What is a BirdDog?
What is a Bird Dog in Real Estate?
A "Bird Dog" in real estate is an individual who locates potential investment properties for real estate investors in exchange for a fee or commission.
Note: Bird Dogs do not purchase or sell properties themselves. Instead, they focus on finding good deals and bringing them to investors who are actively looking to buy.
- Role of a Bird Dog: A Bird Dog identifies potential real estate deals by researching and scouting for properties that are underpriced, distressed, or have motivated sellers. They then pass these leads to investors.
- Compensation: Bird Dogs are typically paid a fee or commission for each deal they bring to an investor that results in a successful purchase. The payment can vary based on the agreed-upon terms between the Bird Dog and the investor.
- Skills Needed: Successful Bird Dogs often have strong networking skills, local market knowledge, and the ability to recognize properties that meet an investor's criteria.
- Getting Started as a Bird Dog: To become a Bird Dog, start by networking with local real estate investors, attending investor meetings, and familiarizing yourself with the types of properties that investors are interested in.
- Legal Considerations: Bird Dogs must ensure they comply with local laws and regulations, particularly around real estate practices and compensation. It's essential to understand the legal implications of finding deals for others in your area.