You have probably heard about the 80/20 rule in your profession, services, or products your company supplies to the market where you were taught that 20% is vital and 80% is trivial.
- 80% of your income is derived from 20% of your work.
- 80% of a business’s income is derived from 20% of their customers.
- 80% of your value to your employer is derived from 20% of your work.
Focus on unique features to grab buyers’ attention:
20% of your Home features are important. The remaining 80% are trivial. If most Sellers learn how to tap into this rule, they will not have to settle for less than their asking price . Buyers who fall in love on the 20% do not bargain over pricing; they make good offers.
Let’s assume you as a seller have a 3 bedroom/2 bath house, and let’s also assume that there are five other houses for sale nearby with practically similar features and they’re all priced with the same range. Two of those homes are facing a large pond, two others are backing to a nice reserve, and the last one is situated on a large corner lot but not considered a premium lot.
I, as an experienced a real estate agent, took the buyer to view the two homes backing the reserve and not all five homes. Why didn’t I show him other homes that have similar layout ? simply because I had thoroughly interviewed my client and understood his needs. He was a busy man that worked in a highly hectic environment and he wanted an area in his home where he could relax and be in direct contact with nature. Bingo!
The buyer’s decision was not based on the 80% of features this house shared with the rest. Instead, his choice was strictly based on one unique attribute: a peaceful reserve where he could unwind and de-stress.
On another different instance where the 80/20 rule helped a seller receive a full offer for his home that languished on the market the market for months. A custom builder believed that if he focused on highlighting all the upgrades and the interior perks, he would impress buyers. There were other custom built homes within two miles radius that offered similar features. He did not understand why would his fancy new house sit on the market for several months. He ended up hiring our team for a limited service term to help him find that one buyer he was looking for.
After going out to the home and analyzing its potential, we realized that he was not focusing on one feature that could changed everything. His house sat on 3.45 acres while the others were on 1 to 2.85 acres. The difference in numbers may seems small but the outcome is huge. As a marketing specialists, we highlighted the importance of the acreage and mentioned all the benefits a new buyer can enjoy owning this luxury home. Although we mentioned details and a description of the house, it was never the main selling point. In no time, our phone rang with a full offer from a buyer relocating to Florida from Chicago. We closed in 30 days. The seller was impressed, and we were happy to serve his needs.
Understanding the 80/20 rule and special feature on a home is extremely vital. Never create an advertisement similar to every other house in the area. Instead, turn attention to something different about your home. You will attract interested buyer. Buyers willing to pay FULL PRICE.