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; he just liked the area. The agent drove him from house to house. In each case, this buyer suggested offers that were 10% to 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 was not good- looking and had little curb appeal. She was out of options. Nevertheless, this house broke the tough negotiator down. He was suddenly willing to offer the full asking price! What set this house apart from the others? It wasn’t because the buyer had a thing for ugly houses. Nope. The 80/20 rule kicked in again. Buyers pay more for unique features. This agent and her client had spent the whole day looking at houses that shared 80% of the same features. He did not care about any of those details. A bedroom was a bedroom as far as he was concerned. He fell in love with the one remarkable feature of this house. As he 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% could be improved. He did not buy the house because he liked the floor plan or the number of bedrooms and bathrooms. That view caused him to stop negotiating and offer full price on the spot. Such is the power of the 80/20 rule.
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