Real estate is a vast market, and it’s growing by the minute. Over 140 million properties are part of this expanding market.
As more properties enter the market, there is a need to keep an eye out for them. Real estate agents usually do this job, but they can’t be everywhere at once. As a result, there is an increasing number of freelancers, independent contractors, and even businesses willing to take up this job. These people are commonly known as bird-dogs.
What are Bird-dogs?
Bird-dogging is a term that has been around for some time now, but it’s only recently that it has become a well-known term. Now, bird-dogging is also associated with politics, where people are assigned to keep an eye on specific political figures. But, we will be focusing on bird-dogging in real estate.
The definition of a bird-dog is someone who looks for potential real estate deals on behalf of another person. Bird dogs can be real estate agents, independent contractors, or freelancers. They usually get paid a commission for every sale that they find.
They’re essential to the real estate ecosystem because they provide a service that is in high demand. Unfortunately, few agents are willing to do the extra work to find potential deals, and that’s where bird-dogs come in.
If you’re interested in becoming a bird-dog, then there are a few things that you need to know. Here are five ways to start as a bird-dog in real estate.
Build a Network
A bird-dog business is all about your network. You’re always looking for the best deals in real estate. For example, if you’re bird-dogging for land, it’s much easier to find one if you know someone in that field. Someone you’ve networked with might find someone who found land for sale near your area. They can connect you with the owner, and you can start bird-dogging that land.
This is why it’s crucial to have a network of people who are in the business. You never know when or where a deal will pop up. By having a network, you increase your chances of finding the best deals out there.
Keep an Eye Out for Deals
As a bird-dog, it’s your job not only to find land and properties for sale but also to find the best deals in real estate. Therefore, you must always be constantly looking for any deals you might be interested in.
The best way to do this is by being proactive. You can’t just wait for someone to come to you with a deal. Instead, you need to go out and find them yourself. The more active you are, the more deals you’re likely to find. A great deal will always be an undervalued home, so always keep an eye out for that.
Subscribe to real estate newsletters, follow real estate pages on social media, and attend local real estate events. By doing this, you’ll be sure to find the best deals in your area.
One of the essential qualities of a bird-dog is persistence. You need to be willing to do extra work to find potential deals. This might mean making countless phone calls or knocking on doors.
The real estate market is constantly changing, and new deals are always popping up. You might miss out on some great opportunities if you’re not persistent.
Know Your Stuff
If you want to be a successful bird-dog, then you need to know your stuff. This means being knowledgeable about the real estate market and keen eye for spotting potential deals.
You need to do your research and stay up-to-date with the latest trends in the market. This way, you’ll be able to spot a great deal when you see one.
Get Paid for Your Work
One of the best parts about being a bird-dog is that you can always get paid for your work. Usually, bird dogs are paid a commission for every deal that they find.
The commission is usually a percentage of the final sale price. So, for example, if you find a property that sells for $100,000 and the commission is 3%, you would make $3,000.
The amount of the commission will vary depending on the type of property and the bird-dogging agreement you have with your client.
Becoming a bird-dog is a great way to get started in the real estate business. It’s a great way to learn about the market and make money while at it. If you’re interested in becoming a bird-dog, use these five tips to get started.