Unfortunately, much time was wasted in finding the “perfect house.” Had the agent known to look for the 20 percent difference, this may have been their first stop. As a seller, you canuse this rule in your favor. Drawattention to unique characteristics of your home. Here’s a real-life example. A real estate agent had a client visit from out of town. He 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 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 a lot of curb appeal (attractive from a distance). It was not a good-looking home. She was out of options. Nevertheless, this house managed to break 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 wasn’t because he appreciated ugly houses. Nope. The 80/20 rule kicked in again. THE 80/20 RULE IN ACTION: BUYERS PAY MORE FOR UNIQUE FEATURES This agent and her client had 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. He fell in love with the one remarkable feature of this house. This ordinary home had something special. 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!
12
Powered by FlippingBook