My annual prediction post…of sorts. Just a few quick hitters…
Remembering last year before we look forward to the coming five….
Assume that:
Predictive analytics point people to the perfect Experiential Apartment Community (EAC) for them. One stop shop – if you will. Marketing as we know it – even today – will be rendered uninteresting and borderline useless.
Apartment prices are predicated on twenty times the metrics they are today – think big social data.
Interactive Digital Signage trumps the kiosk and does most of the heavy lifting as it relates to leasing and service after the sale.
People choosing to do business with you do so by telling Siri (or, any equal) what they need and she taps into your community IDS and together these two Digital Experiential Monitors take care of it all.
Personal Experience Agents pick up where the DEMs leave off. If there is anything left to do.
The term social media finally gives way to something deeper and more meaningful.
Business newcomers continue to fragment people’s attention by inventing 300 new variations of review sites, ILS’s and niche communities.
ILS’s, middlemen and other business newcomers stay in better contact with your residents than you do.
ILSs service after the sale.
ILSs create loyalty programs.
Middlemen reinvent themselves such that he comes back with a crushing vengeance.
The Nest finally prices for the masses.
The Internet of things is near saturation.
Smart appliances, mechanics and hardware schedule their own maintenance calls.
Those same appliances, mechanics and hardware, once repaired, follow-up via the preferred method of communication.
They also, order up the part used to repair the problem.
They also, order in bulk for your portfolio assuring you bottom dollar pricing.
Your current apartment related job is either gone or looks 100% different from today.
What then?
0 Responses
It’s certainly awesome to think of the future’s possibilities. I can see your vision for the most part except for the ILS’s. I wonder with the trend towards decisions based on non-advertising mediums, whether or not the relevancy of the traditional online advertising will really matter in the near future. I see something like Google with its already powerful predictive search capabilities being a forerunner for decisions in much narrower fields. I guess we will have to see! Great post my friend.
J – thanks for taking the time to chime in on this one. I think we are on the same page – I call them ILSs for lack of knowing what the business model will be called at that point. I do think the big players today remain in play – in some capacity. It will just look far different.
What I do know is that it is fun to be a part of the evolution of our business. Crazy good times.
Take care and have tremendous holidays.
M
Mike … you are spot on with your comments! ISL’s are moving to the neighborhood/ information model… If you want to see what I am referring to just search neighborhood information… take a look at Nabewise, Everyblock, Scout and so on… this is where we will see our conversation going in 2013… Even sites like Zillow see this trend and are moving to that model. Property Mangers will have ratings and reviews that will follow them for their entire career. One last comment… Goggle is getting ready to do something that is going to blow this market apart…. they are already working with the experts in our industry to figure it out 🙂 Happy Holidays!
Tammy! Okay – way to make the brain go into over-drive! Thank you for taking the time. And, you have an amazing holiday season. Looking forward to crossing paths again in 2013.
M
Tammy, Are you talking about Google Now and the predictive technology behind it?
No Mike it’s not Google Now…. Their working on something that will change a few models in our industry and I am not at liberty to speak about it.
Tami L. Siewruk
Chief Imagination Officer
Multifamilypro
MproTV
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― Seth Godin ,
I kind of hope this doesn’t happen. Some of it sounds cool but I really hope people don’t become irrelevant. I wouldn’t rather tell Siri my wants and problems than tell a living, breathing human with emotions. That scares me.
Jessica – Hey thanks for taking the time. Especially in light of your upcoming island vacation :-). I can really appreciate where you are coming from with your remarks. In the same respect – I think there are people out there (me included) that would love the DIY human-less transaction. I say that for nearly every piece of the apartment leasing and service after the sale pieces of our business. I like people that do sales for a living but I don’t like salespeople. I do my best to avoid them in every transaction I partake in. Give me google, amazon and UPS and I am good to go.
It’s not for everyone as you imply – and, I respect that.
Here is to many clouds and much rain during your vaca – j/j.
M
Hey Mike, Interesting thought process here, however in five years there will be no ILS, and those who think different are living in yesterday. Albeit there may be a straggler here and there, they will not yield the power they do today. The model is broken and no social media quick add on will cover the gap. It is dead as we know it, it just may take several years for folks to figure that out.
That said, some other third party, hyper local partnership marketing neighborhood service, that targets the apartment shopper (and how already knows who they are, what they like and where they are) will sweep us off our feet, delivering conversions rates beyond our current wildest dreams will appear, for a fraction of what we currently pay per lease, (not per lead, as that will be outdated, it already is)
Fun time ahead,
Hi there Eric – It’s been too long. I can agree with you on your point and I think we are on the same page. I use ILSs for lack of a better descriptor at this point. I think the players behind that business model will be around for a long time to come – the difference will be their forward facing aesthetics and inducements.
It’s gameon for everyone out there right now and I think it is going to give cause for some crazy amazing things to happen over the coming three to five years.
I love to dream about it and look forward to participating at some level –
Have an amazing holiday and year to come. I would love to make it up to the big D sometime and check out what you are up to.
Take care,
M
I’m in love with the idea of appliances requesting their own maintenance.
Jolene – thank you for taking the time to chime in. I think a lot of this stuff is closer than you might think. The technology is very close, it’s just getting the ROI in line. That and starting the conversation such that people get dialed in.
Hope your holidays rock! Cheers to you and yours.
M
May the human element never leave, in our industry or any industry. I get that technology can do most of a sale’s rep job these days, and I’m okay with that. But until all the technology runs flawlessly and doesn’t need electricity to power it, then humans will always have a job. But that job will look drastically different in five years and humans must adapt or they’re looking for another job.
Great post.