Every now and then we hear from a buyer who is “going to buy something this week” or “has to have something by the end of the month” or is a cash buyer and is “going to move quick.”
Why? What’s the hurry?
If you’re a buyer, can I share a tip with you? Don’t make those comments. I get that some of you use deadlines as a negotiating technique. I understand that in the past you may have found others who will jump through untold hoops because you want to move fast. That may work in other industries or with other companies but, generally speaking, it’s seen as a red flag in the aircraft sales world (at least in ours).
Airplanes are complex machines that require time to purchase. Inspections are necessary, qualification for insurance must be verified, financing obtained, title searches completed and so on. Wanting to move overly fast through this process is a set up for failure.
We recently had a prospect who was seeking buyer’s agent services tell us he absolutely had to have a plane in 3 weeks. We discussed this yet he was still adamant about his timeline. I respectfully declined the business. The last thing we want is for him to fail — and this is exactly what was going to happen.
So, instead of imposing an arbitrary deadline on your aircraft search, why not set a baseline for the type of airplane you want? You can either filter existing “for sale” listings or hire a buyer’s agent to help you find an off-market opportunity. Once found, exercise due diligence without forcing an unreasonable schedule. Because unexpected maintenance typically causes the first two years of aircraft ownership to be the most expensive, you’ll be glad you did.