So you think you might want to put your boat in charter? How does that work and does it makes sense?
Most folks think that the income is the big factor to put a boat in charter. Although that is a piece of it, Charter boat owners will tell you the biggest advantage is having your boat professionally managed. You do not need to be concerned about spring commissioning, painting the bottom, or scheduling with the marina about hauling. It simply all gets done. Nor do you have to worry about storms, boat cleanings, or managing repairs. It all gets done. All you do is come use your boat when it is available, and then go home. All work done on your boat is by ABYC certified boat mechanics, or you can do it yourself if you are so inclined.
How much do I get to use your boat? Far more than you would initially think! July and August are the prime rental months in New England. There is typically 9 weeks available in those months, and we need six of those weeks to schedule charter. Some boat owners want to maximize income and some want to maximize their time with their boat. We can do either and essentially work around your schedule.
So how much money do I make? At the end of the day, the charter season is too short in New England to pay all your annual expenses and be cash positive. What you can do however is pay for almost all of your slip, winter storage, maintenance, and the like for the year, and deduct the boat asset on your taxes. You will still be out a little bit of money, but you boat is managed and all the hassle is taken out of it A lot of it depends on how much you want us to charter it out.
Will my boat get beat up? Boats that have been in charter have a reputation for being in very rough shape after a few years in charter. That comes from boat in the Caribbean charter fleets where they rent for 30 weeks a year to folks with lesser amounts of experience. Our typical boat gets chartered for about 6-8 weeks, and our vetting process is thorough. In 8 years of chartering with hundreds and hundreds of charter weeks sold, we have had only one insurance claim caused by a charter boat customer. That's right, only one! If you come and inspect our fleet you will be very surprised with the condition of our charter boats.
What type of boats do you put in charter? Age is not so important as condition, and the boat must be in exceptional condition to charter out. People are paying thousands of dollars to take their family out for a week, so the electronics must be recent, the sails in excellent condition, and they must be cosmetically and mechanically 100%. Normally this means the boat needs upgrading if it is more than 10 years old. We would evaluate the boat and let you know what needs doing and how much it would cost.
How do I make this happen? Give Rob Lawnsby a call at 401-649-1754 and have a conversation. We can go into more detail and see if it makes sense for both of us.