Do you have the plane you want to sell? Or are you in the market to buy it? Through sales or purchases without benefits from a good aircraft broker can be more difficult and take time than you imagine. Contracts can be complicated and there are legal and tax consequences that are important to consider – especially if you buy or sell internationally. So how do you find a great aircraft citation broker?
Find a leading broker
Finding a leading aircraft broker is not easy. To find a good broker, you have to do homework.
Look for aircraft brokers with professional presence. This broker will have websites, social media pages, and register in the Business Directory. They will highlight the length of time they are in business, and, in many cases, it is a good indicator of their business practice.
Ask your colleagues and friends. There are no better recommendations than happy customers. Ask people you know and believe in recommending the brokers they have used. Also, be sure to ask if they are frustrated with their relationship.
Reach the broker to feel their responsiveness. Some brokers are competitive and do not want to share even the most basic information with anyone who has not signed a contract for representatives. Contact some brokers to see if someone you talk to attacks you as helping, honest, and personality. Be sure to ask the people you talk about the structure of their costs and the transaction process so that you can start understanding how – and why they work.
Check the reference. The leading broker will be happy to provide a list of references, and you can talk with references to find out how fast each broker responds, how hard the broker works to meet your needs, and answer any questions you might have about brokers.
Ask about the cost structure. Aircraft brokers are paid like real estate agents: when sales are finished. Ask prospective brokers whether the buyer or seller pays their fees and if you can get a detailed list of fees. It is also important to ask about the possibility of conflict of interest to find out whether the broker also represents the seller or if the broker may have an interest – and receive an increase in commission – when you buy a certain aircraft or from a particular dealer.
Resources to find a trustworthy broker
Jet Tips There are no federal regulations governing aircraft brokers, but there is a voluntary certification program that helps separate good aircraft brokers from bad ones. The National Aircraft Resale Association has an aircraft brokerage certification program that includes a code of ethics that must be approved by the broker when it becomes certified. The National Business Aviation Association does not have a certification program, but the group does have a service directory where you can find a broker too.