Why AI alone can’t maximize renovation ROI for home sellers
Summary
This article emphasizes that while AI can assist in home renovations, it can't replace the expertise of a human professional when maximizing ROI for home sales. Hosts should be cautious about relying solely on AI tools, as they cannot account for real-time pricing changes or understand local market nuances, which can lead to overspending on renovations. The article suggests focusing on human expertise for renovations for a better outcome when selling a property.
Key Insights
- •According to Realtor.com, 82% of Americans are using AI to navigate the housing market.
- •Recent statistics from Clever estimate that a startling 63% of homeowners end up in debt after a renovation.
Action Items
- ✓Consider consulting with a real estate professional experienced in renovations for maximizing ROI before making costly upgrades to your rental properties.Effort: mediumImpact: medium
Tools & Resources
- →Realtor.com: Realtor.com survey.
- →Clever: Clever statistics.
Common Mistakes
- ⚠Relying solely on AI tools for renovation decisions without consulting human expertise could lead to overspending or a failed renovation project.
More from Pricing & Profitability
This article discusses Kansas City's high occupancy rates compared to other World Cup host cities, raising questions about the effectiveness of efforts to increase short-term rental availability. It implicitly touches on market trends and the impact of major events on the STR market. The article likely explores whether increased rental supply can meet demand while analyzing the city's approach to STRs.
Realtor.com's report on best mountain towns for Airbnb returns reveals key locations for STR investment. The analysis likely includes data on occupancy rates, ADR, and RevPAR to identify profitable markets. Understanding these trends helps hosts optimize pricing strategies and choose lucrative destinations.
Airbnb is offering a $750 incentive for some hosts in Georgia during the FIFA World Cup, potentially boosting occupancy and profitability. This program seeks to capitalize on increased demand from the international event, offering financial benefits to participating hosts. Learn how to qualify and leverage this incentive for your STR.
Curated by Learn STR by GoStudioM