Making the Offer

Introduction

Navigating the process of making an offer on an aircraft in a competitive market requires strategy, preparation, and professionalism. Here’s how you can position yourself to have your offer accepted while standing out from other potential buyers. Don’t over complicate it. A verbal offer over the phone is completely acceptable and often just as effective as a formal written offer. In fact, as a seller, I often appreciate the straightforwardness of a no-nonsense verbal offer.

1. First Impressions Matter

When you make that initial call, focus on establishing credibility right from the start. One of the best ways to do this is by inquiring about the logbooks. If you begin the conversation by expressing a desire to see the aircraft in person without mentioning the logs, you risk not being taken seriously. Sellers know that serious buyers understand the importance of reviewing the aircraft’s history before scheduling a viewing.

2. Respect the Seller's Time

Sellers are not interested in showing the aircraft to every curious individual who may later back out after discovering something in the logs they don’t like. By requesting the logbooks upfront, you demonstrate that you’re serious about the purchase and are ready to address any potential deal-breakers, such as damage history or prop strikes, before investing time in a viewing. If the logs aren’t available, that’s fine, but make sure to ask pertinent questions to ensure the aircraft meets your criteria before proceeding further.

3. Deposits and Test Flights

Be prepared to put down a deposit if you want to test fly the aircraft. Deposits are typically 10% of the purchase price, and complaining about this standard practice can immediately raise red flags with the seller. Remember, the aircraft will fly similarly to others of its model. If you're curious about how it flies, you can rent a similar aircraft. Sellers won’t allow every interested party to take their plane up for a joyride without serious financial commitment.

4. Avoid Lowballing and Uninformed Offers

Asking the seller, “What’s the lowest price you will accept?” is one of the quickest ways to undermine your credibility. You have to at least throw out a number. I often respond to this question with, "what's the most you're willing to pay?" This question often signals that you haven’t done your homework on the aircraft’s value and can immediately turn off the seller.  Instead, if you’re unsure what to offer, consider sending us the aircraft information. We can provide a quick valuation to help you make a competitive and informed offer. We’re here to guide you through the process and ensure your offer is both fair and attractive to the seller.

5. Making a Competitive Offer

If you’re confident in the aircraft’s representation and want to secure the deal quickly, consider making an offer sight unseen over the phone. This approach can set you apart, especially if you’re close to the seller’s asking price and willing to commit right away. However, this strategy should only be employed if you’re confident in the aircraft’s condition based on the available information. After your offer is accepted, you’ll have a due diligence period to inspect the aircraft, review the logbooks, and complete a pre-buy inspection.

6. Streamlining the Process

Ideally, you should review the logbooks quickly, get back to the seller with a prompt offer, and be prepared to finalize the deal—preferably with all cash. If you’re financing, ensure your loan is pre-approved and communicate this to the seller. Sellers typically prefer buyers who offer the path of least resistance. Being easy to work with and moving swiftly through the process can give you a significant advantage in a competitive market.

7. Pre-Buy Inspections

Let the seller know you're looking for a quick and easy pre-buy examination. Avoid mentioning plans to ferry the aircraft to another field for inspection until the offer is accepted. A pre-buy by a local mechanic at the seller's field is always the most appealing option for sellers. Be sure the mechanic you use is not the same mechanic that has been maintaining the aircraft on a regular basis.

In summary, to succeed in making an offer in a competitive aircraft market, you need to be informed, decisive, and respectful of the seller’s time. By following these guidelines, you’ll position yourself as a serious buyer and increase your chances of securing the aircraft you want.