Aside From Monetary Gains What Are Some Other Benefits Or Advantages From Placing Your Boat Into A Peer
VS: 1. You get to go boating more! One of the great benefits of paying guests is that you have extra motivation to boat more and enjoy your asset. Boats cost money 365 days a year, but typically only get used about 35 times, and this varies too based on location. In areas with shorter boating seasons, it can be even less.
2. You meet new people. You never know who you will connect with, and it can be a great experience to meet new people, both from your area or visitors.
3. You help your local economy and community. By using your boat more, you bring people to local businesses, you buy more gas, use more consumables and generally help energize the businesses around you.
4. You may sell a boat! Its not uncommon that people go boating on a trip, and want to buy a boat afterwards! Especially when they can offset the costs of buying through GMB!
The Happiest Days In The Life Of A Boat Owner Might Be The Day You Buy It And The Day You Rent It Out See If Peer
If you want the joy of boating without owning one, peer-to-peer rental may be for you.
As boat owners, we all know that even when we’re not using our boats, they still cost us money. Slip fees, insurance, and maintenance don’t stop just because our boats are sitting at the dock. At the same time, there are lots of people who aren’t ready to invest in a boat, but who still want to get out on the water. To bridge these two boating groups, a new concept called peer-to-peer boat rental has emerged. Let’s take a look at how it works, and what to consider before you jump in.
For a few years now, people with underused assets, such as cars, bicycles, rooms, and even entire houses, have been connecting via P2P websites to others who want to rent them for a few hours, a day, or a week. Companies such as Airbnb, which allow people to rent out unused rooms on a daily basis, have been around for a few years, and the concept has now migrated to boats. With P2P rental, boat owners can collect some money on days their boats would otherwise sit at the dock or on the trailer. Non-boat owners can get on the water when they want, and let someone else handle the costs of ownership. Vacationers can rent boats far from their normal cruising area, opening up new waters to explore.
Explore Some Of Your Peer
If you are a boat owner, you probably know that your boat is an incredibly fun thing to have but the maintenance and storage costs can also get pretty expensive, especially if you live in a place where you cant use your boat for long periods of the year. There are also those times when you are simply too busy with work or family commitments to get your boat out on the water. During times like those, have you ever thought to yourself, I wonder if there is a place I can list my boat for rent? Well, with the sharing economy developing even more than ever in 2019, there absolutely is a place. Boatsetter is a peer-to-peer boat rental company that connects boat owners and potential renters. During the times that you are not using your boat, Boatsetter offers a safe and easy way to make money off your boat!
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When Can We Pick Up The Boat And When Do We Have To Be Back
Our normal Full-Day rental check-out time is 8:00 a.m. and we ask that you return the boat no later than 5:00 p.m. If something happens and you can’t make the 8:00 a.m. check-out time, that is just fine! All we ask is that you coordinate with us so we can meet you at the dock. We’re all friends and it gets hot out here…
And If You’re The Renter
The last thing you want is an unreliable boat. For boats with current reviews, you’ll have to rely on previous renters’ experiences. People who’ve had problems with a boat are not usually shy about saying so. If there are no reviews, and you’re not comfortable with the pictures and description, ask to see the boat before you make a deal.
Ask what the policy is if the boat breaks down and you can’t use it. In most cases, P2P companies will work with the owner and renter for a full or partial refund, or find another boat to rent. Boatbound, Boatsetter, and other P2P companies have agreements with BoatUS to provide towing resulting from on-the-water breakdowns at no charge to the renter.
Look for a boat you’re comfortable with and that fits your needs, and be aware that you’ll be paying fuel costs as well as the rental fee. Ask about any other fees or charges before you climb aboard.
Make sure you get a pre-rental checklist so you can note any prior damage. Walk through the boat, inside and out, looking for preexisting damage. It’s a good idea to take your own date- and time-stamped photos of the boat, inside and out. Look at the P2P’s liability coverage in the event you injure someone in an accident. Make sure it’s at least as high as what you have through your own boat or auto policies.
You’ll need a credit card for the daily fee as well as an advance deposit. Most P2P companies return your deposit automatically after the boat owner inspects the boat and gives the OK.
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How High Is The Dock
The height of the dock is going to determine the ease with which you and your guests can step onto and off your boat. If a dock is high and fixed, you may find it simpler to get on and off from the side deck or the cockpit cockpit side. Depending on the height, you may need to add a ladder or stool to simplify getting into and out of your boat.
Can I Deduct A Boat Or Yacht As An Entertainment Expense
Your first inclination may be to try to deduct your new boat as an entertainment expense. However, entertainment costs are no longer deductible under the Tax Cuts and Jobs Act which was signed into law by President Donald Trump on Dec. 22, 2017. This includes facilities you own or rent for entertainment such as vacation homes, yachts and boats.
Although you may not be able to deduct operating expenses or deduct deprecation, you may still be able to deduct part of the costs of some meals you serve to business guests aboard your yacht. You can deduct up to 50% of the costs of business meal expenses, but only if
- The food and beverages are associated with operating your trade or business
- You can separate meal expenses from other entertainment expenses
- The expense is not lavish or extravagant under the circumstances
- The taxpayer or one or more of your employees are present when the food and beverages are served
- You actively discussed business while onboard the boat rather than just taking some friends out fishing
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Is It Worth Taking Business Write
So, the short answer to the question Can my business write off a boat? is Yes, it can. However, be aware that the IRS is going to take a closer look at your tax returns if you take boat-related deductions. If you are really buying the boat primarily for your own pleasure, you may not want to undergo that kind of scrutiny.
You may also decide that deducting business expenses for your boat is just not worth the headache of documenting every use of your boat in order to take depreciation and expense deductions. It really depends on your individual situation. Because buying a boat or yacht is a major purchase, you will want to sit down with your tax advisor and discuss the ramifications of buying the boat yourself as an individual versus buying a boat through a company. To talk to a CPA now for more details schedule a call here
Developing A Plan For Renting Out Your Boat
Your boat is probably one of the biggest assets you have, and it is probably also one of your most cherished possessions. Keeping it safe should be a high priority for you as a responsible boat owner. Of course, you want to enjoy your boat as much as possible when you get the chance to get out on the water. Sadly, life often interferes and you might find that you are not using your boat as much as you planned.
For most people, getting a boat rental is far more cost-efficient due to the lower costs of sharing the rental with their friends and the length of time they can spend on the boat. On a per-hour basis, it makes far more sense for them to arrange a boat rental and it helps you leverage your assets by taking advantage of Boatsetters peer-to-peer boat rental services. Take a few pictures, fill in a few forms, and youll be well on your way toward offsetting your boat ownership costs by joining the sharing economy. Youll be safely making a little bit of money on the side, and youll also be helping other boaters follow their dreams.
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Operating Sight Seeing Tours
This is another venture youll need to have a captains license for, and since the local population already sees the sights this sort of operation only works in tourist towns. If you happen to live in a hot vacation spot, however, this could be great way to make a few bucks while introducing people to your local waterways.
In some areas eco-tours are a good bet, and in cities built on the waterfront you may find sightseers who are willing to pay extra to check out the scene from a unique point of view. Washington D.C. alone, for example, has about a dozen different boat tour services. The down-side? Like several of these opportunities, seasonality is likely to play a role in just how many months you can operate profitably.
Do I Need A License To Rent A Boat
What of the most common questions you will encounter in the business of renting a boat is do I need a license to rent a boat?
Depending on which state you are in, the answer will be different. If you are renting out your boat for the first time, however, it is as good idea to do some research and read on some resources that can offer you information on boat rentals.
- The US Coast Guard Auxiliary offers a state-approved boating course where you can learn about boating laws. People who want to learn how to drive a boat can also get hands-on training there.
- The National Association of State Boating Law Administrators provides an online reference guide where you can see the state laws on specific boating topics.
- Your states wildlife and fishery industry will also have different requirement on how to operate a watercraft.
- In addition to state laws, there are also federal laws for recreational boaters.
Now lets get to the main question: Do you need a license ifyou are renting out your boat. The simple answer is No, you dont need alicense to rent a boat. But you do need one to do the actual sailing.
Here renters have two options: they can either do a bareboatcharter or get a skipper-guided charter.
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In 2020 The Adlers Made The Most They Have Ever Made By Chartering Their Boat
They owe part of this success to an uptick in business from people feeling stir-crazy because of the pandemic.
“People were getting cabin fever there was no place to go, nowhere to travel, and everybody wanted to go somewhere, so they just came locally to sail with us,” she said. “Instead of going to the Caribbean, they came to Lake Michigan,” she joked.
What Our Boat Owners Say About Click& boat
I discovered Click& Boat in 2015 and offered my yacht for rental on the platform. Since then, many boating enthusiasts have helped me cover the costs for maintaining and sprucing up my yacht, Viguy.
I rent out my RM for a few weeks every year. I can thus cover part of my costs.
Setting sail with the ‘Airbnb of the seas
Marine versions of property-sharer Airbnb or ride-sharer BlaBlaCar are trying to match the two. In Europe a French firm founded in 2013 by Jeremy Bismuth and Edouard Gorioux sets the pace.
Click& Boat the Uber of the boating world. Peer-to-peer pier-to-pier, if you like.
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Make Sure Your Boat Is In Good Condition
Even though your rental boat is not something that you are purchasing and they are often well maintained, you will still want to make sure that the boat is in good working condition.
There is nothing worse than being stranded out in the water due to engine issues. Before you go out on the water, you will want to make sure everything is in properly working order and bring it up with the rental company if you notice any issues.
It is also a good idea to do a thorough check of the outward appearance of the boat as well. Often time you will go over the appearance of the vessel with the company that is renting it out. This will allow you and them to take note of what condition the boat is like before you leave.
Make sure if you do notice anything, you make them aware of it before you head out so that they do not try to use it against you when you get back. Unreported damage ahead of time could mean damage charges for you when you get back, even if you did not cause the damage.
Rental Boat Education Law
Code Section 52-7-8.3
No person shall rent, lease, or let for hire any vessel ten horsepower or more to any person under 16 years of age.
On or after July 1, 2014, a person 16 years of age or older may rent or lease any vessel ten horsepower or more if such person has completed a boating education course approved by the department.
This subsection shall not apply to:
- any person licensed by the United States Coast Guard as a master of a vessel.
- a resident or nonresident who has in his or her possession proof that he or she has completed a National Association of State Boating Law Administrators approved boater education course or equivalency examination from another state.
Renters will be required to watch a ten-minute boater education video, which you can access by clicking here or the link at the bottom of this page, and sign an orientation safety checklist before operating any rented vessel 10 horsepower or greater. This is required for all operators of a rented vessel.
We encourage ALL boaters to take a Boater Education Course. You may attend a 6 hour class or take it online. You may save on your boat insurance. Anyone born after January 1, 1998 is required to complete this course before operating any vessel. Please click here for more information on Boating Education.
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In The Uk Poole Resident Adam Dolman Makes Money Renting Out His 20
Dolman and his wife bought the boat for around £8,500 three years ago and have been renting it ever since.
“A lot of the yachting has gone luxury, but there’s still a lot of people who still just want to go sailing they don’t want it to cost a fortune, and they want to enjoy it,” Dolman said. “We thought to ourselves, ‘There has to be a market for that.'”
Boat Rental App Frequently Asked Questions
How do I become a good owner on the platform?
- Stay responsive Renters are likely to complete a booking within 24 hours of their first message so keep those notifications on or activate the Instant Book feature to make sure you never miss a trip.
- Keep pricing competitive Look to boats similar to yours in your area, to make sure youre offering the rate renters cant pass up.
- Update calendars often Plan on using the boat yourself for the weekend? Mark your calendar unavailable when youre not looking to rent to others you can also make date specific pricing in the feature!
What are the fees and when do I get paid?
- Boatsetter takes a 20% commission where you will keep 80% of your earnings fee goes to both business & insurance costs.
- All payments are processed through Stripe and will be distributed via direct deposit within 2 business days of a concluded trip.
What is needed to list on a boat rental app?
- 30 minutes of your time to sit down and create your boats profile for your boat
- At least 5 high-quality photos of every angle of your boat. The more detailed photos you provide, the faster your listing can be approved
- A minimum of a recreational or personal boating insurance Like your normal Geico policy
- What is provided through GEICO Marine insurance coverage?
Where do I operate Rentals?
What do I need to know before I begin?
What are the renter requirements?
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Smooth Sailing Ahead With Peer To Peer Boat Rentals On Boatsetter
Most boat owners only use their boat for a total of 14 days out of the entire year, which is why our services were created to give everyone the opportunity to create memories on the water with their loved ones. In partnership with BoatUS and GEICO Marine, Boatsetter has you covered. The rental program keeps your boat protected by providing peer-to-peer insurance coverage and towing during all rentals.This policy is customized just for Boatsetter and is only activated when you have a booking! This means our custom Peer to Peer policy will cover your existing recreational boating insurance for the duration of the rental.
Trusted captains are available through Boatsetter. Select captains from our large database of over 600 USCG licensed captains that will keep your boat in good hands. Are you an active USCG Captain? You can add your own captain credentials if youd like to find jobs in your area or captain your own vessel.
Boatsetter handles all payments, security deposits and user verification, so earning through our payment system is easy and secure. Our platform is easy to use and is supported by an around-the-clock team that assists every step of the way to support 1000+ listed boats.