The pleasure that comes along with owning a large yacht is something that relatively few boat owners experience. But with larger yachts come greater management challenges in terms of maintenance, crew, and logistics—and the stress factor in ownership can become significant. One Florida-based company has set out to make owners’ lives a lot easier—welcome to the scene, Florida Yacht Management (FYM).
Headquartered in Marina Bay Marina Resort along the New River in Fort Lauderdale, Fla., FYM provides online, on-demand services for all yacht management needs. Their services include regular washdowns, fueling, dockage, crew scheduling, trip planning, paint and detailing, electrical, fiberglass and gelcoat, hydraulics, all the way to charter income. The end goal of their monthly management service is ease and flexibility.
Usually, yacht ownership involves managing financials with one company, scheduling regular maintenance and cleaning with another, and trip planning, crew booking and reserving dockage with a third. Some owners may have tested the waters using an online portal for management before, but most such systems focus on accounting and financials. Some yacht management companies also look to provide their clients with one-stop-services with which owners may be fully satisfied.
But along with checking all these boxes, what ties together FYM’s offering is its location at a strong base in Fort Lauderdale at the Marina Bay Marina Resort, plus the opportunity to put the yacht into charter when not otherwise in use. So far, FYM has struck a positive chord and is managing 18 vessels from 50 to 150 feet with a team of captains, crew, administrators, and service techs readily available.
Location: Fort Lauderdale
Is the yacht owner willing to make South Florida the home base for his or her yacht, either at Marina Bay or somewhere nearby, between Miami and Palm Beach? If so, FYM’s program has a lot to offer, particularly at Marina Bay, which is home to 168 secure slips designed to accommodate large motor yachts. The Marina also includes resort-style amenities, such as a pool, tennis and handball courts, and a fitness center, and on-site service and supply shops—but of course, On-Demand clients don’t have to worry about stocking supplies or servicing their yachts themselves.
Steven Bailey already had his Azimut 80 located in the area and initially contacted FYM looking for simple washdowns and other services. When he learned about Marina Bay, he moved his Azimut there for FYM’s full program. “I could also order and track tasks from their online system even though I am based in Chicago,” Bailey said. “It has totally changed the way I view my yacht.”
How the online portal works
FYM's online portal provides a dashboard to track each work order, giving owners full visibility into costs and services. The company employs an experienced team that fulfills and logs work orders as they progress. Owners are also able to use the online dockmaster system to order parts as needed. Further, the portal provides tracking for any charter income, and owners can immediately apply the credit to pay for their service costs with the click of a button.
Service manager, Ryan Craft, says, “We provide service for motor yachts in our fleet including Azimut, Ocean Alexander, Mangusta, Horizon, Hatteras and more. Motor yacht owners come to us for peace of mind, knowing that while their yacht is being managed by professionals, the owners always have online access to the vessel with an overview of the work being done in real time.”
What yacht owner Michael Sweeney appreciates is the accountability and transparency offered by the online documentation. “Since every cost and task was ordered and tracked online,” Sweeney said, “I can now sleep at night knowing my boat is in safe hands.”
Adding charter income
What’s better than enjoying a day at sea on your yacht? Well, nothing—but when you aren’t using it, could your yacht be working for you? FYM On-Demand provides its users with the chance to earn charter income by putting their yachts in a fleet for private charters when not in use. FYM operates a full-time charter service team, and the yachts stay safe and secure in the gated marina when not out for charter.
There are many existing yacht charter management and ownership approaches for different size yachts in a variety of locations. As part of the FYM service out of Fort Lauderdale, the option of hiring your yacht out for day, corporate, or longer-term charters can provide an added benefit to defray other ownership costs. Chartering isn't likely to bring in huge sums, but it can earn credit to pay for dockage, routine maintenance and other additional services. There is also the potential to gain significant tax benefits from putting a yacht into charter.
FYM further explains the benefits of charter income in their recent post, Consider Chartering Your Yacht for Corporate Events.
For more information on FYM On-Demand, visit Florida Yacht Management, and be sure not to take note of their limited-time free oil change offer.
Editor's Note: Promotional consideration for this article was paid by Florida Yacht Management.