Property locators assist real estate investors in locating properties they would like to purchase. They have unlimited income potential because regardless of the economy, money can be made in the real estate industry. Property locators may also be referred to as “bird dogs”. They are paid by receiving a fee for finding properties that their investor can either fix up and sell for profit or rent out.
Property locators must use online resources to locate distressed properties. They may also search for foreclosures in the newspaper and locate distressed properties by driving to various locations and looking for clues that may be in foreclosure and/or distressed. They may also contact and locate the homeowners of the properties to determine if they are motivated to sell and prequalify them for the real estate investor to offer a bid on their home. They may file paperwork and send correspondence via the mail, email or over the phone to prequalify their customers.
Property locators usually work from home on a full-time or part-time schedule. They may also find themselves driving in different kinds of weather to look for distressed properties in their neighborhood or neighborhoods in their area. They may physically meet with homeowners to determine if they are motivated to sell their distressed property. They may also visit their county clerk’s office to determine if homes are in foreclosure or probate. They will send potential deals to the real estate investor, who will then make a formal offer to the homeowner. They may work from home either making phone calls or typing letters offering assistance for homeowners looking to sell their homes.
Property locators must possess good writing and communication skills. They also need to be proficient in research. Property locators can also be organized, aggressive, and have keen analytical skills. They must also be computer- and Internet-savvy as much of their work may require them to be on the computer, and they must also have good customer service skills.
A formal education is not required for property locators, but many real estate investment groups expect property locators to have an advanced knowledge of the real estate industry and real estate investment strategies. However, many real estate investment groups will train property locators extensively.
Property locators do not usually have salaries as they are only paid if the real estate investor purchases a home. Therefore, investors can pay property locators anywhere from $500 to $5,000 or more per property the investor purchases. However, job site Indeed.com says that the average property locator earns $28,000 a year.