Property locators
, also known as 'bird dogs,' find properties for investors for a fee.
Property locators can make a lucrative living regardless of whether the economy is bad or the real estate market is booming. Starting an independent property locator business requires little overhead. The property locator must be able to research and analyze potential deals in real estate. Property locators (also known as bird dogs) are valuable to real estate investors because they do the leg work and inform the investor if the home is a deal that can be closed quickly. Investors only have time to sign the paperwork, rent or sell the house, and repeat the process to maximize profits.
Instructions
1. Purchase office equipment for your business. A property locator must have a high-speed Internet connection, computer, copier, printer and fax. You can buy these items from an office supply store, electronics store or online. You need the computer to locate properties online and research their value to calculate potential investments. You will also need to draft letters to contact home owners.
2. Register with free or paid property locator websites such as MLS.com and Trulia.com. These sites allow you to search for properties. Registering and paying a small, monthly fee may allow you to obtain comprehensive information on the property as well as contact information about the bank or property owners.
3. Invest in reliable transportation, if you do not already have it. You may choose to drive around looking for properties that appear abandoned, vacant, or distressed. You may need to speak with the homeowners to determine if they are motivated sellers before providing details to the potential real estate investor. Check the public listings in your local newspaper for pre-foreclosures, and network with real estate agents in case they know home owners in need of buyers for their homes.
4. Take real estate courses to increase your knowledge of the real estate industry. Many property locators are not real estate agents, but the more you know about all aspects of real estate the more valuable you will be as a property locator. Take classes at local community colleges.
5. Locate real estate investors by networking with mortgage brokers and hard money lenders. Hard money lenders may lend large sums of money to investors at a higher interest rate because the investors expect to sell the home and turn a profit in a short amount of time. Join your local chamber of commerce for networking; join meet-ups in your area using Meetup.com to network with entrepreneurs and real estate enthusiasts.
6. Create a website to advertise your services and find investors from other states who may want to hire you to locate properties. Use website templates (free or paid) that allow you to insert your images and content to a website that is already created. You can also hire freelance web designers from sites such as Getafreelancer.com or Elance.com for custom website design.
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