“Achieving Three Positive Objectives When Renting
Highlights from this Segment
– Three different types of rentals and what they mean for you
– The one thing you must ask your marina before renting out your boat
– Why this rental is the most dangerous
– Looking for a hotel on the water? Check out this type of rental.
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|(transcript for this segment)
Here’s what you’ll discover in this presentation…
- Advantages and disadvantages to renting out your boat
- The most useful technique to turn a renter into a prospective buyer
- An insider secret to using a rental management company
- The #1 way to mediate passive risk
- How to avoid losing your insurance coverage
- Three top risks when renting out your boat
- If you are not charging renters for these primary revenue sources, you’re losing money
- A free online tool you can use today to rent out your boat
- Three-step blueprint to protect your investment if your boat comes back damaged
- The most important reason to be aware of the passenger and weight limits on your vessel when renting it out
About Brian Stefka
Brian Stefka has been advising boaters on how to rent out their own boats and provides the necessary tools to do so. He owns RentbyBoater.com, an online marketplace that brings boat owners and boat renters together.
Robin: Wow, so what are the different types of rentals they can offer?
Brian: Well, that’s a great question and while deciding to rent your boat you have three primary rentals to choose from and the packages or options you offer to your renters can be a combination of these three.
The first one is a Bareboat Rental. This is pretty much a rental with no captain or crew. The responsible party for the vessel and individuals aboard will be the individual renting your boat. In other words, for example you take out a small 18’ boat and you and your wife, your friends or your kids just head out on your own accord.
There’s also a Charter Rental. This is where a captain and sometimes crew operate the vessel directed by the renting party as to where they would like to go.
Another one is the Dockside Rental. This is a newer concept but this option would allow you to rent your boat while it is sitting on the dock, just like a hotel room. The boat is not allowed to be started or leave the dock. The renters can still enjoy the features of the vessel and amenities at the marina.
Other sources of revenues besides just renting – you can also rent fishing poles, fish finder, bait, ice, supplies. It’s completely up to the owner of the vessel.
Robin: Wow, the Dockside Rental sounds really interesting. As you know, more and more boat owners are using their boats as a condo on the water today, and not going anywhere which is a little sad. I think partly because of the gas prices. Can you do the same if the boat is on a mooring? Would there be any reason why a marina would not permit Dockside Rentals?
Brian: To be honest, I have not personally worked with a rental on a mooring, but that sounds like a great idea assuming you have a dinghy or some form of motor transportation back and forth from the land available to the renter. I would imagine down in the British Virgin Islands, there’s some nice waters and that would be pretty nice. But, always check with your marina and your marina contract if you’re a slip owner to ensure that renting your vessel is allowed wherever you’re at. Typically the slip contracts that you see only stipulates subletting is not allowed. In other words you can’t rent out the dock to another boat. But it’s always good to make sure and check with your marina before you decide to rent your own boat.
Technically, by renting your boat renters will use the amenities, spend money in ship stores, eat at restaurants and shop in local businesses. So, it’s pretty much a win-win for everyone in these marinas.
Robin: I agree. Ok, let’s go back to Bareboat Rentals for a minute – isn’t this a bit dangerous, just renting the boat out to anyone?
Brian: Absolutely, there’s definitely risk involved just like there is with any investment. Your boat is an investment. The trick is to mitigate those risks by following all your local rules and regulations. Maintaining your boat …
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