3 Ways You Can Make Money From the AI Revolution, According to Money Expert Preston Seo
Written by
Peter Burns
Edited by
Molly Sullivan
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Since the explosion of AI use in late 2022, many Americans have felt increased anxiety about having their jobs taken by a bot. A study by Ernst & Young LLP found that 71% of the 1,000 surveyed employees had concerns about AI, with 65% of respondents saying they were worried about getting replaced. While AI has undoubtedly disrupted the job market, not everyone is fearful. In fact, some people are very optimistic about what AI has in store for the future.
Preston Seo, a real estate investor and social media star, took to Instagram to tell his followers about the positives of AI. In a recent post, he claimed that while people will lose 92 million jobs because of AI by 2030, it will create 170 million jobs in the same timeframe.
The bottom line is AI will shake up the job market, but there are ways you can profit from it.
Automating Property Management
Short-term rental properties have grown in popularity since 2007, when Airbnb began.
Seo makes $34,000 a month renting out Airbnbs. How he manages his properties is one way he’s taken advantage of AI to make a profit.
In the past, dealing with multiple short-term rental properties took a lot of time. Owners would have to manually schedule bookings, cleanings and maintenance. They’d also need to handle all communication with guests personally. Some would use a property management company to deal with these tasks, but this drives up the costs of the business.
Seo uses AI software like Guesty and Uplisting to automate a lot of these tasks. Guesty, for example, is a hospitality operations platform for tasks like processing payments, settling claims, communicating with guests and scheduling bookings. Seo pointed out that using AI-powered property management software “makes day-to-day operations easier, faster and cheaper.”
Keeping Pricing Competitive
Pricing is a key element of business success. Before AI, finding the right price for a product or service required large periods of market research and some trial and error. If you’re trying to figure out how much to charge for your rental property, you’ll need to know what the neighbors are charging. If there’s a holiday coming up and a large number of visitors need a place to stay, you’ll want to boost the price. However, listing a price too high may mean you’ve got an empty room over the holiday and miss an opportunity. A price that’s too low means you book your room but lose out on greater profit.
Seo recommended making your life easier with another AI tool called PriceLabs. This software provides property managers and owners with the most optimized prices for their rental properties. It gives data-driven price recommendations that account for market trends, seasons, events and holidays. You can easily track your unit’s performance in real time or compare it to past booking rates or other properties.
Optimizing Your Operations
Using AI to streamline your operations is another way to profit from it by saving time. Seo recommended using the paid version of ChatGPT to make your life easier. While he uses it to simplify the management of his Airbnb units, it can be a useful tool for all types of industries.
Seo pointed out that ChatGPT is a great resource for doing any type of research. Even the U.S. National Library of Medicine has written about how ChatGPT can play a supportive role in scientific and academic research, though it points out the potential for mistakes and inaccurate findings. For Seo, it’s a great tool for understanding important policies like zoning laws, permits and other regulations that could lead to severe penalties and fines when ignored.
ChatGPT can save you time in other ways. Seo explained that it’s an AI tool that can quickly create emails, headlines, property descriptions and message templates. In some cases, you can use it to lay out the framework for what you need and then customize it. It can also act as a sounding board to help you brainstorm ideas and make decisions.
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