Tyler G. Hicks, a renowned expert from International Wealth Success Inc., shares his insights into the world of finder fees. A finder connects those with a specific need to a source that can fulfill it. For instance, an oil company needing real estate with high traffic for a service station might employ a finder to locate suitable properties, paying a fee for the service. Similarly, connecting borrowers with appropriate lenders is a common finder fee scenario.
Finder fees generally start at five percent of the transaction amount, whether for loans or property. However, these fees are negotiable and can sometimes be lower, around two to three percent.
Earning finder fees often serves as a supplementary income stream, complementing a primary business. Ideal areas for earning these fees include facilitating funding, locating real estate, sourcing rare minerals, and identifying unique materials.
For newcomers, focusing on facilitating funding is an excellent starting point, given the universal need for capital. Opportunities can be discovered through publications like International Wealth Success Newsletter, The New York Times, The Wall Street Journal, and other prominent business publications. When venturing into finder fees, avoid advance fees, specialize in a product or situation rather than a location, and actively advertise your services.