Updated: Mar 10, 2021
Just like renting out a car using the platform Getaround, you can also rent boats out and make substantial money. I know a fellow investor who knows very little about boats, but decided to buy one because of how profitable it is to rent them out. He makes over $3000 per month, after outsourcing nearly everything due to his lack of knowledge. However, if you're already a seasoned owner with boats sitting on a dock, you already know how costly it can be if you don't rent it out. Slip fees, insurance, and maintenance are among the ongoing expenses. So why not rent it out to people who only want a boat temporarily? This post will show you how using the best peer-2-peer boat rental platform on the market, Boatsetter.
Why Rent Out Your Boat?
Boat owners can make money on days their boats would otherwise sit in the marina or anywhere else. There's a huge market of vacationers who rather someone else handle the ownership, since they don't use boats often enough to make it worth it. In addition, boats rented out in peer-2-peer platforms are fully loaded making them more exciting to rent, unlike traditional rental boats, which are often basic. For instance, if you want to go fishing, you may want to rent a boat that's fully rigged for the sport. It's not just for practical reasons either. Renting a loaded boat from a peer often results in a better experience than renting a traditional rental boat. This is similar to the way Airbnb rentals often give you an elevated, worthwhile experience compared to staying at a hotel.
How Boatsetter Works
The P2P platform Boatsetter connects owners with people who want to rent boats, and sometimes even a crew to sail them. As owner, you can set the rental rate based on current market conditions, plus how much you'd want for a deposit. You can also choose the dates that the boat is available. After that you are ready to receive requests. Potential customers search the wide database of available boats with pictures and descriptions, along with reviews by previous customers. Once the renter settles on a boat, you can vet them to see if they are a good fit. For instance, maybe you prefer to rent out to a family rather than rowdy college students.
Captain for Hire?
One thing that sets Boatsetter apart is that it addresses the high-end luxury-boat market. The platform enables the option of having a licensed captain aboard for the rental. With a captain at the helm, boating expertise is not required. In addition, owners can decide if they want to be the Captain themselves or if they want to outsource it to a certified professional.
Boat Setter Fees
Boatsetter streamlines everything, including the transactions from start to finish. Owners pay a hefty 35% fee on each rental, but that includes the site’s commercial insurance policy (which is underwritten by Geico Marine). Boats with a Charter Insurance Policy pay far less at 15% per rental. There's also processing fees of 2.7% + $0.55 on additional payments processed by Boatsetter, like fuel charges and security deposit payments. Keep in mind, the Boatsetter’s insurance policy has a $1,000 deductible, so many owners ask for a deposit that covers this $1000. In addition, Boatsetter may penalize owners with a $100 fine if they late cancel a customer reservation or fail to have the boat available when the renter shows up at the scheduled time.
A Boating Adventure
Boatsetter was founded in 2012 and is situated in South Florida, where many say is the base of the #1 boat rental community. Whether customers are looking for a boat rental for a week-long charter or for only a day, Boatsetter provides the largest marketplace out there, with over 17,000 boats in over 600 locations to choose from. As a potential owner of one of these boats, you'd be able to help anyone set sail on an adventure, plus make substantial passive income at the same time.