OfflineGood Morning.
I have a person we are working with that is a mortgage broker. He is bringing us deals and introducing us to people with properties. What if typical fee for someone like this?
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Good Morning.
I have a person we are working with that is a mortgage broker. He is bringing us deals and introducing us to people with properties. What if typical fee for someone like this?
This would be more of a referral or bird dog fee. All fees are negotiable, but I would start at about $500 for any property that you can close on. If he is not doing anything with the properties, except giving you contact info or property addresses that is a reasonable fee.
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Thomas,
what kind of properties is he bringing you? Are you wholesaling these properties or buying to hold? Obviously, the more money you make on the deals, the more you would want to pay your broker; but also take into consideration if he's making money by doing any loans for you for the properties that you're buying from his referrals...
Valerie
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As the Deans coach stated above I will call this a bird dogging and in most cases we pay them anywhere from $500-$1,000 if you close on a property they bring you.
Reynold Orozco
I'm actually a mortgage broker myself in addition to being a coach for Dean. I completely agree with Eric above. The fact that he is a MB doesn't really affect anything other than the referrals might be coming from his client list. Generally speaking $500-$1000 will work but keep in mind if he is bringing referral after referral to you it's in your best interest to keep him happy so that you can get as much from his list as possible. He sounds like a good birddog for you.
Chris
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