Hiring a broker when buying a plane

Thanks for that!

Peter Whelan:
I didn't - however, I did hire professionals to do the pre-buy (Savvy), and used AOPA Legal services to find an attorney to write the contract, and used an AOPA recommended escrow/title company. Transaction itself went very, very smoothly. Much more smoothly than the amount of stomach acid I generated was worth!

 

I didn't - however, I did hire professionals to do the pre-buy (Savvy), and used AOPA Legal services to find an attorney to write the contract, and used an AOPA recommended escrow/title company. Transaction itself went very, very smoothly. Much more smoothly than the amount of stomach acid I generated was worth!

Thank you!

Eric Breinlinger:
I contacted a broker in the New England area when I was looking to buy a 172.  It was a sliding fee based on purchase price.  In this case it was 6% for planes $50k to $150k and went down as the price went up.  It also called for paying broker expenses (airfare, lodging, etc.) if you wanted them to travel to inspect the plane.  I ended up not contracting him to search for a plane but a few months later he was selling a model slightly older than my target range that I bought.  It took me about a year watching the market to have a feel for what was a good plane at a reasonable price and then a little flexibility in what I wanted.

 

I contacted a broker in the New England area when I was looking to buy a 172.  It was a sliding fee based on purchase price.  In this case it was 6% for planes $50k to $150k and went down as the price went up.  It also called for paying broker expenses (airfare, lodging, etc.) if you wanted them to travel to inspect the plane.  I ended up not contracting him to search for a plane but a few months later he was selling a model slightly older than my target range that I bought.  It took me about a year watching the market to have a feel for what was a good plane at a reasonable price and then a little flexibility in what I wanted.