Does anyone have a contract that they use to secure their payment for bird dogging? if you don’t use a contract how do you secure your payment with new investors that you don’t have trust established with yet.
Good question in my opinion, I am wondering the same thing.
Hello jpstephens and phatman5,
We always have our bird dogs signed a Referral Fee Agreement, before they bring any leads.
If you wish to request a copy
Your simple answer is you don’t have any security concerning your payment as a birddog besides the fact that if you’re stiffed, then street smarts would assume that you wouldn’t do business with that “investor” anymore.
If you’re bringing viable potential deals to the table, then any real investor will make sure that you get your fee.
It doesn’t matter if you have the investor sign a thousand contracts, if they’re not gonna pay, a piece of paper isn’t going to convince them to pay. Check your small claims court costs, is it worth the time/expense to even go after them if they don’t pay? What happens if you do and you win? Here, you get a judgement filed. No money, no payments, just a ding on their credit report that 99% of lenders will ignore anyway.
I would have my Bird Dog sign a 1099 because anyone you pay more than 600$ a year is a Tax write off.