If you’re thinking about selling a marina, now has never been a more perfect moment.
That’s because marinas are an attractive asset right now. They support over $230 billion in annual economic impact in the US alone.
Plus, getting permitted waterfront is impossible to replicate, especially in high-traffic cities or holiday destinations.
Buyers know that, and that’s why they’re looking to spend. However, the sale still has to make sense.
Therefore, to squeeze every cent possible from your marina exit strategy, consider implementing the following first.
One of the strongest numbers you can show a buyer is recurring revenue. This helps them identify how quickly they can get a return on their investment.
So, if you haven’t done it already, try turning seasonal income into contracts. Develop special deals that lock people in for seasons or years.
By having these contracts, you’ll not only generate predictable revenue, but whoever buys your marina will have revenue lined up already, increasing its sale value.
Every single marina has one. There’s always something on there and something that has been on there for a while. Dredging, electrical pedestals, a section of the dock you’ve been meaning to get through, anything. Get it completed or solved.
Without question, there’ll always be something that needs fixing or replacing. However, if you’re able to solve a bulk of the issues, there isn’t a lot of room for negotiation after they’ve completed an audit of the property.
Waterfront is one of the most heavily regulated assets there is. Therefore, it’s good practice to have all the paperwork and compliance files in place.
Make sure you have everything ready for the buyer to review. Riparian rights, submerged land leases, dredging pyramids, stormwater plans, fuel dock inspections, the lot.
This level of organization isn’t just beneficial to you in case of an audit. From a buyer perspective, it makes it look like an organized, well-filed business.
Boaters treat wifi the same way they treat water and power. It’s expected, and if you offer it, they’ll keep coming back.
Due to marinas having a difficult time getting quality wifi installation, having it already installed can catch the interest of buyers.
After all, it’s an amenity they don’t need to purchase as it’s already there, boosting the value of the entire sale of the marina.
A marina holds millions of dollars worth of other people’s property, which is often left unattended overnight
To reduce liability, marinas need digital surveillance cameras and access controls, something in which buyers, boaters, and insurers appreciate.
Because of this, getting it installed can increase the price of the marina. As the buyer won’t need to install it themselves, the value of the marina can increase.
You can have cameras, gate readers, dock wifi, and more. However, what if all this fails due to network issues? A lot of the time, it’s down to a single maintenance person, working 8 hours a day, 5 days a week.
Though great, it isn’t effective or responsive enough. What about other maintenance-based tasks? What about weekends? What about the evenings? That’s why it’s important to have a NOC (Network Operations Center) monitoring your network.
Outsourcing this service means that your network is constantly being monitored and repaired if anything goes wrong. It takes the workload off your team and puts it in the hands of IT professionals.
When you have such a process in place, it can put buyers at ease. It means they already have a trusted team knowledgeable about the network who can help them if any issues occur.
Not many of these changes can happen overnight. However, collectively, they can boost the final sale price of your marina.
Therefore, if you’re thinking about selling your marina, consider what we’ve mentioned above, as it’ll only help you walk away with more.
If you’d like to begin with NOC, wifi installation, and surveillance installation, feel free to contact us at Beacon. We’re specialists in marina networking and IT.
We'll handle the infrastructure so you can run your operation without interruption.