OfflineNo, I’m not talking about starting a kennel and going into the dog business - still talking real estate here.
A new concept that I have discovered and recently started using and one that I have seen others effectively use is what I call “Breeding Bird Dogs”. In a nutshell, breeding bird dogs is taking newbie investors under your wing and training them how to find prospective deals.
The premise behind training other “would-be investors” to find properties is that they will bring the deals to you before they present them to anyone else. Some may feel as though they are training their competition, but I don't looked at it that way. The newbie benefits from this training by learning the ropes of the business, pursuing deals, and getting paid without taking any risk. At some point they may start doing deals on their own, and I’m happy for them. You, on the other hand, through your experience and the training that you provide can have many more eyes on the street locating deals for you.
I have a slew of (6)bird dogs who take to the streets daily searching for deals that they can bring my way. On average I get about five calls a day, sometimes more than that. It’s like any other method of finding properties where you usually have to get 20 leads to find one deal. When I find that deal, I make sure that the bird dog is paid well for his or her time. It is my goal to make it worth their while to continue bringing the properties to me. That’s why I started teach "newbie" investors how to locate deals.
I teach them about putting ads in the paper, driving neighborhoods, putting out signs, sending postcards, etc… When they get calls and present me with deals, I start giving them tips on how to identify deals and tidbits on negotiating a better deal.
Now I do not pay my bird dogs for handing me an address and a phone number. I want them to see the homes. I want them to talk with the owners. I want them to do their best at negotiating the best price they can. I also do not pay for MLS leads. The only time I’ll pay for a lead from the MLS is when someone has the property under contract at a fair price. So if you are interested in raising your productivity a notch, train others how to do what you do, and then treat them well for it. Source - REIClub
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
So do you pay the bird-dog a fee, and then YOU lock up the deal, and still assign the properties to other investors? Or do THEY lock up the deal, and you are the end buyer?
Which makes me think of another question. If one person assigns a deal to another, can that person then assign it to someone else, and so on?
Rina
P.S. I'm really not trying to be a pain.
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Rina I can do it either way. I will pay the bird-dog fee when they get one that I lock up myself or I will pay an assignmen fee on one that they have already locked up themselves.
And yes, if you assign to someone they can re-assign to someone else because it is already negotiated in the original contract.
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I'll get all this sooner or later. lol
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
where I am if you need me. I am always just a pm, email or phon e call away.
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I say that alot don't I? LOL! Well, I gotta give credit where credit is due sister. I already started doing that... Little did I know I was breeding my own bird dogs. I just considered it helping each other out, but I'm glad to know there's a term for it... LOL! Well, I'm just happy to know I'm on the right track even if I don't know all the jargin yet. So as long as I'm on the same wave length I'm a happy camper!
Another great post professor!!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Anitarny I really do like that idea. I think that it will be very beneficial for "newbies" like myself to have that extra guidance as well as the hands-on experience.
Fits in with Dean's philosophy of replicating yourself. We have just been brought to new levels by you, Anita!
Thanks!
Andrew
"Be very careful, then, how you live- not as unwise, but as wise, making the most out of every opportunity..." Apostle Paul writing to the church in Ephesus