Real Estate Secret #5 Always Be Looking Successful investors know that real estate is a numbers game, How to find a Bird Dog to help you with your real estate business
The more properties they find, the more offers they submit; the more offers they submit, the more deals they will do; the more deals they do, the more money they make. In order to help get the numbers in your favor, you always have to be looking.
However, you are only one person and regardless of how hard you work, you can only cover so much ground. If you really want to expand your reach, you need to establish multiple ways of finding opportunities. Better still, if you can set it up so the opportunities come to you, then you will be even more effi cient.
One way to have opportunities come to you is by using a “bird dog.” A bird dog—when it comes to real estate investing—is just what the name implies: an individual that hunts for and brings back investment opportunities. So who might be a bird dog? Friends, family, neighbors, or co-workers might be potential bird dogs. Anyone who is out in residential neighborhoods on a regular basis is a good option too. Examples here would be mail carriers, pest control workers, home inspectors, landscapers, house cleaners/maids, companies that prepare foreclosure properties for sale, etc.
When recruiting a bird dog, you will want to take some time to educate the individual on exactly what you are looking for, how to find it, and what you are willing to pay. You will want to cover the following:
Potential properties – Emphasize that you are only looking for properties without a “For Sale” sign in the yard. (The reason being is that you can find “for sale by owner” and agent listed properties on your own.) Of particular interest to you are vacant properties with a real estate agent’s lock box on the property but no “For Sale” sign.
Typically, banks own these properties through foreclosure and have yet to list them on the Multiple Listing Service (MLS). Finding these properties before banks list them can give you a leg up on your competition.
Telltale signs – Explain how to spot vacant houses: fresh snow with no footprints, tire tracks, or plowed driveway. Boarded up windows. A pile of newspapers in the driveway or on the front porch. Mail stuffed in the mailbox.
Broken windows and doors. No curtains or blinds. Over grown or dead grass. Missing electrical meter. • Property specifications – What information do they need to submit? You will want specifics such as type of property, property address, city, state, and zip, and approximate square footage of the house.
Bird dogs can estimate the square footage by simply measuring the length of their stride, stepping off the property and making an educated guess.
Property assessment – Have your bird dog include an assessment of the condition of the house.
Is it “Good,” “Bad,” “Really Bad,” or “Awful?” Give examples and defi ne how you would classify the descriptions so the bird dog and you are using the same evaluation system.
Photos – Request six or more digital pictures of the property that show the front, back, both sides and the house on both sides of the subject property. The more pictures they provide the better. In addition, you also need pictures of the garage if detached and any other buildings. Just imagine expanding your finding efforts exponentially.
Bird dogs are a great way to further your reach and “always be looking” so you can find deals before your competition. Successful real estate investors do not think like most people and chances are if you are reading this, neither do you. A desire to control one’s destiny and attain the financial education to see opportunity where others only see risk are the hallmarks of those who separate themselves from the pack. Learn to incorporate the secrets contained here and you will be well on your way to making money in real estate.