What is a Property Locator?
Quite simply a Real Estate Property Locator (also known as a “Bird Dog”) finds properties for one or more investors. The information the Property Locator provides determines how much he is paid. This information could be as little as an address of a distressed property or as much as the owners contact information, the reason for the sale and price. We don’t normally recommend a Property Locator discuss price with any homeowner. The investor knows their intentions with the property and has more experience with negotiating and proper pricing.
Where Do I Find Leads?
Some Property Locators get their leads from networking and finding people that are motivated to sell for one reason or another. Others look for the distressed property first and locate the owners by talking to neighbors or looking up tax records. There are infinite ways to find these properties, so be creative!
Discuss Expectations & Fees Up Front
A Property Locator should always discuss expectations and fees with the investor before providing the properties. This ensures that neither the Property Locator or the Investor are disappointed with the results. Trust is a very important element between an investor and his Property Locator. A Bird Dog wants to trust that the investor will pay the fees after the deal is complete.
The investor wants to trust that the Property Locator is not holding out the “good” deals or providing the same listing to another investor. It takes some of the negotiating power away from the investor if there is another investor calling about the property.