How Does the Rental Program Work?
500 words (2 min read)
The Lakeside Lodge Rental Program
One of the greatest benefits of owning a condo at Lakeside Lodge is the option to enter your condo into the rental program so you can generate revenue when you are not enjoying the condo yourself. So how does that work?
As a condo-hotel, Lakeside Lodge operates as a hotel but most of the units are privately owned. Southern Resort Group is the on-site management company that oversees the daily operation of Lakeside Lodge as a hotel and manages the rental program for owners. After purchasing a condo, owners have the option to keep their unit private or include it in the rental program. To be in rental program, owners agree to a 90-day maximum use of their condo, but they get to decide the schedule that works best for them. For example, if an owner knows their family wants to be at Lakeside Lodge every weekend in the summer and for Clemson game days, the unit would not be rented during those times. Or owners can give their unit to friends and family to use as part of the owners 90 days (must be 25 years or old to use a condo).
An added benefit for owners of two- and three-bedroom units is the option to “lock off” bedrooms so that owners can still enjoy their own condo while renting out a room. These units are specifically designed to do this so privacy and security are maintained for each. It’s also a great option for owners that want to use the condo more than 90 days out of the year.
Each day, all of the available units go into a rental pool for hotel guests to book either online or by calling Lakeside Lodge. When an owner’s unit (or partial unit) is rented, they receive 60% of the room revenue. The other 40% goes to the management company to cover the costs of housekeeping services, concierge services, toiletries, advertising and booking fees for online travel agencies. And the best part is that owners do not have to do anything other than collect their checks at the end of each month.
Of course, just because an owner enters their unit into the rental program does not guarantee it will be rented. Everything depends on the number of hotel rooms booked on a particular night. And every effort is made to maintain an equal distribution amongst all rental participants by operating on a revenue rotation, not a nightly rotation. That means that if someone were to book a studio for three nights and someone else a studio for one night, the one that was only booked for one night is going to keep getting booked until it has produced as much revenue as the one that was rented for three nights. This keeps maintenance issues down and revenues more evenly distributed.
Want to find out more about ownership and the rental program at Lakeside Lodge, contact our sales department at 864-775-5550 or by email at email@example.com.