Trying to sell your boat, sick and tired of the costs, or never use it anymore? I was having the same problems about 2 years ago and started looking into alternative options to help with these issues. "How can I solve this problem", I asked, "I love boating to much to let it go!" The economy was heading into a hole and boating was more expensive than ever with gas above $4 per gallon. The solution I came up with may make you cringe, surprised, or interested in many ways.
I decided to RENT MY OWN BOAT!! You're probably asking Are You Crazy!! The risk involved, how do you get insurance, what happens if someone blows the darn thing up? About a hundred questions probably float into your mind, but let me tell you it is easier than you think and it worked! As a boat owner you can Do It Yourself!
Step 1
Start by asking the question, why do I want to rent my boat? Simple but complicated right? Wrong, there are only 3 primary reasons why you should consider renting, to make a profit, supplement your costs of ownership, or assist with the sale of your vessel. If you do not fit into these categories renting is probably not for you.
Step 2
What type of boat rental options can I offer? There are three types of boat rentals available. A Bareboat Rental, the people that rent your boat are fully responsible for the operation and care of your vessel, there is no captain involved. A Charter Rental is the opposite of a bareboat rental. A captain and sometimes a crew take over the operation of the rental, and your customers let them know where they would like to go. The final type is an Overnight Rental, this is where your customer can stay on your boat overnight (like a hotel), it never leaves the dock but they still get to enjoy the boating/marina lifestyle.
Step 3
Ok you have an objective and know what type of rental you would like to conduct. Now what about liability (risks)? The number one worries of all boat owners!! Don't worry its not that bad. There are 3 types of risks you'll incur while renting your own boat. Passive Risk is decisions made by your captain or renter that you have little to no control over. Non-Passive Risk is under your control. These are actions you take before and after the boat rental. Finally, Systematic Risk is under no ones control such as the weather, manufacturer defect, act of god, etc... Do these types of risks sound familiar? Maybe you have seen these in your finance class? You are right, these are the basic risks that all people take while making an investment! Wait a sec, did I just use the word boat and investment in the same paragraph?
Your boat is an investment and you should take pride in ownership, show that you care about your boat and chances are your renter or captain will do the same.
Step 4
Let's mitigate these risks because you need to feel comfortable renting your boat. Use proper agreements (Waiver and Release, Acknowledgement, and Rental Agreements), know your customer (Renting Policies such as age, experience, certification, etc...), and start a relationship with a professional captain. These are great ways to keep Passive Risk at bay!
Keep your non passive risk under control by using your operational forms, tools, and give tours of your vessel. Show your renter where all safety items are, and how to use all of the equipment onboard. Contact your state and make sure you obtain the proper licenses, registration, and regulations for renting your vessel. DIY BOAT OWNER MAGAZINE is also a great resource to make your own repairs and maintain your boat.
Step 5
Finding insurance should not be your first defense against any risk but will help cover you against systematic risk and serve as a back up against passive and non passive risk. Commercial rental insurance replaces your personal insurance but still covers you as an operator and the individuals renting your boat. This type of insurance will be more expensive than your personal insurance, but remember you are receiving revenue renting your boat! Don't commit to insurance until you get your first boat rental set up. This will help reduce the cost.
I now share these lessons, documents, and tools described above through www.rentbyboater.com plus many more features such as rental calculators to help you determine price, messaging systems, and much more. We are here to help you "Make Renting Fun and Easy" and provide the right tools, information, and contacts to meet your objectives. Feel free to contact us at anytime. customerservice@rentbyboater.com
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