July 2020 Traffic Report Message from Tom Whittington
The recent hurricane allowed us to have a wonderful restful weekend. Thankfully!
August will be another busy selling month!
MPYS sold 10 boats in July bringing our annual total to 76.
With an additional 5 boats under contract in August and 10 new listings last month, we are optimistic for a record year.
Your July Traffic Report is provided to track the numbers of views your vessel is receiving on the Boats Group Search Engine.
But, there is much more to share.
The hurricane a couple weekends ago was a good “dry run” for all of us.
Unfortunately, some of our Sellers were required to relocate their boats and some offers were delayed due to lack of adding insurance during a named storm. Overall, we were spared again.
Would your Hurricane Plan have worked for you if it was actually needed?
As you may recall from our recent reports, MPYS has sold a lot of our inventory.
All of our brokers are talking together to better understand why some boats sold and some did not.
Your broker wants to understand that about your boat. Please work with them and discuss what can be done to solicit an offer for your boat.
Yes, there will be a Stuart Boat Show in 2021.
I am serving as Vice President this year for the Marine Industry Association of the Treasure Coast. Usually we are further along with our planning for the Stuart Boat Show January 15-17. The surprises of Covid and the Roosevelt Bridge have slowed our efforts. However, we will be ready. The Stuart Boat Show is the major fundraiser to support the many nonprofit efforts of the MIATC.
DO YOU PLAN ON ATTENDING? We hope to see you at the Show!
Another important note is we are adding more boats to our inventory at a steady pace and have 8 more so far in August.
With the large number of sales we have experienced it is important to build back our listings to draw more eyes to our websites. These prospects may be attracted to your boat.
Three areas are becoming problematic in selling boats.
- Lenders are swamped and are being more selective in working with the clients and boats they service.
- Many areas of Florida are experiencing limitations in the amount of available rack and dock storage for new purchases. Also, boat trailers are 10 weeks out for delivery.
- Closing agents for larger boats are now requiring a minimum of 10 weeks to complete closing with additional time required to complete the US Coast Guard Documentation process.
We are encouraging all prospective buyers to, at minimum, complete qualification for financing prior to making an offer. This often slows the offer process but it is better for the long term success of the deal and effort.
MPYS continues to move forward with caution and has been successful in conducting most of our deals electronically. Thankfully, our contactless contracts software, YachtCloser, has been providing this efficient and now safer option to our staff and clients for several years. We have experienced a seamless transition and are glad to provide this convenient service to our clients.
Best of luck and stay safe.