Gene and Linda Owen knew a heck of a lot more than most people when they bought the 62-foot Little Harbor sailboat Conundrum and put her into charter about a year ago.
Gene is a skipper, Linda has been a charter broker for several decades, and their daughter, Tisch, has worked onboard megayachts for the better part of 15 years. They understand boats, know the charter market from all angles and they had a darn good idea of what they were–and were not–willing to spend money on to get bookings.
They set a three-phase plan into motion, with the most important items coming first. The first phase was to make sure all systems are in top working condition. The second was to make sure things look pretty inside and out. The third phase was to add details to set Conundrum apart from competing charter yachts in her price range, which is an all-inclusive $10,000 to $14,000 a week for two to six guests.
Kim KavinConundrum waits at the dock.
As it turned out, the first phase lasted a lot longer–and cost a lot more–than they expected. "We had to go into the yard for some repairs," Gene said. "We decided to check all systems, and as a result ended up in a total refit–engines, navigation gear, virtually everything on the mechanical side was redone."
Such is the situation boat owners find themselves in when deciding how much to spend–and what to spend it on–before putting their boat into the charter market. Outfitting a yacht to compete against other yachts for charter business is tricky, because boats are all so different by nature. You can spend a small fortune installing flat-screen TVs and satellite receivers, but is that necessary if it cuts into your budget for a genset overhaul? And just how important are those 500-thread-count bed sheets if, to get them, you have to forgo buying an extra set of snorkeling equipment?
In the case of the Owens, Gene and Linda had never intended to do a major refit, and the work cut into their budget for the second and third phases of their project. But they both knew that in most cases, the things that charter guests don't see are the things that many brokers want to be perfect before booking their clients onboard.
