Autumn is here, with it’s amazing colours, fall launches and numerous events. I recently attended the Urban Land Institute’s Trends in Real Estate event, and one of the key themes was technology.
It’s been a while since I have heard the term, ‘planned obsolescence’ in everyday conversation. Now it seems to come up again and again. 3G/LTE is now going to become 5G, computing is heading to quantum computing, and AI is now becoming part of our everyday lives. 5G will become 6g, 4k will become 8k, and AI will become true AI with self-awareness. And of course, Netflix now will force me to get a new TV, or Roku Stick, or Apple TV, assuming those are compatible with my current TV.
Going back to the Urban Land Institute event, where 5G, ghost buildings, were all discussed, but what was not said is what happens when a wired 5G building needs to be re-wired for 6G, or whatever new technology comes along that allows information to be shared at even faster speeds? So how can a developer of hi-rise condos, accurately plan for future technology? How can construction companies plan and execute re-cabling a 50+ storey building? Forget about drone deliveries, these quantum leaps in everyday technology is another challenge for the real estate and construction industries to face.
Technology can transform and enrich our lives; however, the issue is, do I have to buy a new 4K TV? I really don’t think that I need 4K, which our course will, in time, become 8K, and so on, and so on. This leads me to technology and marketing.
For years I have heard, and seen demonstrations of VR, I’ve seen how immersive it is and how it can empower purchasers to choose colours, finishes etc., in the sales centres. What has not been really discussed though, is what the real power of VR is.
To put it simply it’s data, in real time. Same with touchscreens. I have yet to see displays that can track eye movement, used in sales centres. There are costs and timing analysis to consider before implementing VR, AR, or for that matter any technology into the sales process. Also, to think about is, how can we use this technology on websites, and mobile and desktop devices to enhance the home buying experience.
I am not discounting tactile interaction. Consumers still have the need to touch and feel. To embrace and to hold. Well-designed and well-produced brochures and displays, will never be replaced. Here at L.A. Inc. we believe there should be a thoughtful balance between digital and traditional in our marketing mix.
As for drone technology and autonomous travel, maybe that will be my next blog. In the meantime, feel free to give us a call to continue the conversation, who knows where it may lead.
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