty cousin," he adds. 

The science

We typically turn towards leaner cuts of meat due to the common belief that saturated fat from animals is something to be avoided. 

"Yet, the latest science suggests that saturated fat and cholesterol may not be as harmful as researchers once thought they were," Sunna says.

He points to a  2020 review  in the National Library of Medicine that looked at several studies on saturated fat and heart disease - and found that the association between the two appeared to be weak.

That being said, a large amount of fat in your diet is in no way advisable - but don't be afraid to introduce fattier cuts. 

Sunna swears by mincemeat - preferring it to steak if choosing the fattier kind. 

Most supermarkets sell somewhere between 5-20% versions - and Sunna urges shoppers to put the higher percentages in their baskets. 

"Mince beef with higher fat content isn’t just about the added fat-soluble vitamins; it's also about what comes with it," he says.

"The added tendons, ligaments and connective tissue in mince beef provides collagen."

Collagen is a protein - full of amino acids that supports the structure of your skin, hair, and nails. 

It also plays a vital role in maintaining the integrity of your joints and connective tissues. 

"By choosing mince beef with 20% fat, you're getting a broader nutritional profile, including those collagen benefits," he says. 

Using prices from major supermarkets, Sunna compares his the money and the health for major beef products... 

• Fillet steak: Around £35/kg, it's the most expensive cut and doesn't provide as many health upsides as other, cheaper options
• Ribeye steak : Around £24/kg, with added fat that offers more fat-soluble vitamins.
• Rump steak: Around £15/kg, it’s one of the most economical ways to steak and that nice rind of fat will give you the added nutrition.
• Steak mince beef 5% fat: Around £7/ kg, it's premium mince but at over half the price of steak, making a great affordable option, but the lower fat content is only really good for reducing the calories.
• Mince beef 20% fat: Priced at about £5/kg, it's one of the most affordable options that gives you the most health upside - with all the added fat-soluble vitamins, omega 3s and collagen. 

"Swapping a fillet steak a week to 20% mince could save you £182.52 a year and you'd be increasing your nutrition intake considerably," Sunna says.

"Not only does mince beef save you money, but it also provides a versatile base for countless dishes - burgers, meatballs, bolognese, tacos -the possibilities are endless."

Organics and grass-feds

"Whilst all unprocessed meat is healthy, there are benefits to the quality of your meat," Sunna continues. 

"Typically, a local grass-fed cut of meat has higher omega-3 fatty acids which are beneficial for heart and brain health - up to 6x more  in fact than feed-lot cattle," he adds. 

These can often be far more expensive, however. 

"Choosing between fillet steak and mince beef doesn't have to be a battle of indulgence versus health - both have their unique nutritional benefits, but when it comes to a cost-effective, nutritious option, mince beef with 20% fat takes the win," he says.

The nutritionist's view, from Dr Claire Shortt, lead scientist at  FoodMarble ...

While it's fine to consider cheaper cuts of beef over say filet mignon, it's best to moderate red meat intake given potential links to certain cancers. 

Processed meats are more problematic again, especially from a bowel or stomach cancer perspective. In fact, the World Health Organisation classifies them as a Class I carcinogen (i.e. "known to cause cancer"). 

Read more from this series... 

The number of UK bank branches that have closed forever passes 6,000 today, according to the consumer group Which?

Which? said eight Barclays branches were shutting their doors today, taking the total by the end of the day to 6,005.

This equates to more 60% of the bank branch network since Which? began tracking closures in 2015.

The eight Barclays closures relate to branches in Alperton in Wembley, Andover in Hampshire, Bangor in County Down, Bracknell in Berkshire, Hornchurch in Essex, Inverness in the Highlands in Scotland, Liverpool and Streatham in London.

Barclays has closed 1,216 branches, according to Which?

NatWest Group, which comprises NatWest, Royal Bank of Scotland and Ulster Bank, has closed 1,360 branches and Lloyds Banking Group, made up of Lloyds Bank, Halifax and Bank of Scotland, has shut 1,146 sites, the consumer group said.

Which? said 200 closures by various banks were already scheduled for the rest of 2024.

Currently, 24 more bank branch closures have been scheduled for 2025, although more are expected to be announced later this year and next, it added.

While millions of consumers have made the switch to banking digitally, there remains a significant number of people who are not yet ready or willing to make that jump, underscoring the need for accessible alternatives, Which? said.

Sam Richardson, deputy editor of Which? Money, said the closures showed a "seismic shift" had taken place in terms of our banking habits and the character of the British high street.

"While some may hardly notice the closure of their local branch as they seamlessly switch to online banking, for others reliant on face-to-face services, the impact can be disastrous," he said.

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