Viewing entries tagged
used planes

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What do airplane buyer's look for?

Do you know what the #1 thing savvy buyers look for when they’re searching for a used airplane?

It’s not all the bells and whistles.  

It’s not over-hyped sales speak.  

It’s not even the lowest price.

It’s consistent and honest communications.  That’s right, they want straightforward answers and they want them quickly.  If the buyer senses that the seller -- whether a individual or a broker -- is glossing over important items, paints the rosiest picture possible, only provides positive information, shows the best pictures or those that have been photoshopped, or in an other way isn't forthright, they will move on...quickly.

Consistency in communications is paramount and that consistency is usually not developed after just one or two aircraft sales, but after dozens, or hundreds.  It takes time and effort.

I can't even begin to think how many buyers have told me stories of planes they went to go see only to find them to be horribly misrepresented.  The owner either didn't disclose pertinent information or glossed over it hoping the buyer wouldn't notice.  Unfortunately, I've heard those same stories about other brokers in the busines.  That’s why so many aircraft owners hire WildBlue to help them sell their airplanes.  We go the extra mile to develop reliable listing information, place ads, answer phones, and interact on social media…so you don’t have to.  We talk with buyers over and over again…sometimes year after year…and give them the time they want…so you don’t have to.  We help them figure out which type of airplane is the best fit for them…so you don’t have to.  And we qualify them, lead them through the negotiation process, prepare paperwork, help them with pre-purchase inspections, and make sure all of the I’s are dotted and the T’s are crossed…just so you don’t have to.  

So, whether you hire a broker to help you with the sale (and we do hope you'll hire WildBlue) or if you choose to do it yourself, know that consistent, reliable, and honest communication is what buyers expect.  Without that foundation you can rest assured they will look elsewhere.
 

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2017 End of Year Market Commentary

Autumn is traditionally the best time to sell an airplane.  Buyer's are looking to make year-end decisions, often for tax reasons, and 2017 has has been no exception.  In many ways, Q4 2017 has surpassed previous years by a wide margin.  Is it because of an overall strong economy, the prospect of lower taxes, pilot medical reform, the need to upgrade capital equipment, rising aircraft prices, or all of the above?  The bigger question is whether or not this momentum will continue in to 2018?

So, what types of airplanes are driving this activity?  This commentary will reference the piston and single-engine turbo prop markets only.  Buyers want consistency, pedigree, and recency. 

They want consistent and frequent operation.  Airplanes that have sat for extended periods, even if low time, are not attractive.  A misconception among sellers is that buyers want low time engines but that's only half of the story.  What they really want are engines that have been frequently used.  A low time engine with minimal use over an extended period is considered a gamble by most buyers.

They want pedigree, meaning thorough, capable, and first-rate maintenance.  They want more than minimal maintenance.  If you're one of those owners who brag about your $1,000 annual then you're going to be in for a surprise when buyers don't appreciate your frugality.

And, buyers want recency.  In other words, they want an updated panel (it doesn't have to be state-of-the-art though), they want a 30 year old airplane to have an upgraded interior, and they want to feel like they're buying a plane that doesn't look like it's a blast from the past.

Consistency.  Pedigree.  Recency.  How does your plane measure up?

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Cheap or Good?

Speaking only for myself – I can imagine that others may feel the same way – one of the most frustrating, and frankly counter-productive, first questions a buyer can ask is, “so, what’s the lowest you’ll take for that thing, anyway?”

Really??

I mean, you don’t know a thing about the airplane other than what you’ve seen on the ads.  More than likely, you haven’t taken the time to dig into the logs or speak with the mechanic to see what type of maintenance has been done on the plane.  You certainly haven’t seen it yet.    Have you even considered the possibility that a “cheap” airplane or “smoking deal” may cost you more in maintenance, upkeep and upgrade than you’ll ever save on the front end?

When a buyer asks me this question within our first few minutes of conversation I automatically lower my expectations of that prospect and begin to discount their legitimacy.  Experience has taught me over and over again that this question is often asked when little research has been done, when they suffer from price myopia, or when the buyer can’t think of anything else to say. I've also found this question to be reflective of their ability to financially qualify for the plane in the first place. 

Some say there are no dumb questions.  Honestly, I’m not so sure about that.  What I am sure about is that there are dumb times to ask certain questions.  Buying and selling is a lot like dating.  There are just certain questions you don’t ask until you get to know someone first.  Know what I mean?  Should you forget that basic principle, you’ll likely find that to be your last date…or worse.  Educate yourself first.  Try to get as much of the big picture as you can before jumping right to the bottom line.  You’ll undoubtedly find the other party more receptive and appreciative of the efforts they’ve made to maintain their airplane. 

So, if you call and ask me that question, don’t be surprised if my response is, “Do you want a cheap airplane, or do you want a good airplane?”  Because there’s a difference; a BIG difference.  Happy and successful aircraft ownership is based on understanding the costs involved, not just the price.

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