Ask this question of 10 people and you’ll probably get 10 different answers. Aside from the standard “spring”, “summer”, “April” answers you’ll get, they’ll all be qualified by “it depends”.
Life is all about constantly changing variables and boating is no different.
Note: TL;DR Summary is at the bottom.
So, back to the question. When is the best time to sell your boat slip? I’ll be just as terrible by answering, “it depends”. But, I will qualify it with “I have a better option for you”.
In order to determine how, when and if a boat owner will buy your slip, you need to dig into the psyche of a potential buyer. We often times will blind ourselves to the difficulties of ownership or the actual market conditions. Just because you paid $3,000/ft for a boat slip does not mean you can sell it for $3,000/ft. Markets change. Sea levels change. People change.
So, how do I do it?
If you must sell (spoiler alert, you don’t have to), the you should entice a potential buyer. What do you do before you sell your house? You clean it to look better and then tout the benefits of your house over the thousands of others out there. Here are some examples:
- Close to great shopping/nightlife/etc (translation: near an inlet/near great fishing spot)
- Huge fenced in yard (translation: protected marina)
- Shed for your tools (translation: deck box to store all your stuff)
So, entice your potential buyers. Take some great pictures that highlight the beauty of your marina or boat slip. Tout the benefits of the boat slip (that’s probably why you bought it in the first place). Make it stick in their minds so that they question why they wouldn’t want to buy it.
Expand your list of potential buyers. Had renters in the past? Show some hard numbers that people can sink their teeth into. By adding this simple feature, you’ve added investors to list of buyers, not just boat owners.
The best option, really. Relax and let your money make money
The old saying of “it takes money to make money” is a great way to look at boat slip ownership as an investment. Boat slips are really just real estate. And there are plenty of real estate moguls out there that we’d all love to emulate. If you have the ability to buy a boat slip, you can turn it into a great passive income source.
Passive income is really what it’s all about. Have your money make money for you while you sit back and enjoy other stuff, like boating. Or, just kick your feet up and relax while someone else pays your mortgage.
Just like a landlord, you can rent out your boat slip. It’s actually a LOT easier than you think. Most people think it’s best to list just before the season starts. This is plain wrong. Think about it, are renters who procrastinate until the week before the Memorial Day Flotilla seem like they are always going to pay on time? No, go with the careful planners. They’re looking in December, January, February and March for slips they won’t really get optimal use out of until May or June.
So, renting is really your best bet. You have the supply and there is always a demand for a great boat slip. As for when to sell, anytime is good as long as you are making a good argument.
At Moor For Less, you can find all the help you need to rent or sell your boat slip. But, if you’re willing to rent (and you should be), there is money to be made. Questions? Just email us at [email protected] and we can chat!
TL;DR Summary
- If you must sell your boat slip, make it as appealing as possible and expand your reach by enticing real estate investors.
- If you can cover the costs, rent your boat slip. Let your money make money for you by earning passive income. Kick your feet up and relax.
- Winter (December – March) is really when people are actively looking for a boat slip to buy or rent.