Owners usually do not get free, unlimited use of their room. They book it, and the hotel rents it out on the other nights. Under Tokyu Resort's Okinawa system, owners submit their own stay dates and rental dates four times a year (March, June, September, December), each round covering a three-month block about six months ahead. The six-month lead time exists because the hotel sells inventory to travel agents that far out. For example, August Obon dates are declared the previous December. Tokyu's own FAQ is inconsistent on the New Year deadline (March vs June), so confirm it with the operator.
Dates declared in advance are guaranteed, even in peak season. Later requests are accepted only if the room is still free. Cancelling is allowed, but it reduces the payback points used to calculate your rent. Tokyu says many of its properties set no cap on use days, though some do.
Staying is not free. You pay an 'owner special rate' (オーナー特別料金), described in Tokyu's glossary as covering linens and utilities. It typically varies with the number of guests and costs more for the first night than for later nights. Family and friends can stay at this rate. Extra rooms booked alongside your own carry an 'owner special discount rate'. The Imhome-sponsored site neo-hotelcond says free-stay allowances, where offered, typically run 14–30 days a year, with per-night fees of several thousand to tens of thousands of yen beyond that (example range, not universal).
The payback model shapes your owner perks. Tokyu explains that where payback is based on your own room's revenue (common overseas and in Niseko), owners often stay free. Where revenue is pooled across the whole hotel (common in Okinawa), owners usually get a 30–50% discount instead. With fixed or guaranteed rent, use days may be capped or rent prorated for the nights you stay.
Personal belongings generally cannot be left in the room, because it is rented to guests. Some properties have a locked owner locker for clothes, golf bags, skis or diving gear. Depending on the hotel, other perks include restaurant and facility discounts, early check-in or late check-out, owner lounges and airport transfers (Tokyu Resort; Fun Okinawa).