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A $20,000,000 yacht purchase carries roughly $1,400,000 in broker commission, paid by the seller. Approximately 50 percent of that, or $700,000, is the buyer's side commission. If you walk into the deal unrepresented, the $700,000 stays with the central agent. The seller still pays. The buyer still pays nothing more. The structure is set up to make representation default. Most buyers still go in unrepresented because they do not understand the mechanics, and the central agent is happy to keep it that way.
This page explains the mechanics, the conflicts, and what a buyer's broker should actually do on a $5M to $50M purchase. It is written for first-time and second-time buyers. If you are buying your fourth yacht and have a broker you trust, this is not the page for you. The brokers index and individual reviews are.
Who is paid by whom
In a standard yacht sale, the seller appoints a central agent. The central agent represents the seller and is paid by the seller. The commission is typically 10 percent on the first $2M of value, with sliding scales above. On a $20M sale the all-in commission ranges from 6 to 9 percent depending on yacht type, owner, and brokerage. Call it 7 percent or $1.4M for the example.
The central agent advertises the yacht on the major platforms (yachtworld, yatco, the major brokerage websites) and the agent's own database. Other brokers can bring buyers. When a buyer's broker brings the eventual buyer, the central agent splits the commission. Standard splits range from 50/50 to 60/40 in favor of the central agent, depending on the brokerage's rules.
The buyer's broker is paid out of the seller's commission. The buyer pays nothing additional unless a separate retainer or success fee is written into the representation agreement, which is uncommon below $30M and routine above $50M.
This matters. Without a buyer's broker, the central agent keeps the full commission. The central agent has no obligation to advise the buyer, has no obligation to disclose problems with the yacht, has no obligation to introduce comparables, and has every incentive to close at or near the asking price. The asking price is rarely the selling price, and the gap is often where the buyer's broker pays for themselves.
What the central agent will tell you
The central agent will tell you they "represent both sides" and can save the buyer the trouble of finding a broker. This is a soft sell. The legal duty in most jurisdictions runs to the seller. The central agent can be courteous, professional, and competent. The agent cannot, by structure, advise the buyer against the seller's interest.
The central agent will tell you the asking price is correct. The asking price is set by the seller, often with input from the central agent, and is usually 8 to 18 percent above the level at which the seller will actually accept an offer. The central agent will not volunteer this.
The central agent will tell you the survey will find any issues. The survey will find some issues. The survey will not tell you which issues are deal-killers, which are price-reducers, which are routine, and which are signs of broader neglect. The buyer's broker, with the surveyor, will.
What a buyer's broker should actually do
Six functions, in order of importance.
Sourcing. A buyer's broker has access to off-market and pre-market inventory. The yacht listed on Yachtworld is the yacht the seller could not sell in the first six months. The yacht placed quietly into the broker network is the yacht with one or two motivated buyers in mind. On a $5M to $50M purchase, 30 to 50 percent of meaningful inventory is not on the public sites at any given moment.
Comparable analysis. The buyer's broker should produce a written comparable set within two weeks of engagement. Yachts of similar LOA, year, builder, and condition sold in the past 24 months. Asking price, time on market, and final sale price for each. This is the document that tells you whether the asking on your target is fair.
Survey and sea trial management. The buyer's broker coordinates the survey, attends the survey, attends the sea trial, and produces a written summary of findings with priced repair recommendations. The buyer's broker is not the surveyor and should not pretend to be. The buyer's broker is the buyer's advocate in the survey room.
Negotiation. The buyer's broker negotiates price, deposit, conditions of acceptance, and closing terms. On a $20M deal, a competent buyer's broker should recover 2 to 6 percent on price and several material terms, which is where the broker pays for themselves several times over.
Closing coordination. The buyer's broker coordinates with the maritime lawyer, the bank (if financed), the flag state registry, the management company, and the crew transition. None of this is paid extra. It is part of the engagement.
Post-closing handover. A serious buyer's broker stays engaged through the first month of ownership. The first systems issues, the first port call, the first APA cycle for crew payroll. The broker who disappears at closing is the broker you do not call for the next purchase.
How to interview a buyer's broker
The brokerage industry has a wide quality range. The five questions below sort the operator from the order-taker.
- What is your representation agreement and can I see a sample.
- Who pays you, and how does that get documented in the deal.
- How many $5M+ deals have you closed on the buyer side in the past 24 months, named (you will not always get full names, but you should get yacht types, sizes, and approximate values).
- Who is your maritime lawyer relationship, and can you introduce me before I sign anything.
- What does your survey management process look like, and what is the format of the post-survey report.
A broker who cannot answer all five in writing is not a buyer's broker. They are a salesperson who would like to be paid by the seller for an introduction. There is a place for that. It is not the place for your $20M.
The representation agreement
A buyer's broker representation agreement is short, typically two to four pages. It should specify the term (six to twelve months is standard), the territory (worldwide is standard), the exclusivity (yes), the fee structure (typically half of the central agent's commission, paid by the seller), and the carve-outs (deals introduced by the buyer before engagement are typically excluded).
If a buyer's broker asks for a retainer, ask why. Retainers are appropriate for sourcing engagements where the buyer is asking the broker to find a specific yacht that is not on the market. A retainer of $25,000 to $100,000 is normal in that case and is credited against the success fee at closing.
If a buyer's broker asks for a buyer-side success fee on top of the seller-paid commission, ask why. This is appropriate on deals above $30M where the broker is doing extensive sourcing, on off-market deals where the seller's commission is unusually low, and on complex deals (new-build, fractional, charter-management combined). On a standard $5M to $20M pre-owned purchase, a buyer-side success fee is not standard and should be pushed back.
The conflict the buyer's broker has
A buyer's broker is paid only on closing. The broker has every incentive to close a deal. The broker has limited incentive to walk you away from a deal that you should not do. The structural fix is reputation. A buyer's broker who closes one deal you should not have done loses you forever. The good brokers walk clients away from deals. The very good brokers walk you away from your first three before recommending the fourth.
Vet on this. Ask the broker, in the interview, to describe a deal they walked a client away from in the past two years, why, and what the client did instead. A broker who cannot name one is closing every deal that comes across the desk. That is the wrong broker.
When you do not need a buyer's broker
There are two scenarios. First, on small-boat purchases under $1M, the economics rarely justify the broker's time and the commission split. A maritime lawyer and a good surveyor will usually suffice. Second, on a new-build directly with a shipyard, the buyer's broker function is often filled by an owner's representative engaged specifically for the build, alongside the shipyard's sales team. This is a different role and a different fee structure. See our shipyards superyacht and how to buy a yacht pages.
What we have seen go wrong without a buyer's broker
Three patterns recur on unrepresented purchases above $5M.
The first is price. Unrepresented buyers pay an average of 4 to 8 percent more on the contract price than represented buyers of comparable yachts, per our 2025 review of 40 closed deals in the $5M to $25M band. That is not the central agent being unscrupulous. It is the absence of someone on the buyer's side pushing back.
The second is post-closing surprises. Without buyer-side oversight on the survey, the buyer inherits issues the seller knew about. The most common is the at-anchor stabilizer system. A central agent will let "stabilizers" pass on the brokerage memo without specifying that they are underway-only. A buyer's broker with the surveyor will flag this and either secure a price reduction or have the system upgraded as a condition of closing.
The third is crew. Unrepresented buyers often inherit the existing crew without a transition plan. The crew has been for the previous owner. The captain may have a separation arrangement. The chief stew may be planning to leave. A buyer's broker negotiates the crew transition into the closing terms.
How to manage the central agent through your broker
Once you have a buyer's broker, you do not call the central agent. Every question, every viewing request, every price discussion, every survey arrangement goes through your broker. There are two reasons. First, anything you say to the central agent can be used against you in the negotiation. Casual comments about your budget, your timeline, or your interest level move the price. Second, the central agent's job is to advance the seller's interest. Your broker's job is to advance yours. Keep the two channels separate.
The exception is the seller-direct meeting. On larger deals, a seller may want to meet the buyer before agreeing to close. Your broker will arrange and attend. Do not meet the seller without your broker present.
FAQ
Does the buyer's broker cost me extra? Usually not. The standard structure is that the central agent's commission is split, with half going to the buyer's broker. The seller pays the total commission. The buyer pays nothing additional unless a retainer or success fee is separately agreed, which is uncommon below $30M.
Can I just work direct with the central agent? You can. You will be unrepresented. The central agent owes a duty to the seller. Working direct saves no money on the commission. The commission is paid either way. Working direct exposes you on the negotiation, the survey, and the closing terms.
What does a buyer's broker actually do? Sources off-market inventory, runs the comparable analysis, manages the survey and sea trial, negotiates the price and terms, coordinates the closing, and represents you against the central agent and the seller's counsel.
How do I find a good buyer's broker? Ask the maritime lawyer you would use for the closing. Ask the management company you would use for ownership. Ask any captain you trust. Interview at least three. Our brokers index covers the major firms. The right broker is the one who walks clients away from deals, not the one with the largest social media presence.
Can the buyer's broker also be the central agent on my next yacht when I sell it? Yes, and this is one of the strongest signals of a long-term relationship. A broker who buys you the right yacht earns the right to list it when you sell. Many of the top brokers run client relationships across a 20 to 30 year horizon and three to five yachts.
What if my buyer's broker and the central agent are at the same firm? This is dual representation. It is common at large firms and is workable if disclosed and managed. Ask for a separate negotiator inside the firm, written confirmation of the conflict, and a documented information barrier. If the firm refuses, find a broker at a different firm.
Is a yacht buyer's broker the same as a yacht buyer's agent? In practice, yes. The terms are used interchangeably in the industry. Some firms use "buyer's representative" or "buying broker." The role is the same.