Buyers will say to me, ‘How much is the interest rate?’ I’ll say, ‘You know what? That’s a really great question, what I do know is it’s $624 a week. So, my question to you is, ‘Is that an amount of money that you feel you can afford in the good week'?
Sydney, Australia (PRWEB) June 04, 2013
The power of reframing
Mr Otton discusses a strategy to challenge the standard property investment mindset, using reframing to get the answers you want to common questions from buyers and sellers.
“Buyers will say to me, ‘How much is the interest rate?’ I’ll say, ‘You know what? That’s a really great question, what I do know is it’s $624 a week. So, my question to you is, ‘Is that an amount of money that you feel you can afford in the good week and not so good week?’”, said Mr Otton.
“The reframe is the restructure of a question,” added Mr Otton. “I didn’t get into the conversation about the interest rate.”
Tell them they’re dreaming
Mr Otton and his student also revealed the best way to gently let a seller know their asking price is too high.
“When people say, ‘This is what the other houses are selling for in the area,’ I always get them to specifically point out a particular house.” said Mr Otton. “They always end up describing a house that’s better than what you’ve got, like it’s got an extra bedroom or something.”
“Well, if their house has this and this and this and your house has got that and that and that, if you were me which house would you buy?” Or, “Which house do you think the smart person would buy?” Then they’ll go, ‘Well, I guess when I think about it, the other house.’”
Mr Otton suggests using this as an opportunity to introduce creative real estate strategies into the discussion. Mr Otton’s property investment strategies have shown tens of thousands of people a way into the real estate market without a mortgage, a deposit or real estate experience.
“Another one is, ‘Look, I’m okay with your price if you give me some flexibility over the timeframe that I get it all paid to you.’ That just opens the door right there,” said Mr Otton.
This and Rick Otton’s other property investment podcasts can be heard at any time, absolutely free of charge at CreativeRealEstate.com.au. Phone enquiries in Australia can be made on 1300 888 450.
About Rick Otton
Rick Otton has spent decades making money by snapping up inexpensive real estate and putting it to work building wealth, and teaching others to do the same.
He is the founder and CEO of We Buy Houses, which operates in the US, UK, Australia and New Zealand, and through this business he puts his strategies to work every day.
Mr Otton received his start in alternative real estate investment in 1991 in the US, and within a year acquired 76 properties. In subsequent years, he made a fortune using his low-risk, high-reward strategies to inexpensively acquire real estate. He continues to do so.
As well Mr Otton travels between his home in Australia, and the UK, sharing his wisdom and teaching others how to buy and sell real estate, free from the constraints imposed by traditional lenders.
In 2013 Rick is celebrating the 10 year anniversary of introducing his property option strategies to real estate investors in the United Kingdom – the first person to reveal these ground-breaking strategies. In 2008 he created the first of his ‘Houses for a Pound’ strategies, upon which he grows as markets and laws evolve.
Mr Otton has been featured in a variety of television programs and magazines and in 2013 he published ‘How To Buy A House For A Dollar’ for the Australian market. This book has been named in the list of the Top 10 Most Popular Finance Titles for 2013, as voted by Money Magazine and Dymocks Book stores. A UK version is on the drawing board.
Rick Otton’s podcasts are freely available on CreativeRealEstate.com.au. Phone enquiries in Australia can be made on 1300 888 450.