Jul 18, 2022
How to Charter Your Boat
Chartering your yacht is a great way to help offset the costs of ownership if done correctly and in an efficient manner. You will still be the proud owner of an amazing vessel that you use on your own time, but you will also generating revenue whenever you are not using it. But what will the profit margins be like? And perhaps more importantly, do you know how to charter your boat?
Yacht Management South Florida, Inc. has the experience as your local maintenance and upkeep professionals for everything from dockside care to superyacht management. In this article, our team of yacht managers offers some insight into the world of chattering. If you are looking for more information and help in charting your yacht, look no further.
Is Chartering Your Boat Worth It?
Owning a yacht can provide one of the most comfortable and exciting ways to travel and vacation. However, the upkeep and maintenance side of yacht ownership can be a real headache for owners. Add in the additional dynamic of chartering the boat, and things can get out of control very quickly. As an owner, you will have to deal with crewing issues, scheduling conflicts, accounting, payroll, benefits, yard periods, maintenance, upkeep and more. These items accumulate a significant cost and effort. This is where the benefits of chartering your yacht will help offset these expenses. One should note however, rarely ever do owners make a profit from chartering their yacht, especially when done by themselves. Chartering should be gone into with the mindset of helping to offset costs, and if a profit is made in the process, then that is just a bonus. Hiring a professional and well-connected Yacht Management company can add significant value and alleviate the stress of doing this alone. Also, a good yacht management company will aid in making your charter program the most profitable and efficiently run business it can be.
Starting Your Yacht Charter Business
Beyond creating the LLC to register the boat and business under, another key component of a successful charter program is hiring the right charter broker. Along with your yacht manager, charter brokers are the people who will keep your charter program a float. A charter broker is a company or team that offers private yacht charter services through the leasing of a vessel. Their role consists of marketing your yacht across their networks and marketing channels, from targeting their global VIP client list with direct marketing campaigns to placing advertisements in yachting magazines and listing your yacht in respected charter databases.
Your Yacht Manager and Charter Brokerage should work together, as a team. The yacht management company will take care of back of house items like making sure the boat and crew and ready for the charter and coordinating the boats calendar with owners use, charter use, and maintenance/yard periods. Your charter broker and yacht manager should work together in advising you on whether your yacht meets the necessary commercial regulations for charter, what kind of weekly rate your yacht can expect to charter out for, and how you can make your yacht even more attractive to the charter market. A great yacht charter brokerage will work ceaselessly to secure as many charters for your yacht as possible, while also leaving breaks in the schedule in accordance with your wishes. Whether you want to charter your yacht out heavily or lightly is entirely up to you. Your charter broker also takes care of the contracts and legalities, ensuring your yacht is always protected and operating within charter and maritime regulations.
The Premier Yacht Management Services in Fort Lauderdale
If you have started a yacht charter and are in need of maintenance services that will keep your vessel in top shape, or if you are the owner of a private vessel and simply want to keep it in pristine condition, then be sure to get in touch with our team of experts! Feel free to also read some of our other articles to get insights into all things marine from experts in the industry.