Often people are faced with the question, “What are the features I need to show the most when selling my home?” We would love to tell every buyer about all the features that your home has to offer; however, you will still get the same or even better results when you accent on a small percentage of the features.
Understanding the 80/20 Rule
“Eighty percent of results will come from just twenty percent of the action.” This is known as the Pareto principle, an Italian economist and philosopher who found an intriguing correlation. The 80/20 rule came from his observations that 20% of the pea plants in his garden generated 80% of the healthy pea pods. He related this to looking at the Italian economic distribution of land. He noticed that 80% of the land was owned by only 20% of the population. He investigated different industries and found that more often than not 80% of results come from 20% of action.
This imbalance was often seen in various business cases:
20% of sales reps generate 80% of total sales
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
Relating the 80/20 Rule to Home Selling
This concept will save you time when selling your home because you will stop trying to sell people on the entire home. Instead, you can highlight on 20% of your home’s features that make it special. The remaining 80% of your home will still affect the buyer’s decision, so do not neglect it, but in photographs and showings, feature the elements that make your home special. Your selling point won’t be the common features your home shares with the other properties on the market. Instead, use your home’s unique features to grab the attention of buyers who are interested in those distinctive features.
Look for the 20% Difference and the Market the Feature(s)
Following the 80/20 rule can lessen the time showing to people who aren’t interested. Instead, you will be showing your home to buyers who are motivated to make a purchase.
You won’t have to show as frequently. You also won’t have to sift through low-ball offers from casual shoppers. Keeping this in mind, you must take the time to uncover your home’s most attractive and unique features and improve them to their highest potential. Compare your house with others in the neighborhood to see what makes yours stand out. Work with that.
The 80/20 Rule in Action: Buyers are Searching for Unique Features
Decide upon, improve, if necessary, and spotlight the unique features of your home in marketing copy, online and print photographs, and in shower the house. If the home has certain features the buyer is looking for, coordinate with your realtor to highlight this aspect in the marketing efforts will attract interested buyers willing to pay the asking price.
Each house will have its unique features. Here are some suggestions if you aren’t sure of yours:
- Hilltop views or high vantage point, offering a spectacular view of the surrounding area
- Open field frequented by wildlife
- Unobstructed views of sunrise and sunset (which are amazing to use natural sunlight that will shine through the windows).
- Patios, decks, dog runs, garden areas, and gazebos.
- Finished Basement
- Fenced in Backyard
- Kitchen islands, peninsulas, or bar areas
- Fireplaces or even outdoor fire pits
Highlight items neighboring houses don’t have, or differences in size or quality. That one vital feature could help you sell your home quicker. This blog was taken from my book, Secrets Every Home Seller Needs to Know. If you would like a copy of my book, please message vbdhelpdesk@gmail.com with your contact information.