From House Hunters to Fixer Upper to Selling the OC … People are obsessed with Real Estate (shows, anyway). To watch it on TV, one would believe you meet the client with a cheery “Welcome to XYZ” making you instant old friends. Next, the most impractical want and wishes checklist (complete with price and color palette) anyone has heard of is created. Then off to the cars to drive various neighborhood streets, tour three homes and, POOF, Realtor and new homeowner are seen sipping champagne in a swanky restaurant having just closed escrow on the perfect home. Huzzah!
I’ve been a Realtor for more than two decades. TV is not anywhere close to reality (did you know that the casted home owner is already the owner of the house they chose at the time of filming?!) … it’s better. And, it’s worse. All depending on attitude.
Meaning: successful made-for-TV real estate is depicted as a succinct 3-step active process, whereas house-hunting reality success, whether long or short, smooth or bumpy is a direct result of how well the client is prepared, how flexible they are willing to be, and how well their expectations are managed.
This is where an 80-20 rule comes in.
No one gets everything they want. I encourage my buyers first to focus on things that they can not change: location and floorplan. Next to consider things that are changeable, but pricey (being mindful to not over-improve) such as countertops or cabinetry. The throw-aways, that 20 percent that a buyer may need to be flexible on to ultimately accomplish their goals, paint, carpet, maybe even a garden that hasn’t been cared for and will need attention.
This is also true of new construction! Inventory homes are often neutral to blah in order to allow the buyer to put their stamp (and keep construction costs lower) and built production homes where the buyer has the opportunity to go to the design center can still offer limited selections. Ironically, even in full custom built properties, buyers can find themselves moving into the less than perfect house because style selections changed or they saw a super-cool Pinterest photo over the course of construction that now just has to happen.
All this to say, if the buyer can get 80 percent of what they want and have to give on 20. That is a win!