We have a 32’ Carver that we are thinking of renting out in south florida to re-coup some costs. After doing some research, we realize that we need boat insurance to cover renters, and renters to prove they are experienced enough to handle a boat of this size (such as a boating license, a certification of boating safety course and a credit card for the deposit) plus we need a rental agreement. Does anyone have any other tips? Has anyone ever successfully done this as an individual (as opposed to a company that rents boats)? Also, I am not sure what the daily rental fee should be as most companies only rent up to 24’ boats. Thanks for your help!
Sorry for reanimating (heh) this thread, zombiemommy, but I was wondering if you ever pursued renting your boat? I’m interested in this as well, and would like to know how to go about it.
I own a 35’ Four Winns that I typically use a few times a month with my wife, and there are certainly days, if not weeks, per month where it is idle in the slip. It would be great if I could make a few hundred bucks a month renting it out.
I think it takes experience, savvy and hands-on management for this to work. Despite things like licenses and boater safety courses, the ability of the average nautical wannabe to screw up is typically impressive. You’ll need a plan for dealing with the guy who was supposed to be back by 4pm when he calls you at 9pm to say that your boat is aground on rocks at a vague location some 8 miles away, he isn’t at fault because the engine was running “a bit strangely”, he and his girlfriend are tired and heading home, and you can save yourself the trouble of sending him reimbursement for his rental fee because he’s disputing the credit card charge anyway.
IOW, this idea pretty much requires that the boat be managed by an experienced rental/charter outfit, which typically takes a significant cut for the important role they play.
Makes sense. I imagine I’d realize pretty decent net revenue per month, even if managed by a charter organization. It’s better than letting it sit at the dock, earning nothing, for the 15 or so days a month I don’t use it.
You might, if your boat is a type that’s in demand. But even reasonably conscientious renters tend to be hard on the equipment (bad ones can be brutal).
I’ve begun to look into this a little more, and am considering hiring a captain to do chartered, daily tours on my boat around 20 days a month.
More research is required on my part, but I suspect there are plenty of un- and underemployed people with their captain’s credentials who would look fondly upon the prospect of making $2500 a month piloting around groups of retirees and vacationers.
If you can find the right captain, this could be a good approach (though it might be challenging to find a truly competent one willing to work for $20/hr).
You’re then left with the issue of how to attract, schedule and generally deal with customers.
Since advice is being requested, this is better suited to IMHO than GQ.
Colibri
General Questions Moderator
One of my clients rents their boat through a management company. This company is responsible for finding renters, executing contracts, verifying that rents have the necessary skill, etc. I’m not sure I’d want to do it any other way unless I had experience in the field or was doing a long-term rental to people I knew.
We rented out one of our boats thru a charter company, and while it was easy for us, we didn’t make any money. I suspect it was because the company pushed their own boats before those there under contract, and it might also have been because ours was a smaller cruiser. Had we had a newer and perhaps better outfitted boat, we might have had better luck.
Anyway, we’d never try to do it ourselves - same as being landlords - leave it to the pros to manage. Not only is there insurance and upkeep, what happens if the boat breaks down while the renters are far away - do you want to try to get to them? One person’s experience is not data, but I think this is a pretty big data point to consider. Good luck!
This is why I’m considering hiring someone experienced in this type of thing, or using a charter company. I’m not looking to make a ton of money; just enough to offset my slip fee for the year would be good.