When you sell your home, focus on unique features to grab the attention of buyers.
These features make the home different from others. These features will make it easier to sell your home for the full asking price. Let’s look at a few real life applications and examples of how the 80/20 Rule can have an impact.
So there’s a buyer looking for a 3 bedroom, 2 bathroom home. Let’s assume you found him five houses to preview. Each meets his general criteria, and is located in the area he hopes to live.
You go out with the buyer to view them. They all have very similar features. The prices are comparable. In theory, you might think the buyer will have a hard time deciding between houses.
No matter how similar they may seem, no two houses are exactly alike.
In real life however, that is not the case. The 80/20 Rule comes into play. Imagine four of the houses don’t have a pool, but one does. He is not aware of this though, because the agent didn’t mention it.
The buyer sees the four houses that don’t have a pool. He isn’t particularly interested in any of them. Then he sees the fifth house and the pool! Suddenly, he is ready to make an offer. He may even pay full asking price, even though this house is more expensive than the others.
The 80/20 Rule in action: Buyers focus on unique features.
His offer isn’t based on the 80% of features this house shared with the rest. Instead, his bid is based on one unique attribute: a pool. The 80/20 Rule predicted the sale of this house.
When you sell a home, you can leverage the rule to work in your favor. Draw attention to defining characteristics in your home.Here is a real life example. A real estate agent had a client visit from out of town. He did not have a list of criteria, just liked the area.
She drove him from house to house. In each case, this buyer suggested offers 10-20% below the asking price. He would not budge. She began to worry; the whole day was turning into a big waste of time.
As the sun set, they stopped at one last house. It did not have a lot of curb appeal. It was not a good looking home. She was out of options. Nevertheless, this house broke the tough negotiator down.
He was suddenly willing to offer the full asking price! You may wonder what set this house apart from the others. It was not because he had a thing for ugly houses. Nope. The 80/20 Rule kicked in again.