Questions to ask an aircraft broker?

O

OneSixDelta

Filing Flight Plan
Joined
Jan 18, 2013
Messages
16
Display Name
Display name:
OneSixDelta
Hello,

I'm going into meet/interview a couple aircraft brokers for a first purchase, or at least to do some additional research. What are some questions I need to ask to help find a good/honest team?

Thanks
 
What you really need is an experienced aircraft owner who has dealt with brokers before to mentor you through this and go to the meeting with you. Otherwise, even if you are provided good questions to ask, you probably won't be able to evaluate the answers effectively.
 
Although I did recently use a broker to purchase an aircraft I hardly feel I am that experienced. I would be happy to relate my experiences and some things I learned along the way but time doesn't allow me to go into that right now. I will try to put something together this evening.
 
"Could I see your past criminal record."
"Who is suing you, and why?"

That's a good start.
 
You probably want to deal with someone who your friends or others you trust can recommend. Many aircraft brokers are somewhat shady fellows. The benefit is that they're businessmen who are interested in moving aircraft. The downside is that some are unscrupulous.

Also make sure you have someone you trust look at the plane for a pre-purchase inspection. And understand that, no matter what, the plane will require work.
 
Shepherd said:
"Could I see your past criminal record."
"Who is suing you, and why?"
"did you ever work for Barron Thomas?"

That's a good start.
Click to expand...

These are probably sort of, tongue in cheek, but still good to ask at some point. :dunno:
What are you looking for? Usually brokers and dealers specialize in a few types or models and the ones that do usually have more of a sense of the market in what they sell. Find out how he gets paid, from the seller or do you pay a buyers fee and if you pay a fee, does he still get money from the seller or do you get his split of the commission towards his fee?
Some airplanes are pretty easy to buy yourself, simple fixed gear models come to mind. 100's of 172's on the market, if you are buying a more expensive plane a buyers agent may be in order. Lot's of advice here, all of it worth what you pay for it. $0 :D
 
Do you know what the agency relationship is? Describe your understanding.
Do you have a pilot license? Ratings? A&P? IA?
Do you have a degree in business/finance/aviation related?
How long in business?
Three references for the general type of plane I'm buying?

Frankly, I would spend the time necessary online and in chat rooms, and type clubs to learn my airframe of choice unless it's very complex(PC-12, etc) and do it myself. Put the broker money toward an inspection/annual for the plane you find.
 
You must log in or register to reply here.
Back
Top