How does Sojourn8 allocate usage between owners?
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With over 10 years experience setting up co-ownership structures in Europe, we’ve seen what works and what doesn’t when it comes to allocating usage.
A common reason why many people don’t buy a second home outright is because they don’t think they’ll use it enough. Most second homes which are not rented out are empty for up to 10 months every year.
Co-ownership offers the perfect solution, as long as owners are able to use their perfect holiday home at times which suit them. So that’s one of the first questions we’re asked by prospective buyers.
Early on in the buying process with Sojourn8, the Discovery stage includes a meeting with each prospective buyer to discuss their holiday needs. Not all buyers will want peak months, maybe preferring the ‘shoulder’ weeks when the destination is quieter and cooler. Some may want a fixed week every year to celebrate a special occasion. Others may prefer more short stays or last minute trips.
We see this as a vital part of the process – aggregating owners with a range of use preferences which will ensure their experience is as close to whole ownership as possible and strikes a fair balance between certainty and flexibility when it comes to booking stays in their home.
The online reservation system we then put in place is different for each property and each owner will have a set of bespoke guidelines within the ownership document which sets out when they can use their property and the system for them to reserve.
Why do we think this works? Unlike systems used by some co-ownership companies which rely on a ‘first come first served’ reservation system, our hands on approach to aggregation ensures that every Sojourn8 owner has the best opportunity to use their holiday home whenever they want.