Managing Your Yacht

What you should do after purchasing your yacht

Purchasing your yacht is only the first step in yacht ownership. Once the commission or purchase has been completed, the owner must then focus on the maintenance, managing, and crewing of the yacht. The most important of these considerations is the management. Owners need to ensure that their yacht is at its prime when on the seas and when resting. Here are  a few things to consider when looking to find managing services for your yacht.

What services are considered management yacht services?

Yacht management includes a few services and these will vary from management companies. However, a reputable company will offer safety management, crew management and recruitment, operational support, technical/engineering support, logistical management, compliance assistance, marketing, administration, and when needed building and project management. There are a few companies which also offer financial control services. It is recommended that if financial control services are used that you use a brokerage to find a reputable company to do such.

Qualities of good yacht management

Quality yacht management will include hiring a company with experience and expertise in the field. They will know the local as well as national standards and regulations. Primarily, the management of the yacht will ensure that the safety, class, and fiscal regulations are coupled with the overall operation and experience intended for the vessel. As such, the most effective yacht management will include several different staff members with various expertise.

Managing your yacht when not in use should include inspections of the mechanical as well as the aesthetic components of the yacht. In today’s world, this inspection may necessitate an IT professional on the console and the cabin features. Before re-launch of the yacht a compliance and optimization test should be performed on all electronic components.

Why managing a yacht yourself is a bad idea

While you may think that the best way in which to manage a yacht is to oversee the management yourself, typically this is not a good idea. The main reason is that most individuals, even those who have experience with yachts, are not experts in all aspects of boat maintenance, management, IT professionals, or HR representatives. While they may understand the primary care and maintenance needs of the vessel, there may be components and areas which go unattended. Additionally, a yacht owner should consider the size of the vessel and the necessary crewing of the vessel and weigh such requirements against the demands of management. If you are to act as the captain, and the yacht requires a crew of 75 persons, plus you have to worry about the technical functions of the boat, and the non-technical aspects (such as entertainment and aesthetic upkeep), the workload may be substantially more than what could realistically be managed individually.

By using a brokerage to find a reputable management company, you maximize the efficiency of your yacht’s operations, delegate tasks to those within the fields they are experts in, and minimize your personal involvement with the management, leaving you more time to enjoy the experience and leisure aspects of yacht ownership (as no one purchases a yacht with the mentality of working all the time on the management and not enjoying the investment).

Finding a yacht management company

If you have a yacht and need to find a management company, there are a few considerations which are important. Firstly, is the company well established. Secondly, how large is the company meaning can the company dedicate enough time to your yacht while also taking on new clients. Thirdly, where is the location of the company. If not local then how are services and communications handled? Fourthly, how much control does the captain and the crew have from the management company? And finally, what are the terms of the contract?

To minimize having to answer such questions yourself, it is strongly advised that you use a brokerage such as Vessel Vendor to find the right yacht management company for your needs. Since we only work with reputable dealerships, vendors, and nautical companies, you can rest assured that your yacht will be managed well. Our company uses due diligence when finding yacht management, seeking out options which are local and have a reputation for perfection.

Are you a yacht management company seeking new clientele? Vessel Vendor would love to hear from you. Should you have any inquires to yacht management, or if you have general questions about Vessel Vendor’s premier South Florida yacht brokerage company, please fill out the appropriate form on our site so that we can establish a line of communication.