Should You Be Working With a Broker?
Even today, aircraft are still sound investments. In fact, last year the number of aircraft bought and sold by Wipaire’s aircraft sales department nearly doubled over the prior year. Whether you are buying or selling in today’s market, here are some things to consider about the process and a broker’s role in it.
- Mission: Know your mission. The first step in transitioning in or out of an aircraft is identifying your mission. When buying an aircraft, your first step should be to identify all the specifications you would like or need in an aircraft.
- Representation: Working with an industry professional on your purchase or sale, gives you access to valuable knowledge earned through years of experience. For instance, defining a proper value for a purchase or sale can be difficult to determine alone. A broker can provide a fair market assessment to you following a comprehensive evaluation of your aircraft and analysis of comparable sales. Utilizing an experienced professional to complete a pre-purchase inspection is to your advantage. We highly recommend a pre-purchase inspection be performed; this inspection can identify any current concerns or potential future ones. A professional inspection is worth your time and investment.
There may also be tax advantages to purchasing or selling an aircraft. Check with your broker as well as your tax advisor.
- The Details: Purchasing and selling aircraft requires both FAA-mandated paperwork and documents which outline the details of the transfer of ownership. As such, it is vital to have a professional experienced in both buying and selling create and review the documents. A professional can construct a purchase agreement to outline the terms of the sale and protect the rights of the purchaser and the seller. The smallest details can potentially save both the buyer and seller thousands of dollars in the long run. Additionally, the FAA paperwork process can be quite a challenge, so being assured all documents are filed properly can save you headaches and hassles. An experienced broker can complete all required paperwork on your behalf, leaving you with the peace of mind knowing that the transfer of ownership goes smoothly.
Buying or selling an aircraft can be overwhelming and time consuming. The most effective protection for your investment is allowing a professional to assist you in the transaction. Contact the Wipaire Aircraft Sales Department today if you’re ready to sell your aircraft or are looking to purchase. 651-414-6825