• 20% of customers account for 80% of total profits. • 20% of the most reported software bugs cause 80% of software crashes. • 20% of patients account for 80% of healthcare spending. Understanding this principle is paramount not just for effective property preparation, but for establishing a stronger negotiating position throughout the selling process. The principle of focused effort applies throughout the selling process, from preparation through negotiation. As you will see in Chapter 11, targeting the right buyers follows the same 80/20 principle.
RELATING THE 80/20 R G THE 80/20 RULE TO HOME SELLING
Understanding the 80/20 rule concept can dramatically improve your selling strategy and strengthen your negotiating position. Applying the rule, you stop trying to sell people on the entire property Instead, you strategically highlight the 20% of your property’s features that make it special; the elements that will create emotional connection and drive buyer interest. One of my listings had an incredible outdoor recreational design with an amazing pool My color brochure was picked up by the 10-year-old son of prospective buyers from New Jersey. When they returned from their house hunting trip, their son pinned the brochure to the underside of their canopy bed as he campaigned for the house of his choice. They bought the house. The remaining 80% of your property still affects the buyer's decision, so do not neglect it. However, by focusing your preparation, staging, and marketing efforts on the most impactful 20%, you create a more compelling presentation that attracts serious buyers and strengthens your position when negotiation begins.
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