Team Building
This is a general question for the folks that have built teams. I am planning to build a team of bird dogs, train them on how to find deals, and have them bring the the leads to me, and I will close the deals, and pay them a comission on the deal. For those who have done something similar, knowing what you know now, how would you set things up differently? Are non-compete clauses worth using? Thanks,
Jason
Dont pay them a commission, if you do youre violating the DRE rules and regs.
Only licensed real estate agents working for a real estate broker may negotiate real estate transaction on the behalf of a third party.
I have had birddogs, partners and joint venture associates, with varying results.
Paying a birddog, whether you call it a fee for services rendered, or purchase of partnership interest, works best for me. I have paid a flat fee, from $500 for info leading to a purchase to $5,000 for bringing the owner to closing on a choice piece of waterfront property. The amount of payment depends on how far they bring the deal along, and how attractive the deal is.
I do not set too many firm rules, regulations and formulas. As the money man, I am bound by the rules, but the birddogs will break them at will.
I have had partnerships and joint ventures, but they seem to invite bickering and animosity. Pay your birddogs at time of purchase. Then pay them for any other chores you wish to have them perform.
And NEVER refer to them as a PARTNER on a deal.
Hope this helps.
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Thank you all for your input. Much food for thought.
Jason,
I pay my birddogs a flat fee in proportion to how much work they do on the deal before they hand it over to me.....
-FrankSoprano
If you have excel there is a template that will amortize payments.
Quote:
On 2005-06-23 23:01, theREIkid wrote:
If you have excel there is a template that will amortize payments.
REIkid,
Sounds like an interesting tool. How would I find this template?
Swaf
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