What Owners Should Consider Before Renting Out Their Yacht
The sharing economy is practically old news by now. You can rent virtually anything online with peer-to-peer platforms these days - from ride sharing to couchsurfing, from cars to surf boards. There are quite a few options for owners looking to rent their yacht out.
The advantage is clear: extra cash to cover maintenance expenses and yearly docking fees. Boat ownership is an expensive endeavor, even when it’s just sitting in the slip. Though the benefits always outweigh the costs, renting out your yacht, on days that it’s not in use, as a way to offset these expenses is helpful. Plus, many Florida owners enjoy meeting new people and being a reference point for visitors in their hometown.
Renters love the ability to select the type of boat that suits their needs for that day or that cruise. They can browse through pictures, maps, and other guest reviews. It can be a chance for someone looking to buy a new yacht to try it out before purchasing from a broker. For many who love spending time on the water, yacht ownership isn’t possible and renting is the next best thing.
Some of the top peer-to-peer boat rental websites include:
But owners and renters should both understand how peer-to-peer yacht rental is different than registered charters. Here are the main questions for owners to consider before renting their yacht online.
Is the Yacht Ready for Renting?
Have your yacht engine and navigation instruments tested by an expert to make sure everything is in good working order. Before renting it out you should also check with the U.S. Power Squadrons to make sure all of the safety features onboard meet standards.
Is the Yacht Covered by Insurance?
As the online boat rental business has developed, it has found smart solutions to owners’ needs. Boat and yacht insurance usually has strict policies against rental activities, nullifying coverage if the vessel is rented out. That’s why the reputable peer-to-peer platforms have their own insurance coverage. It’s fundamental to check the insurance policy and safety deposit options offered by the website before listing your yacht.
How are Renters Verified?
Direct boat rental sites should require valid ID verification for renters. Additionally, owners should ask potential renters specifically about their boating experience and safety certifications.
No boat owners want the helms of the yacht being steered by inexperienced hands. We recommend relying on a boat rental platform that also coordinates licensed skippers or captains for every rental.
Will You Be a Good Host?
As the boat owner, you will need to manage the rental business or hire someone to do the work. A lot of owners don’t consider this point before renting out the boat, but it’s a big responsibility.
This requires keeping the listing updated: price, availability calendar, pictures, docking location, etc. Additionally, you will need to respond quickly to rental requests, coordinate arrival dates and time and be available to welcome renters onboard and show them the ropes. Then, there is the work of cleaning, restocking, refueling, and regular maintenance to ensure that renters don’t encounter problems out on the water.
For more helpful advice on boat ownership, contact G Marine luxury yacht brokers in Fort Lauderdale, Florida.