is it a good idea to use a agreement form between you, as a birddog and your buyer, to make sure you get paid for each deal he/or she close’s on? i have my own, which simply states what i will do in consideration for a finders fee of $500.00.
any feedback on this?
wayne o’connor
Hi Wayne,
An agreement is always a good idea when entering into any business arrangement. But, 99% of Investors are not going to rip off your referral fee. They want you to keep bringing them good property leads, and won’t risk losing future profits for $500 or $1,000.
Anyone foolish enough to rip you off will do major damage to their reputation. REI is a small community and word gets around fast.
Good luck
Barry
Is it illegal for a RE Investor who has a NYS real estate license (sales person) to pay a birdog a finders fee?
My understanding is that paying a finders fee is okay if you are the principal and are buying the property.
What you can’t do is pay a fee to someone for bringing you a client to help list or buy a house.