Re: What is normal compensation for bird dogging? - Posted by Ron (MD)
Posted by Ron (MD) on October 23, 2003 at 22:45:10:
Did you bring him a deal, or a lead?
If you found the seller, negotiated a good deal, signed it up on a contract…well, that’s getting a deal. If you told the investor about a possible deal, then you tagged along while he inspected the property, negotiated the deal and signed the contract…well, that’s being a bird dog.
If you, personally, pulled the deal together and flipped it to the investor, a $5k fee might be in order…if you weren’t expecting anything in return, such as an education.
Your description sounds like you were a bird dog. On a lead like this, a bird dog might earn $500 - $1,000, 'cause he lacks the knowledge/experience/ability of the seasoned investor, who knew it was a deal and how to turn a lead into a deal.
Now, it also sounds like you’re going beyond bird dogging, because you’re continuing to provide “grunt labor” and helping with comps (although I don’t understand why a realtor (/investor) would need much help with comps. You have a clearer picture of how much continuing assistance you’re contributing.
His coaching is very valuable. Bird dogging and grunt labor…not so much.
If you asked me for $5k, I’d think you were ungrateful and overestimated your value in the process (no offense). On the other hand, I’d be happy to throw you $1,000 as an acknowledgement that you did bring the deal to my attention.
Be careful here, Chad. He’s 'way more important to you than you are to him.