Whether you're a private owner or a corporate flight department, the goal is to find a buyer and ensure the transaction goes off without a hitch. This means getting all your documentation in order, making sure the aircraft is in great shape, and handling all the legal and financial details.
Choose Experienced Representation
Opting for an aircraft broker is crucial when selling your aircraft. A broker focuses solely on managing the sale process, utilizing industry tools, and leveraging their experience to secure a buyer. They keep your aircraft visible to potential buyers, monitor market changes, and manage expectations to achieve a successful sale. Their extensive network and expertise streamline the complex aircraft selling tasks, ensuring you receive the best possible deal.
Here are the top 5 criteria to consider when choosing the right aircraft broker:
- Reputation and References: Look for brokers with positive reputations, confirmed by references or referrals from trusted sources such as aircraft consultants, flight department personnel, pilots, aviation lawyers, FAA counsel, escrow agents, and management companies.
- Industry Affiliations: Check if the broker is affiliated with reputable aviation industry organizations such as the International Aircraft Dealers Association (IADA), Global Licensed Aircraft Dealers Association (GLADA), or the National Business Aviation Association (NBAA).
- Experience: Validate the broker has the appropriate experience in the specific type of aircraft you are interested in and a proven track record of successful transactions.
- Comprehensive Services: Look for brokers who offer comprehensive services, from identifying suitable aircraft to negotiating deals and handling the intricacies of the purchase process.
- Communication Skills: Ensure the broker has excellent communication skills and can keep you informed and updated throughout the transaction process.
Obtain a Professional Appraisal and Set Realistic Pricing
Getting an accurate aircraft appraisal is essential. This involves more than just finding a book value; it requires market research and an understanding of your aircraft's condition. A trained broker can assess additional equipment and any damage history that affects your aircraft's value and attractiveness to buyers. Setting a realistic asking price based on market conditions and expert appraisal maximizes your chances of a timely sale.
- Communicate Transparently and Effectively: Transparent communication is key throughout the selling process. Disclose any relevant details such as maintenance history, repairs, or damage early on to build trust with potential buyers. Clear communication between you, your broker, and interested parties helps manage expectations and prevents misunderstandings that could derail the sale. A good broker will facilitate honest dialogue and ensure all parties are informed, minimizing risks of disputes or legal issues.
- Prepare Necessary Documentation: For your aircraft to be transferred to new ownership, you will need to provide accurate and updated documentation. Once you notify your Veryon Customer Success Manager (CSM) that you are planning to sell your aircraft, they will provide you with the Aircraft Transition Assurance Packet. This packet contains all the reports you will need including:
- Aircraft Details
- Maintenance Items
- Non-Routines
- Work Completed
- Logbooks
- Work Orders
- Installed Inventory.
In addition to your Aircraft Transition Assurance Packet, you will need to complete all necessary paperwork for the transfer of ownership, including bill of sale, release of liability, and transfer of registration with the relevant aviation authorities.