80/20 rule in Real Estate?
Hi I'd like to talk about what is known as the 80/20 rule. For those that don't know about this principle ..." In 1906, Italian economist Vilfredo Pareto created a mathematical formula to describe the unequal distribution of wealth in his country, observing that twenty percent of the people owned eighty percent of the wealth. In the late 1940s, Dr. Joseph M. Juran inaccurately attributed the 80/20 Rule to Pareto, calling it Pareto's Principle. While it may be misnamed, Pareto's Principle or Pareto's Law as it is sometimes called, can be a very effective tool to help you manage effectively." (F. John Reh)
I was wondering if anyone had heard about the 80/20 management system. And for those that have used it, how effective is it? How can an agent use this to maximize results? Thank you.
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