| How many times have you heard that curb | | | | recent experiments in neuroscience have |
| appeal is half the sale? Why is it that | | | | captured the full attention of Corporate |
| certain ethnic groups are so keen at using | | | | America and Corporate Japan. New scanning |
| tiles and marbles, whereas others prefer | | | | techniques are making it easier to determine |
| hardwoods and plaster? What's the scoop | | | | how our minds work and creating hopes in the |
| behind the trend of new construction - more | | | | corporate world, that companies can finally |
| bedrooms, more bathrooms, higher ceiling | | | | figure out how consumers are wired so as to |
| clearance? What makes a neighborhood trendy? | | | | establish new connections with customers. And |
| Why is it that fashionable colors, all of a | | | | the field of real estate sales is at the |
| sudden, are no longer fashionable? In | | | | forefront of this scientific research. |
| essence, what is it that drives innovation | | | | |
| and change in real estate? | | | | The breakthrough behind all this is the |
| | | | development of functional magnetic resonance |
| Gianni Versace (1946 - 1997), perhaps the | | | | imaging or 'fMRI', the latest in neuroimaging |
| most famous Italian stylist and designer of | | | | technology, which displays not only the |
| contemporary times, and Andy Warhol (1928 - | | | | structures of the brain but also how they |
| 1987), one of the major figures of the | | | | actually function by measuring blood flow. |
| American Pop Art movement, both had an innate | | | | And the corporate world is particularly |
| knowledge of one of the most profound tenets | | | | interested in how neuroimaging can be applied |
| of economics, that is the production of | | | | to study empathy, trust, deception, emotional |
| wealth comes not simply from labor or raw | | | | communication, body language and generally |
| materials or even intellectual brilliance. It | | | | speaking all issues that are central to human |
| comes from new ways to give people what they | | | | existence and interaction. Decision-making |
| want. By matching creativity and desire, the | | | | is, of course, at the top of the list. |
| economy will renew itself. Thus, it is | | | | |
| imperative to abandon prejudices regarding | | | | Research, especially in real estate, |
| the sources of economic value. | | | | indicates that consumers love novelties and, |
| | | | what's more, can create novelties. Consumers |
| It follows, that manufacturing and technology | | | | are not mere passive recipients of goods and |
| generate wealth only when they make matter | | | | services but, rather, active producers as |
| and information serve human desire. Desire is | | | | well. The reason is that at the basis of |
| the true source of economic value, and the | | | | production and consumption there is human |
| motor behind demand. So, to exploit any | | | | imagination and desire for novelty. |
| market - being fashion design as in the case | | | | Furthermore, when people actually 'own' |
| of Versace or Pop Art as in the case of | | | | novelties in the form of goods, they set |
| Warhol - since people want pleasure, those | | | | about to convince others that the possession |
| who bring pleasure will make the economy go, | | | | of such novelties shows that they have |
| because what is bringing pleasure is | | | | achieved a higher status, and that if others |
| anticipated status enhancement. This rule of | | | | were clever enough to do what they did or to |
| thumb applies all the more in a big-ticket | | | | possess the same things that they have, then |
| industry such as real estate. | | | | the others too could achieve high status and |
| | | | enjoy all the good things that come from it. |
| Contrary to what most of us believe, humans | | | | |
| do not make rational decisions, at least not | | | | The continuous interaction between desire and |
| pre-eminently but, rather, their conclusions | | | | demand on one side, and production and supply |
| are rooted into deeper sources of motivation | | | | on the other side, is what rejuvenates and |
| located well within the realm of | | | | regenerates real estate markets through |
| sub-consciousness. Marketers already seem to | | | | trends and innovation over and over again. |
| know a lot about how consumers think, but | | | | |