Don’t let the term deceive you, real estate “bird-dogging” is an excellent way to make money. Obviously, birds and dogs have nothing to do with this opportunity.
First, let me just explain where the name comes from. As you would expect, the term relates to hunting dogs that locate and retrieve shot birds. Putting it together now, the job of a real estate bird-dog is to search for and locate real estate opportunities for investors and realtors.
Now it’s possible to become a bird dog at an agency, but you can also take the independent route. This article will lean more towards the independent path. And what’s great about bird-dogging is age really isn’t a factor.
If you’re able to produce results, you’ll make money.
Bird-Dogging In Detail
Realtors tend to be extremely busy. Their salary is directly proportional to the number of homes they sell. Thus, they’re constantly seeking new clients while managing a house that’s for sale. Stressful!
On the other hand, investors are trying to find their next investment property to add to their portfolio. Their problem lays in finding the right property; it’s all about ensuring a positive ROI (return on investment).
Their problems could be your side-hustle. As a bird-dog, it’s your job to take a part of the investor or realtor’s job and do it for them. You could do any of the following: find motivated sellers, fixer-uppers, income properties, or rental properties.
Next, vet the investor or realtor to the best of your ability to see if they’re trustworthy. Meeting face-to-face can help you gauge the type of person you could be working with. Additionally, you could draw up a contract (or use a template).
In most cases, a contract won’t be necessary. Whoever you work with stands to profit as long as you bring them quality leads. Most of your clients won’t think twice about paying you and may even want to continue working with you.
As for pay, you could charge hundreds to thousands of dollars depending on the quality of your leads. As mentioned before, if your client is to profit, they’ll have no problems paying your fees.
In concept, that’s all there really is to bird-dogging. However, there’s more you should know if you want to be successful in it.
How to be Successful At Bird-Dogging
Knowledge is going to be your best friend in this game. If possible, it’d be in your best interest to find a seasoned realtor or bird-dogger to mentor you. However, I know that’s attainable for everyone.
If that’s the case, you’re going to have to educate yourself. With Youtube academy and websites like Investopedia, it’s very possible.
First, you need to learn what makes an attractive investment property. Here are some great Youtube channels that’ll teach you what to look for:
You’ll really want to focus on your network and improving your marketing skills. At first, it’s going to be difficult to make any money, even if you have great leads because you’ll likely have no one to present them to.
Be as professional as possible, and work at establishing genuine relationships with investors and realtors. If they trust you, it’ll make being a bird dog that much easier.
Conclusion
Bird-dogging as a concept really isn’t difficult to understand. You just need to know where to look and what to look for and who to work with. Which, you can learn from all the resources available on the internet.
If you have an entrepreneurial mindset and want to get your feet wet in real estate, bird-dogging could be the perfect opportunity for you.