Step 1: Charter Reservations Estimate
Upon deciding that you want a charter catamaran in service in the BVI, we will provide you a proven & tested projection based on the model you have chosen for charter. Some models generate higher income than others. Some Owner layouts will outsell charter layouts or reverse. The current availability of the model in the BVI and the specifications of your boat often determines the charter price.
Upon receiving the boat specifications, we will estimate your charter price and the number of weeks you could expect.
Step 2: Charter Fees
The British Virgin Islands is so popular that many first timers who charter become repeat charterers. We have a very loyal customer base. Our guests come back year after year as they feel comfortable and safe with our customer service and the quality of our boats. As a reward to our guests, a common repeat charter discount is traditional of 10%.
Our management fee is 23%. This amount is deducted from the net charter rental fee.
We promote owners to advertise their charter catamaran to friends and family to ensure you can earn referral fees which provide you with an extra income You can earn a referral fee on any charter catamaran in the fleet.
Step 3: Fixed Charter Expenses
Every month the owner will be billed for dockage, water, electricity, and yacht insurance.
Dockage and utilities are fixed costs as we have reserved a permanent slip for your boat located in Hodges Creek Marina. Yacht insurance is provided at a negotiated cost under our fleet insurance umbrella.
Step 4: Charter Related Expenses
Every charter that is operated out of the base will have charter related expenses. The fees are as follows:
- Turnarounds The base in Tortola has hired expert staff to ensure top quality of your catamaran. We aim for repeat guests by ensuring your catamaran is in tip top shape. Turnarounds include boat briefings/chart briefings, boat preparation and quality control staff, oil & engine checks, customer service staff …
- Laundry The charter includes two sets of linen for each cabin (sheets and towels) and a blanket or duvet.
- Water Fill Up Each charter catamaran is filled up with water prior to its departure.
- Dinghy Cleaning, prepping & service fee To ensure maximum life of the dinghy and outboard and to avoid any chase calls, we must ensure the outboard engine and general shape of dinghy is maintained.
- Dinghy Fuel
- Each charter the outboard is filled up with gas and oil before its departure.
- Propane Every catamaran is equipped with a propane oven and gaz grill/plancha. On each charter, the propane tanks are refilled for charter guests.
- Underwater Hull Inspection Sometimes damages do happen but to avoid the owner having to pay out of pocket and to ensure the collision damage waiver is processed correctly every charter that returns will have the boat hull inspected. We feel that we want to discover the problem sooner than later and ensure that the involved guest takes some responsibility and that the next guests are safe. This is another example of our superior maintenance program.
- First aid kit, tools and charts It is required by BVI law to have these items onboard, maintain properly at all times.
- Snorkeling Equipment.
- Each charter, we clean and maintain our snorkeling equipment so guests and owners can benefit of the best equipment.
Step 5: Annual Expenses
We perform routine maintenance (oil and filter changes etc..) and any necessary repairs between charters. We communicate with owners on any out-of-ordinary matters.
Every year during the month of September (peak of hurricane season), our Tortola base is closed for charters. During this time, and as of their last charter of the season, we ‘pre-hurricanize’ the boats for maximum efficiency and perform all major maintenance and thorough cleaning in preparation for a busy charter season.
Step 6: What is your NET revenue after all the management commissions, fixed expenses, charter related expenses and annual fees are deducted from the potential charter revenue?
In the Caribbean when on a revenue risk sharing program the rule of thumb is always to strive for 7% to 8% return on your investment. We of course strive higher than this. It really depends on the choice of layout, model, year that you choose for charter.