Have you recently purchased a new boat or have an older boat that has been more of a hassle than it’s worth? Owning a boat is not a cheap endeavor; with the costs of maintenance, storage, fuel, and insurance, it can cost you significantly if you’re not enjoying the water frequently.
There’s a solution to these high costs and a way to not only offset them but even turn a profit.
Enter: GetMyBoat.
GetMyBoat is the world’s largest boat rental and water experience marketplace. It functions with a P2P model, where boat owners, charter captains, and independent businesses can create free listings to advertise their boats and book customers right on the platform. It’s a fantastic way to monetize your boat and transform it from a costly liability into an income-producing asset.
How Does GetMyBoat Work?
It’s very easy to get started as a GetMyBoat owner. Simply create a free account on GetMyBoat and add boat listings. It’s super important to have great photos of your boat — so be sure to snap a few good shots to upload. For each listing, you can set your availability, prices, and requirements and list other details that renters must know when booking with you. Once a guest sends you an inquiry to rent your boat, you can vet the guest and approve or create a custom quote for each guest.
The GetMyBoat platform facilitates secure and seamless payments, which you will receive as a payout upon completion of the rental or charter. GetMyBoat also takes the lowest fees in the industry, just 8.5 percent, so you keep most of your earnings. With a 24/7 customer service team, advertising and marketing team, and account managers to help you get started, it’s a seamless experience with lots of support for boat owners on the platform.
When it comes to potential earnings, there is a lot of variances depending on the type of boat, the frequency of rentals, local area and demand, pricing, and more. The average owner on the platform earns over $25,000 annually, with the top 10% of owners earning well over six figures. For owners who earn their captain’s license, one of the benefits of monetizing their boat beyond the cash flow is the opportunity to spend more time on the water.
Many boat captains on GetMyBoat started their journey on the platform as a side hustle or a retirement job and grew it into a fruitful career. It’s a great way to escape the 9-to-5 grind, offset the costs of ownership, meet great new people, fund a new boat purchase, or expand your time in your favorite place — on the water.
Important Considerations Before Renting Out Your Boat
Insurance
Having proper insurance coverage is essential before you begin renting out your boat. You’ll need to determine if you need charter coverage, bareboat coverage, or both. Many boat insurance companies offer special plans for owners who are renting out their vessels or operating charters. GetMyBoat does not offer insurance, but we do have an insurance partner, Boat Charter Insurance, that offers great plans, including unlimited bareboat rentals. Speak to your agent to determine if you have proper coverage before you start renting out your boat.
Local Laws and Regulations
Before you decide to rent out your boat, you’ll want to ensure you comply with local laws and regulations. GetMyBoat’s Terms of Use require that all boat owners fully comply with local laws and regulations regarding boat rentals and charters. You might also want to check with your local marina (if you store your boat at one) to ensure they do not have rules against P2P rentals.
Local Demand and Competition
Will people rent out my boat? This is a great question, and doing some research beforehand can give you a great idea of what to expect. What is the local demand for boat rentals vs. the supply? Cities like Miami, for example, have a huge demand for boat rentals and charters but also tons of owners and operators, which can cause more competition. Checking out your location on GetMyBoat can give you an idea of what to expect in terms of competition, as well as provide a benchmark on pricing so you can set appropriate prices for your rentals.
How Much Money Can I Actually Make?
Let's take a look at the numbers with an example of a popular boat. A brand-new Sea Ray 230 costs in the region of $55,000 dollars today. With current finance rates at all-time lows and terms of up to 20 years, you can obtain this boat for $270 monthly. A Dry Stack Marina is likely similar, so $230 per month, plus insurance and fuel of approximately $150. All in you are boating for $650 monthly in a new high-end bowrider. Now let’s look at this from an investment perspective.
Today if you invest $650 per month, you would hope for a 10% return. In a year, that would turn your initial saving from $7800 to $8580, a nice $780 return. Now, can your boat itself make you more? Well, the answer is unequivocal. Yes.
GetMyBoat rentals without a captain in the U.S. are $600 per day for a similar vessel in a popular location. If you chose to rent your boat as an investment for 20 days only, this will give you a return of $12,000. Paying both your boat's capital costs back and outperforming the current stock market index tracker. So why don’t more people do it?
While renting out your beloved boat might not be for everybody, if you enjoy meeting new people, have the time to manage a side business from your phone for a few hours per week, and you are open. If you’re a clear communicator, you could see a lot of great success (and profits) from renting out your boat on the GetMyBoat platform. Some owners work a few hours a week answering inquiries and managing their bookings. Others take it on as a full-time job and are on the water daily. It’s completely up to you as a boat owner — you have full control over your schedule and availability.
Not totally convinced? Here’s a firsthand story from our boat owner and captain Kevin in Chicago:
“My wife and I are avid outdoors people. We enjoy traveling, hiking, camping, and of course, boating. We both have busy careers; my wife is in the legal field and I work in emergency services for the past 22 years. I’ve been boating and around boats my entire life from fishing boats to luxury yachts.
Our boat is located in downtown Chicago, with the amazing backdrop of the iconic Chicago skyline. We found GetMyBoat through a friend of ours at the harbor. Four years ago, I upped my game and obtained my merchant, marine credential (Captains License) from the US Coast Guard. I started operating pleasure charters on the weekends and found that I really enjoyed the diverse groups that I chartered for. In 2022 my wife and I decided that we are going to offer premier services in Chicago as well. We reached out to GetMyBoat and were quickly in business.”
Want to get started building your boat rental business? Check out GetMyBoat and create a free account to start listing your boats and booking customers. You can also reach out to the team at sales@getmyboat.com with any questions you may have.