Real Estate Bird Dogs’ Team (1 of 3) – Training Lesson 17

This is part one of three posts related to building your Real Estate Bird Dog team. 

• Who should be on your “real estate bird dogging” team? We will help you learn to discover which people to use in what areas, and how utilize your team efficiently.
• What kinds of team members will you need? Most “property locators” and real-estate investors will need, at one point or another, the ten following people, as they are all very important and influential:

#1- Realtor: These people will likely be your most important players, as they can find you fabulous deals. Get to know realtors based in cities where you invest; they will know the area and can get deals to you quickly. Some markets are too big for one realtor to cover, so try to have two or three realtors for each market you invest in. Your realtors should be people who know what types of deals you are looking for, who preferably have experience working with investors in their area, and who will be happy to send deals your way! A few questions to ask a potential realtor are:

Where are you located? Make sure they’re in the area where you want to invest.

• Do you work with investors?  Work with realtors who’ve had prior experience working with investors; that way you won’t miss out on deals because they will know what to do.
• What types of deals do you do with investors?  Make sure they do the same types of deals you will be doing: foreclosures, wholesales etc.
• How long have you been in the business?  At least two to four years of experience will ensure that they know the business and their market well.

We will go into more detail on working with real estate agents in future articles.

#2- Home Inspector: Your home inspector is the person who will give you repair estimates on the properties you locate. You should always get a home inspection! A home inspection is a professional, objective, visual examination of the condition of a home.  A complete home inspection should cover all of the major systems of a house, including structure, exterior, roofing, electrical, heating, cooling, insulation, plumbing and interior.

At a minimum, an inspection should meet the Standards of Practice of the American Society of Home Inspectors® (ASHI®). 

 If they find something wrong with the home it will be written up in a report called the “repairs estimate” when the inspection is finished. The repairs estimate will show you how much money is needed in order to make the home “livable”. This report will give you the power to negotiate with the seller and possibly save some money. The report should also include positive things about the home, and you will benefit the most from an inspector who has a lot of experience (about 200-300 jobs completed) because they will know exactly what they are looking for. Your realtor should be able to refer a good home inspector.

Ask whoever is performing your inspection if you can attend the inspection. Remember though, the home inspection should not be confused with an appraisal, a municipal code inspection, an environmental audit, or a homeowner’s warranty.

Parts 2 and 3 of this real estate bird dog training on building your team is coming soon.

Filed under: Real Estate Bird Dog Training

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