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Top 5 Marina Property Owners Swear to – Five Dredge & Marine

Top 5 Marina Property Owners Swear to

1.  Be Wise in planning

Cease the season to season mentality and bring the bigger picture into focus.Most marinas have a tendency to react to yesterday’s problems but top performing marinas keep their focus on the 10-year horizon.

A solid, long-term plan will help you maintain focus on your goals rather than on any minor setbacks. It will also help keep you organized and on task.

 

2. Long-term is the way.

Number 2 Marina Property Owners Swear to who wants to pay slip fees at a marina that is falling apart. Even the best quality facilities require  periodic refreshment.

The Best marina owners take measures to wisely enhance and improve their facilities every year effectively safeguarding their marina revenue against the impact of a down cycle.

3.  Revenue Management.

Don’t believe the lie that avoiding spending money is the same as good financial management. It is important to know when to save money, but equally important is knowing when to spend or invest it.

Research shows staying relevant is the single most important thing a marina can do to keep their current tenants happy and to attract new ones.

Top marinas know this and strategically reinvest in their facilities and amenities. This doesn’t mean you have to add new amenities to stay relevant. It is just as much about keeping your existing amenities in top condition.

Those who neglect their docks in an effort to keep slip fees low or to grow short-term profits will find they have initiated a long, slow death spiral.

4.  Invest in the long term

You’ve heard it before, and I’m going to say it again – Property should be treated as a long-term investment. There is really no better way to maximize your profits and avoid losses.When you adopt a short term philosophy you expose yourself to potential losses due to high entry and exit costs.

5.  Location, Location, Location

Location is a key element of marinas. We all know in real estate the three most important things are location, location and location.

With marinas, the nature of the marina must fit its location and be market sensitive. What many marina owners and operators often fail to recognize, is that a marina’s mission and target market can shift over time.What once was predominately a sailboat market may now be a market full of pleasure cruisers and mini-yachts.

A prevailing question at top marinas is “how can we do this better?” Adopt that attitude and your marina will be positioned to succeed.

If you don’t know where to start, a facility condition assessment of your marina is an important first step. A condition assessment will provide you with the hard data you need to develop a capital improvement and strategic operational plan.

Learn from those who have done it already and take the first step in positioning your marina business for extraordinary success.

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