A growing fleet and growing number of new buyers require a sales force capable of delivering excellence…
The world of superyachts is a niche market that only became truly professional in the mid-1990s. However, in the years that followed, the market grew exponentially to the point that it is no longer possible to expect the most renowned brokers in the market to handle every transaction. It is therefore essential that levels of professionalism across the market continue to grow in line with the market itself.
“Today, as part of the MYBA Board of Directors, we are implementing various initiatives to train the professionals of today and tomorrow. We have new generations joining the industry, coming from university and various other places, and we need to make sure that we are in the best position to brighten their careers and lead them in the right direction,” begins Eleonora Pitasso, MYBA Board Member and Shipyard Relations Coordinator and sales agent at Burgess Yachts
The superyacht is an extremely large market when you consider that the cost difference between a two meter dinghy and a 30m superyacht is actually less than when comparing a 30m superyacht and a superyacht over 90m. However, what the two superyachts have in common is that they are probably the most valuable leisure asset buyers are likely to own. As such, the levels of service between selling a 30m and a 90m+ shouldn’t be much different. That being said, the biggest sales tend to be dominated (understandably) by the more respected brokers in the market, while sales of “smaller” superyachts are beginning to increasingly fall under the allotments of younger brokers. , especially as the size of this sector continues to grow rapidly.
Eleonora Pitasso, MYBA Board Member and Shipyard Relations Coordinator and Sales Broker at Burgess Yachts
“My committee is the Global Initiatives Committee, we want to make sure professionals grow in their careers while being supported and supported by MYBA as an organization. We are going to have a lot of new initiatives coming up, which will be driven by the trends and the world around us, and we will focus a lot on the professionals of tomorrow,” continues Pitasso. “We want to promote the fact that there must be common ground and standards for professionals to follow to deliver the same quality of service to all buyers and sellers.
“We talk a lot with students and work with complementary associations to try to paint a picture of what working in the superyacht market looks like for young people. What are the main differences between the different roles, like being a charter manager or a broker? There is a clear lack of knowledge about the industry among people who do not work there directly.
It is this lack of knowledge that makes misconceptions about the industry understandable and it could be argued that these misconceptions have been exacerbated by the industry’s traditional problems in sparking diverse interest among young people. Although many people are aware of the possibility of working on board superyachts, much less is known about career opportunities ashore.
“In the past, our industry was quite conservative and accessing this unique world was extremely difficult. However, within luxury and brand management, lines have been drawn that will help guide younger generations into luxury markets and yachting,” says Pitasso.
Having a more diverse workforce can also have an impact on attracting a more diverse set of buyers to different selling markets. Options, diversity and flexibility will become increasingly important to the superyacht market as it begins to look beyond proven usage patterns, while being essential to becoming a more attractive proposition for demographics and the pools of owners who have not traditionally been the most prolific buyers of superyachts.
“The language of yachting is already changing. You can have buyers today who come from generational (old) money and you will have others who have only recently accumulated their wealth. They may or may not have knowledge of the market or the sales process and they may require completely different sales approaches, both in terms of the language used, but also in terms of the technologies we can deploy to help educate them and guide them through the superyacht sales experience. We’re seeing such a rapid evolution of the technology used today, it’s really amazing, and the younger generations are definitely appreciating it more,” says Pitasso.
If the market is able to continue in its rich vein of form, the need to hone professionals and maintain a minimum level of excellence becomes all the more pressing. The responsibility for this, however, is of course not the sole responsibility of MYBA and is by no means limited to the main sales and management markets. With the rise of new construction, brokerage and sales activity, a higher proportion of new buyers are entering the market, they must be welcomed with excellence on all fronts and by all stakeholders.
MYBA The World Yachting Association
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