RealPage, the real estate management technology platform that claims managers of 19 million units worldwide as users, was looking for a way to extend its reach into the vast short-term stay market. It found that in Airbnb (NASDAQ: ABNB).
The companies have announced the launch of Migo, an apartment-sharing app they say will make it easier for residents and managers alike to take advantage of rising expectations of apartment residents to share their space when they're away.
RealPage CEO Steve Winn said in the June 4 announcement: "The industry has long sought a home-sharing model that allows both owners and residents to participate and financially benefit without impacting existing residents or burdening management with extra work. Our exclusive partnership with Airbnb will make it easier for everyone to benefit from home sharing."
The Migo app won't be exclusive to RealPage clients. The companies say the app is compatible with RealPage, Entrata, Yardi, and MRI and will be available industry-wide in the third quarter of 2021.
A wide range of services, especially for an additional fee
The apartment-sharing app offers a range of services, including access control, noise monitors, cleaning, links to the Airbnb community of customers, and user analytics, and users can choose between self-service and full-service home sharing options, the companies said.
"With self-service, residents and owners can list their apartments or guest suites on Airbnb and self-manage all aspects of their Airbnb listing. With full-service, the Migo host team fully manages all aspects of the Airbnb listing for an additional fee," the announcement said.
That includes allowing managers to designate which units can be used for short-term rentals and using a new revenue management system to adjust rents based on demand.
"Residents can home share for the number of days authorized by the apartment manager and in accordance with local regulations," the announcement said.
In accordance with … the Millionacres bottom line
Indeed, built-in help can be a boon to short-term rental providers trying to keep up with both government rules and what their own landlords may or may not allow, if they're in an apartment.
While not all that many places face an outright ban -- something Michigan lawmakers are considering outlawing (not the rental practice, but the local bans) -- there are plenty of rules in place or on the way. There are also changes in the Airbnb platform itself -- more than 100 of them, in fact -- aimed at helping hosts take advantage of an expected recovery in business and leisure travel alike as the pandemic loosens its grip.
Properly integrated, the Migo app can be expected to provide property managers and individual owners to better take advantage of that market while managing their own books more effectively. And if it proves effective, don't be surprised to see competitors appear, giving entrepreneurs further ability to choose the home-sharing technology and service that best suits how they operate their own real estate investments.