Forbes Reveals RealPage and Airbnb’s Apartment Sharing Solution
Learn how Migo is simplifying home sharing, and providing new revenue opportunities, for renters and property owners alike.
Monetized Multifamily Home Sharing
- Partnered with Airbnb
- Access Untapped Revenue Streams
- Empower Residents to Live Flexibly
Migo is an amenity that enables multifamily owners and residents to participate and profit from home sharing on Airbnb.
Share in the Returns
Migo’s new multifamily solution for home sharing on Airbnb pays off for everyone.
Data Source: Migo
Flexibility for Modern Life
Your residents want freedom. They want mobility. They want financial well-being. And with the Migo home sharing solution at your fingertips, you can harness the power of RealPage ® to deliver the only comprehensive suite of technology and services needed to successfully manage, monitor, and monetize home sharing on Airbnb in multifamily communities. Unlock new revenue streams for your property while supporting residents’ desire for flexibility and the ability to offset their rent by up to 20%.
One-Stop Solution
Migo has cracked the code to multifamily home sharing on Airbnb.
Migo by RealPage is the only comprehensive product suite designed to provide all the services you need to add true home-sharing capabilities to your multifamily community. Plus, our demand pricing tool displays and monitors the market, delivering optimized unit per night pricing, so you can be assured that your units will be priced at the most competitive market rates.
Featuring a clean, intuitive interface for owners, a rich mobile experience for residents, and the ability to sync effortlessly with resident portals or be used as a stand-alone app, Migo simplifies and secures the multifamily short-term rental experience—for owners, residents, guests, and community managers.
Truly Flexible Product Suite
Migo home sharing accommodates multifamily home sharing that maximizes owner and resident revenue.
Utilizing our proprietary software suite, residents and owners can list their units on Airbnb using our Self-Service operating model. Migo can operate an owner’s furnished guest suites in Full-Service mode for a period of time during implementation and training of their staff.
With Self-Service home sharing, a resident or owner is responsible for their unit's Airbnb listing, guest communication, access control, cleaning, and managing each booking from start to finish – facilitated through our proprietary tech tools.
Migo monitors and alerts you if residents and/or short-term guests are not following the terms and restrictions your community owners have established for home sharing.
How it Works
Easy as 1, 2, 3...
Once you’re ready, getting started is easy. The Migo team will perform the following steps.
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Determine if the community is in a city and state that is viable based on regulations and local laws.
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Run a detailed analysis on the community to determine if the exact parcel, technology infrastructure, and building condition makes it a viable home sharing candidate.
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Provide the optimal Migo product recommendations for your approval, triggering the Migo implementation process.
When They Share, You Earn!
Maximize rents and retention rates by delivering differentiated amenities that bring real value to resident lives. With Migo, there’s a lot to gain from offering home sharing for your residents, including additional revenue for your property.
Use our home sharing calculator to see what home sharing can generate for your community.
How Does This Calculator Work?
Our calculator feeds your community address into the AirDNA* database to compile an extensive list of nearby short-term rentals, creating an index based on relevance. The more similar the property’s attributes – the more of a bearing it has on the calculation. It also factors in market-wide metrics such as seasonality, rental demand, and revenue growth.
By comparing similar assets, location, and unit count/unit types, this calculator can make highly accurate assumptions about the earning potential. While actual results may vary based on external factors (e.g. changing regulations), community owners are able to gain insights into how much their communities could earn by utilizing home sharing.
Our calculator feeds your community address into the AirDNA* database to compile an extensive list of nearby short-term rentals, creating an index based on relevance. The more similar the property’s attributes – the more of a bearing it has on the calculation. It also factors in market-wide metrics such as seasonality, rental demand, and revenue growth.
By comparing similar assets, location, and unit count/unit types, this calculator can make highly accurate assumptions about the earning potential. While actual results may vary based on external factors (e.g. changing regulations), community owners are able to gain insights into how much their communities could earn by utilizing home sharing.
*AirDNA is not authorized, endorsed by or otherwise affiliated with Airbnb
Platform Agnostic
Migo is platform agnostic—to be as flexible as possible. Whichever property management system (PMS) you use, Migo will connect because ease and connection come first.
Need Smart Access Control?
Migo requires one of several home sharing capable access control systems. However, when Migo is paired with RealPage’s Stratis IoT for Sidewalk to Sofa™ access control, owners can unlock even more untapped revenue streams. Find out how to start maximizing revenues, increasing retention rates, and differentiating your community with Migo today.
Start maximizing revenues, increasing retention rates, and differentiating your community with Migo today!
*Based on Migo modeled data as of June 2021. Statistics are representative of average performance in locations where home sharing is permitted by local laws. Actual results may vary and are not guaranteed.
Frequently Asked Questions
General
Can I use this product even if I am not on a RealPage PMS?
Yes. Our home sharing product is platform agnostic and can work on RealPage, Yardi, Entrata, and MRI.
What type of building works best for home sharing?
Buildings located in highly desirable travel destinations lend themselves best to home sharing. These buildings typically have the following common elements:
1. High walk score / urban location (or tourist destination)
2. Constructed within the last 5-7 years
3. 24 hour concierge/security coverage
1. High walk score / urban location (or tourist destination)
2. Constructed within the last 5-7 years
3. 24 hour concierge/security coverage
Is home sharing viable and possible in my area?
Unfortunately it is not a simple answer. However, our team can answer this for you very easily with a little bit of additional information. Simply fill out the contact form on our website and you'll receive a link to input your property information. One of our in-house analysts will immediately review the local laws, zoning, permitting, and tax configurations and promptly contact you with a clear answer.
How much money can I make?
Your revenue potential is dependent on many factors such as location, time of year, quality of your Airbnb listing, etc. That said, you can estimate your community's earning potential by using the revenue calculator found on our website.
Which booking platforms can my units be listed on?
Through Migo, units can only be listed on Airbnb, our exclusive booking platform partner. RealPage has deemed Airbnb to have the best interface and user experience for both residents and guests. The experience-centric focus and brand loyalty they have achieved with the demographic of residents that would participate in home sharing make Airbnb the best partner for short term rentals in multifamily communities.
Is there customer support available?
Yes. Migo Support is available Monday-Friday from 8am - 5pm CST. All messages will be responded to during that time or the next business day.
How are the home sharing units priced?
Units can be priced manually, automated with Airbnb Smart Pricing, or automated by using PriceLabs, a revenue management tool compatible with Airbnb. This tool provides pricing recommendations based on seasonality and local market conditions. We highly recommended using PriceLabs to optimize your earnings.
Resident Home Sharing
How often can a resident home share?
Residents at a Migo-enabled property may only home share up to 180 days per year (enforced by Migo) to ensure the that resident is truly a resident and not primarily living elsewhere. However, local laws, municipal regulations, and the owners preferences could limit or reduce this number.
Can a resident home share more than one unit?
No. Migo has a policy that restricts a Migo-enabled resident to only home share their primary residence. This is to prevent residents from having multiple units in a building (that they are not living in) and take otherwise affordable housing stock off the market for those looking for a primary residence.
How will transient activity affect residents' experiences?
Every building is different based on location, resident demographic, etc. We have anecdotally found that buildings only enabling furnished unit/guest suites for home sharing (excluding resident home sharing) had some negative resident sentiment around the activity. However, when residents were allowed to also participate in home sharing, their sentiment surrounding the activity was much more accepting.
Community & Staff
Is 24 hour staffing required?
Yes. Having 24 hour concierge and/or security presence is highly recommended in order to ensure home sharing runs smoothly within your community.
What type of access control do I need?
Home sharing works best when residents can use smart access control (Stratis, LATCH, SmartRent, RemoteLock) to manage their guest access. However, Migo is also compatible with the smart key locker system called KeyCafe that is more cost effective for properties that cannot afford to upgrade their access control. So, in short, we're able to accommodate any configuration.
Will this cause more work for my onsite staff?
Minimal, but yes. Our team does our best to automate and direct all resident and guest home sharing needs to our Migo Host support team; that said, your on-site staff will need to have a basic understanding of common questions and action items they may encounter with home sharing. Our team will provide ample training, info sessions, and support to your team during onboarding.
If I want a few vacant units furnished and turned into short term rentals, can Migo help with that?
Yes. The Migo implementation team has extensive experience in managing furnished unit installations. Our team utilizes best-in-class partners to design, procure, and execute as affordably and efficiently as possible.
How much should I spend on my furnished units?
Pricing varies based on bedroom count, geographic location, nightly hotel rates in your area, etc. If you're curious to get more detailed pricing, please contact our team.
Guests
Are guests criminally screened before arriving?
Airbnb performs comprehensive background checks on guests to the extent available and permitted by law in accordance with their standard procedures, but cannot guarantee that they have conducted a check on every guest. Learn more about background checks for Airbnb members here.
What happens if a guest damages my property or injures themselves?
If a guest damages your common areas or units during a stay and doesn't reimburse you, you may be protected with up to $3,000,000 USD in property damage protection and $1,000,000 USD in general liability coverage through Airbnb. For more details, see Aircover for Hosts. Migo also provides the option for additional insurance that is designed to cover guest-caused property damage that may not be protected by Airbnb.
Do I need to provide storage for guest luggage?
No. While it does help to have additional on-site storage, guest luggage storage is not required. Guests will have the option to use LuggageHero to safely and securely store their luggage at a nearby retail location prior to check-in and/or after check-out.
Who handles unit cleanings prior to guest arrival?
Residents and owners have the option of cleaning the units themselves, or booking our preferred cleaning company, Spruce, directly through the Migo app to clean the unit for a fee. In either case, a cleaning fee can be added to the guest charges.