You could choose an open listing after having a bad experience in the past with an ineffective broker who took too long to sell your yacht. You may also believe that an open listing is more secure, and will give you more chances of selling if multiple brokers and brokerage firms can market your yacht.
There are two things you should consider with such an approach:
Consideration #1: Yacht in a Bottle Marketing
In an open listing arrangement, the brokers representing your yacht may not invest as much time, money, or effort into promoting your yacht if someone else can sell it too. What happens here is what we described in the preface of this book — most brokers will just list your yacht on a MLS site, the storefront of their brokerage office, and then wait for a buyer to miraculously show up. Which is why this approach is called “Yacht in a Bottle Marketing.”
Consideration #2: The Market Perception of Your Yacht
Imagine giving your listing to four different brokers. And in turn, each broker creates a listing for your yacht. As a result, the marketplace sees a surplus of yachts like yours — thereby making it seem more common than it actually is. This perceived surplus creates less urgency to act, and with so many competing options available, you attract lower offers.
Here’s an example taken from a leading Multiple Listing Site. This is the same yacht yet it is being presented with different specifications and different prices. There’s no scarcity, it looks untrustworthy, and confusing from a buyer’s perspective.
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