Make it you; let your dogs out! Having bird dogs on your team allows you to leverage your time, energy, and money. It’s a low-cost way to acquire properties for sale by motivated sellers, and it keeps a steady flow of deals coming in.
The top real estate investors wear several different hats, including finding deals, negotiating deals, funding acquisitions, managing construction teams, and more. Finding properties at a discount is without a doubt one of the most crucial activities. This can be both time-consuming and expensive. It is important to leverage BOTH your time and your money.
This is when hiring a “Bird Dog” comes into play.
If you want to succeed in the real estate game, you must assign tasks to individuals on your team who can free up your time. This will allow you to concentrate on the lucrative parts of closing real estate deals. Why drive around looking for properties when you can have a pack of bird dogs to act as your eyes and ears in the neighborhood? The final effect is a constant flow of leads you wouldn’t otherwise have.
Additionally, adding bird dogs to your squad is a fairly cheap approach to increase leads. There is very little initial investment required, and you won’t lose money if your bird dogs don’t produce quality leads you can follow. Very few marketing techniques provide this benefit.
What is a Bird Dog and what do Bird Dogs do?
A Bird Dog is a person that finds investment properties for buyers of real estate. Other names for bird dogs include deal hounds, property locators, and property scouts. Some individuals even refer to wholesalers as bird dogs. A bird dog explores properties for other investors in exchange for a finder’s fee.
Many Bird Dogs perform this role while they are studying the fundamentals of real estate investing in their spare time. The Bird Dog only identifies potential deals and provides the investor with information about the properties. The investor compensates the Bird Dog with a finder’s fee if and when the investor completes the transaction. It’s that simple.
HOW TO BE A SUCCESS:
• Recruit- while it may take some time, it is well worth the effort to select the best bird dogs.
• Coach- To get your bird dogs started and to help them as they bring you bargains; you’ll need to coach them.
• Manage- Just like in any business, you’ll need to manage your people and transactions, including how leads are sent to you, how you respond to leads, and how quickly you pay when a lead turns into a deal.
Recruit
If you are really trying to leverage your time, you can recruit bird dogs to do the property scouting for you. A good bird dog can be invaluable to your business. Understanding the role of a Bird Dog will help you discover and train your bird dogs to bring you bargains.
When hiring bird dogs, you’re NOT seeking people who are unemployed all the time. You want someone that is motivated and eager for extra money on their terms and timetable.
The best bird dogs are active, have reliable transportation, and are well-connected. They must have access to a computer and a cell phone. Use your own network to find bird dogs; Ask your mailman, the landscaper, your hairdresser, or anybody else who is frequently seen around your neighborhood.
Don’t forget about your regional REIA and hungry college students. You can even enlist the help of real estate brokers to look for off-market properties for you. Realtors spend a lot of time traveling through neighborhoods, so having a group of them on hand to bring you unlisted deals gives you a huge advantage. Making it simple for them to bring you deals will ensure that you get compensated.
Additionally, you can hire bird dogs by posting classified advertisements online at craigslist.org, on social media, or in your neighborhood’s print media. Your advertisement might appear as follows: Property Scouts are needed. I’m a real estate investor looking for someone to assist me in finding homes to buy, and I’ll provide you free coaching. Earn $500 or more by assisting me in finding properties. I’m not browsing for homes that realtors have listed. I’m searching for foreclosed homes and sellers, unoccupied homes, and houses that require work. Get in touch with me right away to learn more if you have a camera phone, access to the internet, and a large social network. Put your own spin on it, but don’t forget to include the benefits.
Mention that you’re seeking bird dogs when you meet new folks. You could even write something about looking for properties and paying referral fees on the back of your business card. Everyone you know has a different network, is familiar with other areas of your community, and conducts their daily activities elsewhere than where you are. Increase your number of on-the-ground eyes and ears, and you’ll see an improvement in your lead generation.
Coaching and Managing
You’ll need to train your bird dogs on the types of properties you’re looking for and how to recognize residences that could be prospective bargains if you’re working with potential bird dogs that are new to real estate. If you skip this step, people will contact you about properties that you can’t buy — a waste of your time and effort! You’re not looking for properties that a realtor has already advertised, to be clear. You’re looking for off-market homes that you can buy straight from the owner. Realtors can still be a very useful resource.
Your best chance is to sit down and draft a straightforward set of instructions that contains your criteria, how to locate properties, how to submit properties for your consideration and information on how you will pay them on your deals before you ever hire your first bird dog.
When dealing with bird dogs, effective management and communication is also crucial. Inform your bird dog as soon as you obtain a new lead that the information has been received. Tell them roughly when you’ll review the lead and get in touch with the owner of the home. Let your bird dog know if and when you make an offer. This helps your bird dogs learn what kinds of properties are ideal candidates for your consideration and keeps them engaged.
The inverse is also accurate. Inform your bird dog if they send you a property that doesn’t meet your requirements for the purchase. Tell them WHY you don’t have an interest, and make use of the chance to assist.
To-Do List
• Prepare your instructions for your Bird Dog. Specify the types, regions, and price points of your ideal properties.
• Prepare instructions on how to submit properties for review and payment details.
• Be Prepared. When a wonderful deal arises, have some funds set aside if you’re buying.
Let Handoverfistfunding.com know about what deals you have found and we will help get your deal funded.
Keep this in mind
Don’t think that the only thing your bird dog can do for you is driving around neighborhoods. Make them your assistant. With little grooming, some bird dogs may even develop into collaborators. Enlist them in your courtroom foreclosure hunt, your Craigslist ad job, your bandit sign placement, and other activities.
If you don’t want to take the time to work with people then you can always get a Bird Dog Robot. It does all the heavy lifting for you and you don’t even have to leave your home.
Want to Be a Bird Dog?
If you’re thinking about becoming a bird dog, being an active investor who is constantly hunting for deals is the key to keeping the checks coming. Connect with an investor. Once you are aware of their requirements, start searching neighborhoods, utilizing classified advertising, and informing everyone you know that you are looking for a home.