The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A BAHAMIAN boat/yacht broker has been on a continuous “upswing” since entering the niche just 18 months ago, its founder telling Tribune Business that with “30 per cent” of residents owning a vessel the sector had “huge potential”.

And Brooks Russell, principal of the Bahamas Sport Fishing Network (BSFN), said his company - and the sector in general - was set to receive a further ‘leg up’ from the upcoming October 6, 2012, Boat Show to be held at the Palm Cay development in eastern New Providence.

Disclosing that he and Palm Cay expected “several hundred” persons to attend the Show and assess the 20-25 boats that will be offered for sale, Mr Russell said it was “one of the first” such Bahamas-based events specifically geared to the local boat/yacht market.

Expressing hope that the BSFN and Palm Cay Boat Show would become a bi-annual event, Mr Russell added that in response to demand his company would also launch a boat cleaning service at the October 6 event.

Noting that BSFN had entered the local boat brokerage market “on the ground floor of the industry”, helping to pioneer the sector, Mr Russell said: “We came on the local market a year-and-a-half ago.

“A boat broker is relatively new to the market, but it’s a very profitable industry in Florida. Since starting 18 months ago, we’ve had a great reception from owners calling us to sell their boats for them. We’ve not done any advertising; it’s all been calls and word of mouth.”

As the word ‘broker’ implies, BSFN works to bring Bahamian boat vendors and buyers together. It aims to get sellers their asking price, and to find buyers the vessel they are seeking at the best possible cost, operating on a commission (percentage of sale) basis.

Noting that many Bahamas-based boat owners and buyers simply did not have the time to dedicate to their pursuits, Mr Russell said BSFN aimed to “bridge the gap” between the two parties. He added that the local, Bahamian market had been underserved when it came to such services.

“We bridge the gap for owners in Nassau,” Mr Russell said. “We also have partners in Florida that can find the right boat for them and bring it back to Nassau.

“In the past year we’ve sold several boats a month. We’ve seen a lot of interest across the board, in terms of owners wanting to sell and buyers wanting to purchase. It’s definitely been on the upswing the entire year.........

“I think there’s huge potential in this industry. It’s a growing industry, like the whole boat and yachting industry in the Bahamas. We’ve come into the market at the right time, and to meet a growing need. I would say at least 30 per cent of the Bahamian community own a boat. And what we’re seeing is a lot of new people coming into the country, with the projects and construction and investment. A lot of people are wanting boats.”

Looking ahead to the Palm Cay Boat Show, Mr Russell added: “It’s just kind of taken off over the last year-and-a-half, and we think this event will be just a stepping stone for us.

“I’ve been in the boating business since 2005 in Nassau. I’m actually a yacht broker with International Yacht Collection, but saw this niche in the local market and established Bahamas Sport Fishing Network to meet its needs.”

Mr Russell told Tribune Business that his biggest challenge in developing BSFN’s boat brokerage business had been market education, getting Bahamians to understand there were quality vessels on offer in this nation.

“It has just been getting locals to understand we have great boats here in the Bahamas for sale,” he added. “You can find the history to boats very easily, and not have to run to Florida to purchase a boat.

“The education process has been the biggest obstacle to overcome in this. Most people’s mentality has been: ‘We’ve got to run to Florida to get a boat’, when there are some great boats locally. It’s just the education part, changing the mindset that we have great local boats for sale. It took me a while to realise that.”

Also involved at the BSFN and Palm Cay Boat Show are Marlin Marine ansd Lightbourne Marine, plus Sands Beer and the Rotary Club. Apart from showcasing BSFN’s fleet of boats for sale, and its work, plus Palm Cay, Mr Russell told Tribune Business it would be “one of the first” such events in the Bahamas showcasing local boats.

Between 20-25 boats, ranging from 23 feet to 46 feet in length, and priced between $38,00 and $300,000, will be on display and up for potential sale.

“We expect a great turnout on October 6 and will be excited to see how much proceeds go to charity,” Mr Russell added. “We expect several hundred people to come out.” Attendees are expected from the nearby Port New Providence and Treasure Cove communities, plus St Andrew’s Parent Teacher Association (PTA).

“We’re going to be launching a boat cleaning service at the Boat Show, and will see what reception we get back,” Mr Russell said. “We [BSFN] have had interest in it.”

BSFN currently employs four persons, including two boat brokers and a website developer, and Mr Russell said the company will be based at Palm Cay’s marina going forward, having use of a pier there. That will enable it to showcase all the boats it has for sale at one physical location (apart from its website), thus giving potential buyers added convenience.

And BSFN’s presence will also give Palm Cay, and its marina, another value-added product offering. Richard Browning, Palm Cay’s chief executive, told Tribune Business: “Palm Cay is committed to provide a lifestyle product and we are continually adding value to that product .

“Many of our owners are either new to this marina lifestyle or looking to upgrade their boats and equipment, having bought into one of the finest and ideally-positioned marinas on their doorstep.

“An agreement with an established yacht and boat broker is the obvious step for us to improve our marina-based service to our customers, and having BSFN here at Palm Cay adds significant value to the overall experience. In continuing Palm Cay’s strategy of integration and community support, the introduction of a boat show yet again reinforces that commitment and further supports Nassau’s business community.”

“I would say that this year, our target has been all about getting the public aware of BSFN, what we’re about about and building the community,” Mr Russell told Tribune Business. “With the Boat Show, I think we’re going to reach our goals.

“We’re looking for the Boat Show to become a regular Winter and Spring event. For the boaters that come through the summer, some are looking to sell and some are looking to buy. In Spring, when you have good weather and people are anxious to go boating, we’re going to offer it again.”