Actually the way it works is that unless you reserve the whole (or part) of your unit within the prescribed period--12-13 months in advance of the check-in date--RCI automatically deposits the points into your RCI Points account and you no longer have the the right to use your unit for that year. The exact dates for notifying RCI that you want to use your unit will be specified in the "My Account" section of the RCI Points website.
The reservation can be completed on-line or by phone. It's a simple process. But you must pay close attention to the deadlines. You have the same options for each part of the lock-off. So yes you can use part of your unit and rent out the other part, or receive RCI Points for the unused part, which RCI may then use to place an exchange guest or their renter, etc...
As noted above, you are supposed to purchase a guest certificate in your renter's name if you are renting out part or all of your own unit.
If you reserve the use of your unit or units during the 12-13 month window and later change your mind, you can call RCI and inform them that you want to release the unit and receive the Points instead. There is no dollar cost for doing this. However you may or may not receive the full Point value depending upon how close to the check-in date you call to cancel your reservation.
If you make the call more than 120 days before the check-in date, you receive the full 100% Point value of the part of the unit you are releasing.
If you call between 61 and 120 days prior to the check in date, you receive only 75% of the Points.
Between 31-60 days you receive 50% of the Points
If it is within 30 days of the check in date, you recive only 25% of the Points.
NOTE: Please call RCI 877-968-7476 to double-check this info, as they are notorious for changing the rules w/o notifying members directly.
I generally reserve the use of our 3 lock-off units 12-13 months in advance "just in case" and then release some of them if I find another week (or nights) during on-line searches that I would rather have instead.
If you are trying to rent part or all of your unit to a stranger, the resort should cooperate in verifying that you own it and that you have the right to obtain a guest certificate in the renter's name.
Keep in mind that many resorts charge a nuisance "housekeeping fee" to non-owners. It is usually between $20. to $50. per week. The resort may also charge the renter for use of electricity, an in-room safe, Internet access, and/or other fees that owners may or may not pay. You need to clarify what the fees are, if any, and work out with your renter who will be responsible for paying them.