Looking to present a deal you found using BirdDogBot to a potential investor?
Here’s how you can do so WITHOUT giving him your BirdDogBot.net user account and password. The investor can’t change any information, nor can they view any critical information you don’t want them to see such as the property address.
Check out our Deal Sharing Overview post for a complete demonstration of our deal sharing capabilities.
When presenting your deals can you present deals that you are looking at to see what kind of response you will get or do these deals need to be under contract to protect yourself from your deal being stolen from you.
That’s kind of like the old “what came first, the chicken or the egg?” problem for reasons you already understand. How do you put a house under contract when you have no buyers, then how do you get buyers without anything to sell, right?
I don’t see anything stopping you from using the classic strategy of “pretending” you have a house for sale, just to build a buyers list. Then, when the buyers call, you tell them that the house is already sold, but you have inventory coming all the time. Get their info and then look for what they want and get back to them when you find what they’re looking for. I’m sure you’ve read/heard this before from all the real estate gurus out there, but that’s probably what I’d do in this situation.
I hope that answers your question 🙂
Correction, I mean the logo.
Which logo are you trying to click on?
Does BirdDogBot’s Log show up on the property information that you send to your investor. If so, why and how can you remove it?
If you’d like to remove BirdDogBot’s log when you share your deals with an investor, simply turn it off in your deal sharing options. To do this, go to Settings -> Deal Sharing Options -> Other Details (tab), then under “Deal History”, set either one (or both) to “hide notes”.
Let me know if you have any other questions!
The majority of my presentations to investors are not under contract until someone shows interest. As a result, a few people have gone around me. in smaller, less populated areas, it is nearly impossible to prevent people from finding the address of the property. I have a Non-Circumvention Agreement but it is difficult and time consuming to present it to the potential investor for signature. It would be great if I could download on a blank page that would open up to the investor only after they checked a box agreeing to the terms. If a generic, all state document could be put on a page as part of BirdDog, that would be even better, with the option to use or not use (turn on or off). This would cut down on the number of people who might try going around me. Any chance this might be possible to put together? It sure would be helpful.
We are trying to stay away from any legal contracts so that we avoid any potential legal liabilities. The other issue would be how would you enforce your contract? You would need to have that person enter their name to acknowledge the contract, so what’s to stop them from entering fake information, just to see the page?
Here’s an idea, when you find a deal, rather than sharing the proforma page for that deal, why not create a “dummy deal” with no pictures, no address, etc that looks very similar to the deal itself, but would leave out the details where they could figure out the address. Then share the details/proforma page of the dummy deal instead. Here’s a link to the feature I’m talking about: http://www.birddogbot.com/blog/1385/how-to-add-and-edit-your-own-deals/
In fact, why not just hide the address/city/state/zip and photos like I show in this video: http://www.birddogbot.com/blog/1289/birddogbot-1-13-new-features-demo/
Another idea would be to embed the deals on your own site and you can have your web developer implement the functionality you want on your site.
Is there a way that you can show the investor a deal without sending them the url?
Right now, the only way you could show them the deal is by sending them the URL or if you were to login yourself and print the deal. If you’re more “advanced” then I suppose you could “print to PDF” and email them the PDF.
We’re also looking into how we can host the deals on your own website.
Let me know if there’s something else you have in mind and we can look into how we can accommodate that.
Thanks for the feedback!
Will there be a feature were we will be able to print the deal?
You can print the deal by logging into your BirdDogBot account at http://www.birddogbot.net using any web browser. From there, you can use the browser’s print functionality and print anything you need.
Can you add an option so we can add in our wholesaler fee. The software is set up to show a rehabber what it will cost to resell this property and the profit margin, but they may be paying me a $5000 to $10,000 fee to flip them the deal. That cost is not accounted for here and I can see it might be confusing to just hand this page off to the rehabber/landlord buyer without knowing that my fee must come off the top of the profit. Some wholesalers might also not want to share what they paid originally for the deal and want to start the costing at what we are offering the property for to our buyers.
You can include your wholesaler fee by using the “acquisition fee” expense field. This is based as a percentage of the ARV value of the home. You can also manually change this value once BirdDogBot has found the deal.
As for hiding the price, I will take your feedback into consideration for the next update.
Let me know if you have any other questions…
Great idea, however when you share the URL, it shows the birddogbot.net in the URL is their anyway to mask that id without your end buyer knowing what website you are using to gather up your data?
You could always view the url yourself, print the page to a PDF through your browser, then email the PDF to the buyer. That should do the trick and they’d never know where it came from 🙂
I’ve been thinking about “customizng” those pages such that your name (for example) would appear at the top, or even instead of displaying the “realtor contact info” it would display “investor contact info”. What do you think? Would that be a cool feature?
Good ideas, I think that would actually be better ! Just my .02 🙂
Sweet! I just added it to our To-Do list!
This is a great tool! I just have a question.
So, when I email the link to the investor, what kind of a win-win situation that can happen? How can I make sure that he will not go directly to the listing agent and make his own offer based on BirdDog’s numbers? What will happen to me? I can serve as a Bird Dog for the investor but I have to make sure that he’s not going to do anything behind me. Example: Investor sees the BirdDog info/numbers. He says “I’m not interested.” Then he turns around and still use the numbers without my knowledge and make his offer…then gets accepted. Then I’m left with nothing.
I’m not sure, maye I’m just not getting the bigger picture so please explain…
That’s an interesting question and you have some good valid points here.
Here’s what I was thinking. If you’re sharing this info with an investor, it’s likely with someone who you’re going to partner with whereby they put up the money and you do the all the leg-work (ie. negotiating the deal, getting it closed, arranging contractors to do the renovations, finding a tenant, etc.) and you split the profits. In this situation, the investor sees the value you’re bringing to the table since you’re doing all the work and he’s just writing a cheque, I don’t see why an investor like that would bother trying to “steal” the deal from you.
There’s also the situation/strategy where you go ahead and get the property under contract and at that point he simply can’t steal it from you.
For your situation where you’re literally just “birddogging-it”, there is great risk in your fears being realized, should you share the numbers with him. This is not something I’ve ever done before (to be honest), so let me ask you – what information would you want hidden? I’m guessing the listing source (ie. Homepath), the address, and the asking price. Is there anything else?
Give me your input and I’ll see what I can come up with. I really want this software to help make a real estate investor’s life easier and more efficient so let’s brainstorm a little and see what we can come up with.
All your inputs make sense. So just to answer the last part which is “Bird-dogging”…yes, hide the: Listing Agent’s info, Address, and the Offer portions. That way,we can email blast it to our list(with NO FEAR! And regardless if the investor is a money partner, wholesaler, etc.) and whoever is interested will want more info…and Bingo! Makes sense??? I hope so 🙂
You’re doing a great job!
Got it! Ok, I will think of how to do this. The trick is keeping both sides happy (ie. the birddogs and the investors looking for partners who will want that info displayed).
Give me some time to let it marinate in my brain a little. I’ve got some ideas but they will take some time to implement so I’m hoping I can come up with something easier. Again, the trick (for me) is trying to keep everyone happy … but I like solving these types of problems 🙂
Here’s an opportunity for a new product Kosta. One version for birddogs and one version for wholesalers. 🙂
We’re working on improving our Deal Sharing capabilities. Check out the latest feature here: http://www.birddogbot.com/blog/1289/birddogbot-1-13-new-features-demo/
This pretty much takes care of whether you’re wholesaling or “birddogging” because you can show or hide any of the important info. So show what you’re comfortable showing, hide what you want to hold back. You tell the software what to do, and it does it. Pretty sweet!