Sadly, in this case, much time was wasted finding the perfect house. Had the agent known to look for the 20 percent difference, this could have been their first stop. As a seller, you can leverage the rule to work in your favor. Draw attention to defining characteristics in your home. Here’s a real-life example. An agent had a client visit from out of town. The client didn’t have a list of criteria; he just liked the area. She drove him from house to house. In each case, this buyer suggested offers 10 percent to 20 percent 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 much 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 might wonder what set this house apart from the others. It was not because the buyer had a “thing” for ugly houses. Nope. The 80/20 rule kicked in again. This agent and her client spent the whole day looking at houses that shared 80 percent of the same features. He didn’t care about any of those details. A bedroom was a bedroom as far as he was concerned. This plain-Jane house had something special. And he fell in love with this one remarkable feature of the house. As you walked into the great room, there was a large window. The house sat atop a hill with a gorgeous view. And to top it off, the sun was setting below the distant tree line. That view sold the buyer. The other 80 percent could be improved. He didn’t buy the house because he liked the floor plan or the number of bedrooms and bathrooms. His decision was completely based on the hill and view. That view caused him to stop negotiating and offer full price on the spot. Such is the power of the 80/20 rule. Learn how to tap into this rule and you’ll not have to settle for less than your asking price. Leverage a unique selling point. Buyers who fall in love don’t bother to haggle over pricing—they make good offers. In some cases, the 80/20 rule even helps people make a sale without conducting a showing. This is a huge time saver. The house in the following example had languished on the market for months.
26
Powered by FlippingBook