Guide to Buying a Private Jet

In today's world of the internet anyone looking for a Private Jet can easily google "buy a private jet" or "private jets for sale" and websites like www.controller.com or www.avbuyer.com will pop-up. This will give you an indication of what's out there but will not necessarily get you the best deal.

I have seen people use some "fascinating" criteria when choosing which jet to buy. The best story I heard was a client buying a small Phenom 100 for $700,000 more than it should have gone for. First of all the plane was chosen because it was 'pretty' and second the broker took a $700,000 commission on an aircraft that was worth $3M! A year later this aircraft will sell for around $2.4-2.6M and the lady is insisting on getting more than $3M for it to try and curb her losses. The airplane was also the wrong type of aircraft for what she needed.

So what did she do wrong?

With the advent of Social Media, Smart Phones and iPads more and more people have jumped onto the Private Jet bandwagon to try and make money. Well, lets's face it you sell a $20M jet and pocket your standard 1.5% commission, which equates to $300K - that sets you and your family up nicely for a year. The reality is that the market is flooded with brokers and consultants, telling prospective airplane buyers all sort of stories.

So, shall I just go onto www.controller.com and do it myself?

Not such a good idea. It is always best to use a professional and here are some criteria you should look for:

1. Make sure they have an aviation background. They need to have an understanding about how aircraft work. Someone with a background as a professional pilot or an engineer is good way to start. These people are used to operating aircraft and know what can go wrong and what to look for. they are also well networked into the industry and on the inside track.

2.Do they have a team? A good consultant will usually work with a team. This helps to spread the network and also offers expertise in different areas. There may be an engineer, a pilot and an aviation lawyer.

3. Do they ask for a retainer fee? A serious broker/consultant will ask for a retainer fee in order to go out there and find you the best airplane solution for you. This shows you they are busy and will not entertain "working for free". The retainer fee is paid upfront and then deducted from the commission once the transaction is complete.

4. Do they talk to you about all the other related costs? Buying a jet is just the beginning. Will your consultant help you with hangar space, maintenance contracts, finding pilots and does he or she talk to you about all he other related costs required to operate an aircraft?

5.What questions were you asked that determined you were buying the right aircraft for your average mission profile?

The bottom line is that if you are going to pay someone to find you the right jet, you need to use someone that is going to deliver value to the table, just like if you were hiring a business consultant for a project.

Fabrizio Poli is Managing Partner of Aircraft Trading Company Tyrus Wings. He is also an accomplished Airline Transport Pilot having flown both private Jets and for the airlines. Fabrizio is also a bestselling author and inspirational speaker & has been featured on Russia TV (RT), Social Media Examiner, Bloomberg, Chicago Tribune, Daily Telegraph, Billionaire.com, Wealth X, Financial Times, El Financiero and many other Media offering insight on the aviation world. Fabrizio is also aviation special correspondent for luxury magazine, Most Fabullous Magazine. Fabrizio is also considered one of the world's top 30 experts in using Linkedin for business. You can tune in weekly to Fabrizio's business Podcast Living Outside the Cube available both in video & audio. You can also follow Fabrizio's aviation videos on Tyrus Wings TV.

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