A luxury yacht is a significant asset and requires careful management throughout its lifecycle.
Maintenance, regulatory compliance, safety, security, insurance, accounting, charter management, and crew management and recruitment are all critical aspects to ensuring a yacht runs at its optimum, not discounting troubleshooting a myriad of other elements that may arise from emergency repairs to legal issues.
Yacht management can be akin to running a large business, and managing all these aspects can be complex and time-consuming, especially when it comes to staying up to date with ever-changing marine regulations. Indeed, an owner who chooses to manage a superyacht themselves is likely to find that an investment that was designed as a pleasant escape from the stresses of day-to-day life quickly becomes a full-time job that requires their constant attention.
Working with a luxury yacht management company is the preferred choice for yacht owners, enabling them to free themselves from the time-consuming complexities of running a luxury vessel.
Indeed, working with a superyacht management company often reaps dividends by not only ensuring the yacht runs at its optimum but also by identifying ways to ensure a yacht runs in a cost-efficient manner. Furthermore, experienced yacht management companies are available 24/7 to provide advice to both owners and crew.
With the yacht industry booming, there is now a vast selection of yacht management companies offering their services. So, how do owners ensure they choose the right superyacht management company? Here are four key aspects to consider when choosing the right yacht management company.
Yacht Management
1 – Reputation and Excellence
It goes without saying that you will want to work with a superyacht management company with a flawless reputation and dedication to excellence. Many yacht management companies are recommended by other yacht owners and industry professionals. Working with a yacht management company that is a member of key industry bodies, such as the Mediterranean Yacht Brokers Association, the Professional Yachting Association, and the International Superyacht Society, will also provide peace of mind that they adhere to the highest standards of quality and professionalism.
2 – Services that match your needs
Not all yacht management companies are equal. Some yacht management brokerages specialise in a niche area, such as charter management only, while others specialise in offering services across the superyacht management ecosystem. Some owners are happy to work with several yacht management brokerages – for example, one for charter and crew and another for regulatory compliance and maintenance – while other owners prefer a single point of contact for all yacht management services. How you wish to work, and the yacht management services you require, will help fine-tune your search.
3 – The right experience & global support
When choosing the right yacht management company, you’ll also want to select one with experience in managing a similar yacht to your own. For example, some yacht management companies will boast specific expertise in managing sailing yachts, while others will have demonstrable expertise in managing the world’s largest superyachts and mega yachts. You’ll also want a yacht management company that offers support in key areas of operation. So, for example, if you plan on cruising the world’s remotest regions, then you’ll need a yacht management company that offers global support.
4 – Chemistry
Finally, chemistry is a key part of choosing the right yacht management company. A good superyacht management company will appoint a dedicated team and point of contact to manage your yacht, who will be available 24/7, 365 days a year, and it’s vital that you feel that you’ll be able to develop a positive working relationship with them. Ensure that you speak to the team in person and discuss your requirements and needs. Make sure that you understand their processes and that they will be a good fit for the way that you work. A good working relationship with your yacht management team is vital to maximising the enjoyment of your yacht and ensuring a worry-free yachting journey.
