Monetize A Short Sale Lead

Monetize A Short Sale Lead

Real Estate Agent · Houston, TX · Member since 2012 · 21 posts · 5 votes

I am, as far as I know, the only person in contact with the owner of a vacant, distressed property. She definitely owes more on the house than what it would be worth in its current condition. I do not have the funds or the expertise to complete a short sale, but I feel like it is possible for me to monetize this lead.

So far, I put out a vague craigslist ad that does not reveal the property address, but it does include a few cell phone pics and a brief description of what I know about the home so far. Several people have called and left me messages wanting to know about the property.

I am not really sure what I can or should do, but I hope that someone will agree to pay me a "bird dog" fee, should they determine this to be a good deal. However, I still face the strategic dilemma of which buyer do I pass this info to, and how do I ensure that I get paid? I'm just winging it here, so any input is very much appreciated.

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  • Owen DashnerPro Member
    Lender · Omaha, NE · Member since 2008 · 1k+ posts · 1k+ votes
    13y

    Just my opinion, but I wouldn't waste any more time with it. Distressed properties with owners who are upside down are a dime a dozen. Odds are you would have a hard time getting someone to pay you for this type of a lead.

  • Real Estate Investor · Escanaba, MI · Member since 2013 · 20 posts · 1 vote
    13y

    @Aaron Foster Yes!

    Step 1: Go to local Real Estate Investment Association meetings and meet investors. Be social and create solid connections.

    Step 2: Find out who is looking for properties and who is willing to pay a bird dog fee. Some investors will pay you anywhere from $500 - $1000 for a lead that they actually purchase.

    Step 3: Give the lead to an active investor that is willing to pay a fee. You WILL NOT be able to collect the fee until after the investor makes a profit.

    Step 4: Continue to go to REIA meetings and stay in contact with your investor contacts.

    Step 5: Collect

    All of this is assuming that you don't have the property under contract.

    It is best to work with people that you have met more than once and you can even learn from. I don't suggest bird dogging on craigslist.

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